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Insmed vs Madrigal Pharmaceuticals: INSM and MDGL compared
Insmed is the larger company: $524M of revenue in its latest quarter (Q3 2026) against $431M for Madrigal Pharmaceuticals (Q3 2026). Insmed is growing faster (+268% against +50% a year earlier). Madrigal Pharmaceuticals is more profitable, with an operating margin of 13.0% against -17.0%.
Where the money goes: INSM and MDGL
Insmed (INSM) · Q3 2026
Insmed, Q3 2026: revenue $524M (+268% year over year), operating margin -17.0%, net loss $100M, operating cash flow −$36.5M. The chart follows the revenue to costs, profit and cash.
Madrigal Pharmaceuticals (MDGL) · Q3 2026
Madrigal Pharmaceuticals, Q3 2026: revenue $431M (+50% year over year), operating margin 13.0%, net earnings $55.4M, operating cash flow $121M. The chart follows the revenue to costs, profit and cash.
| Insmed (INSM) | Madrigal Pharmaceuticals (MDGL) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $524M | $431M |
| Revenue growth, Y/Y | +268% | +50% |
| Operating margin | -17.0% | 13.0% |
| Net earnings | −$100M | $55.4M |
| Net margin | -19.1% | 12.9% |
| Operating cash flow | −$36.5M | $121M |
| Free cash flow | — | $117M |
| Market value | $25.0B | $12.1B |
| Analysts’ mean target | $194.18 | $688.94 |
Where the revenue comes from
Insmed
- BRINSUPRI: $400M (76%)
- ARIKAYCE: $124M (24%)
Questions
Which is bigger, Insmed or Madrigal Pharmaceuticals?
Insmed is the larger company: $524M of revenue in its latest quarter (Q3 2026) against $431M for Madrigal Pharmaceuticals (Q3 2026).
Is Insmed or Madrigal Pharmaceuticals growing faster?
Insmed is growing faster (+268% against +50% a year earlier).
Which is more profitable, Insmed or Madrigal Pharmaceuticals?
Madrigal Pharmaceuticals is more profitable, with an operating margin of 13.0% against -17.0%.
More: Insmed earnings · how Insmed makes money · Madrigal Pharmaceuticals earnings · how Madrigal Pharmaceuticals makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 29, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.