Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-24

INSMED Inc (INSM)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$14,467,393
William Lewis total, FY2025
33rd
CEO pay percentile vs peers
50.8:1
CEO-to-median pay ratio
87.27%
Say-on-pay support, latest vote
Companies that benchmark against INSM
18 companies name INSM as a compensation peer

Each company listed discloses INSM in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named INSM in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
William Lewis$854,550$0$2,999,940$9,000,033$1,495,463$0$117,407$14,467,393
Chair and Chief Executive Officer
Martina Flammer634,1900874,9662,624,787554,915027,6554,716,513
Chief Medical Officer
Roger Adsett622,5900874,9662,624,787544,767024,2954,691,405
Chief Operating Officer
Sara Bonstein583,1900874,9662,624,787510,292024,1944,617,429
Chief Financial Officer
Michael Smith595,2700749,9512,250,113520,862021,9644,138,160
Chief Legal Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
William Lewis$14,467,393$10,943,571$10,411,260+3,523,822
Martina Flammer4,716,5134,114,8564,221,530+601,657
Roger Adsett4,691,4054,256,4004,007,775+435,005
Sara Bonstein4,617,4294,012,0054,559,582+605,424
Michael Smith4,138,160

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Roger AdsettChief Operating Officer2026-04-01D6,715$163$1,095,754CommonForm 4 ↗
Roger AdsettChief Operating Officer2026-04-01A88,060151,282,154CommonForm 4 ↗
Roger AdsettChief Operating Officer2026-04-01D88,06000Derivative, Class A CommonForm 4 ↗
Roger AdsettChief Operating Officer2026-04-01D62,34416510,283,643CommonForm 4 ↗
Roger AdsettChief Operating Officer2026-04-01D19,0011643,118,254CommonForm 4 ↗
William LewisDirector2026-04-06D8,4781631,383,864CommonForm 4 ↗
William LewisDirector2026-04-06D1,434164235,190CommonForm 4 ↗
William LewisDirector2026-04-06D4,44000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-04-06D787162127,282CommonForm 4 ↗
William LewisDirector2026-04-06D6,25900Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-04-06A4,4401776,190CommonForm 4 ↗
William LewisDirector2026-04-06A6,25930190,649CommonForm 4 ↗
William LewisDirector2026-04-16D2,255145326,208CommonForm 4 ↗
William LewisDirector2026-04-16D5,373144772,691CommonForm 4 ↗
William LewisDirector2026-04-16D825146120,277CommonForm 4 ↗
William LewisDirector2026-04-16D2,246143321,156CommonForm 4 ↗
William LewisDirector2026-04-16A6,25930190,649CommonForm 4 ↗
William LewisDirector2026-04-16A4,4401776,190CommonForm 4 ↗
William LewisDirector2026-04-16D4,44000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-04-16D6,25900Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-05-04D1,247139173,445CommonForm 4 ↗
William LewisDirector2026-05-04D38114053,188CommonForm 4 ↗
William LewisDirector2026-05-04D2,721138375,117CommonForm 4 ↗
William LewisDirector2026-05-04D59913580,973CommonForm 4 ↗
William LewisDirector2026-05-04D5,318137728,619CommonForm 4 ↗
William LewisDirector2026-05-04A4,4401776,190CommonForm 4 ↗
William LewisDirector2026-05-04A6,25930190,649CommonForm 4 ↗
William LewisDirector2026-05-04D4,44000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-05-04D6,25900Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-05-04D43313458,100CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-05-11D12,94900Derivative, Class A CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-05-11D12,1191001,216,142CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-05-11A12,94917221,039CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-05-11D83010183,979CommonForm 4 ↗
William LewisDirector2026-05-13D13,2831161,543,219CommonForm 4 ↗
Leo LeeDirector2026-05-13A3,305CommonForm 4 ↗
Sara BonsteinChief Financial Officer2026-05-13D8,272116961,041CommonForm 4 ↗
Carol A. SchaferDirector2026-05-13A3,305CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-05-13D10,4791181,231,702CommonForm 4 ↗
Clarissa DesjardinsDirector2026-05-13A3,305CommonForm 4 ↗
Elizabeth McKee AndersonDirector2026-05-13A3,305CommonForm 4 ↗
Melvin Sharoky MdDirector2026-05-13A3,305CommonForm 4 ↗
David R. BrennanDirector2026-05-13A3,305CommonForm 4 ↗
Michael SmithChief Legal Officer2026-05-13D4,109116477,384CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-05-13D3,384116393,153CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-05-13D4,470113504,037CommonForm 4 ↗
Roger AdsettChief Operating Officer2026-05-13D5,837116678,143CommonForm 4 ↗
William LewisDirector2026-05-18D4,44000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-05-18A4,4401776,190CommonForm 4 ↗
William LewisDirector2026-05-18D7,975107853,086CommonForm 4 ↗
William LewisDirector2026-05-18D6,25900Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-05-18D11,8361061,259,232CommonForm 4 ↗
William LewisDirector2026-05-18D5,753105605,906CommonForm 4 ↗
William LewisDirector2026-05-18A6,25930190,649CommonForm 4 ↗
Michael SmithChief Legal Officer2026-05-22D6,149108666,982CommonForm 4 ↗
Sara BonsteinChief Financial Officer2026-06-03D2,404102245,857CommonForm 4 ↗
Michael SmithChief Legal Officer2026-06-03D2,159102220,801CommonForm 4 ↗
William LewisDirector2026-06-03D7,605102777,763CommonForm 4 ↗
Roger AdsettChief Operating Officer2026-06-03D2,370102242,380CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-06-03D2,566102262,425CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-06-03D1,858104192,823CommonForm 4 ↗
William LewisDirector2026-06-08D6,51594612,605CommonForm 4 ↗
Michael SmithChief Legal Officer2026-06-22D1,80696173,051CommonForm 4 ↗
Samuele ButeraSVP, GM, Global Respiratory2026-06-23A7,342CommonForm 4 ↗
Samuele ButeraSVP, GM, Global Respiratory2026-06-23A12,57000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-06-25D1,836103189,292CommonForm 4 ↗
William LewisDirector2026-06-25D2,456105258,543CommonForm 4 ↗
William LewisDirector2026-06-25D3,723104388,234CommonForm 4 ↗
William LewisDirector2026-06-25D1,292106137,301CommonForm 4 ↗
William LewisDirector2026-06-25A8,88017152,381CommonForm 4 ↗
William LewisDirector2026-06-25D8,88000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-06-25D12,0911021,237,393CommonForm 4 ↗
William LewisDirector2026-06-25D12,51800Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-06-25A12,51830381,298CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-07-06D7,94500Derivative, Class A CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-07-06D7,448111823,749CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-07-06A4,3572086,007CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-07-06D4,854109529,183CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-07-06D4,35700Derivative, Class A CommonForm 4 ↗
Martina FlammerChief Medical Officer2026-07-06A7,94529231,438CommonForm 4 ↗
William LewisDirector2026-07-09A6,25930190,649CommonForm 4 ↗
William LewisDirector2026-07-09D4,44000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-07-09D5,005117583,333CommonForm 4 ↗
William LewisDirector2026-07-09D6,25900Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-07-09D2,335118274,643CommonForm 4 ↗
William LewisDirector2026-07-09A4,4401776,190CommonForm 4 ↗
William LewisDirector2026-07-09D3,359119398,109CommonForm 4 ↗
William LewisDirector2026-07-23D5,872106624,957CommonForm 4 ↗
William LewisDirector2026-07-23A6,26030190,680CommonForm 4 ↗
William LewisDirector2026-07-23A4,4401776,190CommonForm 4 ↗
William LewisDirector2026-07-23D6,26000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-07-23D4,44000Derivative, Class A CommonForm 4 ↗
