Insmed Incorporated (INSM) Stock Price & How to Invest
Last updated July 2026
Short answer
You can invest in Insmed (INSM) by buying shares or fractional shares at any major broker, through an ETF that holds it, or as one holding in a thematic basket. Insmed is at a commercial inflection point: BRINSUPRI (brensocatib), the first and only approved therapy for non-cystic fibrosis bronchiectasis, generated $172.7 million in its partial launch year 2025 and $207.9 million in Q1 2026 alone, with company guidance of at least $1 billion for full-year 2026. The core thesis is that a large, chronically underdiagnosed respiratory disease now has a first-mover franchise drug, complemented by the established ARIKAYCE revenue stream and a pipeline that includes TPIP for pulmonary hypertension. The single biggest risk is that the stock is priced for a very steep commercial ramp, and any slowdown in BRINSUPRI patient uptake, payer coverage friction, or pipeline setback could compress a valuation that already sits at a significant premium to biotech peers.
INSM stock price
As of 2026-07-31, Insmed Incorporated (INSM) last closed at $98.60, down 9.3% over the past year. Over the past 52 weeks it has traded between $91.88 and $211.41.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Insmed Incorporated's investor relations page. Walnut is informational, not investment advice.
What does Insmed Incorporated (INSM) do?
Insmed Incorporated (Nasdaq: INSM) is a Bridgewater, New Jersey-based global biopharmaceutical company focused on serious and rare diseases, organized across three therapeutic areas: Respiratory, Immunology and Inflammation, and Neuro and Other Rare. Its commercial portfolio consists of two products. ARIKAYCE (amikacin liposome inhalation suspension) is an inhaled antibiotic approved in the United States, European Union, and Japan for refractory Mycobacterium avium complex (MAC) lung disease, a rare, chronic, and potentially fatal bacterial infection of the lungs. BRINSUPRI (brensocatib), a once-daily oral DPP1 inhibitor licensed from AstraZeneca in 2016, received FDA approval in August 2025 and European Commission approval in November 2025 as the first and only dedicated treatment for non-cystic fibrosis bronchiectasis, a progressive condition affecting an estimated 500,000 people in the United States alone. The pipeline includes TPIP, an inhaled treprostinil prodrug in Phase 3 development for pulmonary hypertension indications, as well as early-stage gene therapy programs in Duchenne muscular dystrophy and ALS. The company generates revenue entirely from product sales; it does not pay a dividend and remains net unprofitable as it invests heavily in commercial launches and clinical development.
Insmed was founded in 1988 and spent its early years as a general biologics company before pivoting to focus on rare respiratory diseases. ARIKAYCE received its first U.S. approval in 2018 after a long development history involving inhaled liposomal delivery technology. The brensocatib acquisition in 2016 for $30 million upfront proved transformative: Phase 3 ASPEN trial data in 2024 sent the stock sharply higher and underpinned the 2025 FDA approval. Will Lewis has served as Chair and Chief Executive Officer and described 2025 as a turning point in which the company translated scientific advances into commercial execution. As of year-end 2025, Insmed employed approximately 1,660 people, up roughly 31% year-over-year, reflecting the build-out required for a two-product commercial infrastructure across the United States, Europe, and Japan.
What's driving Insmed Incorporated (INSM)?
BRINSUPRI as a potential blockbuster in a first-mover market
Brinsupri is the first and only approved treatment for non-cystic fibrosis bronchiectasis in the United States, European Union, and United Kingdom. The Phase 3 ASPEN trial enrolled more than 1,700 patients and showed statistically significant reductions in annualized pulmonary exacerbations versus placebo. With list pricing around $88,000 per year, no boxed warnings in the prescribing label, and roughly 9,000 new patients initiating treatment in Q4 2025 alone, analysts have projected peak U.S. sales could approach $3.7 billion by 2031.
