19. Segment Reporting

The Company manages its business activities on a consolidated basis and operates as a single operating segment. The Company derives its revenues from the development and commercialization of therapies for patients facing serious diseases. The accounting policies of the segment are the same as those described in Note 2 – Summary of Significant Accounting Policies.

The Company has a single management team that reports to the Chief Executive Officer, the chief operating decision maker (CODM), who comprehensively manages the entire business. When evaluating the Company’s financial performance, the CODM regularly reviews total revenues, total expenses, and expenses by function, and makes decisions using this information on a global basis. The CODM uses net loss, as reported in the consolidated statements of comprehensive loss, in evaluating the performance of the segment. Decisions regarding resource allocation are made primarily during the annual budget planning process and augmented as needed throughout the year. The measure of segment assets is reported on the balance sheet as total assets. The Company does not operate separate lines of business with respect to its products or product candidates. Accordingly, the Company has one reportable segment.

Segment loss, including significant segment expenses, for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


		For the Years Ended December 31,
		2025		2024		2023
Product revenues, net		$	606,423	$	363,707	$	305,208
Less:
	Cost of product revenues (excluding amortization of intangible assets)	122,938		85,742		65,573
	ARIKAYCE external R&D expenses	41,441		60,269		62,418
	Brensocatib external R&D expenses	96,516		98,569		108,556
	TPIP external R&D expenses	94,201		65,935		50,185
	INS1148 asset acquisition	40,000		—		—
	Other external R&D expenses	129,866		90,604		132,652
	R&D compensation and benefit-related expenses	249,203		194,907		140,861
	SG&A compensation and benefit-related expenses	248,498		168,498		117,926
	Other segment items(a)	563,927		374,947		295,211
	Depreciation	10,449		5,961		5,527
	Amortization of intangible assets	6,001		5,052		5,052
	Change in fair value of deferred and contingent consideration liabilities	251,993		91,682		28,697
	Investment income	(60,656)		(53,307)		(42,132)
	Interest expense	83,795		84,913		81,694
	Provision for income taxes	5,026		3,707		2,555
Segment net loss		$	(1,276,775)	$	(913,772)	$	(749,567)

(a) Other segment items include stock-based compensation, professional fees, and facility-related expenses.

Historical Timeline

Fiscal Year	Filed
2025	Feb 19, 2026	Showing above
2024	Feb 20, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

INSMED Inc Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures