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Insmed
(NASDAQ:INSM)
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Rating:57Neutral
Price Target:
$115.00
▼(-7.18% Downside)
Action:Reiterated
Date:10/05/26
The score is held back primarily by weak financial performance driven by very large ongoing losses and heavy cash burn, and by bearish technical conditions (trading below key moving averages with negative MACD). Offsetting these, the latest earnings call showed strong commercial momentum and raised BRINSUPRI guidance with a stated path to cash-flow positivity in 2027, while valuation remains difficult to support on earnings (negative P/E, no dividend).
Positive Factors
BRINSUPRI commercial momentum
Rapid patient adoption, expanding prescriber depth, and raised revenue guidance indicate strong early commercial execution. If these trends persist, BRINSUPRI can become a substantial recurring revenue base and improve Insmed’s operating leverage as launch investments mature.
Negative Factors
Heavy losses and cash burn
Insmed remains materially unprofitable and consumes substantial cash while funding launches and development programs. Continued losses reduce financial flexibility and make the expected transition to cash-flow positivity dependent on successful commercialization, disciplined spending, and timely execution.
Read all positive and negative factors
Positive Factors
Negative Factors
BRINSUPRI commercial momentum
Rapid patient adoption, expanding prescriber depth, and raised revenue guidance indicate strong early commercial execution. If these trends persist, BRINSUPRI can become a substantial recurring revenue base and improve Insmed’s operating leverage as launch investments mature.
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
$21.14B
Dividend YieldN/A
Average Volume (3M)2.44M
Price to Earnings (P/E)―
Beta (1Y)0.89
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. Volume3,298,831
30 Day Avg. Volume2,435,650
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 Cap1.08
Enterprise Value/Revenue20.01
Enterprise Value/Gross Profit24.03
Enterprise Value/Ebitda-29.53
Forecast
1Y Price Target
$197.84Price Target Upside59.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering21
EPS Forecast (FY)-1.6
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 primarily makes money by selling its commercial product, ARIKAYCE, through prescription-based demand supported by reimbursement from public and private payers. Revenue is recognized from product sales to a network of specialty distributors ...
Insmed Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 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 | -770.76M | -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
Negative
123.89
Price Trends
119.59
Negative
112.04
Negative
129.87
Negative
Market Momentum
-6.29
Positive
28.77
Positive
7.89
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INSM, the sentiment is Negative. The current price of 123.89 is above the 20-day moving average (MA) of 110.78, above the 50-day MA of 119.59, and below the 200-day MA of 129.87, indicating a bearish trend. The MACD of -6.29 indicates Positive momentum. The RSI at 28.77 is Positive, neither overbought nor oversold. The STOCH value of 7.89 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $23.31B | 17.86 | 20.18% | ― | 2.49% | 9.29% | |
66 Neutral | $29.95B | 36.80 | 93.61% | ― | 95.14% | ― | |
61 Neutral | $10.53B | 145.11 | 1.18% | ― | 13.69% | -89.03% | |
57 Neutral | $21.14B | -23.79 | -111.26% | ― | 185.76% | 28.02% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.47B | -2.55 | 392.35% | ― | 17.50% | -5.66% |
* Healthcare Sector Average
INSM
Insmed
97.79
-65.75
-40.20%
ALNY
Alnylam Pharma
224.47
-245.80
-52.27%
BMRN
BioMarin Pharmaceutical
55.14
2.05
3.86%
UTHR
United Therapeutics
540.03
107.84
24.95%
RARE
Ultragenyx Pharmaceutical
14.90
-18.53
-55.43%
AVLN
Avalyn Pharma Inc
23.69
-5.80
-19.67%
Insmed Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Insmed CFO Transition Amid Reaffirmed 2026 Revenue Outlook
Positive
Oct 5, 2026
On October 5, 2026, Insmed announced that Chief Financial Officer Sara Bonstein will step down effective October 30, 2026, after nearly seven years in the role. The company has engaged a leading executive search firm to find her successor and emph...
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...
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.