INSM Q1 2025 Earnings
Reported May 8, 2025 at 7:00 AM ET · SEC Source
Q1 25 EPS
$-1.42
MISS 4.36%
Est. $-1.36
Q1 25 Revenue
$92.8M
BEAT +0.80%
Est. $92.1M
vs S&P Since Q1 25
+79.9%
BEATING MARKET
INSM +107.4% vs S&P +27.5%
Market Reaction
Did INSM Beat Earnings? Q1 2025 Results
Insmed delivered a mixed first quarter for 2025, topping revenue expectations while falling short on the bottom line as heavy pre-launch spending weighed on profitability. The company posted revenue of $92.82 million, edging past the $92.09 million c… Read more Insmed delivered a mixed first quarter for 2025, topping revenue expectations while falling short on the bottom line as heavy pre-launch spending weighed on profitability. The company posted revenue of $92.82 million, edging past the $92.09 million consensus by 0.80% and marking 22.9% year-over-year growth driven entirely by its sole commercial product, ARIKAYCE, which posted double-digit gains across all three regions for the sixth consecutive quarter. Earnings per share came in at a loss of $1.42, missing the consensus estimate of $1.36 by 4.36%, as the net loss widened to $256.58 million from $157.09 million a year ago; SG&A expenses surged to $147.54 million from $93.10 million as Insmed scaled commercial infrastructure ahead of brensocatib's anticipated U.S. Launch. With an FDA PDUFA date of August 12, 2025 for bronchiectasis and regulatory reviews underway in Europe and the U.K., the spending surge reflects a calculated bet on that pipeline asset. Insmed reiterated full-year 2025 ARIKAYCE guidance of $405 million to $425 million, implying 11-17% growth, and ended the quarter with approximately $1.20 billion in cash.
Key Takeaways
- • Double-digit ARIKAYCE growth in all three commercial regions for sixth consecutive quarter
- • Ex-U.S. strength driven by increased new patient starts in Japan and Europe
- • Consistent cost of product revenues as a percentage of revenues (~22.9%) in line with historical levels
INSM YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
INSM Revenue by Segment
With YoY comparisons, source: SEC Filings
INSM Revenue by Geography
With YoY comparisons, source: SEC Filings
“In the first quarter of 2025, Insmed demonstrated executional excellence across our commercial and clinical programs, while simultaneously preparing for critical near-term milestones, including our Phase 2 data readout of TPIP in PAH, and our anticipated FDA approval of brensocatib for bronchiectasis.”
— Will Lewis, Q1 2025 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% |