Insmed
Insmed Incorporated, a global biopharmaceutical company, focuses on the development and commercialization of therapies for patients with serious and rare diseases. The last earnings update was 16 days ago. More info.
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INSM Share Price and Events
7 Day Returns
1 Year Returns
INSM Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Insmed (INSM) | -12% | -18.3% | -9.4% | -5.8% | 117.3% | 94.7% |
| US Biotechs | 1% | -0% | -3.2% | -4.6% | 3.8% | 9.7% |
| US Market | 0.2% | -1.6% | 2.4% | 2.9% | 36.1% | 41% |
1 Year Return vs Industry and Market
- INSM underperformed the Biotechs industry which returned -4.6% over the past year.
- INSM underperformed the Market in United States of America which returned 2.9% over the past year.
Value
Is Insmed undervalued based on future cash flows and its price relative to the stock market?
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Insmed
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Insmed.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 8 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 11% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Biotechs Unlevered Beta | Simply Wall St/ S&P Global | 1.38 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.383 (1 + (1- 21%) (18.26%)) |
1.391 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.39 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.391 * 5.96%) |
11.02% |
Discounted Cash Flow Calculation for NasdaqGS:INSM using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for Insmed is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 11.02%) |
|
|---|---|---|---|
| 2019 | -294.97 | Analyst x2 | -265.70 |
| 2020 | -194.19 | Analyst x2 | -157.56 |
| 2021 | -110.34 | Analyst x2 | -80.64 |
| 2022 | 78.98 | Analyst x1 | 51.99 |
| 2023 | 184.61 | Analyst x1 | 109.47 |
| 2024 | 289.77 | Est @ 56.96% | 154.78 |
| 2025 | 407.69 | Est @ 40.69% | 196.15 |
| 2026 | 527.15 | Est @ 29.3% | 228.46 |
| 2027 | 639.60 | Est @ 21.33% | 249.68 |
| 2028 | 740.35 | Est @ 15.75% | 260.33 |
| Present value of next 10 years cash flows | $746.96 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $740.35 × (1 + 2.73%) ÷ (11.02% – 2.73%) |
$9,177.27 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $9,177.27 ÷ (1 + 11.02%)10 |
$3,227.03 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $746.96 + $3,227.03 |
$3,973.99 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $3,973.99 / 77.73 |
$51.13 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $51.13 |
| Current discount | Discount to share price of
$25.82
= -1 x ($25.82 - $51.13) / $51.13 |
49.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Insmed's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Insmed's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Insmed's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Insmed's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $-4.28 |
| NasdaqGS:INSM Share Price ** | NasdaqGS (2019-05-23) in USD | $25.82 |
| United States of America Biotechs Industry PE Ratio | Median Figure of 35 Publicly-Listed Biotechs Companies | 19.23x |
| United States of America Market PE Ratio | Median Figure of 3,085 Publicly-Listed Companies | 17.79x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Insmed.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NasdaqGS:INSM Share Price ÷ EPS (both in USD) = 25.82 ÷ -4.28 |
-6.04x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Insmed is loss making, we can't compare its value to the US Biotechs industry average.
- Insmed is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does
Insmed's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | -6.04x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts |
68.6%per year |
| United States of America Biotechs Industry PEG Ratio | Median Figure of 28 Publicly-Listed Biotechs Companies | 1.26x |
| United States of America Market PEG Ratio | Median Figure of 2,123 Publicly-Listed Companies | 1.54x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to calculate PEG ratio for Insmed, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Insmed's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $1.86 |
| NasdaqGS:INSM Share Price * | NasdaqGS (2019-05-23) in USD | $25.82 |
| United States of America Biotechs Industry PB Ratio | Median Figure of 414 Publicly-Listed Biotechs Companies | 3.35x |
| United States of America Market PB Ratio | Median Figure of 5,201 Publicly-Listed Companies | 1.84x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NasdaqGS:INSM Share Price ÷ Book Value per Share (both in USD) = 25.82 ÷ 1.86 |
13.9x |
* Primary Listing of Insmed.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Insmed is overvalued based on assets compared to the US Biotechs industry average.
