INSM Q1 2026 Earnings
Reported Feb 19, 2026 at 7:01 AM ET · SEC Source
Q1 26 EPS
$-1.54
MISS 31.62%
Est. $-1.17
Q1 26 Revenue
$263.8M
vs S&P Since Q1 26
-21.6%
TRAILING MARKET
INSM -17.1% vs S&P +4.5%
Market Reaction
Did INSM Beat Earnings? Q1 2026 Results
Insmed delivered a revenue breakout in Q1 2026 while absorbing heavier-than-expected losses, as the commercial ramp of BRINSUPRI drove total revenue to $263.84 million, a 152.6% jump year-over-year, yet the company posted a loss of $1.54 per share, m… Read more Insmed delivered a revenue breakout in Q1 2026 while absorbing heavier-than-expected losses, as the commercial ramp of BRINSUPRI drove total revenue to $263.84 million, a 152.6% jump year-over-year, yet the company posted a loss of $1.54 per share, missing the consensus estimate of $1.17 by 31.62%. The widening loss reflected the sheer scale of launch investment, with SG&A climbing to $212.50 million from $142.50 million and R&D expenses rising to $254.90 million, as Insmed pushed aggressively to establish BRINSUPRI as the standard of care in non-cystic fibrosis bronchiectasis. BRINSUPRI contributed $144.60 million in its first full quarter on the U.S. Market, a trajectory management described as among the most successful specialty respiratory launches on record, while ARIKAYCE added $119.20 million, growing 14% year-over-year. Analysts have increasingly focused on commercial execution and valuation as the company guides for BRINSUPRI revenues of at least $1.00 billion in 2026, with total company revenue projected at no less than $1.45 billion, a roughly 139% step-up from 2025.
Key Takeaways
- • Successful U.S. commercial launch of BRINSUPRI generating $144.6 million in first full quarter
- • ARIKAYCE global revenue grew 19% in 2025, exceeding upper end of guidance
- • ARIKAYCE international revenue grew 41% year-over-year for full-year 2025
- • Over 90% of targeted patient lives have access to BRINSUPRI reimbursement
- • Approximately 4,000 cumulative BRINSUPRI prescribers as of December 31, 2025
- • Cost of product revenues as percentage of revenues decreased due to BRINSUPRI's lower manufacturing cost
INSM Forward Guidance & Outlook
Insmed expects full-year 2026 BRINSUPRI revenues of at least $1 billion and ARIKAYCE revenues in the range of $450 million to $470 million, implying total company revenues of at least approximately $1.45 billion, representing roughly 139% growth versus full-year 2025. BRINSUPRI gross-to-net is guided at mid-20% to low-30%, while ARIKAYCE gross-to-net is guided at low-20% to mid-20%. Management expressed confidence that cash flow positivity can be achieved without raising additional capital, though may raise capital to support business development or other value-creating initiatives. Pre-clinical research programs are expected to comprise less than 20% of overall expenditures. Key upcoming catalysts include the Phase 3 ENCORE trial topline readout in March/April 2026, CEDAR Phase 2b topline data in Q2 2026, regulatory decisions for brensocatib in the UK and Japan in 2026, and initiation of Phase 3 TPIP studies in PAH, PPF, and IPF.
INSM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
INSM Revenue by Segment
With YoY comparisons, source: SEC Filings
INSM Revenue by Geography
With YoY comparisons, source: SEC Filings
“As we close out 2025 and begin an exciting new year at Insmed, I am energized by the significant opportunities ahead to serve patients with serious diseases. Our U.S. commercial launch of BRINSUPRI continues to exceed our expectations, and we are proud to provide this medicine to patients who previously had no approved treatment for their disease. Throughout 2026, we will continue to bring BRINSUPRI to patients with bronchiectasis, expand our Phase 3 clinical programs for TPIP, and advance our early-stage pipeline, fueling the research engine that we hope will power the next wave of potentially life-transforming therapies for patients.”
— Will Lewis, Q1 2026 Earnings Press Release
INSM Earnings Trends
INSM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
INSM EPS Trend
Earnings per share: estimate vs actual
INSM Revenue Trend
Quarterly revenue: estimate vs actual
INSM Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS FY | $-1.17 | $-1.54 | -31.62% | $263.8M | — |
| FY Full Year | $-5.87 | — | — | — | — |
| Q3 25 MISS | $-1.37 | $-1.75 | -28.02% | $142.3M | +23.25% |
| Q2 25 MISS | $-1.31 | $-1.70 | -29.59% | $107.4M | +2.97% |
| Q1 25 MISS | $-1.36 | $-1.42 | -4.36% | $92.8M | +0.80% |