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Insmed INSM Other external R&D expenses — R&D

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Other financials

Income statement

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Revenue$306.0M+230%
Gross profit$258.5M+261%
Operating income-$153.3M+38.2%
Net income-$163.6M+36.3%
EPS (diluted)-$0.76+46.5%

Balance sheet

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Cash & equivalents$582.2M+44.4%
Total debt$580.3M-49.2%
Total equity$704.9M+611%
Total assets$2.1B+15.2%

Cash flow

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Operating cash flow-$222.7M+15.0%
CapEx$3.5M-65.4%
Free cash flow-$226.2M+16.9%

Valuation

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Market cap$23.18B+19.9%
Enterprise value$23.17B+24.5%
P/S28.3×-20.3×

Profitability

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Gross margin81.8%+5.3pp
Operating margin-140.6%-43.9pp
Net margin-144.4%-45.3pp
FCF margin-112.5%-35.3pp

Returns & leverage

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Return on equity-294.5%
Debt / equity0.8×-10.7×
Current ratio4.5×-1.4×

Where this comes from

Reported directly by Insmed in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: Insmed’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Insmed's other external R&D expenses — R&D?
Insmed (INSM) reported other external R&D expenses — R&D of $32.68M in Q1 2026.
How has Insmed's other external R&D expenses — R&D changed year-over-year?
Insmed's other external R&D expenses — R&D increased by 16.4% year-over-year, from $28.08M to $32.68M.
What is the long-term trend for Insmed's other external R&D expenses — R&D?
Over 3 years (2022 to 2025), Insmed's other external R&D expenses — R&D has grown at a 56.0% compound annual growth rate (CAGR), from $34.2M to $129.87M.
What does other external R&D expenses — R&D mean?
This metric represents the costs incurred for outsourced research and development activities that are not directly attributable to specific lead clinical programs or internal laboratory operations. It typically encompasses expenses related to general platform development, early-stage discovery research, and third-party consulting or contract services that support the broader R&D infrastructure. Monitoring these costs provides insight into the company's investment in long-term innovation and the scalability of its external research partnerships.