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Insmed Income Statement

Revenue, expenses, and profitability over time

Insmed generated $819.6M in trailing twelve-month revenue, up 1.2% year-over-year. Net income was -$1.2B with a -144.44% net margin. Gross margin stands at 81.81% and operating margin at -140.56%. Diluted EPS is $-5.74, which grew 0.0% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$819.6MGross Profit (TTM)$670.5MOperating Income (TTM)-$1.2BNet Income (TTM)-$1.2BEps Diluted (TTM)$-5.74
Latest FilingQ1 2026
Report Date2026-05-07
ROE-294.46%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits$26.6M$39.3M$43M$31.4M$39M$45.8M
Depreciation and amortization$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Goodwill impairment———$0——
Occupancy and equipment$3M$3.5M$3.3M$3.5M$3.3M$3.5M
Other operating expenses0.0%———-0.1%—
Research and development$179.7M$152.6M$177.2M$186.4M$254.9M$209.5M
Selling, general and administrative$142.5M$147.5M$154.8M$186.4M$212.5M$247.3M
Total operating expenses$334.9M$341M$420.3M$508.3M$583.6M$459.3M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$-1.30$-1.42$-1.70$-1.75$-1.53$-0.76
Diluted earnings per share$-1.30$-1.42$-1.70$-1.75$-1.53$-0.76
Weighted-average shares, basic164M180.9M189.3M211.8M199M215.5M
Weighted-average shares, diluted164M180.9M189.3M211.8M199M215.5M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes-$234.3M-$255.7M-$320.4M-$368.7M-$326.9M-$162.1M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$1.3M$912K$1.2M$1.3M$1.6M$1.5M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$21.6M$21.6M$21.2M$20.4M$20.6M$20.1M
Other income (expense), net—$132K$453K-$603K-$1.8M-$736K

