INSMED Inc
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INSM Q1 2026 request
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Income Statement
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Revenue | 305,964 | 92,823 | +229.6% |
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| ARIKAYCE external R&D expenses | 98,110 | 92,823 | +5.7% |
| ARIKAYCE external R&D expenses · Non Us | 35,226 | 28,548 | +23.4% |
| ARIKAYCE external R&D expenses · US | 62,884 | 64,275 | -2.2% |
| BRINSUPRI | 207,854 | — | — |
| BRINSUPRI · Non Us | 672 | — | — |
| BRINSUPRI · US | 207,182 | — | — |
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| Reportable Segment | 305,964 | 92,823 | +229.6% |
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| Non Us | 35,898 | 28,548 | +25.7% |
| US | 270,066 | 64,275 | +320.2% |
| Cost of Revenue | 47,420 | 21,278 | +122.9% |
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| Reportable Segment | 47,420 | 21,278 | +122.9% |
| Total Costs & Expenses | 459,284 | 340,963 | +34.7% |
| Research & Development | 209,485 | 152,577 | +37.3% |
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| ARIKAYCE external R&D expenses · Reportable Segment | 8,622 | 12,121 | -28.9% |
| Brensocatib external R&D expenses · Reportable Segment | 18,484 | 20,661 | -10.5% |
| Other external R&D expenses · Reportable Segment | 32,678 | 28,083 | +16.4% |
| TPIP external R&D expenses · Reportable Segment | 37,341 | 9,153 | +308.0% |
| Selling, General & Administrative | 247,259 | 147,545 | +67.6% |
| Operating Income | -153,320 | -248,140 | +38.2% |
| Interest Expense | -20,082 | -21,569 | +6.9% |
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| Reportable Segment | -20,082 | -21,569 | +6.9% |
| Other Non-Operating Income (Expense) | -736 | 132 | -657.6% |
| Income Before Taxes | -162,098 | -255,671 | +36.6% |
| Income Tax Expense (Benefit) | 1,465 | 912 | +60.6% |
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| Reportable Segment | 1,465 | 912 | +60.6% |
| Comprehensive Income | -165,020 | -255,196 | +35.3% |
| Other Comprehensive Income | -1,457 | 1,387 | -205.0% |
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| Accumulated Other Comprehensive Income | -1,457 | 1,387 | -205.0% |
| EPS (Basic) | -0.76 | -1.42 | +46.5% |
| EPS (Diluted) | -0.76 | -1.42 | +46.5% |
| Wtd Avg Shares (Basic) | 215,468 | 180,860 | +19.1% |
| Wtd Avg Shares (Diluted) | 215,468 | 180,860 | +19.1% |
| Net Income Loss Available To Common Stockholders Basic | -163,563 | -256,583 | +36.3% |
Balance Sheet
| Metric | Q1 2026 | Q1 2025 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 582,188 | 403,247 | +44.4% |
| Marketable Securities (Current) | 641,326 | 796,204 | -19.5% |
| Accounts Receivable | 178,555 | 47,746 | +274.0% |
| Inventory | 132,909 | 100,713 | +32.0% |
| Prepaid Expenses & Other Current Assets | 78,195 | 54,782 | +42.7% |
| Total Current Assets | 1,613,173 | 1,402,692 | +15.0% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 102,846 | 88,358 | +16.4% |
| Operating Lease Right-of-Use Assets | 14,004 | 10,832 | +29.3% |
| Intangible Assets | 95,570 | 57,389 | +66.5% |
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| AstraZeneca milestone · Licensing Agreements | 43,233 | — | — |
| PARI milestones · Licensing Agreements | 911 | — | — |
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| Acquired ARIKAYCE R&D | 21,826 | 26,676 | -18.2% |
| In Process Research And Development | 29,600 | 29,600 | 0.0% |
| Goodwill | 136,110 | 136,110 | 0.0% |
| Total Assets | 2,075,863 | 1,802,735 | +15.2% |
| Other Assets | |||
| Finance Lease Right Of Use Asset | 14,883 | 17,595 | -15.4% |
| Other Assets | 99,277 | 89,759 | +10.6% |
| Current Liabilities | |||
| Accounts Payable And Accrued Liabilities Current | 352,555 | 232,674 | +51.5% |
| Finance Lease Liability Current | 3,446 | 3,054 | +12.8% |
| Operating Lease Liability Current | 5,007 | 3,505 | +42.9% |
| Total Current Liabilities | 361,008 | 239,233 | +50.9% |
| Accounts Payable | 73,380 | 57,683 | +27.2% |
| Non-Current Liabilities | |||
| Long-Term Debt | 542,215 | — | — |
| Accrued Royalties Current And Noncurrent | 162,137 | 162,508 | -0.2% |