William LewisDirector2026-07-23D4,828106509,933CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
William LewisRSU2025-05-1522,314$1,499,947
William LewisOPTION2025-01-08109,4904,500,280
William LewisPSU2025-12-1511,42622,85145,702
William LewisOPTION2025-05-15108,3804,499,753
William LewisRSU2025-01-0822,8241,499,993
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
William Lewis$2,999,940$0$9,000,0330.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
William LewisRSU155,351$27,037,288
Michael SmithOption45,69418.95
Michael SmithOption8,63317.07
William LewisOption30,76219.74
Martina FlammerOption13,07319.74
Martina FlammerOption8,57026.43
Roger AdsettOption13,07319.74
Roger AdsettOption31,93065.72
Roger AdsettOption44,47525.83
Michael SmithPSU2,856497,058
William LewisPSU11,4261,988,494
Martina FlammerOption31,61067.22
Roger AdsettOption10,71226.43
Sara BonsteinRSU71,98912,528,966
William LewisOption109,49065.72
Martina FlammerOption12,94917.07
William LewisOption129,04218.95
Sara BonsteinOption59,40418.95
Roger AdsettOption54,83318.95
Michael SmithOption27,37065.72
Martina FlammerOption54,83318.95
Michael SmithOption27,10067.22
Martina FlammerOption44,47525.83
Sara BonsteinOption39,72529.13
William LewisOption108,38067.22
Sara BonsteinOption7,85526.43
Roger AdsettOption16,18717.07
Michael SmithOption36,41329.13
William LewisOption22,44517.07
Sara BonsteinOption14,16019.74
Sara BonsteinOption11,87017.07
Roger AdsettRSU64,63811,249,598
Sara BonsteinOption44,47525.83
Sara BonsteinPSU3,237563,367
Roger AdsettOption31,61067.22
Martina FlammerOption39,72529.13
Roger AdsettOption39,72529.13
Sara BonsteinOption31,93065.72
Sara BonsteinOption31,61067.22
Martina FlammerOption31,93065.72
Martina FlammerRSU3,237563,367
Roger AdsettPSU3,237563,367
Martina FlammerRSU68,48711,919,477
Michael SmithRSU52,5019,137,274
William LewisOption104,66025.83
William LewisOption93,48729.13
Michael SmithOption40,76925.83
William LewisOption14,85426.43
Michael SmithOption10,89419.74
Michael SmithOption5,71326.43
05

Incentive-plan design — the Compensation Discussion & Analysis

Our compensation program for our executive officers, including our NEOs, is designed to attract, retain, and incentivize the best possible talent. The Company's compensation program for NEOs is structured to implement the following guiding principles: Align Executives' Interests with those of our Shareholders; Use At-Risk Compensation to Incentivize Executives; Pay Competitively to Attract and Retain Skilled Executive Officers.

CEO STI target (% of salary)100%
CEO LTI target (% of salary)
Independent consultantWillis Towers Watson (WTW)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-13162,133,72823,657,32574,39887.27%Passed
20252025-05-15142,263,7774,990,96985,96396.61%Passed
20242024-05-13120,643,0458,076,14496,80893.73%Passed
20232023-05-11107,704,6494,953,46058,84295.6%Passed
20222022-05-1194,757,2614,665,026118,70795.31%Passed
20212021-05-1285,416,6492,703,419278,09696.93%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1387.27%a
20252025-05-1596.61%b
20242024-05-1393.73%c

a. Approved under the standard stated in the filing — “What Is the Effect of Votes Withheld, Abstentions, and Broker Non-Votes on Each of the Proposals? Votes that are withheld or any abstentions from voting will not be counted in determining the number of votes cast with respect to any of the proposals.”.

b. Approved under the standard stated in the filing — “What Is the Effect of Votes Withheld, Abstentions, and Broker Non-Votes on Each of the Proposals? Votes that are withheld or any abstentions from voting will not be counted in determining the number of votes cast with respect to any of the proposals.”.

c. Approved under the standard stated in the filing — “What Is the Effect of Votes Withheld, Abstentions and Broker Non-Votes on Each of the Proposals? Votes that are withheld or any abstentions from voting will not be counted in determining the number of votes cast with respect to any of the proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)50.8 : 1
CEO total compensation$14,467,393
Median employee compensation$284,512
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
David R. BrennanIndependent · Lead Independent Director · Compensation (Chair)$125,000$340,000$0$0$0$465,000
Elizabeth McKee AndersonIndependent · Audit · Nominations and Governance (Chair)92,864340,000000432,864
David W.J. McGirrIndependent · Audit (Chair) · Not standing for re-election90,000340,000000430,000
Carol A. SchaferIndependent · Audit · Nominations and Governance87,500340,000000427,500
Leo LeeIndependent · Compensation · Science and Technology85,000340,000000425,000
Clarissa Desjardins, Ph.DIndependent · Science and Technology (Chair)85,000340,000000425,000
Melvin Sharoky, M.DIndependent · Nominations and Governance · Science and Technology85,000340,000000425,000
Alfred F. AltomariIndependent · Not standing for re-election · Departed during FY32,693000032,693
William H. LewisEmployee director · Board Chair00000
09

Board fee structure and ownership guideline

Annual cash retainer$20,000
Annual equity retainer$340,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 12,500
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$683,057
Equity awards (grant-date value)$2,380,000
All other compensation$0
Total cost of the board$3,063,057

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies INSMED Inc names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including INSMED Inc.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Roivant Sciences Ltd.2024Matthew Gline$725,000$157,577,851$163,293,744
2Exelixis, Inc.2025Michael Morrissey1,306,04030,539,55201,382,59133,239,183
3Incyte Corporation2025William Meury647,26027,509,6572,573,9981,300,00032,085,952
4BioMarin Pharmaceutical, Inc.2025Alexander Hardy1,130,76916,833,6291,909,3101,644,50021,927,563
5Jazz Pharmaceuticals Public Limited Company2025Renee Gala1,003,26916,138,43301,980,00019,151,558
6United Therapeutics Corporation2025Martine Rothblatt1,545,0056,067,9906,075,8044,281,87518,038,972
7BeOne Medicines Ltd.2025John Oyler1,133,00011,249,6153,749,9671,676,84017,943,521
8Alnylam Pharmaceuticals, Inc.2025Yvonne Greenstreet1,404,2005,512,5004,363,3803,562,50014,867,600
9INSMED Inc2025William Lewis854,5502,999,9409,000,0331,495,46314,467,393
10Neurocrine Biosciences, Inc.2025Kyle Gano920,0005,750,0235,750,006013,448,935
11Ionis Pharmaceuticals, Inc.2025Brett Monia1,051,7768,444,8381,438,105013,350,777
12Intra-Cellular Therapies, Inc.2023Sharon Mates891,6537,749,9840010,086,413
13Sarepta Therapeutics, Inc.2025Douglas Ingram1,171,4256,000,0050649,0007,840,666
Genmab A/Snot in coverage universe
BioNTech SEnot in coverage universe
argenx SEnot in coverage universe
Legend Biotech Corporationnot in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
INSMED Inc175%Options 75 · RSU 25NoWillis Towers Watson (WTW)
Alnylam Pharmaceuticals, Inc.200%PSU 50 · RSU 25 · Options 25NoPay Governance
argenx SEnot disclosednot disclosednot disclosednot disclosed
BeOne Medicines Ltd.148%PSU 50 · Options 25 · RSU 25NoPay Governance
BioMarin Pharmaceutical, Inc.130%PSU 66 · RSU 21 · Options 13Yes — Relative TSRAon Human Capital Solutions
BioNTech SEnot disclosednot disclosednot disclosednot disclosed
Exelixis, Inc.105%PSU 50 · RSU 50Yes — 2025 Relative TSR GoalAon
Genmab A/Snot disclosednot disclosednot disclosednot disclosed
Incyte Corporation138.6%PSU 60 · Options 20 · RSU 20Yes — relative total shareholder return (TSR)Aon
Intra-Cellular Therapies, Inc.150%RSU 75 · PSU 25Yes — Total Stockholder Return (TSR) relative to Nasdaq Biotechnology IndexAon Consulting, Inc.
Ionis Pharmaceuticals, Inc.228%RSU 67 · PSU 33Yes — Relative TSRAon Human Capital Solutions
Jazz Pharmaceuticals Public Limited Company150%PSU 50 · RSU 50Yes — Relative TSRAon
Legend Biotech Corporationnot disclosednot disclosednot disclosednot disclosed
Neurocrine Biosciences, Inc.105%Options 50 · PSU 30 · RSU 20NoFrederic W. Cook & Co., Inc.
Roivant Sciences Ltd.94.5%not disclosedNoAon
Sarepta Therapeutics, Inc.100%RSU 50 · PSU 50NoFW Cook
United Therapeutics Corporation221%Options 50 · PSU 50NoAon Human Capital Solutions

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at INSMED Inc in fiscal 2025?
As disclosed, the highest-paid executive at INSMED Inc in fiscal 2025 was William Lewis, Chair and Chief Executive Officer, with total compensation of $14,467,393.
How does INSMED Inc's chief executive pay compare to its disclosed peer group?
The filing shows that William Lewis's pay falls within the 33rd percentile of the company's disclosed peer group.
What is INSMED Inc's CEO-to-median employee pay ratio?
The company reported a CEO-to-median employee pay ratio of 50.8:1 for fiscal 2025.
How did shareholders vote on INSMED Inc's executive compensation?
Shareholders voted to approve the executive compensation plan with 87.27% support in the latest vote.
How much does INSMED Inc spend in total on board compensation for fiscal 2025?
The filing indicates that total board compensation for fiscal 2025 was $3,063,057.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, William LewisDEF 14A2026-04-010001104506-26-000022Section “Summary Compensation Table” · page 47. As printed: 14,467,393. Filing ↗machine: r4 · c51 · span 912553–912563
2Section 01, Martina FlammerDEF 14A2026-04-010001104506-26-000022Section “Summary Compensation Table” · page 47. As printed: 4,716,513. Filing ↗machine: r19 · c51 · span 959683–959692
3Section 01, Roger AdsettDEF 14A2026-04-010001104506-26-000022Section “Summary Compensation Table” · page 47. As printed: 4,691,405. Filing ↗machine: r14 · c51 · span 944168–944177
4Section 01, Sara BonsteinDEF 14A2026-04-010001104506-26-000022Section “Summary Compensation Table” · page 47. As printed: 4,617,429. Filing ↗machine: r9 · c51 · span 928065–928074
5Section 01, Michael SmithDEF 14A2026-04-010001104506-26-000022Section “Summary Compensation Table” · page 47. As printed: 4,138,160. Filing ↗machine: r24 · c51 · span 976256–976265
6Section 03, William Lewis RSUDEF 14A2026-04-010001104506-26-000022Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t140 · r5 · c2 · span 833181–833187
7Section 03, William Lewis OPTIONDEF 14A2026-04-010001104506-26-000022Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t140 · r4 · c3 · span 831966–831973
8Section 03, William Lewis PSUDEF 14A2026-04-010001104506-26-000022Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t147 · r4 · c2 · span 883959–883965
9Section 03, William Lewis OPTIONDEF 14A2026-04-010001104506-26-000022Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t140 · r5 · c1 · span 832887–832894
10Section 03, William Lewis RSUDEF 14A2026-04-010001104506-26-000022Section “2025 Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t140 · r4 · c4 · span 832228–832234
11Section 07, pay ratioDEF 14A2026-04-010001104506-26-000022Section “CEO Pay Ratio”. As printed: 50.8 : 1. Filing ↗machine: span 1677342–1677349
12Section 08, David R. BrennanDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 465,000. Filing ↗machine: t199 · r10 · c9 · span 1867030–1867037
13Section 08, Elizabeth McKee AndersonDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 432,864. Filing ↗machine: t199 · r7 · c9 · span 1863944–1863951
14Section 08, David W.J. McGirrDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 430,000. Filing ↗machine: t199 · r19 · c9 · span 1876417–1876424
15Section 08, Carol A. SchaferDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 427,500. Filing ↗machine: t199 · r22 · c9 · span 1879412–1879419
16Section 08, Leo LeeDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 425,000. Filing ↗machine: t199 · r16 · c9 · span 1873221–1873228
17Section 08, Clarissa Desjardins, Ph.DDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 425,000. Filing ↗machine: t199 · r13 · c9 · span 1870235–1870242
18Section 08, Melvin Sharoky, M.DDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 425,000. Filing ↗machine: t199 · r25 · c9 · span 1882611–1882618
19Section 08, Alfred F. AltomariDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 32,693. Filing ↗machine: t199 · r4 · c3 · span 1859429–1859435
20Section 08, William H. LewisDEF 14A2026-04-010001104506-26-000022Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, Roger Adsett 2026-04-01Form 42026-04-030001685904-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Roger Adsett 2026-04-01Form 42026-04-030001685904-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Roger Adsett 2026-04-01Form 42026-04-030001685904-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Roger Adsett 2026-04-01Form 42026-04-030001685904-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Roger Adsett 2026-04-01Form 42026-04-030001685904-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, William Lewis 2026-04-06Form 42026-04-080001402051-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, William Lewis 2026-04-06Form 42026-04-080001402051-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, William Lewis 2026-04-06Form 42026-04-080001402051-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, William Lewis 2026-04-06Form 42026-04-080001402051-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, William Lewis 2026-04-06Form 42026-04-080001402051-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, William Lewis 2026-04-06Form 42026-04-080001402051-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, William Lewis 2026-04-06Form 42026-04-080001402051-26-000022Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, William Lewis 2026-04-16Form 42026-04-170001402051-26-000024Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, William Lewis 2026-05-04Form 42026-05-060001402051-26-000026Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Martina Flammer 2026-05-11Form 42026-05-130001796960-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Martina Flammer 2026-05-11Form 42026-05-130001796960-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Martina Flammer 2026-05-11Form 42026-05-130001796960-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Martina Flammer 2026-05-11Form 42026-05-130001796960-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, William Lewis 2026-05-13Form 42026-05-150001402051-26-000028Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Leo Lee 2026-05-13Form 42026-05-150001740789-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Sara Bonstein 2026-05-13Form 42026-05-150001604019-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Carol A. Schafer 2026-05-13Form 42026-05-150001272181-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Martina Flammer 2026-05-13Form 42026-05-150001796960-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Clarissa Desjardins 2026-05-13Form 42026-05-150001793390-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Elizabeth McKee Anderson 2026-05-13Form 42026-05-150001758247-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Melvin Sharoky Md 2026-05-13Form 42026-05-150001182633-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, David R. Brennan 2026-05-13Form 42026-05-150001609305-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Michael Smith 2026-05-13Form 42026-05-150001870278-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Martina Flammer 2026-05-13Form 42026-05-150001796960-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Martina Flammer 2026-05-13Form 42026-05-150001796960-26-000014Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Roger Adsett 2026-05-13Form 42026-05-150001685904-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, William Lewis 2026-05-18Form 42026-05-200001402051-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, William Lewis 2026-05-18Form 42026-05-200001402051-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, William Lewis 2026-05-18Form 42026-05-200001402051-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, William Lewis 2026-05-18Form 42026-05-200001402051-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, William Lewis 2026-05-18Form 42026-05-200001402051-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, William Lewis 2026-05-18Form 42026-05-200001402051-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, William Lewis 2026-05-18Form 42026-05-200001402051-26-000030Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Michael Smith 2026-05-22Form 42026-05-220001870278-26-000015Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Sara Bonstein 2026-06-03Form 42026-06-050001604019-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Michael Smith 2026-06-03Form 