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Insmed Incorporated
NASDAQ: INSM Healthcare Pharma 🔎 Screen
Nasdaq 100
$19.5B
Market Cap
0.8
P/E
PEG
-278.4%
ROCE
-249.3%
ROE
1.00
D/E
-205.6%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for INSM including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

Insmed Incorporated develops and commercializes therapies for patients with serious and rare diseases in the United States, Europe, Japan, and internationally.

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📈 Growth Pattern
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⭐ Superinvestors Holding INSM
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Manager Shares Value % of Fund Period
Stan Druckenmiller Duquesne Family Office 1.15M $188.7M 5.59% Mar 2026
Jim Simons Renaissance Technologies LLC 20.3K $3.3M 0.01% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q1 2026
Total Revenue
$306.0M
+6% YoY (ARIKAYCE)
BRINSUPRI Revenue
$207.9M
+44% sequential
ARIKAYCE Revenue
$98.1M
+6% YoY
Cash & Marketable Securities
$1.2B
Not provided.
What Went Right
  • BRINSUPRI delivered 44% sequential growth in Q1 despite typical seasonal headwinds, outperforming analogs.
  • ARIKAYCE grew 6% year over year in its eighth year post-launch, driven by international markets.
  • Phase 3b ENCORE study met primary endpoint, supporting potential label expansion to all MAC lung disease patients.
What to Watch
  • Discontinuation rate for BRINSUPRI is slightly above generic statin benchmarks but not detailed by cause.
  • Payer approval rate of nearly 90% expected to decline as launch matures and policies are implemented.
  • Uncertainty around U.S. MFN policy may delay European launch and impact international revenue.
Management Guidance
  • Full-year 2026 BRINSUPRI revenue guidance of at least $1.0 billion.
  • Full-year 2026 ARIKAYCE revenue guidance of $450 million to $470 million.
  • Cost of product revenues guidance mid-20s to low-30s% for BRINSUPRI (actual Q1 within range).
Investor Lens
The thesis is stronger after this call. BRINSUPRI's launch metrics show robust organic demand, excellent payer access, and high continuation rates, supporting the at-least-$1B guidance. ARIKAYCE's ENCORE data opens a path to a much larger patient population. The cash position of $1.2B and path to cash-flow positivity in 2027 reduce financing risk. However, investors should monitor payer approval trends and regulatory decisions on MFN and label expansion.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter with BRINSUPRI beating expectations; $306M total revenue.
Revenue
Total Q1 revenue was $306.0M, comprising BRINSUPRI $207.9M (44% sequential growth) and ARIKAYCE $98.1M (6% year-over-year growth). BRINSUPRI's growth was organic, with negligible inventory stocking and no price increase.
Profitability
Net income and EPS not reported. Operating income not disclosed. Cost of product revenues was $47.4M (15.5% of revenues), lower on a percentage basis due to BRINSUPRI's favorable gross margin.
Margins
Gross margin improved as BRINSUPRI contributed lower cost of goods. Operating expenses (R&D and SG&A) increased due to BRINSUPRI launch and pipeline investment. No margin percentages given.
Balance Sheet
Cash, cash equivalents, and marketable securities totaled $1.2B at quarter end. Underlying cash burn was within the range seen over the past year; management expects burn to decline as revenues ramp faster than spending.
Key Risks
Key risks flagged: potential decline in payer approval rates as launch matures, uncertainty around U.S. MFN policies impacting international launch timing, and discontinuation rates slightly above statin benchmarks though still favorable.
Outlook
Management reiterated BRINSUPRI full-year revenue guidance of at least $1.0B and ARIKAYCE guidance of $450-470M. They expect organic demand for BRINSUPRI to grow sequentially from Q2 through the rest of 2026.
Generated by AI · Q1 2026 results · Not investment advice
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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