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| Royalty Agreements · Secured Debt | 164,086 | 164,981 | -0.5% |
| Business Combination Contingent Consideration Liability Noncurrent | 270,310 | 159,900 | +69.0% |
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| Fair Value Inputs Level3 · Motus | 270.3 | 159.9 | +69.0% |
| Finance Lease Liability Noncurrent | 19,820 | 23,266 | -14.8% |
| Operating Lease Liabilities | 9,837 | 8,480 | +16.0% |
| Other Non-Current Liabilities | 5,684 | 5,121 | +11.0% |
| Total Liabilities | 1,371,011 | 1,703,576 | -19.5% |
| Long-Term Debt | 546,770 | 1,121,688 | -51.3% |
| Stockholders' Equity | |||
| Common Stock | 2,165 | 1,819 | +19.0% |
| Additional Paid-In Capital | 6,502,938 | 4,714,742 | +37.9% |
| Retained Earnings | -5,800,255 | -4,616,500 | -25.6% |
| Accumulated Other Comprehensive Income | 4 | -902 | +100.4% |
| Total Stockholders' Equity | 704,852 | 99,159 | +610.8% |
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| Accumulated Other Comprehensive Income | 4 | -902 | +100.4% |
| Additional Paid In Capital | 6,502,938 | 4,714,742 | +37.9% |
| Common Stock | 2,165 | 1,819 | +19.0% |
| Retained Earnings | -5,800,255 | -4,616,500 | -25.6% |
| Total Liabilities & Equity | 2,075,863 | 1,802,735 | +15.2% |
Cash Flow Statement
| Metric | YTD Q1 2026 | YTD Q1 2025 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Net Income | -163,563 | -256,583 | +36.3% |
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| Reportable Segment | -163,563 | -256,583 | +36.3% |
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| Retained Earnings | -163,563 | -256,583 | +36.3% |
| Depreciation | 2,934 | 1,883 | +55.8% |
| Amortization Of Intangible Assets | 2,081 | 1,263 | +64.8% |
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| AstraZeneca milestone · Licensing Agreements | 818 | — | — |
| PARI milestones · Licensing Agreements | 51 | — | — |
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| Reportable Segment | 2,081 | 1,263 | +64.8% |
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| Acquired ARIKAYCE R&D | 1,212 | 1,212 | 0.0% |
| Stock-Based Compensation | 45,754 | 39,262 | +16.5% |
| Amortization Of Financing Costs And Discounts | 1,382 | 1,822 | -24.1% |
| Other Noncash Expense | 5,114 | 5,023 | +1.8% |
| Accretion Of Debt Discount Marketable Securities | -6,513 | -8,332 | +21.8% |
| Finance Lease Right Of Use Asset Amortization | 678 | 678 | 0.0% |
| Noncash Operating Lease Expense | 567 | 686 | -17.3% |
| Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 | -46,961 | 18,300 | -356.6% |
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| Reportable Segment | -46,961 | 18,300 | -356.6% |
| Change in Accounts Receivable | -38,190 | 5,361 | -812.4% |
| Change in Inventory | -1,886 | -1,021 | -84.7% |
| Change in Prepaid & Other Assets | 12,594 | -16,941 | +174.3% |
| Increase Decrease In Other Noncurrent Assets | -2,357 | 10,168 | -123.2% |
| Increase Decrease In Accounts Payable And Accrued Liabilities | -33,875 | -61,490 | +44.9% |
| Increase Decrease In Other Operating Liabilities | -497 | -2,167 | +77.1% |
| Net Cash from Operations | -222,738 | -262,088 | +15.0% |
| Investing Activities | |||
| Capital Expenditures | -3,480 | -10,070 | +65.4% |
| Payment Of Milestone | -15,000 | — | — |
| Proceeds From Sale And Maturity Of Marketable Securities | 284,000 | 721,000 | -60.6% |
| Net Cash from Investing | 265,520 | 80,412 | +230.2% |
| Financing Activities | |||
| Proceeds From Stock Options Exercised | 30,313 | 29,704 | +2.1% |
| Finance Lease Principal Payments | -799 | -706 | -13.2% |
| Net Cash from Financing | 29,514 | 28,998 | +1.8% |
| Amortization of Financing Costs | 1,382 | 1,822 | -24.1% |
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| Royalty Agreements · Secured Debt | 131 | — | — |
| Supplemental | |||
| Interest Paid | 13,122 | 13,122 | 0.0% |
| Income Taxes Paid | 2,940 | 2,176 | +35.1% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | -553 | 895 | -161.8% |
| Net Change in Cash | 71,743 | -151,783 | +147.3% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 582,188 | 403,247 | +44.4% |
Values in thousands USD. Source: SEC EDGAR 10-Q filing.