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Insmed Incorporated
NASDAQ: INSM Healthcare Pharma 🔎 Screen
Nasdaq 100
$25.3B
Market Cap
0.8
P/E
PEG
-1,138.1%
ROCE
N/M
ROE
1.01
D/E
-164.0%
OPM
-40.7%
% from 52W High
72
α RS
🔍 INSM is showing a sector-leadership setup because Sector RRG has Technology in the Leading quadrant with the trail still rolling over, RS Rating is 72, and an ECS of 80.3 last quarter. The main caution: margin_expansion's Backtest win rate is only 44.4%. Net: Mixed signal stack, not a recommendation. ? RRG RS Rating ECS Backtest
Sources
Technology in Leading quadrant · RS Rating 72 · ECS 80.3 · Backtest win rate 44.4%
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🌏 Global Investor Returns
Currency-adjusted total returns for INSM including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
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By Category
📊 Sector Averages
About

Insmed Incorporated develops and commercializes therapies for patients with serious and rare diseases in the United States, Europe, Japan, and internationally. The company offers ARIKAYCE for the treatment of refractory nontuberculous mycobacterial lung infections, as well as is in phase 3 clinical trial for the treatment of mycobacterium avium complex lung disease as part of a combination antibacterial drug regimen for adult patients. It also develops brensocatib, an oral reversible inhibitor of dipeptidyl peptidase 1(DPP1) that is in phase 3 clinical trial for the treatment of bronchiectasis; and in phase 2 clinical trial for the treatment of chronic rhinosinusitis without nasal polyps and hidradenitis suppurativa. In addition, the company is developing treprostinil palmitil inhalation powder, an inhaled formulation of a treprostinil prodrug treprostinil palmitil, which is in phase 3 clinical trial for the treatment of pulmonary hypertension associated with interstitial lung disease; and phase 2 clinical trial for the treatment of pulmonary arterial hypertension. Further, it develops INS1201, a microdystrophin adeno-associated virus gene replacement therapy which is in phase 1 clinical trial for the treatment of Duchenne muscular dystrophy, as well as it is also developing pre-clinical research programs for gene therapy, AI-driven protein engineering, protein manufacturing, RNA end-joining, and synthetic rescue. In addition, it provides INS1148, monoclonal antibody targeting stem cell factor called SCF248 that is in phase-2 clinical trial for the treatment of interstitial lung disease, and asthma; and INS1202, an intrathecally delivered gene therapy which is in phase 1 of clinical trial for the treatment of amyotrophic lateral sclerosis. The company was founded in 1988 and is headquartered in Bridgewater, New Jersey.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding INSM
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Manager Shares Value % of Fund Period
Stan Druckenmiller Duquesne Family Office 1.15M $188.7M 5.59% Mar 2026
Jim Simons Renaissance Technologies LLC 20.3K $3.3M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$425.5M
BRINSUPRI +49% QoQ; ARIKAYCE +8% YoY
What Went Right
  • BRINSUPRI delivered $309.2M, up 49% sequentially, with ~7,000 new patient starts in Q2, beating the ~6,300 expectation.
  • Positive 12-month TPIP OLE data showed 55m walk-distance improvement, 65% refined low-risk status, and no new safety signals.
  • Peak sales estimates raised to >$7B for BRINSUPRI and >$6B for TPIP, lifting combined lead-program peak sales to >$14B.
What to Watch
  • European commercial launch remains constrained by budget pressure and MFN uncertainty; management expects only limited near-term ex-US revenue.
  • R&D and SG&A expenses rose 38% YoY, and $50M of AstraZeneca milestone payments are due in H2 2026.
  • Cash flow positivity in 2027 is predicated on continued strong BRINSUPRI growth and no additional capital raise.
Management Guidance
  • FY2026 BRINSUPRI revenue guidance raised to $1.25B-$1.4B from >$1B.
  • FY2026 ARIKAYCE revenue guidance reiterated at $450M-$470M.
  • BRINSUPRI new patient starts expected to remain ~7,000 per quarter for the rest of 2026; BRINSUPRI gross-to-net guided to mid-to-high 20s.
  • Cash flow positivity expected in 2027; no additional capital raise is planned before that milestone.
Investor Lens
The thesis is stronger after the call. BRINSUPRI is tracking far ahead of any specialty respiratory launch, prompting a big revenue guidance raise and a 75% increase in combined peak sales estimates. TPIP's 12-month OLE data reinforces its differentiated profile and supports the four-indication strategy. The main watch items are European market access constraints and rising investment spend ahead of cash flow positivity in 2027.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Blowout quarter: $425.5M revenue and $309.2M BRINSUPRI launch beat expectations.
Revenue
Total Q2 2026 revenue was $425.5M. BRINSUPRI contributed $309.2M, up 49% sequentially, while ARIKAYCE added $116.3M, up 8% YoY.
Profitability
Full net income and operating income were not disclosed on the call. Cost of product revenues was $67.2M, or 16% of revenues, versus 26% in the prior-year period.
Margins
The lower cost-of-product-revenues ratio implies a significantly improved gross margin profile. Combined R&D and SG&A expenses increased 38% YoY due to BRINSUPRI launch and pipeline investments.
Balance Sheet
Cash, equivalents, and marketable securities were approximately $1.2B at quarter-end. Management expects to fund the business through cash flow positivity in 2027 without raising additional capital.
Key Risks
Management flagged European market access and MFN pricing uncertainty as limiting near-term international revenue. It also noted higher H2 2026 spend, including $50M in AstraZeneca milestones, DTC advertising, TPIP Phase 3 programs, and Japan build-out.
Outlook
FY2026 BRINSUPRI revenue guidance was raised to $1.25B-$1.4B, with ARIKAYCE reiterated at $450M-$470M. Management also expects BRINSUPRI GTN to hold in the mid-to-high 20s and projects cash flow positivity in 2027.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Q2 2026 saw record BRINSUPRI growth, with revenue up 49% sequentially and new patient starts exceeding expectations. Full-year guidance for BRINSUPRI was raised to $1.25–$1.4B, and peak sales estimates for key assets increased, while cash flow positivity is expected in 2027.
Q1 2026 Q1 2026 2026-05-07
BRINSUPRI delivered exceptional sequential growth and is on track for $1B+ in 2026 revenue, with strong payer access, high compliance, and expanding prescriber base. ARIKAYCE and TPIP also advanced, while robust cash reserves support continued execution and pipeline growth.
Q4 2025 Q4 2025 2026-02-19
BRINSUPRI's U.S. launch exceeded expectations, driving strong revenue growth and positioning the company for at least $1 billion in 2026 sales, with ARIKAYCE also delivering robust international growth. Cash flow positivity is expected without new capital, and market expansion opportunities remain significant.
Q3 2025 Q3 2025 2025-10-30
BRINSUPRI generated $28M in net sales in its first six weeks, with broad physician adoption and strong patient and payer interest, while ARIKAYCE posted record revenue and raised 2025 guidance. Multiple late-stage pipeline catalysts and pivotal trial initiations are expected in 2026.
Q2 2025 Q2 2025 2025-08-07
All late-stage assets have delivered positive data, with ARIKAYCE driving double-digit revenue growth and brensocatib poised for a major U.S. launch. The company is well-capitalized after a significant equity raise and expects multiple commercial and clinical milestones in the next year.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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