Value checks
We assess Insmed's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check) Insmed has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
How is Insmed expected to perform in the next 1 to 3 years based on estimates from 8 analysts?
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Insmed's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- Insmed's earnings growth is expected to exceed the United States of America market average.
- Insmed's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NasdaqGS:INSM Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts | 68.6% |
| NasdaqGS:INSM Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts | 50.7% |
| United States of America Biotechs Industry Earnings Growth Rate | Market Cap Weighted Average | 22.6% |
| United States of America Biotechs Industry Revenue Growth Rate | Market Cap Weighted Average | 17.7% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.7% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 890 | 148 | 341 | 5 |
| 2022-12-31 | 667 | 38 | 172 | 5 |
| 2021-12-31 | 400 | -131 | -33 | 7 |
| 2020-12-31 | 205 | -214 | -214 | 8 |
| 2019-12-31 | 108 | -253 | -289 | 8 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 32 | -264 | -330 |
| 2018-12-31 | 10 | -258 | -324 |
| 2018-09-30 | -236 | -298 | |
| 2018-06-30 | -209 | -256 | |
| 2018-03-31 | -190 | -224 | |
| 2017-12-31 | -160 | -193 | |
| 2017-09-30 | -169 | -196 | |
| 2017-06-30 | -162 | -188 | |
| 2017-03-31 | -154 | -180 | |
| 2016-12-31 | -147 | -176 | |
| 2016-09-30 | -116 | -139 | |
| 2016-06-30 | -109 | -132 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
All data from Insmed Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 3.91 | 11.97 | 1.19 | 5.00 |
| 2022-12-31 | 2.04 | 7.55 | -0.02 | 5.00 |
| 2021-12-31 | -0.42 | 3.36 | -2.05 | 7.00 |
| 2020-12-31 | -2.57 | -1.55 | -3.05 | 8.00 |
| 2019-12-31 | -3.67 | -3.23 | -4.13 | 8.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | -4.28 |
| 2018-12-31 | -4.22 |
| 2018-09-30 | -3.88 |
| 2018-06-30 | -3.46 |
| 2018-03-31 | -3.19 |
| 2017-12-31 | -2.89 |
| 2017-09-30 | -3.11 |
| 2017-06-30 | -3.04 |
| 2017-03-31 | -2.91 |
| 2016-12-31 | -2.85 |
| 2016-09-30 | -2.25 |
| 2016-06-30 | -2.14 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Insmed will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
Future performance checks
We assess Insmed's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Insmed has a total score of 5/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Insmed performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Insmed does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
- Unable to compare Insmed's 1-year earnings growth to the 5-year average as it is not currently profitable.
- Unable to compare Insmed's 1-year growth to the US Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
All data from Insmed Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 31.74 | -329.91 | 190.38 | 64.49 |
| 2018-12-31 | 9.84 | -324.28 | 168.22 | 58.88 |
| 2018-09-30 | -298.09 | 145.66 | 54.74 | |
| 2018-06-30 | -255.52 | 118.63 | 49.46 | |
| 2018-03-31 | -223.76 | 98.11 | 45.17 | |
| 2017-12-31 | -192.65 | 79.17 | 42.12 | |
| 2017-09-30 | -195.67 | 59.95 | 37.30 | |
| 2017-06-30 | -188.25 | 56.26 | 37.62 | |
| 2017-03-31 | -180.16 | 51.87 | 36.48 | |
| 2016-12-31 | -176.27 | 50.68 | 35.45 | |
| 2016-09-30 | -139.12 | 51.44 | 34.45 | |
| 2016-06-30 | -132.32 | 48.75 | 30.05 | |
| 2016-03-31 | -124.35 | 46.19 | 27.01 | |
| 2015-12-31 | -118.18 | 43.22 | 23.01 | |
| 2015-09-30 | -104.59 | 38.54 | 24.19 | |
| 2015-06-30 | -97.61 | 35.72 | 24.17 | |
| 2015-03-31 | -92.23 | 33.89 | 17.71 | |
| 2014-12-31 | -79.16 | 31.07 | 22.76 | |
| 2014-09-30 | -77.73 | 28.78 | -3.25 | |
| 2014-06-30 | -71.06 | 25.32 | 18.74 | |
| 2014-03-31 | -56.69 | 24.99 | 15.65 | |
| 2013-12-31 | -56.07 | 22.24 | 14.64 | |
| 2013-09-30 | -55.31 | 18.31 | 37.04 | |
| 2013-06-30 | -47.37 | 17.21 | 10.81 | |
| 2013-03-31 | -48.21 | 11.91 | 16.24 | |
| 2012-12-31 | -41.37 | 10.46 | 8.41 | |
| 2012-09-30 | 1.40 | -34.09 | 10.26 | 12.55 |
| 2012-06-30 | 1.84 | -59.29 | 9.08 | 17.70 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- It is difficult to establish if Insmed has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
- It is difficult to establish if Insmed has efficiently used its assets last year compared to the US Biotechs industry average (Return on Assets) as it is loss-making.
