Insmed Incorporated (INSM) Income Statement
INSM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsINSM revenue and net income
Where INSM's revenue goes
2025Each bar shows an amount and its share of revenue. INSM kept −210.5% of revenue as net income.
INSM profit margins
INSM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +66.7% | +35.2% | +29.8% | — |
| Gross profit | +73.2% | +36.3% | +31.1% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
INSM quarterly EPS vs estimates
Insmed beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: October 29, 2026 (estimate $-0.35).
INSM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $606.4M | $363.7M | $305.2M | $245.4M | $188.5M | $164.4M | $136.5M | $9.8M | $0 | $0 |
| Cost of revenue | $124.9M | $85.7M | $65.6M | $55.1M | $44.2M | $39.9M | $24.2M | $2.4M | $2.9M | $2.4M |
| Gross profit | $481.5M | $278.0M | $239.6M | $190.2M | $144.3M | $124.5M | $112.3M | $7.4M | −$2.9M | −$2.4M |
| Research & development | $771.1M | $598.4M | $571.0M | $397.5M | $272.7M | $181.2M | $131.7M | $145.3M | $109.7M | $122.7M |
| Sales, general & admin | $701.2M | $461.1M | $344.5M | $265.8M | $234.3M | $203.6M | $210.8M | $168.2M | $79.2M | $50.7M |
| Total operating expenses | $1.66B | $1.16B | $949.3M | $647.6M | $519.4M | $389.8M | $347.5M | $314.8M | $188.9M | $173.4M |
| Operating income | −$1.18B | −$878.3M | −$709.6M | −$457.3M | −$375.1M | −$265.2M | −$235.2M | −$307.3M | −$188.9M | −$173.4M |
| Interest income | $0 | $2.2M | $1.9M | — | — | — | $17.8M | $15.1M | $4.3M | $2.9M |
| Interest expense | $83.8M | $84.9M | $81.7M | $26.4M | $40.5M | $29.6M | $27.7M | $25.5M | $5.9M | $3.5M |
| Income before taxes | −$1.27B | −$910.1M | −$747.0M | −$480.2M | −$436.4M | −$292.7M | −$253.6M | −$324.1M | −$192.9M | −$176.2M |
| Income taxes | $5.0M | $3.7M | $2.6M | $1.4M | −$1.8M | $1.4M | $777,000 | $201,000 | −$272,000 | $98,000 |
| Net income | −$1.28B | −$913.8M | −$749.6M | −$481.5M | −$434.7M | −$294.1M | −$254.3M | −$324.3M | −$192.6M | −$176.3M |
| EBITDA | −$1.17B | −$818.8M | −$660.2M | −$447.4M | −$383.6M | −$250.4M | −$217.1M | −$295.2M | −$184.1M | −$170.2M |
| EPS (diluted) | −$6.41 | −$5.59 | −$5.34 | −$3.90 | −$3.71 | −$3.01 | −$3.04 | −$4.20 | −$2.86 | −$2.84 |
| Gross margin | 79.4% | 76.4% | 78.5% | 77.5% | 76.6% | 75.7% | 82.3% | 75.4% | — | — |
| Operating margin | −194.0% | −241.5% | −232.5% | −186.4% | −199.0% | −161.3% | −172.4% | −3,124.9% | — | — |
| Net margin | −210.5% | −251.2% | −245.6% | −196.3% | −230.6% | −178.9% | −186.4% | −3,297.2% | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $425.5M | $306.0M | $263.8M | $142.3M | $107.4M | $92.8M | $104.4M | $93.4M | $90.3M | $75.5M | $83.7M | $79.1M |
| Cost of revenue | $67.2M | $49.5M | $44.2M | $29.4M | $28.1M | $21.3M | $26.2M | $21.2M | $21.0M | $17.5M | $18.4M | $16.7M |
| Gross profit | $358.3M | $256.5M | $219.6M | $113.0M | $79.3M | $71.5M | $78.3M | $72.3M | $69.4M | $58.0M | $65.2M | $62.4M |
| Research & development | $210.0M | $209.5M | $254.9M | $186.4M | $177.2M | $152.6M | $179.7M | $150.8M | $146.7M | $121.1M | $137.0M | $109.1M |
| Sales, general & admin | $247.5M | $247.3M | $212.5M | $186.4M | $154.8M | $147.5M | $142.5M | $118.9M | $106.6M | $93.1M | $89.5M | $90.6M |
