Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $9.84M | $136M | $164M | $188M | $245M | $305M | $364M | $606M |
| Revenue growth | — | — | — | 1287.6% | 20.5% | 14.6% | 30.2% | 24.4% | 19.2% | 66.7% |
| Gross profit | — | $0.00 | $7.41M | $112M | — | — | — | — | — | — |
| Gross margin | — | — | 75.4% | 82.3% | — | — | — | — | — | — |
| Operating income | -$173M | -$189M | -$307M | -$235M | -$265M | -$375M | -$457M | -$710M | -$878M | -$1.25B |
| Operating margin | — | — | -3124.9% | -172.4% | -161.3% | -199.0% | -186.4% | -232.5% | -241.5% | -205.6% |
| Net income | -$176M | -$193M | -$324M | -$254M | -$294M | -$435M | -$482M | -$750M | -$914M | -$1.28B |
| Net margin | — | — | -3297.2% | -186.4% | -178.9% | -230.6% | -196.3% | -245.6% | -251.2% | -210.5% |
| EPS (diluted) | -$2.85 | -$2.89 | -$4.22 | -$3.01 | -$3.01 | -$3.88 | -$3.91 | -$5.34 | -$5.57 | -$6.42 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$147M | -$160M | -$258M | -$251M | -$219M | -$363M | -$400M | -$536M | -$684M | -$935M |
| Capital expenditures | $4.20M | $3.00M | $13.1M | $42.3M | $6.24M | $7.29M | $9.88M | $13.3M | $21.9M | $32.6M |
| Free cash flow | -$151M | -$163M | -$271M | -$293M | -$226M | -$371M | -$410M | -$550M | -$706M | -$968M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $163M | $381M | $495M | $487M | $533M | $717M | $1.07B | $482M | $555M | $510M |
| Total assets | $238M | $462M | $605M | $742M | $796M | $1.24B | $1.66B | $1.33B | $2.03B | $2.26B |
| Total liabilities | $83.5M | $101M | $396M | $481M | $520M | $833M | $1.57B | $1.66B | $1.74B | $1.53B |
| Long-term debt | $54.8M | $55.6M | $317M | $336M | $356M | $567M | $1.13B | $1.16B | $1.10B | $541M |
| Shareholders' equity | $154M | $361M | $208M | $262M | $276M | $410M | $88.0M | -$332M | $285M | $739M |
| Retained earnings | -$765M | -$958M | -$1.28B | -$1.54B | -$1.83B | -$2.27B | -$2.70B | -$3.45B | -$4.36B | -$5.64B |
| Shares (wtd avg diluted) | 61.9M | 66.6M | 76.9M | 84.6M | 97.6M | 112M | 123M | 140M | 164M | 199M |
Every figure is extracted from INSMED Inc’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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