Insmed Inc income statement
In fiscal 2025, Insmed Inc reported revenue of $606m, up 66.7% on the year before, operating income of −$1.25bn (a -205.6% margin) and net income of −$1.28bn, or −$6.42 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10 | 7 | 4 | 0 | 12 | 0 | 0 | 0 | 10 | 136 | 164 | 188 | 245 | 305 | 364 | 606 | 1,520 |
| Cost of revenue | — | — | — | — | — | — | 0 | 0 | 2 | 24 | 40 | 44 | 55 | 66 | 86 | 123 | 237 |
| Gross profit | — | — | — | — | — | — | 0 | 0 | 7 | 112 | 125 | 144 | 190 | 240 | 278 | 483 | 1,283 |
| Research and development | 9 | 5 | 29 | 30 | 44 | 74 | 123 | 110 | 145 | 132 | 181 | 273 | 398 | 571 | 598 | 771 | 944 |
| Selling, general and administrative | — | — | — | — | — | — | — | — | — | — | — | — | 266 | 345 | 461 | 701 | 960 |
| General and administrative | 10 | 10 | 12 | 13 | 22 | 43 | 51 | 79 | 168 | 211 | 204 | 234 | — | — | — | — | — |
| Operating income | −9 | −8 | −62 | −42 | −55 | −117 | −173 | −189 | −307 | −235 | −265 | −375 | −457 | −710 | −878 | −1,247 | −564 |
| Interest expense | 1 | 0 | 0 | 1 | 2 | 3 | 3 | 6 | 25 | 28 | 30 | 40 | 26 | 82 | 85 | 84 | 81 |
| Income before tax | 119 | −6 | −60 | −41 | −57 | −120 | −176 | −193 | −324 | −254 | −293 | −436 | −480 | −747 | −910 | −1,272 | −598 |
| Income tax | 0 | 0 | 0 | 0 | −1 | −2 | 0 | −0 | 0 | 1 | 1 | −2 | 1 | 3 | 4 | 5 | 8 |
| Net income | 118 | −6 | −60 | −41 | −56 | −118 | −176 | −193 | −324 | −254 | −294 | −435 | −482 | −750 | −914 | −1,277 | −606 |
| Diluted EPS | $9.30 | −$0.49 | −$2.95 | −$1.56 | −$1.60 | −$2.02 | −$2.85 | −$2.89 | −$4.22 | −$3.01 | −$3.01 | −$3.88 | −$3.91 | −$5.34 | −$5.57 | −$6.42 | −$2.80 |
| Diluted shares (average) | — | 13m | 23m | 27m | 35m | 59m | 62m | 67m | 77m | 85m | 98m | 112m | 123m | 140m | 164m | 199m | 216m |
| EBITDA | −8 | −8 | −61 | −42 | −54 | −116 | −171 | −186 | −304 | −230 | −256 | −366 | −452 | −704 | −872 | −1,236 | −551 |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 104 | 93 | 107 | 142 | 264 | 306 | 425 | 524 |
| Cost of revenue | 26 | 21 | 28 | 29 | 44 | 47 | 67 | 78 |
| Gross profit | 78 | 72 | 79 | 113 | 220 | 259 | 358 | 446 |
| Research and development | 180 | 153 | 177 | 186 | 255 | 209 | 210 | 270 |
| Selling, general and administrative | 143 | 148 | 155 | 186 | 212 | 247 | 247 | 253 |
| Operating income | −230 | −248 | −313 | −366 | −320 | −153 | −2 | −89 |
| Interest expense | 22 | 22 | 21 | 20 | 21 | 20 | 20 | 20 |
| Income before tax | −234 | −256 | −320 | −369 | −327 | −162 | −11 | −98 |
| Income tax | 1 | 1 | 1 | 1 | 2 | 1 | 2 | 3 |
| Net income | −236 | −257 | −322 | −370 | −328 | −164 | −13 | −100 |
| Diluted EPS | −$1.30 | −$1.42 | −$1.70 | −$1.75 | −$1.53 | −$0.76 | −$0.06 | −$0.46 |
| EBITDA | −229 | −246 | −310 | −364 | −316 | −150 | 2 | −86 |
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