Insmed Incorporated (INSM) Earnings
Insmed Incorporated is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $-0.76. INSM has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise -22.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.90 | $-0.76 | +15.6% | $306M | +1.7% |
| Feb 19, 2026 | $-1.07 | $-1.54 | -43.9% | $264M | +14.1% |
| Oct 30, 2025 | $-1.33 | $-1.75 | -31.6% | $142M | +23.3% |
| Aug 7, 2025 | $-1.30 | $-1.70 | -30.8% | $107M | +3.2% |
| May 8, 2025 | $-1.34 | $-1.42 | -6.0% | $93M | +1.5% |
| Feb 20, 2025 | $-1.17 | $-1.32 | -12.8% | $104M | +2.3% |
| Oct 31, 2024 | $-1.20 | $-1.27 | -5.8% | $93M | +0.1% |
| Aug 8, 2024 | $-1.24 | $-1.94 | -56.5% | $90M | +2.7% |
| May 9, 2024 | $-1.24 | $-1.06 | +14.5% | $76M | -2.9% |
| Feb 22, 2024 | $-1.13 | $-1.28 | -13.3% | $84M | +1.6% |
| Oct 26, 2023 | $-1.06 | $-1.10 | -3.8% | $79M | -0.1% |
| Aug 3, 2023 | $-1.10 | $-1.78 | -61.8% | $77M | +10.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Commercially, BRINSUPRI had strong sequential growth, outpacing past specialty respiratory launch analogs, with 44% sequential growth in Q1. ARIKAYCE grew year-over-year. - Clinically, ARIKAYCE had positive Phase IIIb ENCORE study results, TPIP has Phase III trials underway. - Plan to focus on maximizing BRINSUPRI's impact in bronchiectasis patients, increase awareness of COPD and asthma patients with bronchiectasis, submit ENCORE data for ARIKAYCE label expansion, prioritize TPIP's Phase III trials. - BRINSUPRI has healthy organic demand, excellent payer access, high patient compliance and continuation rates, expanding prescriber base. - ARIKAYCE has potential for broader label expansion with ENCORE data. - TPIP has initiated Phase III PALM PAH study, ongoing PALM-ILD study recruiting patients, and trial designs for PPF and IPF nearing finalization.
Guidance
- Reiterated full year revenue guidance for BRINSUPRI and ARIKAYCE. - Expect cash burn to decline as revenues ramp, aiming for cash flow positivity in 2027 without additional capital if no significant business development expense increase. - BRINSUPRI on track to achieve at least $1 billion revenue guidance for the year. - ARIKAYCE on track to achieve revenue guidance for the year, with potential for expanded label leading to $1 billion-plus peak sales. - TPIP continuing with Phase III trials and open-label extension studies.
Segment performance
BRINSUPRI delivered 44% sequential growth in Q1 2026, with revenue guidance for the year at least $1 billion. ARIKAYCE grew year-over-year, in its eighth year since launch. TPIP has 4 Phase III trials underway, with Phase III PALM PAH study having opened its first site, Phase IIb 24-month open-label extension study in PAH expected in Q3 2026, ongoing PALM-ILD study recruiting patients, and trial designs for PPF and IPF nearing finalization. BRINSUPRI contributed to gross margin profile with cost of product revenues at 15.5% of revenues in Q1 2026, which is lower than historical performance.
Risks & headwinds
- Potential for more stringent payer contracting and prior auths in the future which could impact launch. - Uncertainty around international launch due to MFN and pricing dynamics. - Discontinuation rates of patients, though currently above benchmark rates but details on drivers not fully disclosed. - Competitor programs could potentially impact TPIP's market position, though BI's Phase III data not yet compelling and several years away.
Analyst Q&A
Q: Thoughts on sequential growth for 2Q, 3Q, 4Q for BRINSUPRI?
A: Expect organic demand to grow from Q2 through rest of year, but cautious on quarterly forecast, with first 2 quarters having $350 million revenue.
Q: Breadth vs depth of prescribers for BRINSUPRI?
A: Both important, breadth at 25% of pulmonologists, depth with many physicians having few prescriptions but positive feedback expected to drive more.
Q: Where organic demand for BRINSUPRI comes from?
A: Academic centers, community practices, KOLs, with readiness and waiting demand from initial registrants and steady state at larger institutions.
Q: Estimating ready and waiting vs organic demand for BRINSUPRI?
A: Triangulated through registered patients, behavior at large institutions, modeling, with organic demand improving.
Q: Color on COPD and asthma patients for BRINSUPRI?
A: 15%-20% of patients in trials had comorbidities, working to get pulmonologists/primary care to refer for CT scans.
Q: Discontinuation rate for BRINSUPRI?
A: Above statin benchmarks, with statins having ~70% continuation at 6 months.
Q: Sequential growth confidence and TPIP enrollment?
A: Confidence from execution and opportunity, TPIP enrollment to be as fast as possible.
Q: Half of single patient prescribers not writing additional script in Q1?
A: Conservatism from new mechanism, positive feedback from patients expected to drive more prescriptions.
Q: ATS and AI for BRINSUPRI?
A: ATS to be a springboard, AI to be used in CT scan analysis and patient record audits.
Q: Payer risks for BRINSUPRI?
A: Approval rate still high, not seeing material decline with new policies.
Q: International launch and MFN?
A: Cautious due to MFN, unable to force higher prices abroad.
Q: Discontinuation drivers and TPIP efficacy?
A: No breakdown of discontinuation drivers, TPIP not worried about competitor programs yet.
Q: Bronchiectasis patient profile and BD prioritization?
A: Focus on 2 or more exacerbations patients, BD to be for asymmetric return opportunities.
Q: BRINSUPRI guidance and granular guidance?
A: Conservative on guidance, focused on execution, will revisit if dynamics positive.
Q: TPIP dose titration?
A: Patients have enough time to titrate up to 1,280 micrograms in Phase III studies.
Q: Diagnosis expansion timing?
A: Expect results by end of 2026 and more robustly in 2027.
Q: 1Q BRINSUPRI gross to net?
A: Within mid-20s to low 30s range as guided.