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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Insmed
Insmed (INSM) investor relations material
Insmed Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
2025 marked a transformative year with the U.S. launch of BRINSUPRI, generating $144.6M in Q4 and $172.7M for the year, and European approval secured.
ARIKAYCE delivered $433.8M in 2025 (+19% YoY), with strong growth in Japan (40% YoY) and Europe, and U.S. revenues at $280.3M.
Clinical pipeline advanced with TPIP's orphan drug designation for PAH, positive Phase 2 data, and new gene therapies for DMD and ALS entering the clinic.
Acquired Phase 2-ready INS1148 and discontinued CRS without nasal polyps program.
2026 priorities include accelerating BRINSUPRI launch, ARIKAYCE growth, and expanding the pipeline via business development.
Financial highlights
Full-year 2025 revenues were $606.4M, with BRINSUPRI at $172.7M and ARIKAYCE at $433.8M.
Q4 2025 U.S. net revenues for BRINSUPRI reached $144.6M, surpassing comparable respiratory launches.
2026 revenue guidance: at least $1B for BRINSUPRI, $450–$470M for ARIKAYCE, and total company revenues of at least $1.45B (+139% YoY).
Cost of product revenues in Q4 2025 was $44.2M (16.8% of revenues), reflecting improved gross margin from BRINSUPRI.
Cash, cash equivalents, and marketable securities at year-end 2025 totaled ~$1.4B, supporting ongoing investments.
Outlook and guidance
Confident in achieving cash flow positivity in 2026 without new capital, though funds may be raised for business development.
BRINSUPRI 2026 revenue guidance of at least $1B, with gross-to-net expected in the mid-20s to low-30s percent range.
ARIKAYCE 2026 GTN expected in the low to mid-20s percent.
Continued investment in commercialization, regulatory submissions, and clinical development across the pipeline.
ENCORE phase III readout for ARIKAYCE expected in March/April, potentially expanding its addressable market from 30,000 to 200,000 patients.
BRINSUPRI int'l launch strategy given US policies
ARIKAYCE's market expansion post-ENCORE trial
R&D allocation across diverse pipeline
BRINSUPRI: How to tap into COPD/asthma overlap?
What makes TPIP clinically superior for PAH?
What BD opportunities would require new capital?
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Next Insmed earnings date
TD Cowen 46th Annual Health Care Conference2 Mar, 2026
Insmed
Next Insmed earnings date
TD Cowen 46th Annual Health Care Conference2 Mar, 2026
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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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