ARIKAYCE growth and label expansion potential
ARIKAYCE delivered approximately $425 million in full-year 2025 global revenue, reflecting consistent double-digit annual growth across the United States, Europe, and Japan. The Phase 3b ENCORE study met its primary and all multiplicity-controlled secondary culture conversion endpoints in early 2026, supporting a planned supplemental NDA filing in the second half of 2026 that could expand the label to newly diagnosed MAC lung disease patients, a substantially larger addressable population than the current refractory indication.
TPIP pipeline optionality in pulmonary hypertension
TPIP (treprostinil palmitil inhalation powder) is an inhaled dry-powder formulation being evaluated across multiple pulmonary hypertension settings, including PH-ILD, PAH, progressive pulmonary fibrosis, and idiopathic pulmonary fibrosis. The Phase 3 PALM-PAH study initiated in April 2026, and Phase 2b data in PAH showed a placebo-adjusted 35% reduction in pulmonary vascular resistance and a 35.5-meter improvement on the six-minute walk test. Positive Phase 3 outcomes across these indications would represent a third meaningful revenue franchise.
Approaching profitability on dual-product revenue scale
Q1 2026 net loss narrowed 36% year-over-year to $163.6 million as total revenues surged 230% to $306.0 million. Analyst consensus projects the company to reach profitability around 2028, with forecast earnings of approximately $742 million that year. Revenue is expected to grow at roughly 34% annually over the next three years, well above the broader biotech industry forecast, as BRINSUPRI matures and ARIKAYCE expands.
What are the risks to Insmed Incorporated (INSM)?
The stock carries a demanding valuation, trading at roughly 26x trailing price-to-sales as of late June 2026, a meaningful premium to biotech peers, which means any shortfall in BRINSUPRI uptake or payer coverage could trigger sharp multiple compression. Pipeline execution risk is real: brensocatib failed its Phase 2b BiRCh study in chronic rhinosinusitis without nasal polyps in December 2025, demonstrating that indication expansion is not guaranteed. The company continues to operate at a net loss and has relied on equity offerings, including a $750 million share sale in June 2025, to fund its commercial and clinical build-out, creating ongoing dilution risk. Royalty obligations to AstraZeneca on BRINSUPRI sales and restrictive covenants in its debt and royalty financing agreements add financial complexity.
What is the Insmed Incorporated (INSM) forecast?
22 analysts publish price targets on INSM, averaging $196.18 against a $98.60 price as of August 2026, or +99.0%. The published targets run from $140.00 to $243.00, a moderate spread, and the ratings split 23 buy, 0 hold, 0 sell. Over the last six months there have been 2 raises and 7 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full INSM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is INSM a buy or a sell?
We give no verdict on Insmed Incorporated. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. BRINSUPRI as a potential blockbuster in a first-mover market. Brinsupri is the first and only approved treatment for non-cystic fibrosis bronchiectasis in the United States, European Union, and United Kingdom. The most optimistic published target, $243.00, assumes this works close to its best case.
The case against. The stock carries a demanding valuation, trading at roughly 26x trailing price-to-sales as of late June 2026, a meaningful premium to biotech peers, which means any shortfall in BRINSUPRI uptake or payer coverage could trigger sharp multiple compression. The most pessimistic target, $140.00, is roughly what INSM is worth if this bites instead.
Read the full bull and bear case on INSM, including what would have to change to break either one. Walnut is not an investment adviser.
How is Insmed Incorporated (INSM) valued? (approximate, 2026-06-25)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Insmed Incorporated's investor relations page or your broker.
- Full-Year 2025 Revenue: ~$606 million
- Q1 2026 Revenue (most recent quarter): ~$306 million
- 2026 Revenue Guidance (BRINSUPRI alone): at least $1 billion
- Net Loss per Share (Q1 2026): -$0.76
- Market Capitalization: ~$23.4 billion
- Price-to-Sales (trailing): ~26x
- Cash and Marketable Securities (March 31, 2026): ~$1.2 billion
- Dividend Yield: None
Insmed does not yet report a meaningful P/E ratio because the company remains net unprofitable, investing heavily in the BRINSUPRI commercial launch and clinical pipeline. Revenue growth is accelerating sharply: Q1 2026 revenues of $306 million exceeded Q1 2025 revenues of $92.8 million by more than 230%, driven by BRINSUPRI reaching $207.9 million in only its second full quarter on the market. The elevated price-to-sales multiple reflects market expectations that BRINSUPRI will scale toward blockbuster status, and investors are effectively paying a premium for a company that analysts do not expect to reach consensus profitability until approximately 2028.
