INSM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $111.12

Market Cap (MRQ) $24.26B

P/E (TTM) -27.0

EPS (TTM) $-4.12

Revenue (TTM) $1.14B

ROE (TTM) -87.2%

Debt/Equity (MRQ) 0.7

52W Range $90–$213

INSM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

bars

Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.

Stock splits 2

Ex-date	Split	Type
March 3, 2011	1-for-10	Reverse
July 31, 2000	1-for-4	Reverse

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$606M

2016-12-31 → 2025-12-31

EPS$-6.42

2019-12-31 → 2025-12-31

Free Cash Flow$-968M

2016-12-31 → 2025-12-31

Net margin-76.9%

2018-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	INSM	5Y avg	Peer Median	Verdict
P/E (TTM)	-27.05Y avg ≈-11.5	≈-11.5	·	·
P/S (TTM)	21.35Y avg ≈27.8	≈27.8	7.3	Overvalued
P/B (MRQ)	32.05Y avg ≈23.7	≈23.7	6.1	Overvalued
EV / EBITDA	-18.65Y avg ≈-12.9	≈-12.9	·	·
Price / FCF (TTM)	-30.05Y avg ≈-16.0	≈-16.0	·	·
Price / Cash Flow (TTM)	-31.15Y avg ≈-16.4	≈-16.4	·	·
EV / Revenue (TTM)	20.85Y avg ≈27.3	≈27.3	·	·
EV / FCF (TTM)	-29.35Y avg ≈-15.7	≈-15.7	·	·
Price / Tangible Book (MRQ)	36.55Y avg ≈75.5	≈75.5	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	INSM	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-73.9%5Y avg ≈-213.0%	≈-213.0%	16.9%	Weak
EBITDA Margin	-205.6%5Y avg ≈-211.2%	≈-211.2%	15.8%	Weak
Pretax Margin (TTM)	-76.4%5Y avg ≈-226.4%	≈-226.4%	9.3%	Weak
Net Profit Margin (TTM)	-76.9%5Y avg ≈-226.9%	≈-226.9%	12.7%	Weak
ROA (TTM)	-38.2%5Y avg ≈-48.0%	≈-48.0%	6.8%	Weak
ROE (TTM)	-87.2%5Y avg ≈-376.1%	≈-376.1%	18.7%	Weak
ROIC	-97.8%5Y avg ≈-64.8%	≈-64.8%	16.4%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	INSM	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	0.75Y avg ≈3.1	≈3.1	0.0	High debt
Current Ratio (MRQ)	3.75Y avg ≈5.3	≈5.3	3.1	Strong liquidity
Quick Ratio (MRQ)	3.15Y avg ≈4.7	≈4.7	1.7	Strong liquidity
Long-Term Debt / Equity (MRQ)	0.75Y avg ≈3.1	≈3.1	·	·
Interest Coverage	-14.95Y avg ≈-12.1	≈-12.1	-2.3	Low liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	INSM	5Y avg	Peer Median	Verdict
Revenue YoY	66.7%5Y avg ≈31.0%	≈31.0%	·	·
Revenue CAGR 3Y	35.2%5Y avg ≈27.5%	≈27.5%	·	·
Revenue CAGR 5Y	29.8%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	INSM	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-6.425Y avg ≈$-5.02	≈$-5.02	·	·
Revenue / Share	$3.055Y avg ≈$2.22	≈$2.22	·	·
Cash Flow / Share	$-4.705Y avg ≈$-3.84	≈$-3.84	·	·
Cash / Share	$2.385Y avg ≈$4.54	≈$4.54	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	INSM	5Y avg	Peer Median	Verdict
Asset Turnover	0.35Y avg ≈0.2	≈0.2	0.7	Weak
Inventory Turnover	1.15Y avg ≈0.9	≈0.9	1.9	Weak
Receivables Turnover	6.35Y avg ≈8.2	≈8.2	7.1	Weak
Revenue / Employee	≈$364.4K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 6.1%

Next Report Oct 28, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 5, 2026	$-0.06	$-0.80	92.5%
March 31, 2026	May 6, 2026	$-0.76	$-0.98	22.3%
Dec. 31, 2025		$-1.54	$-1.32	-17.0%
Sept. 30, 2025		$-1.75	$-1.37	-28.1%
June 30, 2025		$-1.70	$-1.32	-28.9%
March 31, 2025		$-1.42	$-1.36	-4.5%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 17

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$606M	$364M	$305M	$245M	$188M	$164M	$136M	$10M	$0	$0	$0	·
Cost of Revenue	$123M	$86M	$66M	$55M	$44M	$40M	$24M	$2M	$0	$0	·	·
Gross Profit	·	·	·	·	·	·	$112M	$7M	$0	·	·	·
R&D Expense	$771M	$598M	$571M	$398M	$273M	$181M	$132M	$145M	$110M	$123M	$74M	$56M
SG&A Expense	$701M	$461M	$345M	$266M	$234M	$204M	$211M	$168M	$79M	$51M	$43M	$31M
Operating Expenses	$1.85B	$1.24B	$1.01B	$703M	$564M	$430M	$372M	$317M	$189M	$173M	$117M	$87M
Operating Income	$-1.25B	$-878M	$-710M	$-457M	$-375M	$-265M	$-235M	$-307M	$-189M	$-173M	$-117M	$-87M
Interest Expense	$84M	$85M	$82M	$26M	$40M	$30M	$28M	$25M	$6M	$3M	$3M	$2M
Other Non-op	$-2M	$29.0K	$2M	$-6M	$-3M	$405.0K	$-531.0K	$602.0K	$300.0K	$119.0K	$-33.0K	$141.0K
Pretax Income	$-1.27B	$-910M	$-747M	$-480M	$-436M	$-293M	$-254M	$-324M	$-193M	$-176M	$-120M	$-90M
Income Tax	$5M	$4M	$3M	$1M	$-2M	$1M	$777.0K	$201.0K	$-272.0K	$98.0K	$-2M	$-10M
Net Income	$-1.28B	$-914M	$-750M	$-482M	$-435M	$-294M	$-254M	$-324M	$-193M	$-176M	$-118M	$-79M
EPS (Basic)	$-6.42	$-5.57	$-5.34	$-3.91	$-3.88	$-3.01	$-3.01	·	·	·	·	·
EPS (Diluted)	$-6.42	$-5.57	$-5.34	$-3.91	$-3.88	$-3.01	$-3.01	·	·	·	·	·
Shares (Basic)	199,014,000	164,043,000	140,433,000	123,035,000	112,111,000	97,605,000	84,560,000	76,889,000	66,576,000	61,892,000	58,633,000	43,095,000
Shares (Diluted)	199,014,000	164,043,000	140,433,000	123,035,000	112,111,000	97,605,000	84,560,000	76,889,000	66,576,000	61,892,000	58,633,000	43,095,000
EBITDA	$-1.25B	$-878M	$-704M	$-452M	$-366M	$-256M	$-230M	$-304M	$-186M	$-171M	$-116M	·

Balance Sheet 27

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$510M	$555M	$482M	$1.07B	$717M	$533M	$487M	$495M	$381M	$163M	$283M	$159M
Short-term Investments	$920M	$879M	$298M	$74M	$0	·	·	·	·	·	·	·
Receivables	$141M	$52M	$41M	$30M	$24M	$17M	$19M	$6M	$0	·	·	·
Inventory	$132M	$99M	$83M	$70M	$67M	$50M	$28M	$7M	$0	·	·	·
Prepaid Expense	$91M	$37M	$24M	$25M	$29M	$24M	$20M	$11M	$8M	$6M	$5M	$5M
Current Assets	$1.79B	$1.62B	$929M	$1.27B	$837M	$623M	$555M	$519M	$389M	$168M	$288M	$165M
PP&E (Net)	$103M	$80M	$65M	$56M	$53M	$54M	$60M	$23M	$12M	$10M	$8M	$8M
PP&E (Gross)	$164M	$130M	$110M	$96M	$90M	$82M	$79M	$37M	$23M	$18M	$13M	$11M
Accum. Depreciation	$61M	$50M	$45M	$39M	$37M	$28M	$19M	$14M	$11M	$8M	$5M	$3M
Goodwill	$136M	$136M	$136M	$136M	$136M	$0	·	·	·	·	·	·
Intangibles	$98M	$59M	$64M	$69M	$74M	$49M	$54M	$59M	$58M	·	·	·
Total Assets	$2.26B	$2.03B	$1.33B	$1.66B	$1.24B	$796M	$742M	$605M	$462M	$238M	$357M	$231M
Accounts Payable	$80M	$73M	$65M	$50M	$36M	$43M	$13M	$18M	$15M	$10M	$7M	$9M
Accrued Liabilities	·	·	·	·	$61M	$38M	$40M	$38M	$17M	$17M	$11M	$10M
Current Liabilities	$469M	$298M	$226M	$190M	$135M	$119M	$85M	$80M	$45M	$28M	$22M	$20M
Capital Leases	$12M	$9M	$11M	$15M	$21M	$21M	$29M	·	·	·	·	·
Other Non-current Liabilities	$6M	$499.0K	$3M	$9M	$20M	$9M	$11M	$0	$765.0K	$693.0K	$572.0K	$23.0K
Total Liabilities	$1.53B	$1.74B	$1.66B	$1.57B	$833M	$520M	$481M	$396M	$101M	$83M	$45M	$45M
Long-term Debt	$547M	$1.12B	$1.18B	$1.15B	$800M	$450M	$450M	$450M	$55M	$55M	$25M	$25M
Total Debt	$541M	$1.10B	$1.16B	$1.13B	$567M	$356M	$336M	$317M	$56M	$55M	$25M	·
Common Stock	$2M	$2M	$1M	$1M	$1M	$1M	$897.0K	$773.0K	$766.0K	$620.0K	$618.0K	$498.0K
Paid-in Capital	$6.37B	$4.65B	$3.11B	$2.78B	$2.67B	$2.11B	$1.80B	$1.49B	$1.32B	$919M	$900M	$657M
Retained Earnings	$-5.64B	$-4.36B	$-3.45B	$-2.70B	$-2.27B	$-1.83B	$-1.54B	$-1.28B	$-958M	$-765M	$-589M	$-471M
AOCI	$1M	$-2M	$-745.0K	$756.0K	$968.0K	$193.0K	$-10.0K	$-9.0K	$-3.0K	$-65.0K	·	·
Stockholders' Equity	$739M	$285M	$-332M	$88M	$410M	$276M	$262M	$208M	$361M	$154M	$312M	$186M
Liabilities + Equity	$2.26B	$2.03B	$1.33B	$1.66B	$1.24B	$796M	$742M	$605M	$462M	$238M	$357M	$231M
Shares Outstanding	214,255,853	179,383,000	147,978,000	135,654,000	118,738,000	102,763,060	89,682,387	77,307,521	76,610,508	62,019,889	61,813,995	49,806,131

Cash Flow 15

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	·	·	$6M	$5M	$9M	$9M	$5M	$4M	$3M	$2M	$2M	$1M
Stock-based Comp	$153M	$97M	$75M	$58M	$46M	$36M	$27M	$26M	$18M	$18M	$16M	$11M
Deferred Tax	$-27.0K	$-29.0K	$-54.0K	$-231.0K	$-3M	$0	$0	$0	$-417.0K	$0	$0	·
Amort. of Intangibles	$6M	$5M	$5M	$5M	$5M	$5M	$5M	$1M	$0	$0	·	·
Other Non-cash	·	·	$133M	$18M	$20M	$29M	$-28M	$36M	$12M	$9M	$-89.0K	·
Operating Cash Flow	$-935M	$-684M	$-536M	$-400M	$-363M	$-219M	$-251M	$-258M	$-160M	$-147M	$-101M	$-64M
CapEx	$33M	$22M	$13M	$10M	$7M	$6M	$42M	$13M	$3M	$4M	$3M	$5M
Investing Cash Flow	$-65M	$-583M	$-224M	$-35M	$-64M	$-7M	$-42M	$-15M	$-3M	$-4M	$-3M	·
Stock Issued	$823M	$1.08B	$152M	$292M	$270M	$246M	$261M	$0	$378M	$0	$223M	$109M
Net Stock Activity	$823M	$1.08B	$152M	$292M	$270M	$246M	$261M	$0	$378M	·	$223M	·
Financing Cash Flow	$954M	$1.34B	$168M	$793M	$613M	$271M	$285M	$387M	$381M	$31M	$228M	·
Net Change in Cash	$-45M	$73M	$-592M	$357M	$184M	$45M	$-8M	$114M	$219M	$-120M	$124M	$45M
Taxes Paid	$4M	$2M	$2M	$2M	$2M	$814.0K	$339.0K	$154.0K	$166.0K	$85.0K	$-3M	$9M
Free Cash Flow	$-968M	$-706M	$-550M	$-410M	$-371M	$-226M	$-293M	$-271M	$-163M	$-151M	$-104M	·
Levered FCF	$-1.05B	$-791M	$-632M	$-437M	$-411M	$-255M	$-321M	$-297M	$-169M	$-154M	$-107M	·