42026-06-050001870278-26-000017Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, William Lewis 2026-06-03Form 42026-06-050001402051-26-000032Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Roger Adsett 2026-06-03Form 42026-06-050001685904-26-000012Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Martina Flammer 2026-06-03Form 42026-06-050001796960-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Martina Flammer 2026-06-03Form 42026-06-050001796960-26-000016Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, William Lewis 2026-06-08Form 42026-06-100001402051-26-000035Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Michael Smith 2026-06-22Form 42026-06-240001870278-26-000020Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Samuele Butera 2026-06-23Form 42026-06-240002140098-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Samuele Butera 2026-06-23Form 42026-06-240002140098-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
94Section 02, William Lewis 2026-06-25Form 42026-06-260001402051-26-000038Insider equity transaction reported since the proxy statement. Filing ↗
95Section 02, Martina Flammer 2026-07-06Form 42026-07-080001796960-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
96Section 02, Martina Flammer 2026-07-06Form 42026-07-080001796960-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
97Section 02, Martina Flammer 2026-07-06Form 42026-07-080001796960-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
98Section 02, Martina Flammer 2026-07-06Form 42026-07-080001796960-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
99Section 02, Martina Flammer 2026-07-06Form 42026-07-080001796960-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
100Section 02, Martina Flammer 2026-07-06Form 42026-07-080001796960-26-000018Insider equity transaction reported since the proxy statement. Filing ↗
101Section 02, William Lewis 2026-07-09Form 42026-07-100001402051-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
102Section 02, William Lewis 2026-07-09Form 42026-07-100001402051-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
103Section 02, William Lewis 2026-07-09Form 42026-07-100001402051-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
104Section 02, William Lewis 2026-07-09Form 42026-07-100001402051-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
105Section 02, William Lewis 2026-07-09Form 42026-07-100001402051-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
106Section 02, William Lewis 2026-07-09Form 42026-07-100001402051-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
107Section 02, William Lewis 2026-07-09Form 42026-07-100001402051-26-000040Insider equity transaction reported since the proxy statement. Filing ↗
108Section 02, William Lewis 2026-07-23Form 42026-07-240001402051-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
109Section 02, William Lewis 2026-07-23Form 42026-07-240001402051-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
110Section 02, William Lewis 2026-07-23Form 42026-07-240001402051-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
111Section 02, William Lewis 2026-07-23Form 42026-07-240001402051-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
112Section 02, William Lewis 2026-07-23Form 42026-07-240001402051-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
113Section 02, William Lewis 2026-07-23Form 42026-07-240001402051-26-000042Insider equity transaction reported since the proxy statement. Filing ↗
114Section 06, 2026 voteForm 8-K2026-05-150001140361-26-021648Item 5.07 · say-on-pay result. As reported: 87.27% (votes for as printed: 162,133,728). Filing ↗
115Section 06, 2025 voteForm 8-K2025-05-160001140361-25-019490Item 5.07 · say-on-pay result. As reported: 96.61% (votes for as printed: 142,263,777). Filing ↗
116Section 06, 2024 voteForm 8-K2024-05-130001140361-24-025709Item 5.07 · say-on-pay result. As reported: 93.73% (votes for as printed: 120,643,045). Filing ↗
117Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
118Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
119Section 09b board cost (computed)ComputedcomputedCash 683,057 + equity 2,380,000 + all other 0 = 3,063,057, summed across the director compensation table rows.machine: formula: Σ = 3,063,057
120Roivant Sciences Ltd., Section 10b CEO totalDEF 14A2025-07-290001140361-25-027846CEO total compensation as printed in Roivant Sciences Ltd.'s own proxy. As printed: 163,293,744. Filing ↗machine: r2 · c24 · span 751211–751223
