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Insmed Incorporated

INSM
29
Biotechnology · Healthcare
Also trades as: 0JAV.L GBP 0.95 (+0.01%)
Price
$95.06
+1.02 (+1.08%)
pre-market:$98.20+3.30%
Market Cap
$20.76B
Exchange
NASDAQ
Winston Score
29
Winston is worried
Below-average fundamentals — multiple weak pillars.
Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
10/30
Growth
Mixed
7/20
Cash Flow
Weak
0/10
Stability
Mixed
3/10
Valuation
Data not available
0/10
Ownership
Good
8/15
Dividends
Not counted
n/a

28 of 95 counted points = Winston Score 29. Pillars marked n/a do not apply to this company and are left out of the total.

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Share count rising — dilution

+90.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 112.1M (2021) → 213.6M (2025)

§Winston Score History

The full picture

Insmed is a biotechnology company that develops medicines for people with rare and serious lung diseases. Its main approved product is Arikayce (amikacin liposome inhalation suspension), which treats a hard-to-cure lung infection called Mycobacterium avium complex (MAC) lung disease. The company also has brensocatib, a drug being studied for bronchiectasis, a chronic lung condition with very few treatment options.

Insmed makes money by selling Arikayce directly to patients and specialty pharmacies, primarily in the United States and Japan. The company is mid-sized with a market cap around $21 billion, but it spends heavily on research and clinical trials, which explains its deeply negative operating margin. Its focus on rare diseases gives it some pricing power and a smaller, more defined patient population to target. The key growth driver is brensocatib — if it gains regulatory approval, it could significantly expand Insmed's revenue base, but clinical or regulatory setbacks would be a major risk.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+296.1% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+96.5% YoY

Quarterly reporting periods ended:

30 Jun 2025: $-1.70

30 Jun 2026: $-0.06

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$771M/ year

↑ Rising (+29% vs prior year)

127.2% of revenue

7.1x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

8.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$1.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$1.2B cash & investments at current burn rate

Revenue accelerating

Insmed Incorporated grew revenue 296% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
84.2%
Premium pricing power — 84.2% gross margin
Profit after running costs
Operating Margin
-0.4%
Losing money on operations — -0.4%
Return on the money invested
ROCE
-61.1%
Weak — -61.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
+185.8%
Fast-growing sales (+185.8% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-73.6%
Burning cash (-73.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.77
Moderate — manageable debt (0.77)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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