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Biopharma & Life Sciences

Insmed Incorporated Executive Compensation (FY25)

INSM · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
William Lewis
Latest say-on-pay support
=
May 13, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 20, 2026Latest filing (8-K): May 15, 2026
14 filings cited on this page
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379 figures on this page: 369 cited to the filing that reported them, 10 calculated from figures it prints. See the citations

More on Insmed Incorporated

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — William Lewis: $10,943,571 → $14,467,393 (32.2% higher)
CEO pay ratio: 39.1:1 → 50.8:1 (29.9% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Insmed Incorporated's chief executive and what were they paid?
William Lewis, Chair and Chief Executive Officer, received $14,467,393 in total compensation for fiscal 2025. Lewis' total was 32.2% higher than the $10,943,571 reported for fiscal 2024.
What was Insmed Incorporated's say-on-pay result?
The say-on-pay proposal drew 87.3% of votes cast for or against in favor at the meeting held May 13, 2026 for fiscal 2025.
Which companies are in Insmed Incorporated's peer group?
The disclosed peer group includes Alnylam Pharmaceuticals, Inc., argenx SE, BeOne Medicines Ltd., BioMarin Pharmaceutical, Inc. and BioNTech SE, among others.
What is Insmed Incorporated's chief executive pay ratio?
The company reported a chief executive pay ratio of 50.8:1 for fiscal 2025, against median employee compensation of $284,512.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Lewis
President and CEO
◇—◇◇◇—◇◇
Roger Adsett
Chief Operating Officer
◇—◇◇◇—◇◇
Drayton Wise
Chief Commercial Officer
◇—◇◇◇—◇◇
Martina Flammer
Chief Medical Officer
◇—◇◇◇—◇◇
Sara Bonstein
Chief Financial Officer
◇—◇◇◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Lewis
CEO
◇—◇◇◇—◇◇
Sara Bonstein
Chief Financial Officer
◇—◇◇◇—◇◇
Martina Flammer
Chief Medical Officer
◇—◇◇◇—◇◇
Roger Adsett
Chief Operating Officer
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Lewis
CEO
◇—◇◇◇—◇◇
Roger Adsett
Chief Operating Officer
◇—◇◇◇—◇◇
Martina Flammer
Chief Medical Officer
◇◇◇◇◇—◇◇
Sara Bonstein
Chief Financial Officer
◇—◇◇◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
William Lewis
Chair and Chief Executive Officer
◇—◇◇◇—◇◇
Martina Flammer
Chief Medical Officer
◇—◇◇◇—◇◇
Roger Adsett
Chief Operating Officer
◇—◇◇◇—◇◇
Sara Bonstein
Chief Financial Officer
◇—◇◇◇—◇◇
Michael Smith
Chief Legal Officer
◇—◇◇◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Martina FlammerOPTION◇——◇—◇◇
Martina FlammerOPTION◇——◇—◇◇
Martina FlammerRSU◇——◇——◇
Martina FlammerPSU◇◇◇—◇——
Martina FlammerRSU◇——◇——◇
Michael A. SmithRSU◇——◇——◇
Michael A. SmithPSU◇◇◇—◇——
Michael A. SmithOPTION◇——◇—◇◇
Michael A. SmithOPTION◇——◇—◇◇
Michael A. SmithRSU◇——◇——◇
Roger AdsettOPTION◇——◇—◇◇
Roger AdsettPSU◇◇◇—◇——
Roger AdsettRSU◇——◇——◇
Roger AdsettOPTION◇——◇—◇◇
Roger AdsettRSU◇——◇——◇
Sara BonsteinPSU◇◇◇—◇——
Sara BonsteinOPTION◇——◇—◇◇
Sara BonsteinRSU◇——◇——◇
Sara BonsteinRSU◇——◇——◇
Sara BonsteinOPTION◇——◇—◇◇
William H. LewisRSU◇——◇——◇
William H. LewisRSU◇——◇——◇
William H. LewisOPTION◇——◇—◇◇
William H. LewisOPTION◇——◇—◇◇
William H. LewisPSU◇◇◇—◇——
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Martina FlammerOption◇—◇1/6/2032
Option◇—◇1/5/2033
RSU◇◇——
RSU◇◇——
Option◇—◇5/11/2032
Option◇—◇1/4/2034
Option◇—◇5/11/2033
Option◇—◇5/13/2034
Option◇—◇5/15/2035
Option◇—◇1/8/2035
Sara BonsteinOption◇—◇5/11/2032
Option◇—◇1/6/2032
RSU◇◇——
PSU◇◇——
Option◇—◇5/15/2035
Option◇—◇1/5/2033
Option◇—◇5/13/2034
Option◇—◇1/8/2035
Option◇—◇5/11/2033
Option◇—◇1/4/2034
Michael SmithOption◇—◇1/6/2032
Option◇—◇1/8/2035
Option◇—◇5/15/2035
PSU◇◇——
RSU◇◇——
Option◇—◇5/13/2034
Option◇—◇5/11/2033
Option◇—◇1/4/2034
Option◇—◇1/5/2033
Option◇—◇5/11/2032
Roger AdsettOption◇—◇1/6/2032
Option◇—◇5/11/2032
RSU◇◇——
PSU◇◇——
Option◇—◇5/15/2035
Option◇—◇1/8/2035
Option◇—◇1/5/2033
Option◇—◇1/4/2034
Option◇—◇5/11/2033
Option◇—◇5/13/2034
William LewisOption◇—◇5/11/2032
RSU◇◇——
PSU◇◇——
Option◇—◇5/13/2034
Option◇—◇1/6/2032
Option◇—◇1/4/2034
Option◇—◇5/15/2035
Option◇—◇1/5/2033
Option◇—◇5/11/2033
Option◇—◇1/8/2035
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Martina Flammer
Chief Medical Officer · Employment agreement
Change-in-control multiple◇
Michael Smith
Chief Legal Officer · Employment agreement
Change-in-control multiple◇
Sara Bonstein
Chief Financial Officer · Employment agreement
Change-in-control multiple◇
William Lewis
Chair and Chief Executive Officer · Employment agreement
Severance multiple◇
Change-in-control multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
David R. Brennan
Lead independent director
◇◇————◇
Elizabeth McKee Anderson
◇◇————◇
David W.J. McGirr
◇◇————◇
Carol A. Schafer
◇◇————◇
Clarissa Desjardins, Ph.D
◇◇————◇
Melvin Sharoky, M.D
◇◇————◇
Leo Lee
◇◇————◇
Alfred F. Altomari
◇—————◇
William H. Lewis served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Alnylam Pharmaceuticals, Inc. ALNY
  • argenx SE ARGX
  • BeOne Medicines Ltd. ONC
  • BioMarin Pharmaceutical, Inc. BMRN
  • BioNTech SE BNTX
  • Exelixis, Inc. EXEL
  • Genmab A/S GMAB
  • Incyte Corporation INCY
  • Intra-Cellular Therapies, Inc. ITCI
  • Ionis Pharmaceuticals, Inc. IONS
  • Jazz Pharmaceuticals Public Limited Company JAZZ
  • Legend Biotech Corporation LEGN
  • Neurocrine Biosciences, Inc. NBIX
  • Roivant Sciences Ltd. ROIV
  • Sarepta Therapeutics, Inc. SRPT
  • United Therapeutics Corporation UTHR

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 13, 2026=◇◇◇
2024March 7, 2025=◇◇◇
2023May 13, 2024=◇◇◇
2022May 11, 2023=◇◇◇
2021May 11, 2022=◇◇◇
2020May 12, 2021=◇◇◇
2019May 12, 2020=◇◇◇
2018May 16, 2019=◇◇◇
2017May 15, 2018=◇◇◇
2016May 18, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- William Lewis (Chair and Chief Executive Officer), FY2025 total compensation $14,467,393 (base salary $854,550) [exec_comp, SEC accession 0001104506-26-000022, filed 2026-04-01]

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What this page does not include

Everything above is a fact Insmed Incorporated disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Insmed Incorporated sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
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Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
379 figures on this page: 369 cited to the filing that reported them, 10 calculated from figures it prints.
369 cited to the filing
10 calculated from the filing

Documents cited

  1. 0001140361-26-021648
  2. 0001104506-26-000022
    2025 Grants of Plan-Based Awards · CEO Pay Ratio · Director Compensation · Outstanding Equity Awards at 2025 Fiscal Year End · and 2 more sections
  3. 0001140361-25-019490
    Proposal No. 4: Approval of Amendment No.
  4. 0001104506-25-000018
    Summary Compensation Table
  5. 0001140361-24-025709
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001140361-24-016917
    Summary Compensation Table
  7. 0001140361-23-024132
  8. 0001140361-23-015322
  9. 0001140361-22-019078
    Item 5.07 Submission of Matters to a Vote of Security Holders
  10. 0001140361-21-017804
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001104659-20-061572
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001104659-19-030274
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001104659-18-034075
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001104659-17-034291
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Velarion, “Insmed Incorporated executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/INSM (accessed 2026).
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14 filings cited on this page
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Biopharma & Life Sciences rankings

Chief executive pay — Biopharma & Life SciencesCEO pay ratio — Biopharma & Life SciencesSay-on-pay support — Biopharma & Life Sciences

Peers Insmed Incorporated discloses

The companies named in INSM's own disclosed peer group.

Alnylam Pharmaceuticals, Inc.BeOne Medicines Ltd.BioMarin Pharmaceutical, Inc.Exelixis, Inc.Incyte CorporationIntra-Cellular Therapies, Inc.Ionis Pharmaceuticals, Inc.Jazz Pharmaceuticals Public Limited CompanyNeurocrine Biosciences, Inc.Roivant Sciences Ltd.Sarepta Therapeutics, Inc.United Therapeutics Corporation

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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