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income-$235.5M-$256.6M-$321.7M-$370M-$328.5M-$163.6M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income-$230.4M-$248.1M-$312.9M-$366M-$319.7M-$153.3M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accretion Of Debt Discount, Marketable Securities$11M$8.3M$7.6M$12M$10.4M$6.5M
Share-based compensation expense related to employee stock plans$26.6M$39.3M$43M$31.4M$39M$45.8M
Amortization Of Financing Costs And Discounts$1.7M$1.8M$1.7M$1.3M$1.4M$1.4M
Amortization of capitalized software and acquired intangible assets$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1—$18.3M$59M$104.7M$70M-$47M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation$93.6M-$151.8M$881.1M-$949.6M—$71.7M
Comprehensive Income (Loss), Net of Tax, Attributable to Parent-$238.4M-$255.2M-$319.1M-$369.8M-$329M-$165M
Contract With Customer, Asset, Allowance For Current Period Sales$13.9M$33.9M$33.9M$33.9M$33.9M—
Allowances for prior period sales$870K$125K$125K$125K$125K—
Contract With Customer, Assets, Allowance For Credit Loss, Payments and Credits$15.6M$19.7M$19.7M$19.7M$19.7M—
Federal$0$0$0$0$0—
Foreign$845K$1.1M$1.1M$1.1M$1.1M—
Current State And Local Tax Expense Benefit$89K$144.3K$144.3K$144.3K$144.3K—
Federal$0$0$0$0$0—
Deferred Foreign Income Tax Expense Benefit$0$0$0$0$0—
Deferred taxes-$29K$0$0$0-$27K$0
State-$7.3K-$6.8K-$6.8K-$6.8K-$6.8K—
Defined contribution plan costs$1.9M$3.2M$3.2M$3.2M$3.2M—
Defined Contribution Plan Employer Matching Contribution Percent4.0%———5.0%—
Defined Contribution Plan Employer Matching Contribution Percent Of Match100.0%———100.0%—
Depreciation$1.5M$1.9M$2.5M$2.5M$3.6M$2.9M
Effect of exchange rate changes on cash, cash equivalents and restricted cash-$1.5M$895K$1M—$7K-$553K
Effective tax rates-$0-$0-$0-$0-$0—
Asset acquisition0.0%———0.0%—
Change in fair value of contingent consideration-2.1%———-4.2%—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent-20.4%———-21.3%—
Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate0.0%———0.0%—
Effect of cross-border tax laws$0$0$0$0$0—
Effect of cross-border tax laws0.0%———0.0%—
Other$0-$0-$0-$0-$0—
Asset acquisition$0$0$0$0$0—
Change in fair value of contingent consideration$4.8M$13.2M$13.2M$13.2M$13.2M—
Share-based compensation1.4%———4.7%—
Changes in unrecognized tax benefits0.0%———0.0%—
Effective Income Tax Rate Reconciliation Tax Credits Research-3.4%———-3.1%—
Finance Lease Principal Payments$686K$706K$732K$747K$776K$799K
Acquired intangibles$0$0$0$30M$15M$0
Goodwill impairment losses———$0——
Impairment of intangible assets$0$0$0$0$0—
Income Loss From Continuing Operations Before Income Taxes Domestic-$203.6M-$279.6M-$279.6M-$279.6M-$279.6M—
Income Loss From Continuing Operations Before Income Taxes Foreign-$23.9M-$38.3M-$38.3M-$38.3M-$38.3M—
Federal taxes$0$0$0$0$0—
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount$46.3M$67.8M$67.8M$67.8M$67.8M—
Income Tax Reconciliation Change In Enacted Tax Rate$0$0$0$0$0—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount-$47.8M-$66.8M-$66.8M-$66.8M-$66.8M—
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount$77.3K$182.3K$182.3K$182.3K$182.3K—
Share-based compensation-$3.1M-$14.9M-$14.9M-$14.9M-$14.9M—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount$2.4M$2M$2M$2M$2M—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount$80.3K$138K$138K$138K$138K—
Changes in unrecognized tax benefits$0$0$0$0$0—
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount$7.7M$9.7M$9.7M$9.7M$9.7M—
Income Taxes Paid, Net$248K$2.2M$677K$1.2M$111K$2.9M
Accounts payable and other current liabilities$41.1M-$61.5M$25.7M$45.6M$90.3M-$33.9M
Increase (Decrease) in Accounts Receivable$11.8M-$5.4M$6.1M$10.2M$77.3M$38.2M
Increase (Decrease) in Inventories$2.1M$1M$5M$13.8M$11.8M$1.9M
Increase (decrease) in other assets-$2.7M-$10.2M-$2.3M$2.9M$11.8M$2.4M
Other liabilities-$4.6M-$2.2M-$815K-$1.1M-$914K-$497K
Increase (Decrease) in Prepaid Expense and Other Assets—$16.9M$6.5M$3.7M$26.2M-$12.6M
Incremental Common Shares Attributable To Conversion Of Debt Securities000000
Interest Expense, Excluding Finance Lease Interest Expense$21M$21M$20.7M$19.9M$20.1M$19.6M
Swap interest income-$557.3K$0$0$0$0—
Interest Paid, Excluding Capitalized Interest, Operating Activity$15.2M$13.1M$13.3M$15.5M$13.5M$13.1M
Investment and other (expense) income, net$17.3M$13.9M$13.2M$18.3M$15.2M$12M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$159.3M$29M$857.8M$33.4M$33.9M$29.5M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—$80.4M$227.8M-$762.2M—$265.5M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation-$196M-$262.1M-$205.6M-$219.8M-$247.6M-$222.7M
Non-cash operating lease expense$1.4M$686K$888K$1.2M$6.9M$567K
Number of operating segments—0.250.250.250.251.00
Number of reportable segments0.251.00———1.00
Net unrealized debt securities gains (losses), net of tax—-$441K-$22K$924K$0-$789K
Foreign currency translation-$2.7M$1.8M$2.7M-$658K—-$668K
Other comprehensive income/(loss)-$2.8M$1.4M$2.6M$266K—-$1.5M
Other Noncash Expense$5.1M$5M$5.2M$5.1M$5.3M$5.1M
Other income, net (Note 6)—$132K$453K-$603K-$1.8M-$736K
Payment Of Milestone$0$0———$15M
Payments to Acquire Marketable Securities$577.5M$630.5M$276.7M$1.2B$0$0
Payments to Acquire Property, Plant, and Equipment$6.8M$10.1M$3.5M$2.4M$16.6M$3.5M
Proceeds From Issuance Of Secured Debt$37.5M$0$0$0$0—
Proceeds from maturities of marketable securities$716M$721M$508M$425M$436M$284M
Cash received from option exercises$13.7M$29.7M$37M$34.4M$34.6M$30.3M
Revenue From Contract With Customer Excluding Assessed Tax$104.4M$92.8M$107.4M$142.3M$263.8M$306M
Stock-based compensation$26.6M$39.3M$43M$31.4M$39M$45.8M
Inducement stock options granted to new employees (in shares)1.4M222.8K———73.7K
Inducement total authorized for grant (in shares)—1M————
Inducement stock option granted to new employees (in shares)1.4M———522.5K—
Contingent payments for Business Acquisition—$12.2M$12.2M$12.2M$12.2M$54.9M
Stock Issued During Period, Value, Conversion of Convertible Securities$66K$5K$566.1M———
Stock Issued During Period, Value, Stock Options Exercised$13.7M$29.7M$37M$34.4M$34.6M$30.3M
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions$1.1M$1.4M$1.4M$1.4M$1.4M—
Additions for tax positions of prior years$0$0$0$0$0—
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount$55.3M$82.9M$82.9M$82.9M$82.9M—
Variable Lease Cost$5.4M$2.5M$3.4M$15.3M$3.6M$7.6M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$26.2M$21.3M$28.1M$29.4M$44.2M$47.4M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$104.4M$92.8M$107.4M$142.3M$263.8M$306M