March 2026
Insmed Incorporated (NASDAQ: INSM) is a global biopharmaceutical company focused on rare diseases, with particular expertise in pulmonary and inflammatory conditions. Headquartered in Bridgewater, New Jersey, Insmed was founded in 1988 by Dr. Joseph Larner in Charlottesville, Virginia.
As of December 31, 2024, Insmed employed 1,271 full-time employees, representing 39% year-over-year growth. By mid-2025, the workforce expanded to over 1,500 team members, reflecting aggressive commercial scaling.
| Metric | FY 2024 | FY 2025 | Change |
|---|---|---|---|
| Total Revenue | $363.7M | $606.4M | +67% |
| ARIKAYCE Revenue | $363.7M | $433.8M | +19% |
| BRINSUPRI Revenue | — | $172.7M | New launch |
| Net Loss | ($913.8M) | ($1,280M) | Wider |
| Net Loss per Share | ($5.57) | ($6.42) | Wider |
| R&D Expenses | $598.4M | $771.1M | +29% |
| SG&A Expenses | $461.1M | $701.2M | +52% |
| Cash & Equivalents | ~$1.4B | ~$1.4B | Stable |
Note: EBITDA and EBITDA margin not disclosed in available financial reports. Company remains in investment phase with significant operating losses.
Insmed transitioned from a single-product company (ARIKAYCE) to a dual-revenue commercial enterprise with the August 2025 FDA approval of BRINSUPRI (brensocatib) for non-cystic fibrosis bronchiectasis. This marked a pivotal inflection point, positioning the company to address over 2.5 million patients globally by decade's end, up from ~30,000 currently treated.
Insmed was founded in 1988 by Dr. Joseph Larner, Chairman of Pharmacology at the University of Virginia, with a focus on developing treatments for Type II diabetes. The company operated privately for over a decade before entering public markets through a reverse merger with Celtrix Pharmaceuticals on November 29, 1999.
Insmed began trading on the Nasdaq SmallCap Market as INSM on June 1, 2000, and graduated to the Nasdaq National Market on August 8, 2000.
In 2010, Insmed acquired Transave, Inc., gaining liposomal delivery technology critical for inhaled therapies targeting rare lung diseases. This transaction marked the company's definitive pivot away from metabolic disorders toward pulmonary rare diseases.
On September 28, 2018, the FDA granted accelerated approval for ARIKAYCE for adults with refractory MAC lung disease, transforming Insmed into a commercial-stage biopharmaceutical company. Following approval, Insmed raised $450 million in a public offering to fund commercialization and pipeline expansion.
Important Note: The initial task description stated Insmed "acquired Adagrasib (lung cancer) through the Mirati acquisition." This is factually incorrect. Adagrasib (KRAZATI) was developed by Mirati Therapeutics and acquired by Bristol Myers Squibb in 2024 for up to $5.8 billion. Insmed has no oncology portfolio and no connection to adagrasib.
Insmed Incorporated is a publicly traded company listed on the Nasdaq Global Select Market under ticker symbol INSM. As of February 19, 2026, the company had 213.27 million shares outstanding, with institutional investors holding approximately 97.86% of shares.
| Shareholder | Ownership % | Shares Held | Approx. Value |
|---|---|---|---|
| The Vanguard Group, Inc. | 9.78% | 21,076,344 | ~$3.0B |
| Darwin Global Management Ltd. | 9.71% | 20,933,277 | ~$2.9B |
| JP Morgan Asset Management | 9.06% | 19,539,143 | ~$2.7B |
| State Street Global Advisors | 2.41% | 5,201,744 | $729M |
| Capital Research and Management | 2.39% | 5,151,671 | $722M |
| Artisan Partners LP | 2.25% | 4,843,749 | $679M |
| RTW Investments, LP | 2.25% | 4,842,879 | $679M |
| FMR LLC (Fidelity) | 4.54% | 9,790,000 | ~$1.4B |
| Baker Bros. Advisors LP | 3.06% | 6,590,000 | ~$950M |
The top 25 shareholders collectively control approximately 70.5% of the company.
| Executive | Title | Start Date | Key Background |
|---|---|---|---|
| William H. Lewis, J.D., MBA | Chair and CEO | 2012 | 13+ years tenure; transformed company from pre-commercial to dual-product leader; 2024 comp: $10.94M |
| Sara M. Bonstein | Chief Financial Officer | Jan 2020 | ~6 years tenure; oversees financial operations, investor relations, capital strategy; 2024 comp: $4.01M |
| Roger Adsett | Chief Operating Officer | Not disclosed | Leads global operations, manufacturing, supply chain; holds 106,810 shares |
| Martina Flammer, M.D., MBA | Chief Medical Officer | Not disclosed | Oversees medical affairs, clinical strategy, pharmacovigilance |
| Kevin Mange, M.D., MSCE | Chief Development Officer | Not disclosed | Leads clinical development across pipeline (ENCORE, TPIP, gene therapies) |
| Eugene Sullivan, M.D. | Chief Product Strategy Officer | Not disclosed | Product lifecycle management, market access, evidence generation |
Average management tenure: 6.4 years, balancing institutional knowledge with fresh perspectives.
| Product | Latest FY Revenue | YoY Growth | Patent/Exclusivity Status | Peak Sales Potential |
|---|---|---|---|---|
| ARIKAYCE (amikacin liposome inhalation suspension) | $433.8M (FY2025) | +19% | US patents to 2035; regulatory exclusivity to ~2030. EU patent expires Dec 2026 | $600M–$800M (with label expansion) |
| BRINSUPRI (brensocatib) | $172.7M (FY2025, launch year) | New product | No public patent data; likely NCE + orphan exclusivity | >$2B (bronchiectasis + potential expansions) |
| Product | Phase | Indication(s) | Expected Readouts | Peak Sales Potential |
|---|---|---|---|---|
| TPIP (treprostinil palmitil) | Phase 3 | PH-ILD (ongoing); PAH (initiating H1 2026) | Phase 2b PAH OLE H2 2026; sNDA potential 2027 | $1B+ (combined) |
| INS1201 | Phase 1 | Duchenne muscular dystrophy (DMD) | ASCEND trial safety 2026–2027 | TBD (competitive landscape) |
| INS1202 | Phase 1 | Amyotrophic lateral sclerosis (ALS) | ARMOR trial early safety 2026 | TBD (early-stage) |
| INS1148 | Phase 1 → 2 | ILD, moderate-to-severe asthma | Phase 2 initiation 2026 | TBD (novel MOA) |
| Brensocatib (CEDAR) | Phase 2b | Hidradenitis suppurativa (HS) | Q2 2026 data | $2B+ (franchise expansion) |
| Region | Revenue (USD M) | % of Total | Primary Product(s) |
|---|---|---|---|
| United States | $254.8M | 70.1% | ARIKAYCE; BRINSUPRI launched Aug 2025 |
| Japan | $87.7M | 24.1% | ARIKAYCE (approved with reimbursement) |
| Europe & Rest of World | $21.2M | 5.8% | ARIKAYCE (EU approved; launch scaling) |
| TOTAL | $363.7M | 100% | ARIKAYCE only (2024) |
| Source | Analysts | Rating | Avg/Median PT | Range | Implied Upside (from $155) |
|---|---|---|---|---|---|
| TickerNerd | 31 | Strong Buy (9.6/10) | $211 (median) | $166–$241 | +36% |
| StockAnalysis | 20–22 | Strong Buy | $187.55 (avg) | $115–$256 | +21% |
| TipRanks | 18 | Strong Buy | $168.38 (avg) | $139–$240 | +9% |
| MarketBeat | 21–24 | Moderate Buy | $152.88–$207.52 | $109–$269 | -1% to +34% |
| AnaChart | 18–20 | 98% Buy | $176.98–$180.13 | $102–$256 | +14% to +16% |
Consensus: Strong Buy with average 12-month price target of $188–$211 (+21% to +36% upside from $155 midpoint).