Which ETFs hold Insmed Incorporated (INSM)?
If you want INSM exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.
| ETF | Name | % in INSM | Expense ratio | |
|---|---|---|---|---|
| IWM | iShares Russell 2000 ETF | ~0.5% | 0.19% |
Who competes with Insmed Incorporated (INSM)?
Cystic fibrosis and bronchiectasis overlap: Vertex Pharmaceuticals
Vertex's CFTR modulators Kalydeco and Trikafta treat bronchiectasis in cystic fibrosis patients, giving the company deep pulmonologist relationships and brand recognition in the broader bronchiectasis patient community. While Vertex does not directly compete in non-cystic fibrosis bronchiectasis today, its commercial infrastructure and physician access represent a potential competitive dynamic as the non-CF market develops.
Emerging bronchiectasis challenger: Merck (via Verona Pharma's Ohtuvayre)
Merck acquired Verona Pharma for approximately $10 billion in 2025, gaining Ohtuvayre, a PDE-3 and PDE-4 inhibitor approved for COPD that is also in development for bronchiectasis. If Ohtuvayre receives a bronchiectasis label, it would become a direct competitor to BRINSUPRI with Merck's substantial commercial reach, offering a different mechanism of action in the same patient population.
Pulmonary hypertension incumbents: Johnson and Johnson, United Therapeutics, GSK
Insmed's TPIP pipeline targets pulmonary arterial hypertension and related conditions where established players including Johnson and Johnson (macitentan), United Therapeutics (treprostinil-based products), and GSK (ambrisentan) already hold significant market share and physician loyalty. TPIP would need to demonstrate a differentiated profile, such as improved convenience or efficacy, to displace or add to existing treatment regimens in a competitive landscape.
MAC lung disease: off-label antibiotic combinations and specialist centers
ARIKAYCE competes primarily with guideline-based multidrug antibiotic regimens (typically including azithromycin, rifampin, and ethambutol) prescribed off-label by infectious disease and pulmonology specialists. There are no other specifically approved products for MAC lung disease in the United States, but the complexity and side-effect profile of ARIKAYCE means that many physicians still rely on standard antibiotic combinations, particularly in newly diagnosed or less severe cases.
What stocks are similar to Insmed Incorporated (INSM)?
Other names that sit close to INSM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Insmed Incorporated (INSM)
There are three common ways to get INSM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it (IWM), which spreads the position across many companies. Or build it into a focused thematic portfolio, so INSM sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where INSM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Insmed Incorporated (INSM)
Insmed is a rare-disease respiratory company that crossed from single-product to dual-commercial in 2025: ARIKAYCE produced approximately $425 million in full-year 2025 revenue with ongoing double-digit growth, while BRINSUPRI posted $207.9 million in its second full quarter of sales in Q1 2026, with guidance pointing toward $1 billion or more for the full year. If you believe BRINSUPRI can sustain blockbuster-scale adoption in a large, previously untreated bronchiectasis population and that TPIP has a credible path in pulmonary hypertension, the question becomes sizing and overlap with other high-growth biotech positions, not timing. The risk is that the stock, trading at roughly 26x trailing price-to-sales as of late June 2026, already embeds an optimistic execution scenario, leaving limited margin for error if uptake disappoints, payers push back, or pipeline readouts disappoint.
More on Insmed Incorporated (INSM)
Whether INSM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is INSM a buy or a sell?, and where the stock could go from here in the INSM stock forecast.
