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Insmed INSM Switzerland — Operating loss carryforwards

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Other financials

Income statement

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Revenue$425.5M+296%
Gross profit$358.3M+352%
Operating income-$1.5M+99.5%
Net income-$13.2M+95.9%
EPS (diluted)-$0.06+96.5%

Balance sheet

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Cash & equivalents$544.8M-57.6%
Total debt$579.9M+0.8%
Total equity$757.5M-39.4%
Total assets$2.1B-15.2%

Cash flow

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Operating cash flow-$88.8M+56.8%
CapEx$6.3M+79.6%
Free cash flow-$95.1M+54.5%

Valuation

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Market cap$21.46B+1.6%
Enterprise value$21.5B+5.3%
P/S18.9×-34.2×

Profitability

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Gross margin83.5%+7.7pp
Operating margin-73.9%-30.6pp
Net margin-76.9%-31.8pp
FCF margin-71%-28.6pp

Returns & leverage

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Return on equity-87.2%-27.3pp
Debt / equity0.8×+0.3×
Current ratio3.7×-3.0×

Where this comes from

Reported directly by Insmed in its filing.

Tagged under the XBRL concept us-gaap:OperatingLossCarryforwards.

The source filing: Insmed’s 10-K, filed February 19, 2026.

Filed
Feb 19, 2026, 7:01 AM EST
Fiscal year
FY2025
Accession
0001104506-26-000009

At December 31, 2025, the Company had federal net operating loss (NOL) carryforwards for income tax purposes of approximately $3.3 billion and federal tax credit carryforwards of $270.1 million. Due to the limitation on NOLs as more fully discussed below, $3.1 billion of the NOLs are available to offset future taxable income, if any. The NOL carryovers and general business tax credits expire in various years beginning in 2026. For state tax purposes, the Company has approximately $2.1 billion of NOLs in various states available to offset against future taxable income and state tax credit carryforwards of $23.1 million, expiring in various years beginning in 2026. The Company has $301.1 million of non-trading loss carryforwards in Ireland and loss carryforwards in the UK and Switzerland of $95.7 million and $277.1 million, respectively. The loss carryforwards in Ireland and the UK carry forward indefinitely while the loss carryforward in Switzerland begins to expire in 2030. The Company has disallowed interest expense carryover of $47.7 million which carries forward indefinitely.

ITEM 16. FORM 10-K SUMMARY

FAQ

What is Insmed's switzerland — operating loss carryforwards?
Insmed (INSM) reported switzerland — operating loss carryforwards of $277.1M in Q4 2025.
What does switzerland — operating loss carryforwards mean?
This metric represents the accumulated tax losses generated by the company's Swiss operations that are available to offset future taxable income in that jurisdiction. It reflects the tax-shield potential of the Swiss entity, which is often utilized for international intellectual property management or regional headquarters functions. Monitoring this balance provides insight into the company's future tax planning strategies and potential cash flow improvements through reduced tax liabilities.

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