121Exelixis, Inc., Section 10b CEO totalDEF 14A2026-04-150000939767-26-000046CEO total compensation as printed in Exelixis, Inc.'s own proxy. As printed: 33,239,183. Filing ↗machine: r2 · c10 · span 2655516–2655526
122Incyte Corporation, Section 10b CEO totalDEF 14A2026-04-280000879169-26-000031CEO total compensation as printed in Incyte Corporation's own proxy. As printed: 32,085,952. Filing ↗machine: t91 · r2 · c16 · span 637817–637827
123BioMarin Pharmaceutical, Inc., Section 10b CEO totalDEF 14A2026-04-210001628280-26-026290CEO total compensation as printed in BioMarin Pharmaceutical, Inc.'s own proxy. As printed: 21,927,563. Filing ↗machine: span 1384905–1384915
124Jazz Pharmaceuticals Public Limited Company, Section 10b CEO totalDEF 14A2026-06-080001232524-26-000029CEO total compensation as printed in Jazz Pharmaceuticals Public Limited Company's own proxy. As printed: 19,151,558. Filing ↗machine: r3 · c27 · span 1437369–1437379
125United Therapeutics Corporation, Section 10b CEO totalDEF 14A2026-04-290001082554-26-000009CEO total compensation as printed in United Therapeutics Corporation's own proxy. As printed: 18,038,972. Filing ↗machine: span 1993726–1993736
126BeOne Medicines Ltd., Section 10b CEO totalDEF 14A2026-04-280001104659-26-049655CEO total compensation as printed in BeOne Medicines Ltd.'s own proxy. As printed: 17,943,521. Filing ↗machine: t180 · r2 · c22 · span 1909011–1909021
127Alnylam Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-060001628280-26-023923CEO total compensation as printed in Alnylam Pharmaceuticals, Inc.'s own proxy. As printed: 14,867,600. Filing ↗machine: span 1294691–1294701
128INSMED Inc (subject), Section 10b CEO totalDEF 14A2026-04-010001104506-26-000022CEO total compensation as printed in INSMED Inc's own proxy. As printed: 14,467,393. Filing ↗machine: r4 · c51 · span 912553–912563
129Neurocrine Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-150000914475-26-000015CEO total compensation as printed in Neurocrine Biosciences, Inc.'s own proxy. As printed: 13,448,935. Filing ↗machine: t50 · r4 · c7 · span 847947–847957
130Ionis Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001140361-26-016388CEO total compensation as printed in Ionis Pharmaceuticals, Inc.'s own proxy. As printed: 13,350,777. Filing ↗machine: t325 · r3 · c25 · span 1543650–1543661
131Intra-Cellular Therapies, Inc., Section 10b CEO totalDEF 14A2024-04-290001628280-24-018986CEO total compensation as printed in Intra-Cellular Therapies, Inc.'s own proxy. As printed: 10,086,413. Filing ↗machine: r2 · c39 · span 440593–440603
132Sarepta Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-240001193125-26-177247CEO total compensation as printed in Sarepta Therapeutics, Inc.'s own proxy. As printed: 7,840,666. Filing ↗machine: t34 · r2 · c25 · span 1454395–1454404
133Section 10a, Neurocrine Biosciences, Inc. reciprocityDEF 14A0000914475-26-000015Neurocrine Biosciences, Inc.'s most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗
134Section 10a, Ionis Pharmaceuticals, Inc. reciprocityDEF 14A0001140361-26-016388Ionis Pharmaceuticals, Inc. names INSMED Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
135Section 10a, United Therapeutics Corporation reciprocityDEF 14A0001082554-26-000009United Therapeutics Corporation's most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗
136Section 10a, BeOne Medicines Ltd. reciprocityDEF 14A0001104659-26-049655BeOne Medicines Ltd.'s most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗
137Section 10a, BioMarin Pharmaceutical, Inc. reciprocityDEF 14A0001628280-26-026290BioMarin Pharmaceutical, Inc.'s most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗
138Section 10a, Exelixis, Inc. reciprocityDEF 14A0000939767-26-000046Exelixis, Inc.'s most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗
139Section 10a, Intra-Cellular Therapies, Inc. reciprocityDEF 14A0001628280-24-018986Intra-Cellular Therapies, Inc. names INSMED Inc in its own disclosed peer group (read from its most recent proxy). Filing ↗
140Section 10a, Jazz Pharmaceuticals Public Limited Company reciprocityDEF 14A0001232524-26-000029Jazz Pharmaceuticals Public Limited Company's most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗
141Section 10a, Sarepta Therapeutics, Inc. reciprocityDEF 14A0001193125-26-177247Sarepta Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗
142Section 10a, Alnylam Pharmaceuticals, Inc. reciprocityDEF 14A0001628280-26-023923Alnylam Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include INSMED Inc. Filing ↗