What is Insmed's R&D?

Insmed (INSM) reported R&D of $209.49M in Q1 2026.

How has Insmed's R&D changed year-over-year?

Insmed's R&D increased by 37.3% year-over-year, from $152.58M to $209.49M.

What is the long-term trend for Insmed's R&D?

Over 4 years (2021 to 2025), Insmed's R&D has grown at a 29.7% compound annual growth rate (CAGR), from $272.74M to $771.09M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

Insmed INSM R&D

R&D at other companies

United TherapeuticsUTHR

$138.2M-7.2%

Solid Biosciences Inc.SLDB

$46.14M+49.3%

ANI PharmaceuticalsANIP

$10.6M+0.3%

Regeneron PharmaceuticalsREGN

$1.54B+16.3%

SavaraSVRA

$23.4M+22.1%

ArriVent BioPharma, Inc.AVBP

$37.62M-38.6%

Segments

By product

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INS1148$40M—

TPIP external R&D expenses$37.34M+308%

Other external R&D expenses$32.68M+16.4%

Brensocatib external R&D expenses$18.48M-10.5%

ARIKAYCE external R&D expenses$8.62M-28.9%

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 R&D?: Insmed (INSM) reported R&D of $209.49M in Q1 2026.
How has Insmed's R&D changed year-over-year?: Insmed's R&D increased by 37.3% year-over-year, from $152.58M to $209.49M.
What is the long-term trend for Insmed's R&D?: Over 4 years (2021 to 2025), Insmed's R&D has grown at a 29.7% compound annual growth rate (CAGR), from $272.74M to $771.09M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.