INSMNasdaqPharmaceutical PreparationsUS GAAP · USD

INSMED Inc

INSMED Inc is a U.S.-based biopharmaceutical company focused on developing and commercializing therapies for serious respiratory and other high-unmet-need diseases. Its current business centers on marketed products ARIKAYCE and BRINSUPRI, while it also advances clinical and pre-clinical programs in respiratory, inflammation & immunology, and neuro/rare disease areas.

Kysy yhtiöstä
Liikevaihto606milj. USD
+66,7 %v/v
Liikevoitto (EBIT)−1 247milj. USD
−42,0 %v/v
EBIT-marginaali−205,6%
+35,9 %-yks.v/v
Nettotulos−1 277milj. USD
−39,7 %v/v
Vapaa kassavirta−968milj. USD
−37,1 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−1 500−1 000−50005001 000milj. USD2020: 164 milj. USD2020: EBIT −265 milj. USD20202021: 188 milj. USD2021: EBIT −375 milj. USD20212022: 245 milj. USD2022: EBIT −457 milj. USD20222023: 305 milj. USD2023: EBIT −710 milj. USD20232024: 364 milj. USD2024: EBIT −878 milj. USD20242025: 606 milj. USD2025: EBIT −1 247 milj. USD2025606−1 247
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: INSMED Inc

Liiketoiminta

Osuus liikevaihdosta
Commercial respiratory products100 %

Approved products sold today, led by ARIKAYCE and BRINSUPRI.

Respiratory clinical-stage programs0 %

Programs such as TPIP and INS1148 aimed at pulmonary and inflammatory airway diseases.

Inflammation & immunology pipeline0 %

Brensocatib development work targeting hidradenitis suppurativa and related inflammatory disease.

Neuro & rare disease gene therapy0 %

INS1201 and INS1202 programs for DMD and ALS, respectively.

Tuotteet

Raportoitu · osuus liikevaihdosta
71,5%28,5%FY2025100 %
  • ARIKAYCE71,5 %
  • BRINSUPRI28,5 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

INSMED sells primarily to healthcare providers and the specialty pharmacy / distributor channels that support prescription access for its approved medicines. Demand is driven by physicians treating rare or severe respiratory diseases, with payor coverage and market access critical to adoption. The company also depends on a small number of large customers and distributor relationships, which makes concentration a meaningful commercial risk.

Specialty respiratory prescribers

Pulmonologists and related specialists prescribe ARIKAYCE for refractory MAC lung disease and will be key for future respiratory launches.

Specialty pharmacy and distributor network

Channel partners purchase, stock, and dispense product, making them central to revenue realization and patient access.

Payers and government reimbursement programs

Commercial insurers and public programs affect formulary access, rebates, and patient affordability for ARIKAYCE and BRINSUPRI.

Clinical investigators and trial centers

Sites enrolling patients in TPIP, INS1148, INS1201, and INS1202 studies support pipeline advancement.

Strategia

INSMED is focused on growing revenue from its approved products while advancing a broader pipeline in respiratory, inflammatory, and rare disease therapeutics. Near term, the company is prioritizing commercial execution for ARIKAYCE and BRINSUPRI, continued clinical development of TPIP and brensocatib, and progression of gene therapy assets INS1201 and INS1202. It also continues to evaluate partnerships, in-licensing, acquisitions, and manufacturing capabilities to support future launches.

Commercialize approved products more broadlyLyhyt aikaväli

ARIKAYCE and BRINSUPRI are the only current revenue engines and fund the pipeline.

Advance late- and mid-stage pipeline assetsKeskipitkä aikaväli

New approvals are needed to diversify revenue and reduce dependence on current products.

Build long-term rare disease and gene therapy optionalityPitkä aikaväli

INS1201 and INS1202 could create new therapeutic franchises if clinical data are positive.

Maantiede

Q1/2026

INSMED commercializes ARIKAYCE in the U.S., Europe, and Japan, and BRINSUPRI in the U.S. The company also seeks patent protection and future market expansion in selected foreign markets, including Europe, Japan, Canada, Australia, China, India, Israel, and Mexico. Geography matters because regulatory approval, reimbursement, and local commercialization capability determine where each product can generate revenue.

USA88 %
Other countries (US filing)12 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

INSMED is highly dependent on the commercial success and regulatory status of ARIKAYCE and BRINSUPRI, so any setback in approval, reimbursement, or physician adoption could materially affect revenue. The company also faces typical biotech risks: clinical trial failure, manufacturing dependence on third parties, patent protection challenges, and competition from better or cheaper therapies. Customer concentration is another company-specific risk because a small number of customers account for most product revenue.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Dependence on approved products1Regulatory and clinical development failure2Customer concentration3Manufacturing and supply dependence4Competitive pressure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Dependence on approved productsVaikutus: KorkeaTodennäköisyys: Kohtalainen

    ARIKAYCE and BRINSUPRI are the main commercial assets and drive current sales.

    Kohdistuu: Commercial revenue concentration

  2. Regulatory and clinical development failureVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Pipeline value depends on successful trials and approvals for TPIP, brensocatib, and gene therapies.

    Kohdistuu: Pipeline programs

  3. Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The three largest customers represented a very large share of gross product revenue.

    Kohdistuu: Distributor and channel relationships

  4. Manufacturing and supply dependenceVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Commercial supply relies on CMOs such as Patheon and API suppliers such as Esteve.

    Kohdistuu: ARIKAYCE and BRINSUPRI supply chain

  5. Competitive pressureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Respiratory and rare disease markets include larger pharma and biotech competitors with more resources.

    KohdistuuNTMPAHHSDMDALS
Kysy Clarifolta: INSMED Inc

Kirjanpito

Harkinnanvaraiset erät
Gross-to-net revenue reserves

Product revenue is recorded net of rebates, discounts, service fees, and chargebacks.

Vaikutus: Affects reported ARIKAYCE and BRINSUPRI revenue

Contingent consideration fair value

Changes in share price can materially change the liability valuation.

Vaikutus: Can drive large non-cash gains or losses in earnings

Goodwill and intangible impairment

Acquired assets must be tested for recoverability and may be written down if assumptions weaken.

Vaikutus: Potential non-cash charges to operating results

Revenue timing and quarterly volatility

Commercial launch timing, customer ordering patterns, and clinical spending can shift results between quarters.

Vaikutus: Makes period-to-period comparison less stable

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Intensity Therapeutics, Inc

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Incyte Corporation

INCY · Services-Commercial Physical & Biological Research

InflaRx N.V.

IFRX · Pharmaceutical Preparations

Invivyd, Inc.

IVVD · Biological Products, (No Diagnostic Substances)

Päivitetty: 24.9.2026

INSMED Inc (INSM) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo