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Biotech selling Arikayce for a rare lung infection and developing therapies for bronchiectasis and other rare respiratory diseases.
Biotech selling Arikayce for a rare lung infection and developing therapies for bronchiectasis and other rare respiratory diseases.
Until 2025 earned all its revenue from Arikayce, an inhaled antibiotic for a rare lung infection, sold mainly in the US with some sales in Japan and Europe. Brensocatib, branded Brinsupri, was approved in the US in 2025 for bronchiectasis, a far bigger patient group, making it a company with a second product to launch. It is still loss-making.
Moat: narrow (IP / patents, regulatory licence). Orphan-drug exclusivity and specialist prescriber relationships in a very small patient population.
Headquarters: Bridgewater, New Jersey, United States · Founded: 1988 · Employees: 1,664
Size Insmed (INSM) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $25.1B, the 425th largest of 3,117 United States companies the cockpit tracks. Shares closed at $114.41 on 6 Nov 2026.
Performance Over six months the shares fell 16.1%, against +9.8% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 240.0% over the last twelve months (peer median +16.7%); the operating margin is -41.7% (peer median 20.8%).
Valuation It trades at 16.2× enterprise value to sales against a peer median of 5.2× (5th most expensive of 21).
Capital Return on invested capital runs 160.7 points below its cost of capital (8.9% WACC).
Short interest Short interest is 6.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.52B | $606M | $364M | $305M | $245M |
| Revenue growth | — | +67% | +19% | +24% | — |
| Gross profit | $1.27B | $477M | $273M | $235M | $185M |
| EBITDA | -$607M | -$978M | -$776M | -$670M | -$454M |
| Net income | -$606M | -$1.28B | -$914M | -$750M | -$482M |
| Free cash flow | -$658M | -$998M | -$706M | -$550M | -$410M |
| Capital expenditure | $62.0M | $62.6M | $21.9M | $13.3M | $9.88M |
| Total debt | $750M | $756M | $1.31B | $1.36B | $1.33B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Insmed INSM | $25.1B | -16% | +240% | -42% | 16.2× | n/a |
| Vertex Pharmaceuticals VRTX | $139B | +27% | +11% | 35% | 10.7× | 6.1% |
| AstraZeneca AZN.L | $291B | +1% | +5% | 23% | 5.1× | 14.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INSM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.9% | +8.3% | 7th highest of 21 |
| 6-month return | -16.1% | +9.8% | 2nd lowest of 21 |
| Distance from 52-week high | -46.2% | -9.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | +240.0% | +16.7% | highest of 21 |
| Operating margin | -41.7% | 20.8% | 3rd lowest of 21 |
| EV / Sales | 16.2× | 5.2× | 5th most expensive of 21 |
| ROIC minus cost of capital | -160.7 pp | +5.1 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Insmed INSM | United States | $25.1B | -16% | +240% | -42% | 16.2× | n/a | n/a |
| Incyte INCY | United States | $24.4B | +21% | +25% | 12% | 3.4× | 14.2% | +14.0% |
| Hansoh Pharma 3692.HK | Hong Kong | $26.9B | -7% | +25% | 38% | 9.7× | 8.9% | +10.8% |
| Viatris VTRS | United States | $22.9B | +17% | +5% | 10% | 2.4× | 12.5% | +3.7% |
| Sigma Healthcare SIG.AX | Australia | $22.4B | -1% | +209% | 9% | 3.2× | 28.2% | +26.1% |
| Roivant Sciences ROIV | United States | $28.1B | +36% | -68% | -18,146% | 3,323.9× | n/a | n/a |
| Astellas Pharma 4503.T | Japan | $28.2B | +11% | +19% | 23% | 1.9× | -11.0% | +11.4% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 24.4× | 50.9% | +8.9% |
| Alnylam Pharmaceuticals ALNY | United States | $20.9B | -47% | +56% | 20% | 4.0× | 0.9% | +49.8% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 2.1× | 7.2% | +17.1% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 7.4× | 11.7% | +26.8% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 4.2× | -4.3% | +7.2% |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 11.0× | 37.9% | +11.3% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 5.8× | -1.1% | +13.1% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 4.4× | 9.4% | -5.1% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 6.5× | -3.7% | +18.6% |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 4.6× | -0.7% | +11.0% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | 42.9× | n/a | n/a |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 2.2× | 0.4% | +11.7% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 19.0× | 9.9% | +2.3% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 6.6× | -6.3% | +11.7% |