Insmed (INSM) Financials

$135.55 +0.58 (+0.43%)

As of 03:33 PM Eastern

Annual Income Statements for Insmed

This table shows Insmed's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-79	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Consolidated Net Income / (Loss)	-79	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Net Income / (Loss) Continuing Operations	-79	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Total Pre-Tax Income	-90	-120	-176	-193	-324	-254	-293	-436	-480	-747	-910
Total Operating Income	-87	-117	-173	-189	-307	-235	-265	-375	-457	-710	-878
Total Gross Profit	0.00	0.00	0.00	0.00	7.41	112	125	144	190	240	278
Total Revenue	0.00	0.00	0.00	0.00	9.84	136	164	188	245	305	364
Operating Revenue	-	0.00	-	0.00	9.84	136	164	188	245	305	364
Total Cost of Revenue	0.00	0.00	0.00	0.00	2.42	24	40	44	55	66	86
Operating Cost of Revenue	-	-	0.00	0.00	2.42	24	40	44	55	66	86
Total Operating Expenses	87	117	173	189	315	348	390	519	648	949	1,156
Selling, General & Admin Expense	31	43	51	79	168	211	204	234	266	345	461
Research & Development Expense	56	74	123	110	145	132	181	273	398	571	598
Amortization Expense	-	-	0.00	0.00	1.25	4.99	5.00	5.05	5.05	5.05	5.05
Other Special Charges / (Income)	-	-	-	-	-	0.00	0.00	7.33	-21	29	92
Total Other Income / (Expense), net	-2.27	-2.92	-3.38	-5.63	-17	-18	-27	-61	-21	-37	-32
Interest Expense	2.42	2.89	3.50	5.93	28	28	30	58	26	82	85
Interest & Investment Income	-	-	-	-	10	9.92	1.70	-	11	42	53
Other Income / (Expense), net	0.14	-0.03	0.12	0.30	0.60	-0.53	0.41	-3.33	-5.94	2.18	0.03
Income Tax Expense	-10	-1.97	0.10	-0.27	0.20	0.78	1.40	-1.76	1.38	2.56	3.71
Basic Earnings per Share	($1.84)	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Weighted Average Basic Shares Outstanding	43.10M	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	112.11M	123.04M	140.43M	164.04M
Diluted Earnings per Share	($1.84)	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Weighted Average Diluted Shares Outstanding	43.10M	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	112.11M	123.04M	140.43M	164.04M
Weighted Average Basic & Diluted Shares Outstanding	43.10M	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	118.90M	136.41M	148.49M	181.00M

This table shows Insmed's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-160	-160	-247	-160	-183	-157	-301	-221	-234	-257	-322
Consolidated Net Income / (Loss)	-160	-160	-245	-159	-186	-157	-301	-221	-78	-257	-322
Net Income / (Loss) Continuing Operations	-160	-160	-245	-159	-186	-157	-301	-221	-236	-257	-322
Total Pre-Tax Income	-160	-159	-244	-158	-185	-157	-300	-220	-234	-256	-320
Total Operating Income	-151	-148	-236	-148	-178	-146	-289	-213	-230	-248	-313
Total Gross Profit	46	51	61	62	65	58	69	72	78	72	79
Total Revenue	59	65	77	79	84	76	90	93	104	93	107
Operating Revenue	59	65	77	79	84	76	90	93	104	93	107
Total Cost of Revenue	13	14	17	17	18	17	21	21	26	21	28
Operating Cost of Revenue	13	14	17	17	18	17	21	21	26	21	28
Total Operating Expenses	198	200	296	210	244	204	358	286	309	320	392
Selling, General & Admin Expense	73	80	84	91	90	93	107	119	143	148	155
Research & Development Expense	125	128	197	109	137	121	147	151	180	153	177
Amortization Expense	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26	1.26
Other Special Charges / (Income)	-1.80	-9.50	14	9.00	16	-12	104	15	-15	18	59
Total Other Income / (Expense), net	-6.16	-9.59	-9.94	-9.42	-8.44	-11	-11	-6.08	-3.25	-7.53	-7.57
Interest Expense	16	20	21	20	21	21	21	21	22	22	21
Interest & Investment Income	-	11	11	11	9.85	8.78	10	17	17	14	13
Other Income / (Expense), net	1.13	-0.11	-0.49	0.29	2.49	1.26	0.12	-2.01	1.05	0.13	0.45
Income Tax Expense	0.13	0.48	0.53	0.54	1.00	0.59	0.84	1.01	1.27	0.91	1.24
Basic Earnings per Share	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)	($1.70)
Weighted Average Basic Shares Outstanding	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M	189.30M
Diluted Earnings per Share	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)	($1.70)
Weighted Average Diluted Shares Outstanding	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M	189.30M
Weighted Average Basic & Diluted Shares Outstanding	136.41M	136.43M	143.80M	143.06M	148.49M	148.60M	171.85M	178.90M	181.00M	182.14M	211.37M

This table details how cash moves in and out of Insmed's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	45	124	-120	219	114	-7.64	45	184	357	-592	73
Net Cash From Operating Activities	-64	-101	-147	-160	-258	-251	-219	-363	-400	-536	-684
Net Cash From Continuing Operating Activities	-64	-101	-147	-160	-258	-251	-219	-363	-400	-536	-684
Net Income / (Loss) Continuing Operations	-79	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Consolidated Net Income / (Loss)	-79	-118	-176	-193	-324	-254	-294	-435	-482	-750	-914
Depreciation Expense	1.07	1.98	2.44	2.90	3.58	5.19	9.15	9.13	5.28	5.53	5.96
Amortization Expense	0.39	0.46	0.28	0.12	2.60	25	7.48	8.02	11	15	15
Non-Cash Adjustments To Reconcile Net Income	11	16	18	19	44	37	61	105	78	204	121
Changes in Operating Assets and Liabilities, net	1.83	-0.62	8.64	11	16	-63	-2.95	-51	-13	-11	89
Net Cash From Investing Activities	-5.34	-3.45	-4.20	-3.00	-15	-42	-6.82	-64	-35	-224	-583
Net Cash From Continuing Investing Activities	-5.34	-3.45	-4.20	-3.00	-15	-42	-6.82	-64	-35	-224	-583
Purchase of Property, Plant & Equipment	-5.35	-3.45	-4.20	-3.00	-13	-42	-6.24	-7.29	-9.88	-13	-22
Acquisitions	-	-	0.00	0.00	-1.72	0.00	-0.58	-6.70	0.00	3.42	0.00
Purchase of Investments	-	-	-	-	-	0.00	0.00	-50	-100	-589	-1,577
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	0.00	75	375	1,016
Net Cash From Financing Activities	115	228	31	381	387	285	271	613	793	168	1,341
Net Cash From Continuing Financing Activities	115	228	31	381	387	285	271	613	793	168	1,341
Repayment of Debt	-0.31	-0.25	-0.41	0.00	-72	4.50	-0.94	-253	-18	-1.22	-3.74
Issuance of Debt	5.00	0.00	30	0.00	450	0.00	0.00	575	350	0.00	150
Issuance of Common Equity	109	223	0.00	378	0.00	261	246	270	292	152	1,084
Other Financing Activities, net	1.39	5.11	1.08	3.43	8.82	20	26	21	169	17	111
Effect of Exchange Rate Changes	0.00	0.00	-0.05	0.10	-0.05	-0.00	0.49	-0.93	-1.00	-0.25	-1.31
Cash Interest Paid	1.80	2.95	3.61	5.17	6.29	7.88	9.19	11	10	36	41
Cash Income Taxes Paid	9.43	-3.01	0.09	0.17	0.15	0.34	0.81	1.56	1.72	1.96	2.50

