Insmed revenue jumps 268% to $524.4 million, shares rise 15.1%
Key Facts
Insmed’s revenue jumped 268% year over year to $524.4 million in the third quarter of 2026, compared with $142.3 million in the same period last year, according to an earnings statement issued by the company on October 29. Revenue came in above the analysts’ average estimate of $497.1 million, according to data reported by Investing.com. The company, however, posted a loss of $0.46 per share, against an expected loss of $0.39, meaning the loss was greater than market estimates. The stock rose 15.1% in Thursday’s session, while the S&P 500 fell 0.3%, according to a report by Trivis. Insmed shares closed at $111.59, according to EL7 data, following the revenue beat and the company’s increase to the lower end of its annual guidance.
Growth in total revenue was driven mainly by Brensocatib, which generated $400.1 million during the quarter, up 29% from the second quarter of 2026. The company said the product’s growth reflected strength in the U.S. market, while CEO Will Lewis described its U.S. launch as “continuing to exceed expectations.” Arikayce revenue was $124.4 million, up 9% from the third quarter of 2025, with growth the company described as strong in international markets. Lewis said Arikayce “continues to grow in its ninth year on the market,” linking the performance of both products to the decision to raise the lower end of annual revenue guidance. Sales expansion thus came from both a recently launched drug and an older product, with Brensocatib contributing the larger share of quarterly revenue.
Insmed raised its fiscal 2026 revenue guidance for Brensocatib to a range of $1.35 billion to $1.4 billion, from a previous range whose lower end was $1.25 billion and upper end remained $1.4 billion. It also raised its Arikayce guidance to a range of $460 million to $470 million, compared with previous guidance of $450 million to $470 million. The revision lifted the lower end for both products, while the upper end for each remained unchanged. Lewis said the products’ performance supported the decision to raise the lower end of annual guidance, pointing to continued Arikayce growth despite nine years on the market. Over the longer period, total revenue reached $1.2559 billion in the nine months ended September 30, compared with $342.6 million in the corresponding period of 2025, an annual increase of 267%.
Despite beating revenue expectations, the company continued to report losses, with a net loss of $100.3 million in the third quarter, compared with a net loss of $370 million a year earlier. The per-share loss narrowed to $0.46 from $1.75 in the third quarter of 2025, according to Insmed’s statement. The comparison shows an improvement in net loss year over year, but the per-share loss remained greater than the estimate of $0.39. Cash, cash equivalents and marketable securities totaled about $1.1 billion as of September 30, 2026. This liquidity provides financial support for the company’s commercial and clinical trajectory as it continues to develop its products and expand their use.
In Japan, Insmed launched 25 mg Brensocatib tablets in October, after the Japanese health ministry approved them in August to treat non-cystic fibrosis bronchiectasis in adults and children aged 12 years and older. On Arikayce’s regulatory path, the U.S. Food and Drug Administration set January 28, 2027, as its target date for a decision on an application to expand its use to treat lung disease associated with Mycobacterium avium complex. The company plans to submit data from the Phase 3 ENCORE study to Japan’s Pharmaceuticals and Medical Devices Agency during the fourth quarter of 2026 to support a potential expansion of Arikayce’s label. Insmed also reported that more than 35% of targeted participants had been enrolled in the Phase 3 PALM-ILD study of inhaled treprostinil palmitil in patients with pulmonary hypertension associated with interstitial lung disease. The company expects to complete enrollment in the study during the first half of 2028.