Profitability 8

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	·	·	·	·	·	·	82.3%	·	·	·	·	·
Operating Margin	-205.6%	-241.5%	-232.5%	-186.4%	-199.0%	-161.3%	-172.4%	-3124.9%	·	·	·	·
Net Margin	-210.5%	-251.2%	-245.6%	-196.3%	-230.6%	-178.9%	-186.4%	-3297.2%	·	·	·	·
Pretax Margin	-209.7%	-250.2%	-244.8%	-195.7%	-231.6%	-178.0%	-185.8%	-3295.1%	·	·	·	·
EBITDA Margin	-205.6%	-241.5%	-230.7%	-184.2%	-194.2%	-155.8%	-168.6%	-3088.3%	·	·	·	·
ROA	-59.5%	-54.5%	-50.2%	-33.2%	-42.6%	-38.2%	-37.8%	-60.8%	-55.0%	-59.3%	-40.2%	·
ROE	-128.4%	-237.7%	241.3%	-1660.7%	-95.0%	-92.9%	-89.9%	-129.8%	-74.7%	-75.6%	-47.5%	·
ROIC	-97.8%	-63.5%	-86.5%	-37.8%	-38.2%	-42.1%	-39.5%	-58.6%	-45.3%	-82.9%	-34.3%	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	3.8	5.5	4.1	6.7	6.2	5.2	6.5	6.5	8.7	6.0	12.9	·
Quick Ratio	3.4	5.0	3.6	6.2	5.5	4.6	5.9	6.3	8.5	5.8	12.7	·
Debt / Equity	0.7	3.9	-3.5	12.8	1.4	1.3	1.3	1.5	0.2	0.4	0.1	·
LT Debt / Equity	0.7	3.9	-3.5	12.8	1.4	1.3	1.3	1.5	0.2	0.4	0.1	·
Interest Coverage	-14.9	-10.3	-8.7	-17.3	-9.3	-9.0	-8.5	-12.1	-31.9	-49.6	-40.7	·

Efficiency 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.0	·	·	·
Inventory Turnover	1.1	0.9	0.9	0.8	0.8	1.0	1.4	0.7	·	·	·	·
Receivables Turnover	6.3	7.8	8.6	9.1	9.2	9.2	11.0	3.6	·	·	·	·

Per Share 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$3.45	$1.59	$-2.24	$0.65	$3.46	$2.68	$2.92	$2.69	$4.71	$2.49	$5.04	·
Revenue / Share	$3.05	$2.22	$2.17	$1.99	$1.68	$1.68	$1.61	$0.13	$0.00	·	·	·
Cash Flow / Share	$-4.70	$-4.17	$-3.82	$-3.25	$-3.24	$-2.25	$-2.96	$-3.36	$-2.40	$-2.37	$-1.72	·
Cash / Share	$2.38	$3.09	$3.26	$7.92	$6.04	$5.18	$5.44	$6.40	$4.98	$2.62	$4.58	·
EPS (TTM)	$-6.42	$-5.57	$-5.34	$-3.91	$-3.88	$-3.01	$-3.01	·	·	·	·	·

Growth Rates 3

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	66.7%	19.2%	24.4%	30.2%	14.6%	·	·	·	·	·	·	·
Revenue CAGR 3Y	35.2%	24.5%	22.9%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	29.8%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 14

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$606M	$364M	$305M	$245M	$188M	$164M	$136M	$10M	$0	$0	$0	$12M
Net Income TTM	$-1.28B	$-914M	$-750M	$-482M	$-435M	$-294M	$-254M	$-324M	$-193M	$-176M	$-118M	$-79M
Market Cap	$37.29B	$12.38B	$4.59B	$2.71B	$3.23B	$3.42B	$2.14B	$1.01B	$2.39B	$821M	$1.12B	·
Enterprise Value	$36.40B	$12.05B	$4.96B	$2.69B	$3.08B	$3.24B	$1.99B	$836M	$2.06B	$713M	$864M	·
P/E	-27.1	-12.4	-5.8	-5.1	-7.0	-11.1	-7.9	·	·	·	·	·
P/S	61.5	34.1	15.0	11.0	17.2	20.8	15.7	103.1	·	·	·	·
P/B	50.5	43.4	-13.8	30.8	7.9	12.4	8.2	4.9	6.6	5.3	3.6	·
P / Tangible Book	73.8	136.7	·	·	16.1	15.1	·	·	·	·	·	·
P / Cash Flow	-39.9	-18.1	-8.6	-6.8	-8.9	-15.6	-8.5	-3.9	-15.0	-5.6	-11.1	·
P / FCF	-38.5	-17.5	-8.3	-6.6	-8.7	-15.2	-7.3	-3.7	-14.7	-5.4	-10.8	·
EV / EBITDA	-29.2	-13.7	-7.0	-5.9	-8.4	-12.7	-8.7	-2.8	-11.1	-4.2	-7.5	·
EV / FCF	-37.6	-17.1	-9.0	-6.5	-8.3	-14.4	-6.8	-3.1	-12.7	-4.7	-8.3	·
EV / Revenue	60.0	33.1	16.3	11.0	16.4	19.7	14.6	85.0	·	·	·	·
Earnings Yield	-3.7%	-8.1%	-17.2%	-19.6%	-14.2%	-9.0%	-12.6%	·	·	·	·	·

Income Statement 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$425M	$306M	$264M	$142M	$107M	$93M	$104M	$93M	$90M	$76M	$84M	$79M	$77M	$65M	$59M	$68M
Cost of Revenue	$67M	$47M	$44M	$29M	$28M	$21M	$26M	$21M	$21M	$17M	$18M	$17M	$17M	$14M	$13M	$13M
R&D Expense	$210M	$209M	$255M	$186M	$177M	$153M	$180M	$151M	$147M	$121M	$137M	$109M	$197M	$128M	$125M	$100M
SG&A Expense	$247M	$247M	$212M	$186M	$155M	$148M	$143M	$119M	$107M	$93M	$90M	$91M	$84M	$80M	$73M	$76M
Operating Expenses	$427M	$459M	$584M	$508M	$420M	$341M	$335M	$307M	$379M	$221M	$262M	$227M	$313M	$213M	$211M	$195M
Operating Income	$-2M	$-153M	$-320M	$-366M	$-313M	$-248M	$-230M	$-213M	$-289M	$-146M	$-178M	$-148M	$-236M	$-148M	$-151M	$-128M
Interest Expense	·	·	·	·	$21M	$22M	$22M	$21M	$21M	$21M	$21M	$20M	$21M	$20M	$16M	$3M
Other Non-op	$-531.0K	$-736.0K	$-2M	$-603.0K	$453.0K	$132.0K	$-445.0K	$2M	$-269.0K	$-1M	$2M	$285.0K	$-488.0K	$-111.0K	$1M	$-2M
Pretax Income	$-11M	$-162M	$-327M	$-369M	$-320M	$-256M	$-234M	$-220M	$-300M	$-157M	$-185M	$-158M	$-244M	$-159M	$-160M	$-131M
Income Tax	$2M	$1M	$2M	$1M	$1M	$912.0K	$1M	$1M	$838.0K	$589.0K	$998.0K	$544.0K	$530.0K	$483.0K	$125.0K	$372.0K
Net Income	$-13M	$-164M	$-328M	$-370M	$-322M	$-257M	$-236M	$-221M	$-301M	$-157M	$-186M	$-159M	$-245M	$-160M	$-160M	$-131M
EPS (Basic)	$-0.06	$-0.76	$-1.55	$-1.75	$-1.70	$-1.42	$-1.30	$-1.27	$-1.94	$-1.06	$-1.28	$-1.11	$-1.78	$-1.17	$-1.22	$-1.09
EPS (Diluted)	$-0.06	$-0.76	$-1.55	$-1.75	$-1.70	$-1.42	$-1.30	$-1.27	$-1.94	$-1.06	$-1.28	$-1.11	$-1.78	$-1.17	$-1.22	$-1.09
Shares (Basic)	217,352,000	215,468,000	·	211,759,000	189,302,000	180,860,000	·	173,721,000	154,702,000	148,456,000	·	142,899,000	137,553,000	136,355,000	·	120,789,000
Shares (Diluted)	217,352,000	215,468,000	·	211,759,000	189,302,000	180,860,000	·	173,721,000	154,702,000	148,456,000	·	142,899,000	137,553,000	136,355,000	·	120,789,000
EBITDA	$-2M	$-153M	·	$-366M	$-313M	$-248M	·	$-213M	$-289M	$-146M	·	$-148M	$-236M	$-148M	·	$-128M

Balance Sheet 26

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$545M	$582M	$510M	$335M	$1.28B	$403M	$555M	$461M	$1.25B	$596M	·	$487M	$613M	$969M	·	$415M
Short-term Investments	$616M	$641M	$920M	$1.35B	$572M	$796M	$879M	$1.01B	$0	$0	·	$299M	$305M	$30M	·	$99M
Receivables	$215M	$179M	$141M	$65M	$55M	$48M	$52M	$42M	$40M	$37M	·	$36M	$31M	$31M	·	$27M
Inventory	$142M	$133M	$132M	$121M	$108M	$101M	$99M	$98M	$90M	$83M	·	$78M	$77M	$71M	·	$66M
Prepaid Expense	$116M	$78M	$91M	$66M	$62M	$55M	$37M	$41M	$41M	$43M	·	$27M	$26M	$29M	·	$25M
Current Assets	$1.63B	$1.61B	$1.79B	$1.93B	$2.08B	$1.40B	$1.62B	$1.65B	$1.42B	$759M	·	$927M	$1.05B	$1.13B	·	$632M
PP&E (Net)	$107M	$103M	$103M	$90M	$90M	$88M	$80M	$75M	$73M	$69M	·	$65M	$62M	$60M	·	$54M
PP&E (Gross)	$174M	$166M	$164M	$147M	$145M	$141M	$130M	$124M	$120M	$115M	·	$108M	$104M	$100M	·	$92M
Accum. Depreciation	$67M	$64M	$61M	$57M	$55M	$52M	$50M	$49M	$47M	$46M	·	$43M	$42M	$41M	·	$38M
Goodwill	$136M	$136M	$136M	$136M	$136M	$136M	$136M	$136M	$136M	$136M	·	$136M	$136M	$136M	·	$136M
Intangibles	$93M	$96M	$98M	$85M	$56M	$57M	$59M	$60M	$61M	$62M	$64M	$65M	$66M	$67M	·	$70M
Total Assets	$2.10B	$2.08B	$2.26B	$2.36B	$2.48B	$1.80B	$2.03B	$2.05B	$1.81B	$1.16B	·	$1.32B	$1.44B	$1.52B	·	$995M
Accounts Payable	$75M	$73M	$80M	$80M	$74M	$58M	$73M	$65M	$51M	$44M	·	$65M	$56M	$57M	·	$12M
Current Liabilities	$439M	$361M	$469M	$417M	$312M	$239M	$298M	$259M	$524M	$421M	·	$197M	$204M	$188M	·	$138M
Capital Leases	$8M	$10M	$12M	$8M	$8M	$8M	$9M	$10M	$12M	$14M	·	$13M	$13M	$15M	·	$17M
Other Non-current Liabilities	$6M	$6M	$6M	$6M	$6M	$5M	$499.0K	$3M	$3M	$3M	·	$6M	$11M	$10M	·	$11M
Total Liabilities	$1.35B	$1.37B	$1.53B	$1.42B	$1.23B	$1.70B	$1.74B	$1.57B	$1.77B	$1.62B	·	$1.61B	$1.59B	$1.56B	·	$1.02B
Long-term Debt	$547M	$547M	$547M	$547M	$547M	$1.12B	·	$972M	$1.19B	$1.18B	·	$1.17B	$1.17B	$1.16B	·	$800M
Total Debt	$544M	$542M	·	$540M	$539M	$1.11B	·	$955M	$1.17B	$1.16B	·	$1.15B	$1.14B	$1.13B	·	$785M
Common Stock	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$1M	·	$1M	$1M	$1M	·	$1M
Paid-in Capital	$6.57B	$6.50B	$6.37B	$6.25B	$6.18B	$4.71B	$4.65B	$4.61B	$3.94B	$3.14B	·	$2.97B	$2.95B	$2.81B	·	$2.51B
Retained Earnings	$-5.81B	$-5.80B	$-5.64B	$-5.31B	$-4.94B	$-4.62B	$-4.36B	$-4.12B	$-3.90B	$-3.60B	·	$-3.26B	$-3.10B	$-2.86B	·	$-2.54B
AOCI	$-3M	$4.0K	$1M	$2M	$2M	$-902.0K	$-2M	$547.0K	$-3M	$-2M	·	$-2M	$-1M	$1M	·	$-1M
Stockholders' Equity	$757M	$705M	$739M	$946M	$1.25B	$99M	$285M	$483M	$39M	$-465M	$-332M	$-289M	$-156M	$-45M	$88M	$-30M
Liabilities + Equity	$2.10B	$2.08B	$2.26B	$2.36B	$2.48B	$1.80B	$2.03B	$2.05B	$1.81B	$1.16B	·	$1.32B	$1.44B	$1.52B	·	$995M
Shares Outstanding	218,281,059	216,521,841	214,255,853	212,583,015	211,110,658	181,900,074	179,382,635	178,846,991	166,666,599	148,560,882	147,978,000	143,049,197	142,750,463	136,429,216	135,654,000	121,726,199

Cash Flow 12

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Stock-based Comp	$41M	$46M	$39M	$31M	$43M	$39M	$27M	$26M	$23M	$21M	$20M	$20M	$18M	$16M	$15M	$16M
Deferred Tax	$0	$0	$-27.0K	$0	$0	$0	$-29.0K	$0	$0	$0	$-54.0K	$0	$0	$0	$-231.0K	$0
Amort. of Intangibles	$2M	$2M	$2M	$2M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M
Operating Cash Flow	$-89M	$-223M	$-248M	$-220M	$-206M	$-262M	$-196M	$-181M	$-123M	$-184M	$-131M	$-136M	$-123M	$-146M	$-103M	$-90M
CapEx	$6M	$3M	$17M	$2M	$3M	$10M	$7M	$4M	$7M	$5M	$2M	$3M	$5M	$3M	$5M	$582.0K
Investing Cash Flow	$25M	$266M	$389M	$-762M	$228M	$80M	$132M	$-1.00B	$-7M	$295M	$2M	$7M	$-274M	$42M	$20M	$49M
Stock Issued	·	·	$0	$-256.0K	·	·	$-12.0K	$371M	·	·	$114M	$0	·	·	$259M	$33M
Financing Cash Flow	$27M	$30M	$34M	$33M	$858M	$29M	$159M	$397M	$781M	$3M	$123M	$1M	$44M	$-399.0K	$743M	$37M
Net Change in Cash	$-37M	$72M	$176M	$-950M	$881M	$-152M	$94M	$-785M	$651M	$113M	$-5M	$-126M	$-356M	$-105M	$659M	$-1M
Taxes Paid	$696.0K	$3M	$111.0K	$1M	$677.0K	$2M	$248.0K	$689.0K	$354.0K	$1M	$75.0K	$518.0K	$358.0K	$1M	$91.0K	$432.0K
Free Cash Flow	·	$-226M	·	·	·	$-272M	·	·	·	$-189M	·	·	·	$-150M	·	·
Levered FCF	·	·	·	·	·	$-294M	·	·	·	$-210M	·	·	·	$-170M	·	·

Profitability 7

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-0.36%	-50.1%	·	-257.1%	-291.3%	-267.3%	·	-228.4%	-319.8%	-192.7%	·	-186.8%	-305.0%	-227.2%	·	-188.5%
Net Margin	-3.1%	-53.5%	·	-259.9%	-299.5%	-276.4%	·	-236.0%	-332.8%	-208.1%	·	-201.0%	-317.0%	-245.0%	·	-193.6%
Pretax Margin	-2.7%	-53.0%	·	-259.0%	-298.3%	-275.4%	·	-235.0%	-331.8%	-207.3%	·	-200.3%	-316.3%	-244.2%	·	-193.1%
EBITDA Margin	-0.36%	-50.1%	·	-257.1%	-291.3%	-267.3%	·	-228.4%	-319.8%	-192.7%	·	-186.8%	-305.0%	-227.2%	·	-188.5%
ROA	-0.58%	-8.4%	·	-16.8%	-15.0%	-17.3%	·	-13.1%	-18.5%	-11.7%	·	-13.7%	-19.6%	-12.0%	·	-11.4%
ROE	-1.3%	-40.7%	·	-51.8%	-49.9%	140.3%	·	-227.3%	514.2%	61.7%	·	99.6%	439.1%	-424.7%	·	-55.2%
ROIC	-0.14%	-12.4%	·	-24.7%	-17.6%	-20.7%	·	-14.9%	-23.9%	-20.9%	·	-17.3%	-24.0%	-13.7%	·	-17.0%

Liquidity & Solvency 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	3.7	4.5	·	4.6	6.7	5.9	·	6.4	2.7	1.8	·	4.7	5.2	6.0	·	4.6
Quick Ratio	3.1	3.9	·	4.2	6.1	5.2	·	5.8	2.5	1.5	·	4.2	4.6	5.5	·	3.9
Debt / Equity	0.7	0.8	·	0.6	0.4	11.1	·	2.0	30.2	-2.5	·	-4.0	-7.3	-25.4	·	-26.2
LT Debt / Equity	0.7	0.8	·	0.6	0.4	11.1	·	2.0	24.4	-2.0	·	-4.0	-7.3	-25.4	·	-26.2
Interest Coverage	·	·	·	·	-14.7	-11.5	·	-10.1	-13.6	-6.9	·	-7.3	-11.4	-7.4	·	-38.1

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.2	0.2	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.0	·	0.1
Inventory Turnover	0.5	0.4	·	0.3	0.3	0.2	·	0.2	0.3	0.2	·	0.2	0.2	0.2	·	0.2
Receivables Turnover	3.1	2.7	·	2.6	2.3	2.2	·	2.4	2.5	2.2	·	2.5	2.6	2.3	·	2.9

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$3.47	$3.26	·	$4.45	$5.92	$0.55	·	$2.70	$0.23	$-3.13	·	$-2.02	$-1.09	$-0.33	·	$-0.25
Revenue / Share	$1.96	$1.42	·	$0.67	$0.57	$0.51	·	$0.54	$0.58	$0.51	·	$0.55	$0.56	$0.48	·	$0.56
Cash Flow / Share	·	$-1.03	·	·	·	$-1.45	·	·	·	$-1.24	·	·	·	$-1.07	·	·
Cash / Share	$2.50	$2.69	·	$1.57	$6.08	$2.22	·	$2.58	$7.48	$4.01	·	$3.41	$4.29	$7.10	·	$3.41
EPS (TTM)	$-4.12	$-5.76	·	$-6.17	$-5.69	$-5.93	·	$-5.55	$-5.39	$-5.23	·	$-5.28	$-5.26	$-4.28	·	$-3.65

Valuation (TTM) 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$1.14B	$820M	·	$447M	$398M	$381M	·	$343M	$329M	$315M	·	$281M	$269M	$257M	·	$242M
Net Income TTM	$-875M	$-1.18B	·	$-1.18B	$-1.03B	$-1.01B	·	$-864M	$-803M	$-747M	·	$-724M	$-696M	$-547M	·	$-434M
Market Cap	$23.27B	$35.41B	·	$30.61B	$21.25B	$13.88B	·	$13.06B	$11.17B	$4.03B	·	$3.61B	$3.01B	$2.33B	·	$2.62B
Enterprise Value	$22.66B	$34.72B	·	$29.47B	$19.93B	$13.78B	·	$12.54B	$11.09B	$4.60B	·	$3.97B	$3.23B	$2.46B	·	$2.89B
P/E	-25.9	-28.4	·	-23.3	-17.7	-12.9	·	-13.2	-12.4	-5.2	·	-4.8	-4.0	-4.0	·	-5.9
P/S	20.5	43.2	·	68.5	53.4	36.4	·	38.1	34.0	12.8	·	12.9	11.2	9.0	·	10.8
P/B	30.7	50.2	·	32.4	17.0	139.9	·	27.0	287.7	-8.7	·	-12.5	-19.3	-52.1	·	-87.5
P / Tangible Book	44.1	74.8	·	42.2	20.1	·	·	45.4	·	·	·	·	·	·	·	·
P / Cash Flow	·	-159.0	·	·	·	-52.9	·	·	·	-21.9	·	·	·	-15.9	·	·
EV / Revenue	19.9	42.4	·	65.9	50.1	36.2	·	36.6	33.8	14.6	·	14.2	12.0	9.6	·	11.9
Earnings Yield	-3.9%	-3.5%	·	-4.3%	-5.7%	-7.8%	·	-7.6%	-8.0%	-19.3%	·	-20.9%	-24.9%	-25.1%	·	-17.0%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$606M	$364M	$305M	$245M	$188M
Operating Margin %	-205.6%	-241.5%	-232.5%	-186.4%	-199.0%
Net Income	$-1.28B	$-914M	$-750M	$-482M	$-435M
Diluted EPS	$-6.42	$-5.57	$-5.34	$-3.91	$-3.88

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.7	3.9	-3.5	12.8	1.4
Current Ratio	3.8	5.5	4.1	6.7	6.2
Quick Ratio	3.4	5.0	3.6	6.2	5.5

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-968M	$-706M	$-550M	$-410M	$-371M

Institutional owners (13F) 745 filers · $27.2B total · As of Sept. 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 745

Value held $27.2B

New positions 129

Exited positions 115

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
129 (+11 vs prior Q)	115 (+23 vs prior Q)	256 (-28 vs prior Q)	241 (+13 vs prior Q)	+7.8M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
VANGUARD GROUP INC	$3,668,126,910	21,076,344	13.48%	Shares
FMR LLC	$1,721,228,828	16,143,583	6.33%	Shares
BlackRock, Inc.	$1,685,447,191	15,807,984	6.19%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$1,109,696,908	10,407,962	4.08%	Shares
JPMORGAN CHASE & CO	$1,092,246,620	10,428,170	4.01%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$1,043,902,026	9,790,865	3.84%	Shares
BAKER BROS. ADVISORS LP	$937,841,355	8,796,111	3.45%	Shares
Capital International Investors	$878,338,960	8,238,124	3.23%	Shares
Darwin Global Management, Ltd.	$673,600,013	6,431,163	2.48%	Shares
AMERIPRISE FINANCIAL INC	$658,878,001	6,179,571	2.42%	Shares
Orbis Allan Gray Ltd	$647,875,044	6,076,487	2.38%	Shares
STATE STREET CORP	$645,282,792	6,052,174	2.37%	Shares
D. E. Shaw & Co., Inc.	$626,707,989	5,877,959	2.30%	Shares
Artisan Partners Limited Partnership	$580,195,955	5,441,718	2.13%	Shares
RTW INVESTMENTS, LP	$516,347,866	4,842,880	1.90%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$448,763,113	4,220,155	1.65%	Shares
NORGES BANK	$360,124,083	3,377,641	1.32%	Shares
UBS Group AG	$275,553,633	2,584,446	1.01%	Shares
CITADEL ADVISORS LLC	$272,624,461	2,556,973	1.00%	Shares
FRANKLIN RESOURCES INC	$242,371,000	2,273,222	0.89%	Shares
MAVERICK CAPITAL LTD	$229,314,244	2,150,762	0.84%	Shares
MILLENNIUM MANAGEMENT LLC	$218,358,293	2,048,005	0.80%	Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$198,680,888	1,215,025	0.73%	Shares
Qube Research & Technologies Ltd	$179,370,451	1,682,334	0.66%	Shares
WESTFIELD CAPITAL MANAGEMENT CO LP	$173,743,795	1,629,561	0.64%	Shares
Integral Health Asset Management, LLC	$170,592,000	1,600,000	0.63%	Shares
GOLDMAN SACHS GROUP INC	$150,322,007	1,409,885	0.55%	Shares
VANGUARD FIDUCIARY TRUST CO	$149,433,474	1,401,552	0.55%	Shares
Bellevue Group AG	$148,566,227	1,393,418	0.55%	Shares
Balyasny Asset Management L.P.	$141,423,967	1,326,430	0.52%	Shares
Paradigm Biocapital Advisors LP	$141,375,668	1,325,977	0.52%	Shares
NORTHERN TRUST CORP	$140,239,951	1,315,325	0.52%	Shares
Bank of New York Mellon Corp	$139,965,961	1,312,756	0.51%	Shares
TWO SIGMA INVESTMENTS, LP	$132,445,710	1,242,222	0.49%	Shares
MORGAN STANLEY	$131,515,791	1,233,498	0.48%	Shares
Pictet Asset Management Holding SA	$129,804,038	1,220,353	0.48%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$129,432,735	1,213,963	0.48%	Shares
Hood River Capital Management LLC	$112,683,586	1,056,871	0.41%	Shares
BANK OF AMERICA CORP /DE/	$109,084,466	1,023,114	0.40%	Shares
SEI INVESTMENTS CO	$108,312,723	1,015,870	0.40%	Shares
Castle Hook Partners LP	$105,906,712	993,310	0.39%	Shares
JENNISON ASSOCIATES LLC	$96,501,143	905,094	0.35%	Shares
TimesSquare Capital Management, LLC	$95,626,169	584,798	0.35%	Shares
Polar Capital Holdings Plc	$94,984,773	890,872	0.35%	Shares
MILLENNIUM MANAGEMENT LLC	$92,119,680	864,000	0.34%	Call option
FIL Ltd	$91,289,537	856,214	0.34%	Shares
PRINCIPAL FINANCIAL GROUP INC	$91,280,154	856,126	0.34%	Shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	$90,627,000	850,000	0.33%	Shares
Fiera Capital Corp	$89,885,138	843,042	0.33%	Shares
Legal & General Group Plc	$88,114,072	826,431	0.32%	Shares

Show all 745 institutional owners →

Company insiders 48 insiders · 31 officers · 18 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
William Lewis	Chair and CEO	July 23, 2026 M	259,058	74	$-32,791,057
Timothy Whitten	President & CEO	June 1, 2012 P	10,000	0	$0
Geoffrey Allan	President, CEO and Chairman	March 31, 2009 M	1,715,557	0	$0
Sara Bonstein	Chief Financial Officer	June 3, 2026 S	69,082	6	$-2,132,573
Paolo Tombesi	Chief Financial Officer	Jan. 3, 2019 A	10,669	0	$0
Andrew T Drechsler	Chief Financial Officer	March 1, 2017 M	15,000	0	$0
Kevin P Tully	Executive VP & CFO	Dec. 21, 2011 A	377,344	0	$0
Steve C Glover	President Follow-on Biologics	March 31, 2009 M	372,113	0	$0
Roger Adsett	Chief Operating Officer	Aug. 10, 2026 M	98,744	10	$-48,253,225
Ronald D Gunn	Executive Vice President & COO	Dec. 8, 2005 A	40,074	0	$0
Martina Flammer M.D.	Chief Medical Officer	Aug. 6, 2026 M	60,486	40	$-23,323,179
Samuele Butera	SVP, GM, Global Respiratory	June 23, 2026 A	7,342	0	$0
Michael Alexander Smith	Chief Legal Officer	June 22, 2026 S	37,648	20	$-13,997,738
Orlov S Nicole Schaeffer	Chief People Strategy Officer	Jan. 2, 2026 M	41,754	9	$-21,113,483
John Drayton Wise	Chief Commercial Officer	Feb. 7, 2025 S	133,015	0	$0
John Soriano	Chief Compliance Officer	Sept. 7, 2021 M	35,204	0	$0
Christine A Pellizzari	Chief Legal Officer	May 15, 2021 F	149,985	0	$0
John Goll	Chief Accounting Officer	Jan. 3, 2020 A	14,166	0	$0
Paul Streck	Chief Medical Officer	Aug. 8, 2018 A	15,996	0	$0
Eugene Jeffrey Sullivan	Chief Med. & Scientific Ofc.	May 17, 2017 A	·	0	$0
Mark Quigley	Vice President, Quality	May 12, 2015 M	0	0	$0
Peggy Berry	Vice President, Regulatory	Feb. 26, 2015 A	·	0	$0
Matthew Pauls	Chief Commercial Officer	June 2, 2014 A	·	0	$0
Renu Gupta	Executive Vice President & CMO	Jan. 31, 2014 M	37,014	0	$0
Andrea Holtzman Drucker	SVP, Gen. Counsel & Corp Sec.	June 3, 2013 M	45,000	0	$0
Nicholas A. Labella Jr.	Chief Scientific Officer	Dec. 21, 2011 A	·	0	$0
Nicholas Lee Gurreri	Senior VP, Commercial Ops	Jan. 31, 2011 A	·	0	$0
Doug Farrar	Vice President, ITP	March 31, 2009 M	292,055	0	$0
Michael Duncan	Principal Financial Officer	Dec. 8, 2005 A	·	0	$0
Philip J Young	Chief Business Officer and EVP	Dec. 8, 2005 A	·	0	$0
Thomas A Keuer	Sr VP, ITP (Subsidiary)	Dec. 8, 2005 A	·	0	$0
David R Brennan	Director	Sept. 9, 2026 S	39,238	1	$-3,100,000
Melvin Sharoky MD	Director	Aug. 17, 2026 S	0	2	$-4,737,850
Clarissa Desjardins	Director	May 13, 2026 A	70,312	0	$0
Elizabeth M Anderson	Director	May 13, 2026 A	62,034	2	$-2,981,600
Leo Lee	Director	May 13, 2026 A	57,971	5	$-14,692,249
David W J Mcgirr	Director	Feb. 9, 2026 G	53,400	0	$0
Alfred Altomari	Director	May 13, 2024 A	69,495	0	$0
Steinar J Engelsen	Director	Nov. 1, 2021 P	320,802	0	$0
Donald J Hayden JR	Director	April 9, 2019 M	62,197	0	$0
Myrtle S Potter	Director	May 15, 2018 A	25,510	0	$0
Randall W Whitcomb	Director	March 10, 2015 M	69,188	0	$0
Richard S Kollender	Director	Oct. 31, 2013 M	24,598	0	$0
Dennis M Lanfear	Director	June 9, 2010 A	168,404	0	$0
Graham K Crooke	Director	June 9, 2010 A	228,404	0	$0
Kenneth G Condon	Director	June 9, 2010 A	168,504	0	$0
FMR LLC	10% owner	July 22, 2013 S	2,221	0	$0
Carol Schafer	·	May 13, 2026 A	66,622	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 73 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
MEDI · Harbor ETF Trust	2.52%	10,513 NS	July 31, 2026	N-PORT
IBB · iShares Trust	2.02%	1,640,771 SH	Sept. 11, 2026	Daily
IBBQ · Invesco Exchange-Traded Fund Trust …	1.63%	15,452 SH	Oct. 1, 2026	Daily
SPIT · RBB Fund, Inc.	1.60%	5,414 NS	July 31, 2026	N-PORT
BBP · ETFis Series Trust I	1.39%	13,870 NS	July 31, 2026	N-PORT
JDOC · J.P. Morgan Exchange-Traded Fund Tr…	0.97%	894 NS	July 31, 2026	N-PORT
IWP · iShares Trust	0.80%	1,209,253 SH	Sept. 11, 2026	Daily
LABU · Direxion Shares ETF Trust	0.73%	36,726 NS	July 31, 2026	N-PORT
IYH · iShares Trust	0.44%	125,597 SH	Sept. 11, 2026	Daily
IMCG · iShares Trust	0.38%	118,553 SH	Sept. 11, 2026	Daily
WINN · Harbor ETF Trust	0.36%	40,917 NS	July 31, 2026	N-PORT
VHT · VANGUARD WORLD FUND	0.33%	632,581 SH	Aug. 19, 2026	Daily
VBK · VANGUARD INDEX FUNDS	0.32%	1,435,651 SH	Aug. 19, 2026	Daily
FHLC · FIDELITY COVINGTON TRUST	0.30%	100,200 NS	July 31, 2026	N-PORT
FFLG · FIDELITY COVINGTON TRUST	0.26%	15,672 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.26%	2,487,127 SH	Aug. 19, 2026	Daily
VOT · VANGUARD INDEX FUNDS	0.25%	830,249 SH	Aug. 19, 2026	Daily
SIZE · iShares Trust	0.23%	7,660 SH	Sept. 11, 2026	Daily
PWS · Pacer Funds Trust	0.21%	502 NS	July 31, 2026	N-PORT
IWR · iShares Trust	0.20%	879,778 SH	Sept. 11, 2026	Daily
EUSA · iShares, Inc.	0.20%	29,864 SH	Sept. 11, 2026	Daily
HEQQ · J.P. Morgan Exchange-Traded Fund Tr…	0.19%	587 NS	July 31, 2026	N-PORT
IMCB · iShares Trust	0.19%	25,151 SH	Sept. 11, 2026	Daily
FFSM · FIDELITY COVINGTON TRUST	0.19%	28,857 NS	July 31, 2026	N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr…	0.15%	38,663 NS	July 31, 2026	N-PORT
VB · VANGUARD INDEX FUNDS	0.14%	2,485,842 SH	Aug. 19, 2026	Daily
ESLG · Strategy Shares	0.13%	313 NS	July 31, 2026	N-PORT
ESUM · Strategy Shares	0.13%	2,410 NS	July 31, 2026	N-PORT
LRND · New York Life Investments ETF Trust	0.12%	4,894 NS	July 31, 2026	N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust	0.12%	27,929 SH	Oct. 1, 2026	Daily
ESLV · Strategy Shares	0.12%	171 NS	July 31, 2026	N-PORT
SUSA · iShares Trust	0.11%	35,904 SH	Sept. 11, 2026	Daily
VO · VANGUARD INDEX FUNDS	0.11%	2,348,570 SH	Aug. 19, 2026	Daily
USXF · iShares Trust	0.11%	12,482 SH	Sept. 11, 2026	Daily
SDG · iShares Trust	0.10%	1,340 SH	Sept. 11, 2026	Daily
ESSC · Strategy Shares	0.10%	368 NS	July 31, 2026	N-PORT
ILCG · iShares Trust	0.09%	20,984 SH	Sept. 10, 2026	Daily
EQAL · Invesco Exchange-Traded Fund Trust …	0.09%	5,928 SH	Oct. 1, 2026	Daily
IWF · iShares Trust	0.08%	806,337 SH	Sept. 11, 2026	Daily
FBCG · FIDELITY COVINGTON TRUST	0.08%	53,285 NS	July 31, 2026	N-PORT
VONG · VANGUARD SCOTTSDALE FUNDS	0.07%	339,999 SH	Aug. 19, 2026	Daily
VUG · VANGUARD INDEX FUNDS	0.05%	1,801,856 SH	Aug. 19, 2026	Daily
DYNF · BlackRock ETF Trust	0.05%	147,228 SH	Sept. 11, 2026	Daily
ILCB · iShares Trust	0.04%	4,085 SH	Sept. 11, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	0.04%	7,753 SH	Aug. 19, 2026	Daily
ESGV · VANGUARD WORLD FUND	0.04%	48,501 SH	Aug. 19, 2026	Daily
IWB · iShares Trust	0.04%	148,337 SH	Sept. 11, 2026	Daily
IYY · iShares Trust	0.04%	9,185 SH	Sept. 11, 2026	Daily
ITOT · iShares Trust	0.04%	283,947 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.04%	59,481 SH	Sept. 11, 2026	Daily
PBUS · Invesco Exchange-Traded Fund Trust …	0.04%	36,517 SH	Oct. 1, 2026	Daily
BBUS · J.P. Morgan Exchange-Traded Fund Tr…	0.03%	29,520 NS	July 31, 2026	N-PORT
VOTE · TCW ETF Trust	0.03%	3,623 NS	July 31, 2026	N-PORT
BKLC · BNY Mellon ETF Trust	0.03%	17,548 NS	July 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.03%	66,777 NS	July 31, 2026	N-PORT
TOK · iShares Trust	0.03%	583 SH	Sept. 11, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.03%	6,885,800 SH	Aug. 19, 2026	Daily
VONE · VANGUARD SCOTTSDALE FUNDS	0.03%	35,614 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.03%	18,072 SH	Aug. 19, 2026	Daily
TOV · EA Series Trust	0.03%	751 NS	July 31, 2026	N-PORT
URTH · iShares, Inc.	0.03%	18,868 SH	Sept. 11, 2026	Daily
RECS · Columbia ETF Trust I	0.03%	17,415 NS	July 31, 2026	N-PORT
ACWI · iShares Trust	0.03%	67,041 SH	Sept. 11, 2026	Daily
CRBN · iShares Trust	0.02%	2,066 SH	Sept. 11, 2026	Daily
VV · VANGUARD INDEX FUNDS	0.02%	126,924 SH	Aug. 19, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.02%	178,900 SH	Aug. 19, 2026	Daily
TILT · FlexShares Trust	0.02%	4,108 NS	July 31, 2026	N-PORT
DFSU · Dimensional ETF Trust	0.02%	4,167 NS	July 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.02%	5,993 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.01%	18,487 NS	July 31, 2026	N-PORT
HDUS · Lattice Strategies Trust	0.01%	250 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.01%	48,566 NS	July 31, 2026	N-PORT
SMLF · iShares Trust	·	124,879 SH	Sept. 11, 2026	Daily

INSM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 30 analysts BUY

Median target $195.00 +75.5%

9 30.0% Strong Buy

20 66.7% Buy

1 3.3% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

23 analysts · 2026-09-29

Mean target $199.04 +79.1%

← Below all targets Current price $111.12

Low$169.00 Mean$199.04 High$243.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
INSM	$37.29B	-27.1	66.7%	-210.5%	-128.4%	·
NTRA	$32.00B	-150.7	35.9%	-9.0%	-14.1%	·
RVMD	·	·	·	·	·	·
BIIB	$25.84B	20.0	2.2%	13.1%	7.2%	·
ALNY	$52.64B	170.7	65.2%	8.5%	60.4%	·
UTHR	$21.27B	17.5	10.6%	41.9%	18.7%	87.9%
INCY	$19.60B	15.4	21.2%	25.0%	27.6%	·
NBIX	$14.20B	30.4	21.4%	16.7%	16.1%	·
EXEL	$11.44B	15.7	7.0%	33.7%	37.3%	·
SMMT	$13.56B	-12.1	·	·	-235.1%	·

Latest News Recent headlines mentioning this company

23

Is Insmed (INSM) One of the Most Promising Healthcare Stocks After Cantor Fitzgerald’s Target Raise? Yahoo Finance · 3 months, 1 week ago Competitive Pressures Prompt Truist to Cut Target on Insmed (INSM) Yahoo Finance · 4 months, 1 week ago Insmed CEO reveals Japan patient population exceeds US market for lung disease Yahoo Finance · 6 months, 1 week ago Artisan Small Cap Fund Sold Insmed (INSM) on Valuation Consideration Yahoo Finance · 6 months, 2 weeks ago

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26

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INSM Insmed Incorporated - Common Stock