- It is difficult to establish if Insmed improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
Past performance checks
We assess Insmed's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Insmed has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Insmed's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Insmed's finances.
The net worth of a company is the difference between its assets and liabilities.
- Insmed is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Insmed's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 1.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Insmed Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 144.14 | 366.38 | 420.23 |
| 2018-12-31 | 208.27 | 316.56 | 495.07 |
| 2018-09-30 | 291.41 | 311.86 | 567.57 |
| 2018-06-30 | 370.64 | 307.16 | 634.33 |
| 2018-03-31 | 434.86 | 302.71 | 686.58 |
| 2017-12-31 | 361.06 | 55.57 | 381.17 |
| 2017-09-30 | 421.31 | 55.39 | 430.68 |
| 2017-06-30 | 83.45 | 55.19 | 91.06 |
| 2017-03-31 | 121.68 | 54.99 | 125.84 |
| 2016-12-31 | 154.48 | 54.79 | 162.59 |
| 2016-09-30 | 217.83 | 34.68 | 200.52 |
| 2016-06-30 | 250.56 | 24.83 | 223.11 |
| 2016-03-31 | 282.46 | 24.79 | 252.87 |
| 2015-12-31 | 311.70 | 25.14 | 282.88 |
| 2015-09-30 | 339.00 | 25.26 | 310.97 |
| 2015-06-30 | 365.34 | 25.12 | 335.03 |
| 2015-03-31 | 164.87 | 24.99 | 134.55 |
| 2014-12-31 | 186.24 | 24.86 | 159.23 |
| 2014-09-30 | 199.27 | 19.91 | 167.31 |
| 2014-06-30 | 111.55 | 19.81 | 82.70 |
| 2014-03-31 | 131.74 | 19.80 | 101.25 |
| 2013-12-31 | 143.32 | 19.69 | 113.89 |
| 2013-09-30 | 157.13 | 19.67 | 128.03 |
| 2013-06-30 | 105.18 | 19.65 | 76.78 |
| 2013-03-31 | 107.61 | 19.52 | 81.61 |
| 2012-12-31 | 120.88 | 19.39 | 92.94 |
| 2012-09-30 | 136.61 | 9.28 | 89.75 |
| 2012-06-30 | 119.72 | 9.18 | 73.14 |
- Insmed's level of debt (254.2%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (15.1% vs 254.2% today).
CASH RUNWAY ANALYSIS
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
- Insmed has sufficient cash runway for 1.5 years based on current free cash flow.
- Insmed has sufficient cash runway for 1.4 years if free cash flow continues to grow at historical rates of 31.4% each year.
Financial health checks
We assess Insmed's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Insmed has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Insmed's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Insmed
shares you are expected to receive
$0
in your first year as a dividend.
Dividend Amount
- Unable to evaluate Insmed's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
- Unable to evaluate Insmed's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 8 Analyst Estimates (S&P Global) | See Below |
| Global Biotechs Industry Average Dividend Yield | Market Cap Weighted Average of 19 Stocks | 2.4% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2005 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | ||
| 2022-12-31 | ||
| 2021-12-31 | 0.00 | 2.00 |
| 2020-12-31 | 0.00 | 2.00 |
| 2019-12-31 | 0.00 | 2.00 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unable to perform a dividend volatility check as Insmed has not reported any payouts.
