Insmed (INSM) Q3 2026 earnings summary

Executive summary

• Q3 2026 revenue was $524.4M, up 268% YoY, led by BRINSUPRI; net loss narrowed to $100.3M from $370.0M.

• BRINSUPRI exceeded $1B in its first four full launch quarters; three lead assets are forecast to grow at >20% CAGR over 10+ years, with combined peak sales estimates >$14B.

• Cash flow positivity is expected in 2027, while nine programs could enter clinical development by 2029 and 1–2 IND submissions annually remain the goal.

Financial highlights

• Q3 revenue was $524.4M versus $142.3M; nine-month revenue was $1,255.9M versus $342.6M.

• Q3 operating loss was $89.4M versus $366.0M; net loss was $100.3M, or $0.46 per share, versus $370.0M, or $1.75 per share.

• Q3 R&D was $270.0M and SG&A was $253.0M, reflecting clinical, manufacturing and commercial investment.

• Cost of product revenues was $78.2M, or 14.9% of revenue, versus 20.6% in Q3 2025; BRINSUPRI's contribution supported the lower ratio.

Outlook and guidance

• FY 2026 BRINSUPRI revenue guidance rose to $1.35B–$1.4B from $1.25B–$1.4B; ARIKAYCE guidance rose to $460M–$470M from $450M–$470M.

• Gross-to-net guidance remains mid- to high-20% for BRINSUPRI and low- to mid-20% for ARIKAYCE; both were within guidance to date.

• 2026 guidance excludes meaningful BRINSUPRI Japan revenue and ARIKAYCE contribution from potential U.S. and Japan label expansions.

• Cash flow positivity is expected in 2027 without additional capital, assuming no material expense expansion from business development.