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INSMED Inc（INSM）与Ultragenyx Pharmaceutical Inc.（RARE）财务数据对比。点击上方公司名可切换其他公司
INSMED Inc的季度营收约是Ultragenyx Pharmaceutical Inc.的1.3倍（$263.8M vs $207.3M），Ultragenyx Pharmaceutical Inc.净利率更高（-62.0% vs -124.5%，领先62.5%），INSMED Inc同比增速更快（152.6% vs 25.9%），Ultragenyx Pharmaceutical Inc.自由现金流更多（$-100.8M vs $-264.2M），过去两年INSMED Inc的营收复合增速更高（86.9% vs 38.0%）
Insmed Inc.是一家全球性生物制药公司，专注于为存在高度未满足医疗需求的严重罕见病患者开发、商业化创新疗法，核心布局肺部、内分泌类罕见病治疗赛道，服务覆盖北美、欧洲及亚太地区的患者群体。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
INSM vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $263.8M | $207.3M |
| 净利润 | $-328.5M | $-128.6M |
| 毛利率 | 83.2% | — |
| 营业利润率 | -121.2% | -54.7% |
| 净利率 | -124.5% | -62.0% |
| 营收同比 | 152.6% | 25.9% |
| 净利润同比 | -39.5% | 3.5% |
| 每股收益（稀释后） | $-1.55 | $-1.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | $263.8M | $207.3M | ||
| Q3 25 | $142.3M | $159.9M | ||
| Q2 25 | $107.4M | $166.5M | ||
| Q1 25 | $92.8M | $139.3M | ||
| Q4 24 | $104.4M | $164.6M | ||
| Q3 24 | $93.4M | $139.5M | ||
| Q2 24 | $90.3M | $147.0M | ||
| Q1 24 | $75.5M | $108.8M |
| Q4 25 | $-328.5M | $-128.6M | ||
| Q3 25 | $-370.0M | $-180.4M | ||
| Q2 25 | $-321.7M | $-115.0M | ||
| Q1 25 | $-256.6M | $-151.1M | ||
| Q4 24 | $-235.5M | $-133.2M | ||
| Q3 24 | $-220.5M | $-133.5M | ||
| Q2 24 | $-300.6M | $-131.6M | ||
| Q1 24 | $-157.1M | $-170.7M |
| Q4 25 | 83.2% | — | ||
| Q3 25 | 79.4% | — | ||
| Q2 25 | 73.9% | — | ||
| Q1 25 | 77.1% | — | ||
| Q4 24 | 75.0% | — | ||
| Q3 24 | 77.3% | — | ||
| Q2 24 | 76.8% | — | ||
| Q1 24 | 76.9% | — |
| Q4 25 | -121.2% | -54.7% | ||
| Q3 25 | -257.1% | -106.9% | ||
| Q2 25 | -291.3% | -64.8% | ||
| Q1 25 | -267.3% | -102.6% | ||
| Q4 24 | -220.6% | -74.3% | ||
| Q3 24 | -228.4% | -94.6% | ||
| Q2 24 | -319.8% | -79.1% | ||
| Q1 24 | -192.7% | -151.9% |
| Q4 25 | -124.5% | -62.0% | ||
| Q3 25 | -260.0% | -112.8% | ||
| Q2 25 | -299.5% | -69.0% | ||
| Q1 25 | -276.4% | -108.5% | ||
| Q4 24 | -225.5% | -80.9% | ||
| Q3 24 | -236.0% | -95.7% | ||
| Q2 24 | -332.8% | -89.5% | ||
| Q1 24 | -208.1% | -156.8% |
| Q4 25 | $-1.55 | $-1.28 | ||
| Q3 25 | $-1.75 | $-1.81 | ||
| Q2 25 | $-1.70 | $-1.17 | ||
| Q1 25 | $-1.42 | $-1.57 | ||
| Q4 24 | $-1.30 | $-1.34 | ||
| Q3 24 | $-1.27 | $-1.40 | ||
| Q2 24 | $-1.94 | $-1.52 | ||
| Q1 24 | $-1.06 | $-2.03 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.4B | $421.0M |
| 总债务越低越好 | $546.8M | — |
| 股东权益账面价值 | $739.0M | $-80.0M |
| 总资产 | $2.3B | $1.5B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
| Q4 25 | $1.4B | $421.0M | ||
| Q3 25 | $1.7B | $202.5M | ||
| Q2 25 | $1.9B | $176.3M | ||
| Q1 25 | $1.2B | $127.1M | ||
| Q4 24 | $1.4B | $174.0M | ||
| Q3 24 | $1.5B | $150.6M | ||
| Q2 24 | $1.2B | $480.7M | ||
| Q1 24 | $595.7M | $112.3M |
| Q4 25 | $546.8M | — | ||
| Q3 25 | $546.8M | — | ||
| Q2 25 | $546.8M | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $971.8M | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | $739.0M | $-80.0M | ||
| Q3 25 | $945.6M | $9.2M | ||
| Q2 25 | $1.2B | $151.3M | ||
| Q1 25 | $99.2M | $144.2M | ||
| Q4 24 | $285.4M | $255.0M | ||
| Q3 24 | $483.4M | $346.8M | ||
| Q2 24 | $38.8M | $432.4M | ||
| Q1 24 | $-464.8M | $140.3M |
| Q4 25 | $2.3B | $1.5B | ||
| Q3 25 | $2.4B | $1.2B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $1.8B | $1.3B | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $2.1B | $1.5B | ||
| Q2 24 | $1.8B | $1.6B | ||
| Q1 24 | $1.2B | $1.3B |
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.58× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 11.31× | — | ||
| Q4 24 | 3.93× | — | ||
| Q3 24 | 2.01× | — | ||
| Q2 24 | 30.66× | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-247.6M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-264.2M | $-100.8M |
| 自由现金流率自由现金流/营收 | -100.1% | -48.6% |
| 资本支出强度资本支出/营收 | 6.3% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-967.6M | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-247.6M | $-99.8M | ||
| Q3 25 | $-219.8M | $-91.4M | ||
| Q2 25 | $-205.6M | $-108.3M | ||
| Q1 25 | $-262.1M | $-166.5M | ||
| Q4 24 | $-196.0M | $-79.3M | ||
| Q3 24 | $-180.9M | $-67.0M | ||
| Q2 24 | $-123.0M | $-77.0M | ||
| Q1 24 | $-184.0M | $-190.7M |
| Q4 25 | $-264.2M | $-100.8M | ||
| Q3 25 | $-222.2M | $-92.7M | ||
| Q2 25 | $-209.1M | $-110.7M | ||
| Q1 25 | $-272.2M | $-167.8M | ||
| Q4 24 | $-202.8M | $-79.5M | ||
| Q3 24 | $-184.6M | $-68.6M | ||
| Q2 24 | $-129.7M | $-79.0M | ||
| Q1 24 | $-188.7M | $-193.9M |
| Q4 25 | -100.1% | -48.6% | ||
| Q3 25 | -156.1% | -58.0% | ||
| Q2 25 | -194.6% | -66.5% | ||
| Q1 25 | -293.2% | -120.5% | ||
| Q4 24 | -194.1% | -48.3% | ||
| Q3 24 | -197.6% | -49.2% | ||
| Q2 24 | -143.6% | -53.7% | ||
| Q1 24 | -250.0% | -178.2% |
| Q4 25 | 6.3% | 0.5% | ||
| Q3 25 | 1.7% | 0.8% | ||
| Q2 25 | 3.2% | 1.5% | ||
| Q1 25 | 10.8% | 1.0% | ||
| Q4 24 | 6.5% | 0.1% | ||
| Q3 24 | 3.9% | 1.2% | ||
| Q2 24 | 7.5% | 1.4% | ||
| Q1 24 | 6.2% | 3.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
INSM
暂无分部数据
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