This table details how cash moves in and out of Insmed's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	659	-105	-356	-126	-4.74	113	651	-785	94	-152	881
Net Cash From Operating Activities	-103	-146	-123	-136	-131	-184	-123	-181	-196	-262	-206
Net Cash From Continuing Operating Activities	-103	-146	-123	-136	-131	-184	-123	-181	-196	-262	-206
Net Income / (Loss) Continuing Operations	-160	-160	-245	-159	-186	-157	-301	-221	-236	-257	-322
Consolidated Net Income / (Loss)	-160	-160	-245	-159	-186	-157	-301	-221	-236	-257	-322
Depreciation Expense	2.18	1.25	1.31	1.49	1.48	1.59	1.44	1.46	1.48	1.88	2.48
Amortization Expense	2.90	3.67	3.95	3.78	3.69	3.79	3.74	3.43	3.69	3.76	3.62
Non-Cash Adjustments To Reconcile Net Income	23	37	107	31	29	37	30	32	22	37	41
Changes in Operating Assets and Liabilities, net	29	-29	10	-14	21	-69	143	2.80	12	-48	69
Net Cash From Investing Activities	20	42	-274	7.15	1.80	295	-6.78	-1,003	132	80	228
Net Cash From Continuing Investing Activities	20	42	-274	7.15	1.80	295	-6.78	-1,003	132	80	228
Purchase of Property, Plant & Equipment	-4.69	-3.40	-4.88	-2.85	-2.15	-4.68	-6.78	-3.69	-6.77	-10	-3.48
Purchase of Investments	-	-	-	0.00	-296	0.00	-	-1,000	-577	-631	-277
Sale and/or Maturity of Investments	25	45	20	10	300	300	-	-	716	721	508
Net Cash From Financing Activities	743	-0.40	44	1.25	123	3.02	781	397	159	29	858
Net Cash From Continuing Financing Activities	743	-0.40	44	1.25	123	3.02	781	397	159	29	858
Other Financing Activities, net	152	0.82	6.31	1.25	8.80	3.43	68	26	13	29	36
Effect of Exchange Rate Changes	-1.14	-0.03	-3.40	2.17	1.01	-0.95	-0.69	1.84	-1.51	0.90	1.01
Cash Interest Paid	2.72	12	7.90	7.97	8.33	8.21	8.49	8.63	15	13	13
Cash Income Taxes Paid	0.09	1.00	0.36	0.52	0.08	1.21	0.35	0.69	0.25	2.18	0.68

This table presents Insmed's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	231	357	238	462	605	742	796	1,244	1,656	1,330	2,025
Total Current Assets	165	288	168	389	519	555	623	837	1,273	929	1,622
Cash & Equivalents	159	283	163	381	495	487	533	717	1,074	482	555
Short-Term Investments	-	-	-	-	-	-	-	0.00	74	298	879
Accounts Receivable	-	-	-	0.00	5.52	19	17	24	30	41	52
Inventories, net	-	-	-	0.00	7.03	28	50	67	70	83	99
Prepaid Expenses	5.49	5.24	5.82	8.28	11	20	24	29	25	24	37
Plant, Property, & Equipment, net	7.53	8.09	10	12	23	60	54	53	56	65	80
Total Noncurrent Assets	59	60	60	60	63	127	119	354	327	335	324
Noncurrent Note & Lease Receivables	-	-	-	-	0.00	15	10	9.26	24	21	18
Goodwill	-	-	-	-	-	-	0.00	136	136	136	136
Intangible Assets	58	58	58	58	59	54	49	74	69	64	59
Other Noncurrent Operating Assets	0.42	2.15	1.33	1.97	4.30	58	60	84	98	115	110
Total Liabilities & Shareholders' Equity	231	357	238	462	605	742	796	1,244	1,656	1,330	2,025
Total Liabilities	45	45	83	101	396	481	520	833	1,568	1,662	1,740
Total Current Liabilities	20	22	28	45	80	85	119	135	190	226	298
Accounts Payable	9.25	7.47	10	15	18	13	43	125	182	215	285
Other Current Liabilities	0.74	0.68	0.73	0.65	1.53	13	13	10	8.13	11	12
Total Noncurrent Liabilities	25	23	55	56	317	395	401	698	1,378	1,436	1,442
Long-Term Debt	25	22	55	56	317	336	356	567	1,125	1,155	1,103
Other Noncurrent Operating Liabilities	0.02	0.57	0.69	0.77	0.00	59	45	131	253	281	339
Total Equity & Noncontrolling Interests	186	312	154	361	208	262	276	410	88	-332	285
Total Preferred & Common Equity	186	312	154	361	208	262	276	410	88	-332	285
Total Common Equity	186	312	154	361	208	262	276	410	88	-332	285
Common Stock	657	901	920	1,319	1,490	1,798	2,106	2,675	2,784	3,115	4,648
Retained Earnings	-471	-589	-765	-958	-1,282	-1,536	-1,831	-2,265	-2,697	-3,446	-4,360
Accumulated Other Comprehensive Income / (Loss)	-	0.00	-0.07	-0.00	-0.01	-0.01	0.19	0.97	0.76	-0.75	-2.29

This table presents Insmed's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	995	1,518	1,439	1,325	1,159	1,810	2,053	1,803	2,480
Total Current Assets	632	1,129	1,052	927	759	1,418	1,650	1,403	2,082
Cash & Equivalents	415	969	613	487	596	1,247	461	403	1,284
Short-Term Investments	99	30	305	299	0.00	0.00	1,006	796	572
Accounts Receivable	27	31	31	36	37	40	42	48	55
Inventories, net	66	71	77	78	83	90	98	101	108
Prepaid Expenses	25	29	26	27	43	41	41	55	62
Plant, Property, & Equipment, net	54	60	62	65	69	73	75	88	90
Total Noncurrent Assets	309	329	325	334	332	319	328	312	308
Noncurrent Note & Lease Receivables	17	23	22	22	20	20	19	18	17
Goodwill	136	136	136	136	136	136	136	136	136
Intangible Assets	70	67	66	65	62	61	60	57	56
Other Noncurrent Operating Assets	86	102	100	111	113	102	113	101	99
Total Liabilities & Shareholders' Equity	995	1,518	1,439	1,325	1,159	1,810	2,053	1,803	2,480
Total Liabilities	1,025	1,562	1,595	1,614	1,624	1,771	1,570	1,704	1,230
Total Current Liabilities	138	188	204	197	421	524	259	239	312
Accounts Payable	132	179	198	188	189	291	249	233	305
Other Current Liabilities	5.79	8.98	6.60	8.95	7.30	8.86	11	6.56	6.66
Total Noncurrent Liabilities	887	1,374	1,391	1,418	1,203	1,247	1,310	1,464	918
Long-Term Debt	785	1,132	1,140	1,148	939	947	955	1,105	539
Other Noncurrent Operating Liabilities	102	242	251	270	264	300	356	359	380
Total Equity & Noncontrolling Interests	-30	-45	-156	-289	-465	39	483	99	1,250
Total Preferred & Common Equity	-30	-45	-156	-289	-465	39	483	99	1,250
Total Common Equity	-30	-45	-156	-289	-465	39	483	99	1,250
Common Stock	2,508	2,811	2,947	2,973	3,140	3,945	4,607	4,717	6,186
Retained Earnings	-2,536	-2,856	-3,101	-3,260	-3,603	-3,904	-4,124	-4,617	-4,938
Accumulated Other Comprehensive Income / (Loss)	-1.39	1.08	-1.25	-2.08	-1.64	-2.83	0.55	-0.90	1.73

This table displays calculated financial ratios and metrics derived from Insmed's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-100.00%	0.00%	0.00%	0.00%	0.00%	1,287.56%	20.48%	14.63%	30.19%	24.39%	19.17%
EBITDA Growth	-58.71%	-34.19%	-48.20%	-8.82%	-61.94%	31.51%	-20.57%	-45.56%	-23.72%	-53.66%	-24.86%
EBIT Growth	-58.45%	-34.74%	-47.44%	-8.85%	-62.62%	23.13%	-12.32%	-42.89%	-22.42%	-52.71%	-24.14%
NOPAT Growth	-58.80%	-34.49%	-47.58%	-8.95%	-62.68%	23.46%	-12.75%	-41.42%	-21.92%	-55.17%	-23.76%
Net Income Growth	-41.17%	-49.30%	-49.15%	-9.29%	-68.33%	21.57%	-15.63%	-47.80%	-10.79%	-55.66%	-21.91%
EPS Growth	-15.00%	-9.78%	-41.09%	-1.40%	-46.02%	28.67%	0.00%	-28.90%	-0.77%	-36.57%	-4.31%
Operating Cash Flow Growth	-38.04%	-56.33%	-45.69%	-8.80%	-61.62%	2.84%	12.49%	-65.63%	-10.22%	-33.91%	-27.53%
Free Cash Flow Firm Growth	-58.62%	-31.97%	-35.29%	-6.07%	-73.05%	-17.04%	28.63%	-113.44%	53.18%	-171.58%	-10.95%
Invested Capital Growth	5.60%	4.04%	-13.49%	-24.04%	-16.10%	270.34%	-9.75%	111.40%	-69.12%	-33.85%	-204.94%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	35.66%	-2.54%	8.47%	1.31%	8.69%	6.05%
EBITDA Q/Q Growth	-9.23%	-8.73%	-25.34%	0.97%	-7.38%	22.47%	-35.07%	-8.51%	-6.43%	-3.83%	-5.39%
EBIT Q/Q Growth	-9.34%	-8.80%	-24.80%	0.93%	-7.88%	14.60%	-21.44%	-2.05%	-11.72%	-3.73%	-6.46%
NOPAT Q/Q Growth	-9.35%	-8.82%	-24.80%	0.89%	-7.85%	14.73%	-21.79%	-1.23%	-12.94%	-3.92%	-6.31%
Net Income Q/Q Growth	-1.84%	-13.00%	-26.71%	1.54%	-8.79%	13.17%	-20.10%	-2.54%	-10.85%	-3.58%	10.54%
EPS Q/Q Growth	4.17%	-8.02%	-27.23%	7.37%	-7.93%	17.31%	-17.12%	1.02%	-7.12%	-1.14%	-0.36%
Operating Cash Flow Q/Q Growth	1.72%	-16.98%	-26.15%	5.75%	-9.30%	9.32%	-11.37%	-5.01%	-4.99%	-5.44%	-10.53%
Free Cash Flow Firm Q/Q Growth	-8.29%	-9.53%	-18.90%	5.05%	-10.72%	4.57%	-1.42%	-4.92%	43.44%	-53.82%	-10.57%
Invested Capital Q/Q Growth	0.01%	1.27%	-10.21%	-22.94%	-16.65%	10.84%	-16.74%	-2.62%	-73.12%	-40.53%	-51.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	75.36%	82.26%	75.75%	76.57%	77.53%	78.52%	76.43%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	-3,056.02%	-150.84%	-150.96%	-191.70%	-182.17%	-225.04%	-235.80%
Operating Margin	0.00%	0.00%	0.00%	0.00%	-3,124.94%	-172.38%	-161.32%	-199.03%	-186.39%	-232.51%	-241.47%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	-3,118.82%	-172.77%	-161.07%	-200.80%	-188.81%	-231.79%	-241.46%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	-3,297.17%	-186.37%	-178.87%	-230.63%	-196.26%	-245.59%	-251.24%
Tax Burden Percent	88.37%	98.36%	100.06%	99.86%	100.06%	100.31%	100.48%	99.60%	100.29%	100.34%	100.41%
Interest Burden Percent	102.70%	102.24%	101.67%	102.28%	105.65%	107.54%	110.52%	115.32%	103.65%	105.59%	103.63%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-659.80%	-235.35%	-177.13%	-169.57%	-232.69%	-921.05%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-616.50%	-181.01%	-111.00%	-78.20%	-88.10%	-1,064.77%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	545.88%	127.11%	67.72%	42.92%	39.46%	1,535.52%	0.00%
Return on Equity (ROE)	-48.04%	-47.47%	-75.62%	-74.74%	-113.92%	-108.24%	-109.42%	-126.66%	-193.22%	614.47%	3,926.49%
Cash Return on Invested Capital (CROIC)	-126.57%	-159.39%	-226.74%	-294.66%	-642.29%	-350.31%	-166.89%	-241.12%	-127.07%	-880.29%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	-57.52%	-35.01%	-34.43%	-37.11%	-31.95%	-47.38%	-52.35%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	-60.81%	-37.77%	-38.23%	-42.62%	-33.21%	-50.20%	-54.47%
Return on Common Equity (ROCE)	-48.04%	-47.47%	-75.62%	-74.74%	-113.92%	-108.24%	-109.42%	-126.66%	-193.22%	614.47%	3,926.49%
Return on Equity Simple (ROE_SIMPLE)	-42.50%	-37.92%	-114.11%	-53.36%	-155.70%	-97.20%	-106.60%	-105.89%	-547.50%	225.83%	-320.20%
Net Operating Profit after Tax (NOPAT)	-61	-82	-121	-132	-215	-165	-186	-263	-320	-497	-615
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-2,187.46%	-120.67%	-112.92%	-139.32%	-130.47%	-162.75%	-169.03%
Net Nonoperating Expense Percent (NNEP)	-15.75%	-18.33%	-30.03%	-27.88%	-43.30%	-54.34%	-66.13%	-91.37%	-144.59%	143.72%	1,346.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-26.39%	-60.33%	-44.27%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	24.64%	17.74%	24.25%	23.43%	22.47%	21.48%	23.57%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	1,710.40%	154.47%	123.84%	124.31%	108.33%	112.87%	126.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	1,477.20%	96.51%	110.18%	144.72%	162.02%	187.09%	164.52%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	3,200.31%	254.64%	237.07%	275.60%	263.92%	311.02%	317.90%
Earnings before Interest and Taxes (EBIT)	-87	-118	-173	-189	-307	-236	-265	-378	-463	-707	-878
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-86	-115	-171	-186	-301	-206	-248	-361	-447	-687	-858
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.13	3.60	5.30	6.61	4.86	8.15	12.29	7.86	30.78	0.00	43.28
Price to Tangible Book Value (P/TBV)	6.00	4.43	8.50	7.89	6.76	10.26	14.96	16.08	0.00	0.00	136.30
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	102.84	15.63	20.63	17.11	11.03	14.53	33.96
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	12.22	16.01	15.23	58.16	28.00	17.99	32.33	14.39	41.34	111.97	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	84.69	14.52	19.55	16.05	10.94	15.75	33.05
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.08	0.35	0.15	1.52	1.28	1.29	1.38	12.79	-3.48	3.87
Long-Term Debt to Equity	0.13	0.07	0.35	0.15	1.52	1.28	1.29	1.38	12.79	-3.48	3.87
Financial Leverage	-0.69	-0.79	-0.78	-0.84	-0.89	-0.70	-0.61	-0.55	-0.45	-1.44	-0.95
Leverage Ratio	1.24	1.18	1.28	1.36	1.87	2.87	2.86	2.97	5.82	-12.24	-72.08
Compound Leverage Factor	1.27	1.21	1.30	1.39	1.98	3.08	3.16	3.43	6.03	-12.92	-74.70
Debt to Total Capital	11.77%	7.46%	26.18%	13.34%	60.32%	56.21%	56.36%	57.99%	92.75%	140.31%	79.45%
Short-Term Debt to Total Capital	0.00%	0.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	11.77%	6.54%	26.18%	13.34%	60.32%	56.21%	56.36%	57.99%	92.75%	140.31%	79.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	88.23%	92.54%	73.82%	86.66%	39.68%	43.79%	43.64%	42.01%	7.25%	-40.31%	20.55%
Debt to EBITDA	-0.29	-0.22	-0.32	-0.30	-1.05	-1.63	-1.44	-1.57	-2.52	-1.68	-1.29
Net Debt to EBITDA	1.57	2.24	0.63	1.75	0.59	0.74	0.71	0.55	0.05	-0.55	0.39
Long-Term Debt to EBITDA	-0.29	-0.19	-0.32	-0.30	-1.05	-1.63	-1.44	-1.57	-2.52	-1.68	-1.29
Debt to NOPAT	-0.41	-0.31	-0.45	-0.42	-1.47	-2.04	-1.92	-2.16	-3.52	-2.33	-1.79
Net Debt to NOPAT	2.20	3.13	0.89	2.46	0.83	0.92	0.95	0.76	0.07	-0.75	0.54
Long-Term Debt to NOPAT	-0.41	-0.27	-0.45	-0.42	-1.47	-2.04	-1.92	-2.16	-3.52	-2.33	-1.79
Altman Z-Score	6.98	12.50	-0.31	10.83	-2.22	-0.34	0.56	-0.40	-1.23	-2.92	0.78
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	8.39	12.94	6.02	8.72	6.51	6.51	5.24	6.19	6.69	4.12	5.45
Quick Ratio	8.11	12.71	5.81	8.54	6.28	5.94	4.62	5.48	6.19	3.64	4.99
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-64	-84	-114	-121	-209	-245	-175	-373	-175	-475	-527
Operating Cash Flow to CapEx	-1,206.07%	-2,915.46%	-3,493.05%	-5,318.79%	-1,970.79%	-593.00%	-3,515.19%	-4,984.25%	-4,053.85%	-4,035.57%	-3,119.47%
Free Cash Flow to Firm to Interest Expense	-26.46	-29.19	-32.62	-20.43	-7.57	-8.85	-5.92	-6.42	-6.61	-5.81	-6.20
Operating Cash Flow to Interest Expense	-26.67	-34.86	-41.94	-26.94	-9.32	-9.05	-7.42	-6.25	-15.14	-6.56	-8.05
Operating Cash Flow Less CapEx to Interest Expense	-28.88	-36.05	-43.14	-27.45	-9.79	-10.57	-7.63	-6.37	-15.52	-6.73	-8.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.02	0.20	0.21	0.18	0.17	0.20	0.22
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	11.03	9.19	9.21	9.08	8.61	7.80
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	1.37	1.02	0.76	0.81	0.86	0.94
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.56	3.30	2.88	3.53	4.48	5.01	5.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.15	1.57	1.42	0.53	0.36	0.33	0.34
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	33.09	39.73	39.62	40.21	42.40	46.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	266.42	356.58	481.96	453.32	426.30	387.01
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	2,441.27	233.10	256.49	693.94	1,016.84	1,105.20	1,064.66
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	-2,441.27	66.41	139.82	-172.35	-523.30	-636.51	-630.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	52	54	47	35	30	110	99	210	65	43	-45
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.30	1.95	1.57	1.22	1.78	5.66	-342.80
Increase / (Decrease) in Invested Capital	2.75	2.10	-7.28	-11	-5.71	80	-11	111	-145	-22	-88
Enterprise Value (EV)	634	864	711	2,063	833	1,982	3,215	3,024	2,684	4,808	12,021
Market Capitalization	768	1,122	819	2,388	1,011	2,134	3,391	3,224	2,707	4,433	12,351
Book Value per Share	$3.75	$5.04	$2.50	$4.71	$2.70	$2.93	$2.71	$3.47	$0.65	($2.32)	$1.60
Tangible Book Value per Share	$2.58	$4.10	$1.56	$3.95	$1.94	$2.33	$2.22	$1.69	($0.86)	($3.72)	$0.51
Total Capital	211	337	209	417	525	598	632	977	1,213	823	1,389
Total Debt	25	25	55	56	317	336	356	567	1,125	1,155	1,103
Total Long-Term Debt	25	22	55	56	317	336	356	567	1,125	1,155	1,103
Net Debt	-134	-258	-108	-326	-179	-151	-176	-200	-23	375	-330
Capital Expenditures (CapEx)	5.34	3.45	4.20	3.00	13	42	6.24	7.29	9.88	13	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	-14	-22	-36	-56	-17	-29	-15	-65	-77	-110
Debt-free Net Working Capital (DFNWC)	145	269	140	345	439	470	504	702	1,083	703	1,324
Net Working Capital (NWC)	145	266	140	345	439	470	504	702	1,083	703	1,324
Net Nonoperating Expense (NNE)	18	36	55	60	109	90	108	172	161	253	299
Net Nonoperating Obligations (NNO)	-134	-258	-108	-326	-179	-151	-176	-200	-23	375	-330
Total Depreciation and Amortization (D&A)	1.46	2.44	2.72	3.02	6.18	30	17	17	16	21	21
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	-567.95%	-12.81%	-17.44%	-7.91%	-26.55%	-25.23%	-30.16%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	4,465.83%	344.37%	306.60%	372.42%	441.45%	230.48%	364.07%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	4,465.83%	344.37%	306.60%	372.42%	441.45%	230.48%	364.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.84)	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Adjusted Weighted Average Basic Shares Outstanding	49.99M	61.86M	62.02M	76.62M	77.54M	89.78M	103.04M	112.11M	123.04M	140.43M	164.04M
Adjusted Diluted Earnings per Share	($1.84)	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	($3.88)	($3.91)	($5.34)	($5.57)
Adjusted Weighted Average Diluted Shares Outstanding	49.99M	61.86M	62.02M	76.62M	77.54M	89.78M	103.04M	112.11M	123.04M	140.43M	164.04M
Adjusted Basic & Diluted Earnings per Share	($1.84)	($2.02)	($2.85)	($2.89)	($4.22)	($3.01)	($3.01)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.10M	58.63M	61.89M	66.58M	76.89M	84.56M	97.61M	118.90M	136.41M	148.49M	181.00M
Normalized Net Operating Profit after Tax (NOPAT)	-61	-82	-121	-132	-215	-165	-186	-257	-335	-477	-551
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	-2,187.46%	-120.67%	-112.92%	-136.60%	-136.41%	-156.17%	-151.39%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	-3,295.13%	-185.80%	-178.02%	-231.57%	-195.69%	-244.76%	-250.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-36.12	-40.68	-49.54	-31.83	-11.08	-8.51	-8.96	-6.51	-17.52	-8.66	-10.34
NOPAT to Interest Expense	-25.32	-28.47	-34.70	-22.32	-7.77	-5.94	-6.28	-4.51	-12.10	-6.08	-7.24
EBIT Less CapEx to Interest Expense	-38.33	-41.88	-50.74	-32.34	-11.55	-10.04	-9.17	-6.63	-17.89	-8.82	-10.60
NOPAT Less CapEx to Interest Expense	-27.53	-29.66	-35.90	-22.83	-8.24	-7.47	-6.49	-4.64	-12.48	-6.24	-7.50
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Insmed's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.66%	22.80%	18.41%	16.75%	41.13%	15.77%	16.98%	18.15%	24.79%	22.94%	18.90%
EBITDA Growth	-22.84%	-64.81%	-159.44%	-12.97%	-17.46%	3.13%	-23.07%	-48.16%	-31.41%	-74.53%	-8.01%
EBIT Growth	-47.79%	-62.79%	-154.82%	-14.06%	-16.92%	2.72%	-22.52%	-46.18%	-30.48%	-71.94%	-8.18%
NOPAT Growth	-52.88%	-64.93%	-166.69%	-15.64%	-17.69%	1.79%	-22.66%	-44.53%	-29.25%	-70.54%	-8.30%
Net Income Growth	-41.73%	-68.85%	-155.96%	-21.19%	-16.20%	-96.65%	-22.79%	-38.75%	57.83%	-63.33%	-7.01%
EPS Growth	-27.08%	-46.25%	-122.50%	-1.83%	-4.92%	9.40%	-8.99%	-14.41%	-1.56%	-33.96%	12.37%
Operating Cash Flow Growth	-22.60%	-39.12%	-20.03%	-51.77%	-26.83%	-25.79%	-0.13%	-32.70%	-49.81%	-42.41%	-67.19%
Free Cash Flow Firm Growth	121.80%	130.99%	118.64%	157.34%	-361.76%	-352.69%	-406.04%	-172.05%	28.72%	34.56%	-88.65%
Invested Capital Growth	-69.12%	-62.72%	-74.85%	-70.10%	-33.85%	15.63%	-155.37%	-141.08%	-204.94%	-95.35%	-86.67%
Revenue Q/Q Growth	-12.45%	9.97%	18.42%	2.39%	5.84%	-9.79%	19.66%	3.41%	11.79%	-11.12%	15.72%
EBITDA Q/Q Growth	-15.47%	1.31%	-60.97%	38.42%	-20.06%	22.99%	-104.52%	25.86%	-6.48%	-8.10%	-26.39%
EBIT Q/Q Growth	-16.36%	1.38%	-59.18%	37.55%	-19.27%	18.09%	-100.48%	25.50%	-6.47%	-8.13%	-25.97%
NOPAT Q/Q Growth	-18.62%	2.19%	-58.97%	37.30%	-20.72%	18.38%	-98.55%	26.12%	-7.96%	-7.69%	-26.09%
Net Income Q/Q Growth	-22.10%	0.22%	-53.23%	35.08%	-17.07%	-68.86%	4.32%	26.64%	64.42%	-227.04%	-25.37%
EPS Q/Q Growth	-11.93%	4.10%	-52.14%	37.64%	-15.32%	17.19%	-83.02%	34.54%	-2.36%	-9.23%	-19.72%
Operating Cash Flow Q/Q Growth	-14.83%	-41.84%	16.07%	-11.03%	4.04%	-40.68%	33.19%	-47.14%	-8.33%	-33.73%	21.56%
Free Cash Flow Firm Q/Q Growth	134.14%	16.61%	-29.21%	103.45%	-255.86%	-12.57%	14.26%	52.11%	-54.19%	-3.35%	-147.17%
Invested Capital Q/Q Growth	-73.12%	36.86%	-25.39%	8.93%	-40.53%	139.24%	-135.73%	19.19%	-51.93%	110.60%	-1,534.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.96%	78.79%	78.51%	78.87%	77.96%	76.88%	76.79%	77.34%	74.96%	77.08%	73.86%
EBITDA Margin	-244.95%	-219.82%	-298.80%	-179.72%	-203.86%	-183.92%	-314.36%	-225.37%	-214.67%	-261.10%	-285.18%
Operating Margin	-255.44%	-227.19%	-304.97%	-186.75%	-213.01%	-192.72%	-319.80%	-228.45%	-220.61%	-267.33%	-291.28%
EBIT Margin	-253.53%	-227.36%	-305.61%	-186.39%	-210.03%	-191.05%	-320.09%	-230.60%	-219.61%	-267.18%	-290.86%
Profit (Net Income) Margin	-270.02%	-244.98%	-316.99%	-201.00%	-222.31%	-416.14%	-332.75%	-236.04%	-75.12%	-276.42%	-299.48%
Tax Burden Percent	100.08%	100.30%	100.22%	100.34%	100.54%	200.75%	100.28%	100.46%	33.49%	100.36%	100.39%
Interest Burden Percent	106.42%	107.43%	103.50%	107.47%	105.28%	108.50%	103.66%	101.89%	102.14%	103.09%	102.57%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-318.89%	-250.26%	-348.78%	-234.00%	-843.80%	-444.30%	-4,973.00%	-2,577.92%	0.00%	-1,326.37%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-270.44%	-294.75%	-385.00%	-251.56%	-878.63%	-504.87%	-5,107.30%	-2,484.04%	0.00%	-1,361.40%	0.00%
Return on Net Nonoperating Assets (RNNOA)	121.14%	-987.34%	1,524.01%	498.73%	1,267.09%	694.74%	6,399.51%	1,939.39%	0.00%	1,761.70%	0.00%
Return on Equity (ROE)	-197.75%	-1,237.60%	1,175.23%	264.73%	423.29%	250.44%	1,426.50%	-638.53%	3,926.49%	435.34%	-160.54%
Cash Return on Invested Capital (CROIC)	-127.07%	-129.23%	-161.70%	-196.74%	-880.29%	-531.09%	0.00%	0.00%	0.00%	-1,095.04%	0.00%
Operating Return on Assets (OROA)	-42.90%	-43.83%	-66.08%	-45.13%	-42.93%	-45.04%	-64.74%	-46.83%	-47.61%	-68.74%	-53.98%
Return on Assets (ROA)	-45.69%	-47.23%	-68.54%	-48.66%	-45.44%	-98.09%	-67.30%	-47.93%	-16.29%	-71.12%	-55.58%
Return on Common Equity (ROCE)	-197.75%	-1,237.60%	1,175.23%	264.73%	423.29%	250.44%	1,426.50%	-638.53%	3,926.49%	435.34%	-160.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	1,224.28%	446.78%	250.08%	0.00%	194.49%	-2,472.53%	-211.28%	0.00%	-1,021.86%	0.00%
Net Operating Profit after Tax (NOPAT)	-106	-104	-165	-103	-125	-102	-202	-149	-161	-174	-219
NOPAT Margin	-178.81%	-159.03%	-213.48%	-130.73%	-149.10%	-134.91%	-223.86%	-159.91%	-154.43%	-187.13%	-203.89%
Net Nonoperating Expense Percent (NNEP)	-48.45%	44.49%	36.22%	17.55%	34.83%	60.57%	134.29%	-93.89%	-372.94%	35.03%	-14.73%
Return On Investment Capital (ROIC_SIMPLE)	-8.74%	-	-	-	-15.16%	-	-	-	-11.61%	-14.42%	-12.25%
Cost of Revenue to Revenue	22.04%	21.21%	21.49%	21.13%	22.04%	23.12%	23.21%	22.66%	25.04%	22.92%	26.14%
SG&A Expenses to Revenue	123.91%	122.54%	109.33%	114.61%	106.97%	123.31%	117.96%	127.30%	136.45%	158.95%	144.08%
R&D to Revenue	210.39%	196.07%	255.05%	138.04%	163.73%	160.37%	162.44%	161.42%	172.08%	164.37%	164.96%
Operating Expenses to Revenue	333.40%	305.98%	383.49%	265.62%	290.97%	269.60%	396.59%	305.79%	295.58%	344.40%	365.14%
Earnings before Interest and Taxes (EBIT)	-150	-148	-236	-147	-176	-144	-289	-215	-229	-248	-312
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-145	-143	-231	-142	-171	-139	-284	-211	-224	-242	-306
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	30.78	0.00	0.00	0.00	0.00	0.00	256.49	25.95	43.28	139.26	14.67
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	43.65	136.30	0.00	17.33
Price to Revenue (P/Rev)	11.03	9.03	10.68	12.93	14.53	12.30	30.30	36.58	33.96	36.24	46.04
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	41.34	27.68	46.77	55.29	111.97	43.30	0.00	0.00	0.00	2,871.45	0.00
Enterprise Value to Revenue (EV/Rev)	10.94	9.55	11.51	14.22	15.75	14.10	30.07	35.08	33.05	35.99	42.73
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	12.79	-25.36	-7.32	-3.97	-3.48	-2.50	30.17	1.98	3.87	11.14	0.43
Long-Term Debt to Equity	12.79	-25.36	-7.32	-3.97	-3.48	-2.02	24.39	1.98	3.87	11.14	0.43
Financial Leverage	-0.45	3.35	-3.96	-1.98	-1.44	-1.38	-1.25	-0.78	-0.95	-1.29	-1.08
Leverage Ratio	5.82	35.51	-22.35	-7.26	-12.24	-5.25	-27.79	17.41	-72.08	-8.10	3.33
Compound Leverage Factor	6.19	38.14	-23.14	-7.81	-12.89	-5.70	-28.81	17.74	-73.63	-8.35	3.41
Debt to Total Capital	92.75%	104.11%	115.83%	133.72%	140.31%	166.55%	96.79%	66.39%	79.45%	91.77%	30.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	32.10%	18.55%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	92.75%	104.11%	115.83%	133.72%	140.31%	134.45%	78.24%	66.39%	79.45%	91.77%	30.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	7.25%	-4.11%	-15.83%	-33.72%	-40.31%	-66.55%	3.21%	33.61%	20.55%	8.23%	69.89%
Debt to EBITDA	-2.52	-2.25	-1.77	-1.73	-1.68	-1.68	-1.57	-1.17	-1.29	-1.15	-0.55
Net Debt to EBITDA	0.05	-0.27	-0.34	-0.55	-0.55	-0.82	0.10	0.63	0.39	0.10	1.34
Long-Term Debt to EBITDA	-2.52	-2.25	-1.77	-1.73	-1.68	-1.36	-1.27	-1.17	-1.29	-1.15	-0.55
Debt to NOPAT	-3.52	-3.14	-2.46	-2.40	-2.33	-2.35	-2.20	-1.65	-1.79	-1.61	-0.77
Net Debt to NOPAT	0.07	-0.37	-0.48	-0.76	-0.75	-1.15	0.14	0.89	0.54	0.14	1.87
Long-Term Debt to NOPAT	-3.52	-3.14	-2.46	-2.40	-2.33	-1.90	-1.78	-1.65	-1.79	-1.61	-0.77
Altman Z-Score	-0.61	-1.15	-1.58	-1.59	-1.60	-2.71	0.60	2.62	1.84	1.81	6.75
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.69	6.01	5.15	4.71	4.12	1.80	2.71	6.37	5.45	5.86	6.68
Quick Ratio	6.19	5.48	4.64	4.18	3.64	1.50	2.46	5.83	4.99	5.21	6.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	39	46	32	66	-103	-116	-99	-48	-73	-76	-187
Operating Cash Flow to CapEx	-2,198.87%	-4,305.56%	-2,514.68%	-4,776.91%	-6,076.13%	-3,933.21%	-1,812.65%	-4,904.20%	-2,893.96%	-2,602.66%	-5,900.37%
Free Cash Flow to Firm to Interest Expense	2.39	2.29	1.57	3.25	-4.95	-5.50	-4.67	-2.26	-3.40	-3.51	-8.81
Operating Cash Flow to Interest Expense	-6.27	-7.31	-5.96	-6.72	-6.29	-8.75	-5.78	-8.59	-9.09	-12.15	-9.68
Operating Cash Flow Less CapEx to Interest Expense	-6.56	-7.48	-6.19	-6.86	-6.40	-8.97	-6.10	-8.77	-9.41	-12.62	-9.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.17	0.19	0.22	0.24	0.20	0.24	0.20	0.20	0.22	0.26	0.19
Accounts Receivable Turnover	9.08	9.16	8.92	8.92	8.61	9.32	9.22	8.81	7.80	8.98	8.35
Inventory Turnover	0.81	0.84	0.79	0.83	0.86	0.90	0.88	0.88	0.94	0.98	0.98
Fixed Asset Turnover	4.48	4.59	4.64	4.75	5.01	4.92	4.87	4.90	5.00	4.85	4.89
Accounts Payable Turnover	0.36	0.50	0.50	0.38	0.33	0.38	0.30	0.36	0.34	0.42	0.32
Days Sales Outstanding (DSO)	40.21	39.87	40.92	40.93	42.40	39.15	39.57	41.45	46.77	40.67	43.70
Days Inventory Outstanding (DIO)	453.32	435.51	462.52	437.16	426.30	406.86	415.29	412.53	387.01	374.26	373.16
Days Payable Outstanding (DPO)	1,016.84	731.66	733.01	969.04	1,105.20	971.49	1,211.78	1,020.78	1,064.66	859.97	1,124.86
Cash Conversion Cycle (CCC)	-523.30	-256.28	-229.57	-490.95	-636.51	-525.47	-756.92	-566.79	-630.88	-445.04	-708.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	65	89	66	72	43	103	-37	-30	-45	4.78	-69
Invested Capital Turnover	1.78	1.57	1.63	1.79	5.66	3.29	22.22	16.12	-342.80	7.09	-7.57
Increase / (Decrease) in Invested Capital	-145	-150	-197	-169	-22	14	-103	-102	-88	-98	-32
Enterprise Value (EV)	2,684	2,459	3,101	3,993	4,808	4,449	9,881	12,032	12,021	13,714	17,012
Market Capitalization	2,707	2,326	2,879	3,631	4,433	3,881	9,957	12,545	12,351	13,808	18,330
Book Value per Share	$0.65	($0.33)	($1.14)	($2.01)	($2.32)	($3.13)	$0.26	$2.81	$1.60	$0.55	$6.86
Tangible Book Value per Share	($0.86)	($1.82)	($2.62)	($3.41)	($3.72)	($4.47)	($1.07)	$1.67	$0.51	($0.52)	$5.81
Total Capital	1,213	1,088	984	858	823	698	1,210	1,438	1,389	1,204	1,788
Total Debt	1,125	1,132	1,140	1,148	1,155	1,163	1,171	955	1,103	1,105	539
Total Long-Term Debt	1,125	1,132	1,140	1,148	1,155	939	947	955	1,103	1,105	539
Net Debt	-23	134	222	362	375	568	-76	-513	-330	-94	-1,318
Capital Expenditures (CapEx)	4.69	3.40	4.88	2.85	2.15	4.68	6.78	3.69	6.77	10	3.48
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-65	-58	-70	-56	-77	-34	-128	-77	-110	-36	-87
Debt-free Net Working Capital (DFNWC)	1,083	941	848	730	703	562	1,118	1,391	1,324	1,163	1,770
Net Working Capital (NWC)	1,083	941	848	730	703	338	894	1,391	1,324	1,163	1,770
Net Nonoperating Expense (NNE)	54	56	80	56	61	212	98	71	-83	83	103
Net Nonoperating Obligations (NNO)	-23	134	222	362	375	568	-76	-513	-330	-94	-1,318
Total Depreciation and Amortization (D&A)	5.09	4.91	5.26	5.27	5.17	5.38	5.18	4.89	5.17	5.65	6.10
Debt-free, Cash-free Net Working Capital to Revenue	-26.55%	-22.37%	-25.83%	-19.98%	-25.23%	-10.67%	-39.05%	-22.52%	-30.16%	-9.45%	-21.82%
Debt-free Net Working Capital to Revenue	441.45%	365.52%	314.75%	259.90%	230.48%	178.15%	340.37%	405.49%	364.07%	305.35%	444.58%
Net Working Capital to Revenue	441.45%	365.52%	314.75%	259.90%	230.48%	107.09%	272.07%	405.49%	364.07%	305.35%	444.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)	($1.70)
Adjusted Weighted Average Basic Shares Outstanding	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M	189.30M
Adjusted Diluted Earnings per Share	($1.22)	($1.17)	($1.78)	($1.11)	($1.28)	($1.06)	($1.94)	($1.27)	($1.30)	($1.42)	($1.70)
Adjusted Weighted Average Diluted Shares Outstanding	123.04M	136.36M	137.55M	142.90M	140.43M	148.46M	154.70M	173.72M	164.04M	180.86M	189.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	136.41M	136.43M	143.80M	143.06M	148.49M	148.60M	171.85M	178.90M	181.00M	182.14M	211.37M
Normalized Net Operating Profit after Tax (NOPAT)	-107	-110	-155	-97	-114	-110	-130	-139	-172	-161	-178
Normalized NOPAT Margin	-180.93%	-169.23%	-201.25%	-122.76%	-135.97%	-145.94%	-143.51%	-148.91%	-164.35%	-173.33%	-165.45%
Pre Tax Income Margin	-269.81%	-244.24%	-316.30%	-200.31%	-221.12%	-207.29%	-331.83%	-234.96%	-224.32%	-275.44%	-298.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.14	-7.41	-11.45	-7.26	-8.46	-6.86	-13.60	-10.23	-10.64	-11.50	-14.71
NOPAT to Interest Expense	-6.45	-5.18	-8.00	-5.10	-6.00	-4.84	-9.51	-7.10	-7.48	-8.05	-10.31
EBIT Less CapEx to Interest Expense	-9.43	-7.58	-11.68	-7.41	-8.56	-7.08	-13.92	-10.41	-10.96	-11.97	-14.87
NOPAT Less CapEx to Interest Expense	-6.73	-5.35	-8.23	-5.24	-6.11	-5.06	-9.83	-7.27	-7.80	-8.52	-10.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Revenue Growth: Insmed has experienced steady revenue growth over the last four years, increasing from approximately $65.2 million in Q1 2023 to $107.4 million in Q2 2025. This reflects a commitment to expanding its sales and market penetration.

Gross Profit Expansion: Corresponding with revenue growth, gross profit improved from around $51.4 million in early 2023 to roughly $79.3 million by Q2 2025, indicating effective control of production costs relative to sales.

Increasing operating revenues quarter-over-quarter, showing strong top-line growth potential.
Gross profit margin remains healthy, suggesting manageable cost of revenue levels as sales grow.
Cash and equivalents have risen substantially, surging from about $595 million in Q1 2025 to over $1.28 billion in Q2 2025, signaling improved liquidity.
Net cash from financing activities significantly increased in recent quarters (notably $857.8 million in Q2 2025), indicating strong capital inflows to support operations and investment.
Operating expenses remain very high, exceeding revenues significantly each quarter, reflecting ongoing investment in R&D and SG&A.
The company regularly incurs substantial non-cash special charges, which fluctuate quarter to quarter but impact operating expense totals.
Long-term debt remains high, around half a billion to over $1 billion range historically, creating fixed cost risk through interest expenses.
Consistent net losses reported every quarter, increasing in magnitude over the period examined, with Q2 2025 net loss reaching -$321.7 million.
Negative operating cash flows persist, with Q2 2025 showing -$205.6 million, reflecting ongoing cash burn from core operations.
Retained earnings remain deeply negative, representing accumulated losses that surpass equity in earlier periods, potentially limiting financial flexibility.

