Short answer
Insmed Incorporated (INSM) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $606M (+66.7% year over year) and net income of −$1.3B.
- Top risk flagged: FDA accelerated approval of ARIKAYCE contingent on successful ENCORE confirmatory trial with 425 patients enrolled as of Q4 2024
FY2025 key financial metrics · XBRL
- Revenue
- $606M
- +66.7% YoY
- Net income
- −$1.3B
- −39.7% YoY
- Operating margin
- -205.6%
- +35.9 pp YoY
- EPS (diluted)
- −$6.42
- −15.3% YoY
- ROE
- -172.8%
- +147.4 pp YoY
- Operating cash flow
- −$935M
- −36.7% YoY
Source: XBRL data from the Insmed Incorporated (INSM) FY2025 10-K on SEC EDGAR. USD.
Insmed Incorporated FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development and commercialization of specialty pharmaceuticals focusing on respiratory diseases, including key marketed products ARIKAYCE and BRINSUPRI
- New product emphasis: BRINSUPRI launch in August 2025 generated $172.7M US sales in 2025, contributing to 66.7% overall revenue growth to $606.4M
- Strategic shift: Accelerated commercial readiness and significant investment in BRINSUPRI’s US launch, plus acquisition of INS1148 for $40M in 2025, expanding pipeline
- Notable quantitative metrics: R&D expenses rose 28.9% to $771.1M, SG&A increased 52.1% to $701.2M, driven by headcount growth and commercial activities for BRINSUPRI
- Unique fact: Completed two large equity offerings in 2024 and 2025, raising net proceeds of $713.2M and $823.3M respectively, bolstering cash reserves to support operations
Management Discussion & Analysis
- Respiratory therapeutic area is the only commercial segment with two approved products: ARIKAYCE and BRINSUPRI
- No cash flow, buybacks, dividends, or capex details mentioned
- Forward-looking: portfolio focused on Respiratory, Inflammation & Immunology, Neuro & Rare diseases, with ongoing clinical and pre-clinical programs spanning advanced modalities
Risk Factors
- FDA accelerated approval of ARIKAYCE contingent on successful ENCORE confirmatory trial with 425 patients enrolled as of Q4 2024
- Exposure to inflation affecting suppliers, service providers, and partners across US, Europe, Japan, and global operations
- Dependence on Lamira device regulatory approval in each market for ARIKAYCE commercialization limits product sales capability
- Competitive market risks amid reliance on market acceptance against alternatives amid safety concerns like US boxed warning on ARIKAYCE
- Outstanding term loan and royalty financing arrangement may limit financial flexibility and increase risk of shareholder dilution
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