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Insmed (INSM) investor relations material
Insmed Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
BRINSUPRI received FDA approval and launched in the US, generating $28.1 million in its first six weeks, with broad physician adoption and strong patient interest; most prescribers started with a small number of severe patients.
ARIKAYCE posted record quarterly revenue of $114.3 million in Q3 2025, up 22% year-over-year, with double-digit growth in all regions and international sales up 52%.
Net product revenues rose 52% year-over-year to $142.3 million for Q3 2025, driven by BRINSUPRI's US launch and ARIKAYCE's international growth.
The company is preparing for multiple late-stage and commercial launches, including brensocatib in the EU, UK, and Japan, and expects a busy 2026 with several phase III trial initiations.
Operating loss widened to $366.0 million in Q3 2025, reflecting higher R&D and SG&A expenses to support launches and pipeline advancement.
Financial highlights
Q3 2025 product revenues were $142.3 million, up from $93.4 million in Q3 2024; ARIKAYCE revenue was $114.3 million (US: $74.0 million, International: $40.3 million), and BRINSUPRI generated $28.1 million.
Cost of product revenues was $29.4 million (20.6% of revenues), down as a percentage due to BRINSUPRI's positive gross margin impact.
R&D and SG&A expenses increased year-over-year, reaching $186.4 million each in Q3 2025, driven by commercial readiness and clinical activity.
Net loss for Q3 2025 was $370.0 million ($1.75/share), compared to $220.5 million ($1.27/share) in Q3 2024.
Cash, cash equivalents, and marketable securities totaled approximately $1.7 billion at quarter-end, bolstered by an $823.3 million equity offering in June 2025.
Outlook and guidance
2025 global ARIKAYCE revenue guidance raised to $420–$430 million, representing 15–18% year-over-year growth.
First full quarter of BRINSUPRI launch (Q4 2025) expected to provide clearer insight into launch trajectory as market access and prescriber activation evolve.
Anticipated launches of brensocatib in the EU (early 2026), UK (first half 2026), and Japan (second half 2026), pending approvals.
Multiple late-stage clinical milestones expected in 2026, including topline data for brensocatib, ARIKAYCE ENCORE trial, and TPIP program updates.
Cash and marketable securities expected to fund operations for at least the next 12 months.
BRINSUPRI US launch uptake trends?
ARIKAYCE ENCORE trial's market expansion potential?
TPIP Phase 3 studies: resource allocation strategy?
What drives BRINSUPRI prescribing depth?
TPIP orphan exclusivity strategy for IPF/PPF?
BiRCh trial success with alpha 0.1 p-value?
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Jefferies London Healthcare Conference 202518 Nov, 2025
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Frequently asked questions
Insmed Incorporated is a biopharmaceutical company focused on developing and commercializing therapies for rare and serious diseases. The company’s research areas include pulmonary conditions, inflammatory diseases, and genetic disorders. It serves patients through approved therapies and a clinical development pipeline. The company is headquartered in Bridgewater, New Jersey, and its shares are listed on the NASDAQ.
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