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1. Company Snapshot

1.a. Company Description

Insmed Incorporated, a biopharmaceutical company, develops and commercializes therapies for patients with serious and rare diseases.The company offers ARIKAYCE for the treatment of Mycobacterium avium complex lung disease as part of a combination antibacterial drug regimen for adult patients.It is also developing Brensocatib, an oral reversible inhibitor of dipeptidyl peptidase 1 for the treatment of patients with bronchiectasis and other neutrophil-mediated diseases; and Treprostinil Palmitil Inhalation Powder, an inhaled formulation of a treprostinil prodrug treprostinil palmitil for the treatment of pulmonary arterial hypertension and other rare pulmonary disorders.


Insmed Incorporated was founded in 1988 and is headquartered in Bridgewater, New Jersey.

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1.b. Last Insights on INSM

Insmed Incorporated's recent performance was driven by strong uptake of Brinsupri, its lung disease treatment. Despite a wider Q3 loss, the company's revenue surged 52% year-over-year, beating revenue estimates. The European Union's approval of Brinsupri as the first treatment for non-cystic fibrosis bronchiectasis (NCFB) also boosted sentiment. Additionally, Insmed's management team has been actively engaging with investors, presenting at conferences, including the Jefferies London Healthcare Conference. Institutional investors, such as Catalyst Funds Management Pty Ltd, have also taken notice, purchasing a new stake in the company.

1.c. Company Highlights

2. Insmed's Q3 2025 Earnings: A Strong Launch and Pipeline Progress

Insmed reported a net loss of $1.75 per share in Q3 2025, wider than the estimated loss of $1.33 per share. The company's revenue grew significantly, driven by the launch of BRINSUPRI, which generated $28 million in net sales in its first partial quarter. ARIKAYCE continued to perform well, with a 22% increase in revenue compared to the same quarter last year, reaching $105 million. The company's cash position remains strong at approximately $1.7 billion.

Publication Date: Nov -02

📋 Highlights
  • BRINSUPRI Launch Momentum:: $28 million net sales in first partial quarter, with 1,700 physicians prescribing (mostly 1-2 scripts each).
  • ARIKAYCE Revenue Growth:: 22% YoY revenue increase in Q3 and 2025 full-year guidance raised to $420–$430 million (+15–18% vs. 2024).
  • Label Expansion Potential:: ENCORE trial could expand ARIKAYCE’s addressable patient population from ~15,000 to >100,000 NTM MAC lung disease patients.
  • Cash Position:: $1.7 billion in cash, with consistent burn and plans to scale operations for BRINSUPRI and pipeline programs.
  • Pipeline Catalysts:: 18-month outlook includes Phase III ENCORE (ARIKAYCE), Phase II BiRCh (CRS), and TPIP programs in PH-ILD, PAH, and IPF.

Financial Performance

The revenue growth was driven by the strong performance of both ARIKAYCE and BRINSUPRI. The company's guidance for 2025 full-year global ARIKAYCE net revenue has been raised to $420-430 million, representing a 15-18% increase over 2024 revenues. The gross to net deductions for BRINSUPRI are expected to be significant, which will impact the company's profitability. Insmed's underlying cash burn for the quarter was consistent with previous levels, and the company expects revenue and spending to increase as it fully resources and supports BRINSUPRI's launch and other portfolio programs.

BRINSUPRI Launch Update

The launch of BRINSUPRI has been well-received, with approximately 1,700 physicians prescribing the treatment. The company's commercial team has been working to raise awareness of the medicine, and payers have provided broad patient access from day one. Will Lewis, Chair and CEO, noted that physicians are initially focusing on more severe patients, but the company is learning about the medicine's potential in more moderate patients. The treatment has been broadly prescribed, with most physicians writing only one or two scripts, which is attributed to a common practice of testing a new medicine in a small number of severe patients before expanding its usage.

Pipeline Progress

Insmed's pipeline is progressing well, with several late-stage and commercial programs. The Phase III ENCORE trial of ARIKAYCE is ongoing, and the company expects to expand the label to include recently diagnosed patients with NTM MAC lung disease. The BiRCh study of brensocatib in CRS without nasal polyps is also ongoing, and the company is taking its time to ensure the data meets the highest regulatory standards. The TPIP program is expected to start Phase III trials, and the company is ramping up production.

