0001104506-26-000009
SEC filingInsmed Incorporated reported FY 2025 results with $606.4 million in product revenues, primarily from ARIKAYCE and BRINSUPRI. The company incurred a net loss of $1.28 billion, driven by high operating expenses totaling $1.85 billion, including $771.1 million in R&D and $701.2 million in SG&A. Gross profit was $483.5 million with a gross margin of 79.7%. Operating cash flow was negative $935.0 million, but financing activities provided $954.1 million, resulting in a net cash decrease of $44.6 million. The balance sheet shows $2.26 billion in total assets, $1.53 billion in liabilities, and $739.0 million in shareholders' equity, with $510.4 million in cash and $919.6 million in marketable securities.
Insmed Incorporated reported FY 2025 financial results with $606.4 million in product revenues, representing the company's primary revenue streams from ARIKAYCE and BRINSUPRI products. The company recorded a significant net loss of $1.28 billion, driven by total operating expenses of $1.85 billion. Gross profit was $483.5 million with a gross margin of 79.7%. Operating loss was $1.25 billion, resulting in an operating margin of -206.2%. Basic and diluted net loss per share was -$6.00. The company's comprehensive loss was $1.27 billion, including foreign currency translation gains of $3.3 million and unrealized gains on marketable securities of $444,000.
Product revenues totaled $606.4 million for FY 2025, with both US and international markets contributing equally according to the XBRL data. The revenue breakdown shows ARIKAYCE and BRINSUPRI as the primary products, though specific segment-level revenue allocation beyond the total $606.4 million is not provided in the available data. The XBRL data indicates consistent revenue figures across multiple reporting categories, suggesting concentrated revenue sources rather than diversified segment performance.
Gross margin was 79.7% based on $606.4 million in revenue and $122.9 million in cost of product revenues. Operating margin was -206.2% due to the $1.25 billion operating loss relative to revenue. The cost structure shows research and development expenses of $771.1 million and selling, general and administrative expenses of $701.2 million as the largest components of operating expenses. Additional significant expenses included $252.0 million in change in fair value of deferred and contingent consideration and $6.0 million in amortization of intangible assets.
Operating activities used $935.0 million in cash, primarily due to the $1.28 billion net loss partially offset by non-cash adjustments including $252.0 million in fair value changes and $152.7 million in stock-based compensation. Investing activities used $64.6 million, mainly for $32.6 million in fixed asset purchases and $30.0 million in milestone payments. Financing activities provided $954.1 million, primarily from $823.3 million in common stock issuance and $135.7 million from stock option exercises. Free cash flow (operating cash flow minus capital expenditures) was -$999.6 million. The balance sheet shows total assets of $2.26 billion, including $510.4 million in cash, $919.6 million in marketable securities, and $1.79 billion in total current assets. Total liabilities were $1.53 billion, with $541.0 million in long-term debt and $314.3 million in contingent consideration. Shareholders' equity was $739.0 million.
The provided data does not include specific forward-looking guidance, management commentary, or explicit risk factors from the filing document. The financial statements show continued investment in research and development across multiple programs including ARIKAYCE, Brensocatib, TPIP, and INS1148, with $771.1 million allocated to R&D. The company's financing activities indicate ongoing capital raising through equity markets, with $954.1 million in net cash provided from financing during the period. The balance sheet liquidity position includes $1.43 billion in cash and marketable securities against $1.53 billion in total liabilities.