- Unable to verify if Insmed's dividend has been increasing as the company has not reported any payouts.
Income/ dividend checks
We assess Insmed's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Insmed afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Insmed has a total score of 0/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $5,943,159 |
| AGE | 49 |
| TENURE AS CEO | 6.7 years |
CEO Bio
Mr. William H. Lewis, J.D., M.B.A., also known as Will, has been Chief Executive Officer and President at Insmed Incorporated since September 11, 2012 and has been its Chairman of Board since November 6, 2018. Mr. Lewis co-founded Aegerion Pharmaceuticals, Inc., and served as its President from August 2009 to June 2011, Chief Financial Officer since March 2005, Senior Vice President of Finance and Administration from July 2005 to February 2007, Chief Administrative Officer since July 2005, Vice President of Administration from July 2005 to February 2007 and Secretary since July 2005. He has more than 20 years of executive experience in the pharmaceutical and finance industries both in the US and internationally. He served as Treasurer at Aegerion Pharmaceuticals, Inc., since July 2005 and its Senior Vice President of Finance & Administration since February 2007. He joined Aegerion Pharmaceuticals in April 2005 and also served as its Principal Accounting Officer and Executive Vice President. Mr. Lewis has more than 20 years of executive experience and a track record of success in the pharmaceutical and finance industries both in the U.S. and internationally. He spent more than 10 years working in the U.S. and Europe in investment banking for JP Morgan, Robertson Stephens and Wells Fargo. During his time in banking, he was involved in a broad range of domestic and international capital raising and advisory work valued at more than $20 billion. He began his career as an Operations Officer with the Central Intelligence Agency. He has been involved in the operation, investing and banking of life sciences companies for more than ten years. He has been involved in the structuring and financing of companies since 1995. Mr. Lewis began his career with JP Morgan, initially in their New York office where he worked on IPO’s, follow-on offerings, carve-outs and private placements. He was transferred to the London office where he continued to work on international financings until early 2000 when he decided to leave to return to the states and pursue work with an investment bank more specifically focused on emerging growth companies. While at Robertson Stephens in Boston, he began to focus on Life Sciences transactions specifically and was responsible for all public and private capital markets transactions in the Life Sciences Group. He served as Head - Private Capital Group of Wells Fargo & Company since May 14, 2003. From August 2004 to March 2005, Mr. Lewis served as Managing Director at a hedge fund, in which he focused on investments in small market capitalization companies. From August 2002 to April 2004, he served as a Managing Director at Wells Fargo Securities and served as its Head of Capital Markets Investment Banking, in which he was responsible for sourcing, overseeing and executing private and public debt and equity transactions. He served as Senior Vice President of Wells Fargo Securities, LLC. From 2000 to 2002, he was a Principal at Robertson Stephens & Company, in which he was responsible for overseeing private and public debt and equity transactions. From 1996 to 2000, Mr. Lewis served as a Vice President of Equity Capital Markets at J.P. Morgan & Co. Inc., in which he focused on private and public equity offerings in the United States and Europe. He began his career with JP Morgan, initially in their New York office where he worked on IPO's, follow-on offerings, carve-outs and private placements. He served as Managing Director of BayStar Capital, LP. Mr. Lewis served as Managing Director and Head of Capital Markets Investment Banking at Wells Fargo & Company since May 14, 2003. He was employed at Robertson Stephens & Co., L.L.C. (RSCO) and served as its Principal and Head of East Coast Capital Markets. Prior to attending graduate school, he worked in the Foreign Service and Operations Officer for the US Government where he received an Officer's commission. He has been a Director of Insmed Incorporated since September 2012. He serves as a Member of the Board of Directors of Oberlin College. He served as a Director of uniQure N.V. since June 11, 2014 until September 14, 2017. He served as a Member of Supervisory Board at uniQure N.V. since June 11, 2014 until June 15, 2016. He served as a Trustee of BioNJ Inc. Mr. Lewis holds a BA Cum Laude from Oberlin College and a JD/MBA with Honors from Case Western Reserve University.
CEO Compensation
- Will's compensation has increased whilst company is loss making.
- Will's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Insmed management team in years:
- The tenure for the Insmed management team is about average.
Management Team
Will Lewis
President
$6M
49
6.7 yrs
Paolo Tombesi
Chief Financial Officer
$2M
54
1.9 yrs
Christine Pellizzari
Chief Legal Officer & Corporate Secretary
$2M
50
5.8 yrs
Roger Adsett
Chief Commercial Officer
$3M
49
2.7 yrs
Paul Streck
$2M
54
0.3 yrs
John Goll
Chief Accounting Officer
0.2 yrs
Walter Perkins
Chief Technology Officer
8.4 yrs
Blaine Davis
VP & Head of Investor Relations
John Soriano
Chief Compliance Officer
56
1.3 yrs
S. Schaeffer
Chief People Strategy Officer
$2M
50
6.3 yrs
Board of Directors Tenure
Average tenure and age of the Insmed board of directors in years:
- The tenure for the Insmed board of directors is about average.
Board of Directors
Will Lewis
President
$6M
49
0.5 yrs
Steinar Engelsen
Director
$225K
67
19.5 yrs
Al Altomari
Director
$230K
59
6.8 yrs
Davie McGirr
Director
$225K
64
5.6 yrs
David Brennan
Lead Independent Director
$216K
64
0.5 yrs
Mel Sharoky
Director
$217K
67
18 yrs
Leo Lee
Director
$190K
48
1 yrs
Liz Anderson
Director
$92K
61
0.5 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 13. Nov 18 | Buy | Melvin Sharoky | Individual | 09. Nov 18 | 12. Nov 18 | 20,000 | $16.35 | $320,211 | ||
| 02. Nov 18 | Buy | William Lewis | Individual | 01. Nov 18 | 01. Nov 18 | 15,700 | $15.90 | $249,600 | ||
| 02. Nov 18 | Buy | Steinar Engelsen | Individual | 01. Nov 18 | 01. Nov 18 | 16,085 | $15.79 | $253,993 | ||
| 02. Nov 18 | Buy | Roger Adsett | Individual | 01. Nov 18 | 01. Nov 18 | 3,000 | $15.97 | $47,907 | ||
Management checks
We assess Insmed's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Insmed has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
A Look At The Intrinsic Value Of Insmed Incorporated (NASDAQ:INSM)
by taking the expected future cash flows and discounting them to today's value. … We generally believe that a company's value is the present value of all of the cash it will generate in the future. … If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model
Simply Wall St - – Full articleOur Take On Insmed Incorporated's (NASDAQ:INSM) CEO Salary
First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Will Lewis's Compensation Compare With Similar Sized Companies. … According to our data, Insmed Incorporated has a market capitalization of US$2.4b, and pays its CEO total annual compensation worth US$4.4m.
Simply Wall St - – Full articleIf You Had Bought Insmed Shares Three Years Ago You'd Have Made 124%
For instance the Insmed Incorporated (NASDAQ:INSM) share price is 124% higher than it was three years ago. … Insmed didn't have any revenue in the last year, so it's fair to say it doesn't yet have a proven product (or at least not one people are paying for). … Given how low on cash the it got, investors must really like its potential for the share price to be up 31% per year, over 3 years
Simply Wall St - – Full articleWhat You Must Know About Insmed Incorporated's (NASDAQ:INSM) Beta Value
Volatility is considered to be a measure of risk in modern finance theory. … Every stock in the market is exposed to this volatility, which is linked to the fact that stocks prices are correlated in an efficient market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility).
Simply Wall St - – Full articleNeed To Know: Insmed Incorporated (NASDAQ:INSM) Insiders Have Been Buying Shares
So we'll take a look at whether insiders have been buying or selling shares in Insmed Incorporated (NASDAQ:INSM). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … In total, Insmed insiders bought more than they sold over the last year
Simply Wall St - – Full articleWhen Will Insmed Incorporated (NASDAQ:INSM) Become Profitable?