Valuation

Insmed's valuation metrics indicate a high growth expectation. The company's Price-to-Sales Ratio is 90.46, indicating that the market is pricing in significant revenue growth. The EV/EBITDA ratio is -36.35, reflecting the company's current loss-making position. The ROE is -183.55%, and the ROIC is -56.53%, indicating that the company is not generating returns on its investments. Analysts estimate next year's revenue growth at 133.0%, which may be challenging to achieve given the current performance.

3. NewsRoom

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Insmed Reports Inducement Grants Under NASDAQ Listing Rule 5635(c)(4)

Dec -04

Source: prnewswire.com

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American Century Companies Inc. Sells 682,059 Shares of Insmed, Inc. $INSM

Dec -03

Source: defenseworld.net

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Insmed Incorporated (INSM) Presents at Evercore 8th Annual Healthcare Conference Transcript

Dec -02

Source: seekingalpha.com

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30% of Billionaire Stanley Druckenmiller's Portfolio Is Invested in These 3 Biotech Stocks

Nov -30

Source: fool.com

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Insmed (NASDAQ:INSM) Hits New 12-Month High – Should You Buy?

Nov -28

Source: defenseworld.net

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This Investor Beat the Market for 3 Decades Without a Single Losing Year. 3 Stocks He's Buying Now.

Nov -24

Source: 247wallst.com

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Insmed (NASDAQ:INSM) Stock Unloaded Rep. Gilbert Ray Cisneros, Jr.

Nov -21

Source: defenseworld.net

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Catalyst Funds Management Pty Ltd Purchases Shares of 47,175 Insmed, Inc. $INSM

Nov -20

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.97%)

6. Segments

Therapies

Expected Growth: 8.97%

Insmed's therapies, such as Arikayce, are driving growth due to increasing adoption in treating refractory Mycobacterium avium complex (MAC) lung disease. Strong sales momentum, expanded commercial presence, and growing demand for orphan drugs are contributing to the 8.97% growth rate.

7. Detailed Products

Arikayce

Arikayce is a liposomal formulation of amikacin, an aminoglycoside antibiotic, for the treatment of Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen in adults.

8. Insmed Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

Insmed Incorporated has a moderate threat of substitutes due to the availability of alternative treatments for respiratory diseases.

Bargaining Power Of Customers

Insmed Incorporated has a low bargaining power of customers due to the lack of negotiating power of individual patients.

Bargaining Power Of Suppliers

Insmed Incorporated has a moderate bargaining power of suppliers due to the presence of multiple suppliers for raw materials.

Threat Of New Entrants

Insmed Incorporated has a high threat of new entrants due to the attractiveness of the respiratory disease treatment market.

Intensity Of Rivalry

Insmed Incorporated operates in a highly competitive market with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 138.06%
Debt Cost 6.31%
Equity Weight -38.06%
Equity Cost 8.60%
WACC 5.44%
Leverage -362.73%

11. Quality Control: Insmed Incorporated passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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BridgeBio Pharma

A-Score: 5.3/10

Value: 8.0

Growth: 5.1

Quality: 5.9

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

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Insmed

A-Score: 4.3/10

Value: 6.0

Growth: 3.3

Quality: 4.1

Yield: 0.0

Momentum: 10.0

Volatility: 2.7

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ADMA Biologics

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Growth: 8.4

Quality: 8.5

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Volatility: 4.0

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Alpine Immune Sciences

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Value: 6.0

Growth: 6.6

Quality: 4.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

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Bio-Techne

A-Score: 3.2/10

Value: 0.9

Growth: 4.2

Quality: 6.3

Yield: 0.0

Momentum: 2.5

Volatility: 5.3

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IDEAYA Biosciences

A-Score: 3.2/10

Value: 6.6

Growth: 2.9

Quality: 5.1

Yield: 0.0

Momentum: 1.5

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

204.0$

Current Price

204$

Potential

-0.00%

Expected Cash-Flows