| Total operating expenses | $359.8M | $456.7M | $469.3M | $479.0M | $392.2M | $319.7M | $308.7M | $285.7M | $358.3M | $203.5M | $243.5M | $210.0M |
| Operating income | −$1.5M | −$200.3M | −$249.7M | −$366.0M | −$312.9M | −$248.1M | −$230.4M | −$213.4M | −$288.9M | −$145.5M | −$178.3M | −$147.7M |
| Interest income | — | — | $0 | $0 | $0 | $0 | $0 | $765,000 | $710,000 | $754,000 | $789,000 | $666,000 |
| Interest expense | $20.3M | $20.1M | $20.6M | $20.4M | $21.2M | $21.6M | $21.6M | $21.1M | $21.3M | $21.0M | $20.8M | $20.3M |
| Income before taxes | −$11.4M | −$162.1M | −$326.9M | −$368.7M | −$320.4M | −$255.7M | −$234.3M | −$219.5M | −$299.8M | −$156.5M | −$185.1M | −$158.4M |
| Income taxes | $1.9M | $1.5M | $1.6M | $1.3M | $1.2M | $912,000 | $1.3M | $1.0M | $838,000 | $589,000 | $998,000 | $544,000 |
| Net income | −$13.2M | −$163.6M | −$328.5M | −$370.0M | −$321.7M | −$256.6M | −$235.5M | −$220.5M | −$300.6M | −$157.1M | −$186.1M | −$158.9M |
| EBITDA | $14.2M | −$137.1M | −$302.1M | −$345.7M | −$297.1M | −$232.8M | −$211.7M | −$196.5M | −$276.9M | −$133.7M | −$162.5M | −$136.5M |
| EPS (diluted) | −$0.52 | −$0.76 | −$1.54 | −$1.75 | −$1.70 | −$1.42 | −$1.32 | −$1.27 | −$1.94 | −$1.06 | −$1.28 | −$1.11 |
| Gross margin | 84.2% | 83.8% | 83.2% | 79.4% | 73.9% | 77.1% | 75.0% | 77.3% | 76.8% | 76.9% | 78.0% | 78.9% |
| Operating margin | −0.4% | −65.5% | −94.6% | −257.1% | −291.3% | −267.3% | −220.6% | −228.4% | −319.8% | −192.7% | −213.0% | −186.8% |
| Net margin | −3.1% | −53.5% | −124.5% | −260.0% | −299.5% | −276.4% | −225.5% | −236.0% | −332.8% | −208.1% | −222.3% | −201.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in INSM's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
INSM financial results
In fiscal year 2025 (ended December 31, 2025), Insmed reported revenue of $606.4 million, up 66.7% from the year before. It had a net loss of $1.3 billion, a net profit margin of −210.5%. Diluted earnings per share came to −$6.41. Over five years revenue grew at an average rate of 29.8% a year.
See the INSM stock overview for the latest quote and news, or the INSM chart for price history and technical indicators.
INSM income statement FAQ
What is Insmed's annual revenue?
Insmed reported total revenue of $606.4 million for fiscal year 2025, which ended on December 31, 2025. That was up 66.7% from $363.7 million the previous year.
Is Insmed profitable?
No. Insmed reported a net loss of $1.3 billion in fiscal 2025, a net profit margin of −210.5%; its operating margin was −194.0%.
What is Insmed's gross margin?
Insmed's gross margin was 79.4% in fiscal 2025: for every $100 of revenue, Insmed kept $79 after the direct cost of its products and services.
How much does Insmed spend on research and development?
Insmed spent $771.1 million on research and development in fiscal 2025, 127.2% of revenue.
How fast is Insmed growing?
Revenue grew 29.8% a year on average over the last five fiscal years, from $164.4 million to $606.4 million.
What are Insmed's earnings per share?
Insmed earned $-6.41 per diluted share in fiscal 2025, compared with $-5.59 a year earlier.
When will Insmed report its next earnings?
Insmed is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Insmed's fiscal year end?
Insmed's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.