Insmed Incorporated (INSM) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	1.1B	606.4M	363.7M	305.2M	245.4M
Cost of Revenue	190.3M	124.9M	85.7M	65.6M	55.1M
Gross Profit	947.3M	481.5M	278.0M	239.6M	190.2M
Operating Expenses
R&D Expense	860.8M	771.1M	598.4M	571.0M	397.5M
SG&A Expense	893.6M	701.2M	461.1M	344.5M	265.8M
General & Admin Expense	646.3M	701.2M	461.1M	344.5M	265.8M
Selling & Marketing Expense	—	—	—	—	—
Other Expenses	10.4M	186.0M	96.7M	33.7M	(15.7M)
Total Operating Expenses	1.8B	1.7B	1.2B	949.3M	647.6M
Cost and Expenses	2.0B	1.8B	1.2B	1.0B	702.7M
Operating Income (EBIT)	(817.5M)	(1.2B)	(878.3M)	(709.6M)	(457.3M)
Non-Operating
Interest Income	45.6M	60.7M	53.3M	42.1M	11.1M
Interest Expense	81.3M	83.8M	84.9M	81.7M	26.4M
Net Interest Income	(35.8M)	(23.1M)	(31.6M)	(39.6M)	(15.4M)
Other Non-Op Income/Expense	(51.6M)	(95.0M)	(31.8M)	(37.4M)	(22.8M)
Non-Operating Income (excl Interest)	(27.1M)	11.2M	(48.4M)	(38.9M)	375.0K
EBT (Pre-Tax Income)	(869.1M)	(1.3B)	(910.1M)	(747.0M)	(480.2M)
Income Tax Expense	6.2M	5.0M	3.7M	2.6M	1.4M
Bottom Line
Net Income	(875.3M)	(1.3B)	(913.8M)	(749.6M)	(481.5M)
Earnings from Cont. Ops	(875.3M)	(1.3B)	(913.8M)	(749.6M)	(481.5M)
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	(875.3M)	(1.3B)	(913.8M)	(749.6M)	(481.5M)
Per Share
Basic EPS	($4.11)	($6.41)	($5.57)	($5.34)	($3.91)
Diluted EPS	($4.11)	($6.41)	($5.57)	($5.34)	($3.91)
Revenue Per Share	$5.23	$2.84	$2.22	$2.17	$1.99
Shares
Basic Shares Outstanding	217.4M	213.6M	164.0M	140.4M	123.0M
Diluted Shares Outstanding	217.4M	213.6M	164.0M	140.4M	123.0M
Profitability Metrics
EBITDA	(770.0M)	(1.2B)	(818.8M)	(660.2M)	(447.4M)
D&A	20.5M	16.4M	11.0M	10.6M	10.3M
EBIT	(790.5M)	(1.2B)	(829.8M)	(670.8M)	(457.7M)

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Jun 1, 2026