INSMINSMED Inc

Pharmaceutical Preparations

Revenue: $606M; 67% YoY
Operating margin: -205.6%; 15% YoY
EBITDA: −$1.2B; 42% YoY
Market cap: $24.7B
Employees: 200,000; $3K revenue each
Net debt / EBITDA: —; $150M net debt
AI in 10-K: 2.6; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
25% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
6% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$3K · 17th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.6 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$24.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$167M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$188M	$245M	$305M	$364M	$606M	67%
Operating income	−$375M	−$457M	−$710M	−$878M	−$1.2B	42%
Net income	−$435M	−$482M	−$750M	−$914M	−$1.3B	40%
Operating cash flow	−$363M	−$400M	−$536M	−$684M	−$935M	37%
Capex	$7M	$10M	$13M	$22M	$33M	49%
Stock-based comp	$46M	$58M	$75M	$97M	$153M	58%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $167M · 169
Net: −$167M

Pay vs performance

No pay-versus-performance disclosure yet.