For income investors, whether INSM pays a dividend and how the payout looks is covered in does INSM pay a dividend? And to weigh INSM against a peer, read the full side-by-side comparisons: INSM vs VRTX and INSM vs VERX.
Wondering how INSM fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Insmed Incorporated with AI
Connect the broker you already use and ask Walnut's AI how INSM fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Insmed do?
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Insmed is a global biopharmaceutical company focused on serious and rare respiratory diseases. It markets two products: ARIKAYCE, an inhaled antibiotic for refractory MAC lung disease approved in the U.S., EU, and Japan, and BRINSUPRI (brensocatib), the first and only FDA-approved treatment for non-cystic fibrosis bronchiectasis, which launched in August 2025. Its pipeline includes TPIP for pulmonary hypertension and early-stage gene therapy programs.
Is INSM a good stock to buy right now?
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That depends on your risk tolerance and time horizon. INSM offers genuine commercial momentum: BRINSUPRI generated $207.9 million in Q1 2026 alone, with company guidance of at least $1 billion for the full year. However, the stock trades at roughly 26x trailing sales, the company is still unprofitable, and a recent pipeline failure in rhinosinusitis showed that expansion is not guaranteed. Whether the current price adequately reflects those risks is a judgment each investor must make for themselves.
Does INSM pay a dividend?
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No. Insmed does not pay a dividend and has not announced plans to initiate one. The company continues to report net losses as it invests in the commercial launch of BRINSUPRI and its clinical pipeline. Investors are primarily exposed to potential capital appreciation, not income, and the company has funded operations in part through equity offerings, which can dilute existing shareholders.
Who are Insmed's main competitors?
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In non-CF bronchiectasis, no other drug is currently approved in the U.S., though Merck's Verona Pharma asset Ohtuvayre is in development for the indication. In MAC lung disease, ARIKAYCE competes mainly with guideline-based antibiotic combinations. In pulmonary hypertension, where Insmed's TPIP pipeline is headed, established players include United Therapeutics, Johnson and Johnson, and GSK with multiple marketed therapies.
Is INSM overvalued?
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Valuation is debated. As of late June 2026, INSM trades at roughly 26x trailing price-to-sales, well above the biotech industry average and peer comparables, according to Morningstar data. That premium embeds a scenario where BRINSUPRI reaches blockbuster revenue and the company approaches profitability by around 2028. If that ramp materializes, the multiple could look reasonable in hindsight; if execution disappoints, the valuation leaves limited cushion.
What is BRINSUPRI and why does it matter?
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BRINSUPRI (brensocatib) is an oral, once-daily DPP1 inhibitor that became the first and only FDA-approved therapy for non-cystic fibrosis bronchiectasis in August 2025. Bronchiectasis is a chronic, progressive lung disease affecting an estimated 500,000 Americans, and had no dedicated treatment for more than 200 years. BRINSUPRI's list price is approximately $88,000 per year, and analysts have projected peak U.S. sales could approach $3.7 billion by 2031.
What are the main risks of investing in INSM?
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Key risks include the company's still-unprofitable status, a demanding price-to-sales valuation that leaves little room for execution shortfalls, and payer or formulary friction that could slow BRINSUPRI adoption. Pipeline risk is real: brensocatib failed a Phase 2b study in chronic rhinosinusitis without nasal polyps in December 2025. Ongoing dilution from equity offerings, royalty and debt obligations, and the competitive threat of Merck's Ohtuvayre in bronchiectasis are additional considerations.
What is Insmed's revenue outlook for 2026?
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Insmed has guided for full-year 2026 BRINSUPRI revenues of at least $1 billion and ARIKAYCE revenues of $450 million to $470 million, which would imply total revenues of at least $1.45 billion for the year. Q1 2026 revenues of $306 million, with BRINSUPRI contributing $207.9 million, showed strong early progress toward that target. Analysts project revenue growing roughly 34% annually over the next three years on average.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Insmed Incorporated's investor relations page or your broker before making investment decisions.