Insmed Incorporated (INSM) Stock

Insmed Incorporated (INSM) is a Healthcare stock trading at $125.80 (as of 2026-08-21), with a market capitalization of $27.47B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Insmed Incorporated is a biopharmaceutical company that develops and commercializes therapies for serious and rare diseases. Its marketed treatment ARIKAYCE is used with other antibacterial therapy for adult patients with Mycobacterium avium complex lung disease, and it also develops brensocatib and inhaled treprostinil palmitil for specific rare lung indications.

Understand Insmed Incorporated: how it makes money

Insmed develops and commercializes biopharmaceutical therapies for serious and rare diseases, including ARIKAYCE for Mycobacterium avium complex lung disease and Brensocatib plus Treprostinil Palmitil in development, and it makes money primarily from product net revenues.

Even with very high gross margin (84.5%), Insmed is still reporting a large operating loss (operating margin -50.1%), so profits are mainly constrained by the level of operating expenses relative to product net revenues (especially BRINSUPRI U.S. and ARIKAYCE worldwide).

Revenue by segment (latest quarter)
BRINSUPRI US	$0.2B
ARIKAYCE WW	$0.1B

Business quality (Weak): The business description and gross margin are clear, but the provided breakdown for “segments” is limited to product revenue lines, and operating drivers beyond product net revenues are not specified.

Bull case

BRINSUPRI is already a major revenue contributor in the U.S. (BRINSUPRI revenues (U.S.) 0.21B): That gives the company an immediate marketed-product revenue stream to scale.
ARIKAYCE continues to generate worldwide revenue (ARIKAYCE worldwide revenue 0.11B): Multiple marketed therapies can help diversify dependence within the current product portfolio.
High gross margin (84.5%) suggests strong underlying product economics: If operating costs are managed, revenue growth would have more room to translate into improved profitability.

Bear case

Profitability is currently weak, with a negative operating margin of -50.1%: This implies operating expenses materially exceed gross profit in the latest period.
International BRINSUPRI scale is not evident in the provided figures (BRINSUPRI (International) shown as 0.0B): That raises the risk of concentration in the U.S. market for near-term revenue growth.
Reliance on a small set of product revenue lines (BRINSUPRI U.S. and ARIKAYCE worldwide in the provided breakdown): If either product’s net revenues slow, the impact could quickly feed into operating results.

Valuation — source: SEC EDGAR (first-party)
Price	$125.80
Market Cap	$27.47B
Price / Book	36.27
Price / Sales	24.15
FCF Yield	-2.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$606.42M
Net Margin	-210.5%
Revenue Growth (YoY)	296.1%
EPS Growth (YoY)	-96.5%
FCF Growth (YoY)	-54.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	6.33 (safe)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	JPMORGAN CHASE & CO ($3.70B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	William H. Lewis
Employees	1,271
Country	US
IPO Date	2000-06-01

Related Companies (Pharmaceutical Products; 8 comparable drugmakers)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.