Insmed revenue jumps 268% to $524.4 million, lifts 2026 outlook
Key Facts
Insmed reported revenue of $524.4 million in the third quarter of 2026, up 268% from $142.3 million in the same period of 2025, according to its earnings release dated October 29. The jump came as Brensocatib sales expanded, while the company raised its annual revenue outlook for the drug and Arikayce. Net loss was $100.3 million, or $0.46 per share, compared with a loss of $370.0 million, or $1.75 per share, a year earlier. Investing.com reported that revenue exceeded the consensus estimate of $497.11 million, while the per-share loss was wider than its estimate of $0.39. The stock closed at $96.98 on October 28, then Investing.com reported it was up 14.5% in premarket trading the following day after the results were announced.
Brensocatib was a key driver of commercial growth, as Insmed raised the low end of its 2026 revenue outlook for the drug to $1.35 billion from $1.25 billion, while keeping the high end at $1.4 billion. The company said its previous range was $1.25 billion to $1.4 billion. Insmed launched the drug commercially in Japan on October 19, after approval by Japan's health ministry in August, to treat non-cystic fibrosis bronchiectasis in adults and children aged 12 years and older. In the United States, the company said in its previous update that the launch had been met with strong enthusiasm and demand from patients and physicians. The Japan expansion follows the company's report of total revenue of $731.5 million in the first half of 2026, including $517.0 million for Brensocatib and $214.4 million for Arikayce.
Insmed also raised the low end of its annual revenue outlook for Arikayce to $460 million from $450 million, while holding the high end at $470 million. The drug generated revenue of $124.4 million in the third quarter, compared with $114.3 million a year earlier, while international revenue rose 21% to $48.9 million. In September, the U.S. Food and Drug Administration accepted the company's supplemental application for Arikayce for review and granted it priority review. The application concerns treatment of lung disease associated with Mycobacterium avium complex as part of a regimen of combination antibacterial drugs. The agency set January 28, 2027, as the target date for a decision on the application.
Net loss improved from a year earlier as operating expenses increased. Research and development expenses were $270.0 million in the third quarter, compared with $186.4 million in the same period of 2025. Insmed attributed the increase to manufacturing, clinical development and research costs primarily related to the TPIP program, as well as employee and compensation costs. Selling, general and administrative expenses also rose to $253.0 million from $186.4 million a year earlier. The company said the increase was related to professional fees, external expenses and compensation to support the expansion of Brensocatib commercial activities. Cash, cash equivalents and marketable securities totaled about $1.1 billion on September 30, 2026.
Upcoming milestones include submitting data from the Phase 3 ENCORE study to Japan's PMDA in the fourth quarter of 2026, to support a potential expansion of the Arikayce label to include all patients with pulmonary MAC. Insmed also expects to begin a Phase 3 study of TPIP in patients with idiopathic pulmonary fibrosis in the first half of 2027. In the same development program, the company is targeting completion of enrollment in the PALM-ILD study in the first half of 2028. These milestones place the TPIP program within the company's clinical plans alongside follow-up on the Arikayce regulatory application. The FDA's target decision in January 2027 is among the near-term milestones identified by the company.