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Insmed Business Segments

Business, geographic, and product segment breakdowns

Insmed generates $819.6M in annual revenue across 2 key segments: AstraZeneca milestone ($818.0K), and PARI milestones ($202.0K). The company-wide operating margin is -140.56%. Based on the Q1 2026 filing.

AstraZeneca milestone$818.0KPARI milestones (TTM)$202.0K
Latest FilingQ1 2026
Report Date2026-05-07
Market Cap$21.0B
ROE-294.46%

Products & Services

Product revenues, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
ARIKAYCE external R&D expenses$104.4M$92.8M$107.4M$114.3M$119.2M$98.1M

R&D

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
TPIP external R&D expenses$20.7M$9.2M$20.6M$28.8M$35.6M$37.3M
Other external R&D expenses$35.5M$28.1M$28.4M$36.6M$36.8M$32.7M
Brensocatib external R&D expenses$24M$20.7M$33.6M$19.4M$22.9M$18.5M
ARIKAYCE external R&D expenses$15.1M$12.1M$11M$9.2M$9.1M$8.6M
INS1148$0$10M$10M$10M$10M—

Additions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
AstraZeneca milestone————$15M$0
PARI milestones$0———$0$0

Intangible Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
AstraZeneca milestone————$674K$818K
PARI milestones$50.5K———$51K$51K

Intangibles, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
AstraZeneca milestone$0——$29.7M$44.1M$43.2M
PARI milestones$1.2M——$1M$962K$911K

Geographic

Future minimum rental payments under Bridgewater

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Bridgewater, NJ Facility————$14.6M—
San Diego$18.9M———$18M—

Product revenues, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
US$67.8M$64.3M$68.7M$102M$218M$270.1M
International$36.7M$28.5M$38.7M$40.3M$45.9M$35.9M

Operating loss carryforwards

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Switzerland$144.3M———$277.1M—
United Kingdom$48.9M———$95.7M—

Business Segments

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Product revenues, net$104.4M$92.8M$107.4M$142.3M$263.8M$306M
Other segment items$113.1M$119.7M$127.7M$150.9M$165.7M$210.5M
Net loss—-$256.6M—-$370M—-$163.6M
SG&A compensation and benefit-related expenses$53.2M$54.8M$51.3M$62.3M$80.1M$74.8M
R&D compensation and benefit-related expenses$58.8M$53.6M$56.4M$63.8M$75.4M$72.1M
Cost of product revenues (excluding amortization of intangible assets)$26.2M$21.3M$28.1M$29.4M$44.2M$47.4M
Change in fair value of contingent consideration—$18.3M$59M$104.7M$70M-$47M
Interest Expense$21.6M$21.6M-$21.2M$20.4M$20.6M$20.1M
Investment income$17.3M$13.9M-$13.2M$18.3M$15.2M$12M
Depreciation$1.5M$1.9M$2.5M$2.5M$3.6M$2.9M
Intangible Amortization$1.3M$1.3M$1.3M$1.5M$1.9M$2.1M
Provision for income taxes$1.3M$912K$1.2M$1.3M$1.6M$1.5M