Exhibit 12.1
Insmed Incorporated
Computation of Ratio of Earnings to Fixed Charges
(in thousands)
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| Years Ended December 31, |
| Nine Months |
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| 2012 |
| 2013 |
| 2014 |
| 2015 |
| 2016 |
| 30, 2017 |
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Earnings: |
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Income before income taxes |
| $ | (41,374 | ) | $ | (57,294 | ) | $ | (89,581 | ) | $ | (120,154 | ) | $ | (176,175 | ) | $ | (127,171 | ) |
Add: |
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Fixed Charges |
| 1,096 |
| 2,745 |
| 2,848 |
| 3,155 |
| 3,898 |
| 4,825 |
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Amortization of capitalized interest |
| 236 |
| 333 |
| 390 |
| 458 |
| 281 |
| 91 |
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Less: |
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Capitalized interest |
| (280 | ) | (493 | ) | (500 | ) | (534 | ) | (452 | ) | (597 | ) | ||||||
Total earnings |
| $ | (40,322 | ) | $ | (54,709 | ) | $ | (86,843 | ) | $ | (117,075 | ) | $ | (172,448 | ) | $ | (122,852 | ) |
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Fixed charges: |
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Interest and debt expense, net of capitalized interest |
| $ | 483 |
| $ | 1,919 |
| $ | 1,915 |
| $ | 2,355 |
| $ | 3,046 |
| $ | 3,862 |
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Capitalized interest |
| 280 |
| 493 |
| 500 |
| 534 |
| 452 |
| 597 |
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Rental expense interest factor (1) |
| 333 |
| 333 |
| 433 |
| 266 |
| 400 |
| 366 |
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Total fixed charges |
| $ | 1,096 |
| $ | 2,745 |
| $ | 2,848 |
| $ | 3,155 |
| $ | 3,898 |
| $ | 4,825 |
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Ratio of earnings to fixed charges (2) |
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(1) Rental expense interest calculated using an assumed interest factor of 33% of rental expense.
(2) Earnings were inadequate to cover fixed charges for the years ended December 31, 2012, 2013, 2014, 2015 and 2016 by $41.4 million, $57.5 million, $89.7 million, $120.2 million and $176.4 million, respectively, and for the nine months ended September 30, 2017, by $127.7 million.