Summary: Insmed shows promising revenue and gross profit growth, alongside increased liquidity fueled by large financing inflows. However, persistent and growing net losses, high operating expenses, and ongoing negative cash flows from operations highlight continued financial challenges. Investors should weigh the company's growth trajectory against its path to profitability and debt levels when considering investment.

08/29/25 02:52 PM ETAI Generated. May Contain Errors.

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Frequently Asked Questions About Insmed's Financials

When does Insmed's financial year end?

According to the most recent income statement we have on file, Insmed's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Insmed's net income changed over the last 10 years?

Insmed's net income appears to be on an upward trend, with a most recent value of -$913.77 million in 2024, rising from -$79.16 million in 2014. The previous period was -$749.57 million in 2023. Find out what analysts predict for Insmed in the coming months.

What is Insmed's operating income?

Insmed's total operating income in 2024 was -$878.25 million, based on the following breakdown:

Total Gross Profit: $277.97 million
Total Operating Expenses: $1.16 billion

How has Insmed's revenue changed over the last 10 years?

Over the last 10 years, Insmed's total revenue changed from $0.00 in 2014 to $363.71 million in 2024, a change of 36,370,700,000.0%.

How much debt does Insmed have?

Insmed's total liabilities were at $1.74 billion at the end of 2024, a 4.7% increase from 2023, and a 3,798.7% increase since 2014.

How much cash does Insmed have?

In the past 10 years, Insmed's cash and equivalents has ranged from $159.23 million in 2014 to $1.07 billion in 2022, and is currently $555.03 million as of their latest financial filing in 2024.

How has Insmed's book value per share changed over the last 10 years?

Over the last 10 years, Insmed's book value per share changed from 3.75 in 2014 to 1.60 in 2024, a change of -57.5%.

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This page (NASDAQ:INSM) was last updated on 8/29/2025 by MarketBeat.com Staff

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Insmed (INSM) Financials

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