Insmed Incorporated's (NASDAQ:INSM):. … The company’s loss has recently broadened since it announced a -US$193m loss in the full financial year, compared to the latest trailing-twelve-month loss of -US$298m, moving it further away from breakeven? … Check out our latest analysis for Insmed
Simply Wall St - – Full articleOne Thing To Consider Before Buying Insmed Incorporated (NASDAQ:INSM)
If you are looking to invest in Insmed Incorporated’s (NASDAQ:INSM), or currently own the stock, then you need to understand its beta in order to understand how it can affect the risk of your portfolio. … A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one. … Any stock with a beta of greater than one is considered more volatile than the market, and those with a beta less than one is generally less volatile.
Simply Wall St - – Full articleWhen Will Insmed Incorporated (NASDAQ:INSM) Become Profitable?
The US$2.05b market-cap posted a loss in its most recent financial year of -US$192.65m and a latest trailing-twelve-month loss of -US$223.76m leading to an even wider gap between loss and breakeven? … The most pressing concern for investors is INSM’s path to profitability – when will it breakeven … I’ve put together a brief outline of industry analyst expectations for INSM, its year of breakeven and its implied growth rate.
Simply Wall St - – Full articleMarket Sentiment Around Loss-Making Insmed Incorporated (NASDAQ:INSM)
Insmed Incorporated's (NASDAQ:INSM): Insmed Incorporated, a biopharmaceutical company, focuses on the development and commercialization of therapies for patients with rare diseases. … See our latest analysis for Insmed INSM is bordering on breakeven, according to analysts. … For a more comprehensive look at INSM, take a look at INSM’s company page on Simply Wall St.
Simply Wall St - – Full articleWhat does Insmed Incorporated's (NASDAQ:INSM) Balance Sheet Tell Us About Its Future?
At this stable level of debt, INSM currently has US$381.17M remaining in cash and short-term investments , ready to deploy into the business. … Moving onto cash from operations, its small level of operating cash flow means calculating cash-to-debt wouldn't be too useful, though these low levels of cash means that operational efficiency is worth a look. … Its cash flow coverage of less than a quarter of debt means that operating efficiency could be an issue.
Simply Wall St - – Full articleCompany Info
Description
Insmed Incorporated, a global biopharmaceutical company, focuses on the development and commercialization of therapies for patients with serious and rare diseases. Its first commercial product is ARIKAYCE (amikacin liposome inhalation suspension), which is approved in the United States for the treatment of Mycobacterium avium complex (MAC) lung disease as part of a combination antibacterial drug regimen for adult patients with limited or no alternative treatment options. MAC lung disease is a rare and often chronic infection that can cause irreversible lung damage and can be fatal. Its earlier-stage clinical pipeline includes INS1007, a novel oral reversible inhibitor of dipeptidyl peptidase 1 with therapeutic potential in non-cystic fibrosis bronchiectasis and other inflammatory diseases; and INS1009, an inhaled formulation of a treprostinil prodrug that offers a differentiated product profile for rare pulmonary disorders, including pulmonary arterial hypertension. The company was founded in 1988 and is headquartered in Bridgewater, New Jersey.
Details
| Name: | Insmed Incorporated |
| INSM | |
| Exchange: | NasdaqGS |
| Founded: | 1988 |
| $2,006,907,860 | |
| 77,726,873 | |
| Website: | http://www.insmed.com |
| Address: |
Insmed Incorporated Building 10, 10 Finderne Avenue, Bridgewater, New Jersey, 08807, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NasdaqGS | INSM | Common Stock | Nasdaq Global Select | US | USD | 01. Jun 2000 | |
| DB | IM8N | Common Stock | Deutsche Boerse AG | DE | EUR | 01. Jun 2000 | |
| BST | IM8N | Common Stock | Boerse-Stuttgart | DE | EUR | 01. Jun 2000 | |
| LSE | 0JAV | Common Stock | London Stock Exchange | GB | USD | 01. Jun 2000 |
Number of employees
Current staff
Industry
| Biotechnology | |
| Pharmaceuticals & Biotech |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/23 23:38 |
| End of day share price update: | 2019/05/23 00:00 |
| Last estimates confirmation: | 2019/05/23 |
| Last earnings filing: | 2019/05/07 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
