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Insmed
(NASDAQ:INSM)
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Rating:55Neutral
Price Target:
$101.00
▼(-18.48% Downside)
Action:Reiterated
Date:08/06/26
The score is primarily driven by mixed financial performance—strong revenue growth and improving margins/balance-sheet leverage but still very large losses and heavy cash burn. Earnings call factors are a major offset, with raised 2026 revenue guidance and strong launch/pipeline momentum supporting a higher outlook. Technicals and valuation weigh on the score due to a bearish trend below key moving averages and a negative P/E with no dividend support.
Positive Factors
BRINSUPRI commercial launch momentum
A rapid, high-volume launch with accelerating new patient starts and materially upgraded full-year guidance demonstrates durable commercial adoption and prescriber penetration. Sustained quarterly starts and strong launch metrics indicate lasting revenue base potential as the product moves from early uptake to steady-state sales.
Negative Factors
Heavy cash burn and negative free cash flow
Large negative operating and free cash flows create persistent runway pressure despite current cash balances. Continued high cash burn from launches and Phase III programs risks requiring additional financing or cutbacks if commercial uptake or reimbursement outcomes slow, making sustainability conditional on execution.
Read all positive and negative factors
Positive Factors
Negative Factors
BRINSUPRI commercial launch momentum
A rapid, high-volume launch with accelerating new patient starts and materially upgraded full-year guidance demonstrates durable commercial adoption and prescriber penetration. Sustained quarterly starts and strong launch metrics indicate lasting revenue base potential as the product moves from early uptake to steady-state sales.
Read all positive factors
Insmed Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows how sales are distributed across regions (U.S., Europe, rest of world), revealing whether Insmed depends on a single market or is diversifying internationally. Heavy U.S. concentration highlights reliance on FDA approvals, U.S. payers, and domestic commercial execution, while growing international revenue signals expansion opportunity and reduced single-market risk. Monitor regional trends for signs of uptake, reimbursement challenges, or currency effects that can meaningfully affect reported results.
Shows how sales are distributed across regions (U.S., Europe, rest of world), revealing whether Insmed depends on a single market or is diversifying internationally. Heavy U.S. concentration highlights reliance on FDA approvals, U.S. payers, and domestic commercial execution, while growing international revenue signals expansion opportunity and reduced single-market risk. Monitor regional trends for signs of uptake, reimbursement challenges, or currency effects that can meaningfully affect reported results.
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The Fly
The FlyInsmed (INSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.16B
Dividend YieldN/A
Average Volume (3M)3.55M
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth185.76%
EPS Growth28.02%
CountryUS
Employees1,664
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.11
Shares Outstanding218,381,500
10 Day Avg. Volume2,144,207
30 Day Avg. Volume3,546,787
Financial Highlights & Ratios
PEG Ratio-1.80
Price to Book (P/B)50.31
Price to Sales (P/S)61.31
P/FCF Ratio-38.43
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$201.22Price Target Upside62.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering19
EPS Forecast (FY)-1.59
Revenue Forecast (FY)$1.80B
Insmed Business Overview & Revenue Model
Company Description
Insmed Incorporated operates as a biopharmaceutical enterprise focused on creating and introducing medical solutions for individuals facing severe and uncommon health conditions. The company's marketed treatment, ARIKAYCE, is administered to adult...
How the Company Makes Money
Insmed makes money primarily through product revenue from selling ARIKAYCE. Revenue is generated when ARIKAYCE is dispensed to patients through specialty distribution channels and reimbursed by payers (e.g., government and commercial insurance), w...
Insmed Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call communicated strong commercial execution and materially improved financial and clinical momentum — highlighted by BRINSUPRI’s historic launch ($309.2M Q2, raised FY guidance to $1.25B–$1.4B, peak >$7B), solid ARIKAYCE performance ($116.3M, +8% YoY) and compelling TPIP clinical data with upgraded peak potential (> $6B). Management emphasized a healthy cash position (~$1.2B) and a clear path to cash-flow positivity in 2027. Offsetting risks include higher near-term operating spend (R&D and SG&A +38% YoY), European reimbursement headwinds, milestone payments (~$50M H2 2026), and reliance on optimistic assumptions (diagnosis expansion, regulatory success, pricing). Overall, the positive commercial results, clinical readouts and funding runway substantially outweigh the noted operational and market uncertainties.Positive Updates
BRINSUPRI historic launch momentum
BRINSUPRI generated $309.2M in Q2 revenue, up 49% sequentially from Q1; added ~7,000 new patient starts in Q2 (above the ~6,300 expectation) and now expects ~7,000 new starts per quarter for the remainder of 2026. Cumulative prescribers exceeded 6,300 (≈+1,300 vs end of March) and ~30% of prescribers now write for ≥5 patients (up from ~20% at end of March). Full-year 2026 guidance for BRINSUPRI raised to $1.25B–$1.40B (from >$1B) and global peak sales estimate increased to >$7B (from >$5B).
Negative Updates
Higher operating spend to support growth
Combined R&D and SG&A increased 38% year-over-year driven by investments to support the BRINSUPRI U.S. launch, Phase III TPIP programs and broader pipeline development. Management expects additional H2 investments (DTC, Japan build-out, Phase III), which will increase near-term spend.
Read all updates
Q2-2026 Updates
Positive
Negative
BRINSUPRI historic launch momentum
BRINSUPRI generated $309.2M in Q2 revenue, up 49% sequentially from Q1; added ~7,000 new patient starts in Q2 (above the ~6,300 expectation) and now expects ~7,000 new starts per quarter for the remainder of 2026. Cumulative prescribers exceeded 6,300 (≈+1,300 vs end of March) and ~30% of prescribers now write for ≥5 patients (up from ~20% at end of March). Full-year 2026 guidance for BRINSUPRI raised to $1.25B–$1.40B (from >$1B) and global peak sales estimate increased to >$7B (from >$5B).