| Company | Market Cap | 2025E Revenue | Growth | EV/Sales | Key Products |
|---|---|---|---|---|---|
| Insmed (INSM) | $33.1B | $606M | +67% | ~52x (2025) ~22x (2026E) |
ARIKAYCE, BRINSUPRI |
| Vertex (VRTX) | $118B | $11.7B | +13% | ~10x | Trikafta, Kalydeco, Orkambi |
| BioMarin (BMRN) | $9.5B | $3.1B | +3% | ~3x | Voxzogo, Vimizim, Naglazyme |
| Ultragenyx (RARE) | $1.5B | $610M | +10% | ~2.5x | Crysvita, Dojolvi, Evkeeza |
Valuation Observations: Insmed's EV/Sales of ~52x (2025 actual revenue) reflects market pricing in rapid 2026 growth (+139%). On 2026E revenue, EV/Sales compresses to ~22x, closer to high-growth rare disease peers. Premium multiple justified by explosive growth phase and first-in-class BRINSUPRI launch.
| Product | Indication | US Exclusivity | EU Exclusivity | Key Risk |
|---|---|---|---|---|
| ARIKAYCE | Refractory MAC lung disease | Patents to May 2035; regulatory exclusivity to ~2030 | Patent expires Dec 5, 2026; orphan potential 10 years | EU patent cliff imminent (9 months); generic entry possible 2027 in EU |
| BRINSUPRI | Non-CF bronchiectasis | Likely NCE (5 years, to 2030) + orphan (7 years, to 2032); patents not disclosed | Likely orphan (10 years if designated, to 2035); patents not disclosed | Patent data unavailable; regulatory exclusivities provide baseline |
| TPIP | PH-ILD, PAH (investigational) | TBD (not approved) | TBD | Development-stage; patent estate not disclosed |
| INS1201 | DMD (investigational) | TBD (Phase 1) | TBD | Early-stage; gene therapy IP competitive |
ARIKAYCE EU Patent Expiration (December 2026): Only 9 months away. Generic competitors could file for EU marketing authorization post-expiration if orphan exclusivity not granted. However, EU represents only 5.8% of 2024 revenue ($21.2M), limiting financial materiality.
BRINSUPRI Patent Uncertainty: No public disclosures on composition-of-matter or formulation patents. Investors cannot assess long-term exclusivity runway. Recommendation: Request detailed patent landscape from Insmed Investor Relations.
This section evaluates Insmed's drug portfolio through the lens of Ada Health's Patient Finder product, which uses AI-powered symptom assessment to identify undiagnosed or under-treated patients eligible for specific therapies.
| Drug | Indication | Ada Fit Score | Undiagnosed Pool | Incremental Revenue Potential (Annual) |
|---|---|---|---|---|
| ARIKAYCE | Refractory MAC lung disease | 7/10 | 30,000–40,000 | $36M–$48M |
| BRINSUPRI | Bronchiectasis | 9/10 | 300,000–500,000 | $750M–$1.25B |
| TPIP | PH-ILD, PAH | 6/10 | 65,000–120,000 | $375M–$725M |
| INS1201 | DMD | 3/10 | 500–1,000 | $30M–$60M |
| INS1202 | ALS | 4/10 | 1,000–2,000 | $40M–$80M |
| INS1148 | Moderate-to-severe asthma | 7/10 | 1.5M–1.9M | $1.5B–$3.8B (lifetime) |
Ada Fit Score: 9/10 (Highest in Portfolio)
Bronchiectasis represents Ada Patient Finder's highest-value opportunity in Insmed's portfolio:
"Addressing the 30–50% underdiagnosis rate positions Ada as Insmed's most strategic partner for maximizing BRINSUPRI's blockbuster trajectory."
Total Addressable Value Across Portfolio: $3.0B–$6.5B annually (approved products + pipeline)