Read all positive updates
Company Guidance
Insmed raised 2026 guidance after a very strong Q2: BRINSUPRI generated $309.2M in Q2 and management increased full‑year BRINSUPRI revenue guidance to $1.25–$1.40B (from >$1B), driven by ~7,000 new patient starts in Q2 (versus ~6,300 expected) and an expectation of ~7,000 new starts each remaining quarter, >6,300 cumulative prescribers (+~1,300 vs March) with ~30% of writers prescribing for ≥5 patients (up from ~20%), payer approval ~90% with approvals in <1 week for most, and updated gross‑to‑net for BRINSUPRI of mid‑ to high‑20s (GTN for ARIKAYCE reiterated at low‑ to mid‑20s); ARIKAYCE posted $116.3M in Q2 and full‑year ARIKAYCE revenue guidance remains $450–$470M (Q2 ARIKAYCE growth ~8% YoY), cost of product revenues was $67.2M (16% of revenues), R&D+SG&A rose 38% YoY, cash was ~$1.2B at quarter end, the company expects to pay $50M to AstraZeneca in H2 2026, does not plan to raise capital and expects cash‑flow positivity in 2027; peak sales estimates were increased to >$7B for BRINSUPRI, >$6B for TPIP (from >$2B), and ARIKAYCE >$1B, with combined peak potential >$14B.Insmed Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
56
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.14B | 606.42M | 363.71M | 305.21M | 245.36M | 188.46M |
| Gross Profit | 947.34M | 481.55M | 277.96M | 239.63M | 190.23M | 144.31M |
| EBITDA | -769.98M | -1.17B | -818.79M | -660.18M | -447.37M | -383.65M |
| Net Income | -875.31M | -1.28B | -913.77M | -749.57M | -481.53M | -434.65M |
Balance Sheet | ||||||
| Total Assets | 2.10B | 2.26B | 2.03B | 1.33B | 1.66B | 1.24B |
| Cash, Cash Equivalents and Short-Term Investments | 1.16B | 1.43B | 1.43B | 780.45M | 1.15B | 716.78M |
| Total Debt | 579.88M | 768.16M | 1.31B | 1.20B | 1.18B | 612.27M |
| Total Liabilities | 1.35B | 1.53B | 1.74B | 1.66B | 1.57B | 833.04M |
| Stockholders Equity | 757.49M | 738.98M | 285.38M | -331.92M | 87.95M | 410.47M |
Cash Flow | ||||||
| Free Cash Flow | -837.67M | -967.58M | -705.80M | -549.53M | -410.32M | -370.59M |
| Operating Cash Flow | -778.92M | -935.01M | -683.88M | -536.25M | -400.44M | -363.30M |
| Investing Cash Flow | -82.79M | -64.58M | -583.17M | -223.60M | -34.58M | -64.28M |
| Financing Cash Flow | 123.96M | 954.07M | 1.34B | 168.44M | 793.27M | 612.55M |
Insmed Technical Analysis
Neutral
123.89
Price Trends
112.92
Positive
117.45
Positive
142.92
Negative
Market Momentum
3.69
Positive
51.92
Neutral
15.41
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INSM, the sentiment is Neutral. The current price of 123.89 is above the 20-day moving average (MA) of 122.00, above the 50-day MA of 112.92, and below the 200-day MA of 142.92, indicating a neutral trend. The MACD of 3.69 indicates Positive momentum. The RSI at 51.92 is Neutral, neither overbought nor oversold. The STOCH value of 15.41 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INSM.
Insmed Risk Analysis
Insmed disclosed 53 risk factors in its most recent earnings report. Insmed reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Insmed Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $25.97B | 15.71 | 29.70% | ― | 26.93% | 80.66% | |
78 Outperform | $35.54B | 25.69 | 12.25% | 1.55% | 9.99% | -18.25% | |
70 Outperform | $12.70B | 171.82 | 1.18% | ― | 13.69% | -89.03% | |
68 Neutral | $20.09B | 26.39 | 14.55% | ― | 21.75% | -36.69% | |
60 Neutral | $28.28B | -14.21 | -9.16% | ― | -1.05% | -395.95% | |
55 Neutral | $27.16B | -29.54 | -111.26% | ― | 185.76% | 28.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
INSM
Insmed
121.39
-13.58
-10.06%
BMRN
BioMarin Pharmaceutical
65.29
7.61
13.19%
INCY
Incyte
127.74
44.04
52.62%
GMAB
Genmab
34.10
8.99
35.80%
BNTX
BioNTech SE
111.40
9.47
9.29%
RPRX
Royalty Pharma
61.92
26.98
77.21%
Insmed Corporate Events
Business Operations and StrategyProduct-Related Announcements
Insmed Announces Positive 12-Month TPIP PAH Data
Positive
Jul 17, 2026
On July 16, 2026, Insmed reported positive 12‑month data from an ongoing 24‑month open‑label extension study of TPIP in pulmonary arterial hypertension, showing sustained improvements in six‑minute walk distance, NT‑p...
Executive/Board ChangesShareholder Meetings
Insmed Shareholders Approve Directors, Executive Pay and Auditor
Positive
May 15, 2026
Insmed shareholders convened on May 13, 2026, for the company’s annual meeting, where they elected Elizabeth McKee Anderson and Clarissa Desjardins, Ph.D., as Class II directors to serve until the 2029 annual meeting, reaffirming the existin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.