The strong BRINSUPRI launch trajectory and raised guidance signal accelerating commercial execution. Key catalysts ahead: ARIKAYCE PDUFA decision on January 28, 2027 for label expansion, and Japan BRINSUPRI revenue contribution in 2027. Monitor Q4 for initial Japan sales and TPIP Phase 3 enrollment updates.
Price Chart
Executive Summary
Insmed reported Q3 2026 total revenue of $524.4M, beating the $499.5M consensus, driven by BRINSUPRI sales of $400.1M (up 29% sequentially). The company raised full-year 2026 BRINSUPRI revenue guidance to $1.35B-$1.4B and ARIKAYCE guidance to $460M-$470M. Net loss narrowed to $100.3M ($0.46 per share) versus a consensus loss estimate of $0.38 per share, though the GAAP loss was larger than the Street-adjusted consensus.
Key Financial Metrics
Key Facts
- Q3 2026 total revenue of $524.4M, up 268% YoY from $142.3M
- BRINSUPRI revenue of $400.1M, up 29% sequentially from Q2 2026
- ARIKAYCE revenue of $124.4M, up 9% YoY from Q3 2025
- Full-year 2026 BRINSUPRI guidance raised to $1.35B-$1.4B from $1.25B-$1.4B
- Full-year 2026 ARIKAYCE guidance raised to $460M-$470M from $450M-$470M
- Net loss of $100.3M ($0.46 per share) vs net loss of $370.0M ($1.75 per share) in Q3 2025
- Cash, cash equivalents and marketable securities of approximately $1.1B as of September 30, 2026
- FDA accepted sNDA for ARIKAYCE with Priority Review, PDUFA date January 28, 2027
- BRINSUPRI launched in Japan in October 2026
- Company expects to achieve cash flow positivity in 2027
Financial Impact
Revenue beat consensus by $24.9M (5.0%). BRINSUPRI guidance raised by $100M at low end. Net loss improved $269.7M YoY.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| BRINSUPRI | $400.1M | Not reported |
| ARIKAYCE | $124.4M | +9.0% |
Risk Factors
- Net loss of $100.3M and operating cash burn continue, though company expects cash flow positivity in 2027
- R&D and SG&A expenses increased significantly YoY ($270.0M and $253.0M respectively)
- ARIKAYCE label expansion and TPIP clinical programs remain subject to regulatory and clinical risks
- Japan BRINSUPRI launch is early and contribution to 2026 guidance is not contemplated
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-041097 |
| Document: ef20084500_ex99-2.htm | 0001140361-26-041097 |
| Document: ef20084500_8k.htm | 0001140361-26-041097 |
| Document: 0001140361-26-041097-index-headers.html | 0001140361-26-041097 |
| Document: 0001140361-26-041097-index.html | 0001140361-26-041097 |
| Document: 0001140361-26-041097.txt | 0001140361-26-041097 |
| 8-K Data (Synthetic) | 0001140361-26-041097 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $111.59 | awaiting T+20 | awaiting T+20 | $112.58 (+0.89%) |
Oct 20, 2026 12d ago | Institutional Cluster | $94.04 | awaiting T+20 | awaiting T+20 | $112.58 (+19.72%) |
Oct 20, 2026 12d ago | 8-K | $95.67 | awaiting T+20 | awaiting T+20 | $112.58 (+17.68%) |
Oct 5, 2026 27d ago | 8-K | $103.83 | awaiting T+20 | awaiting T+20 | $112.58 (+8.43%) |
Aug 19, 2026 10w ago | Insider Cluster | $125.08 $120.00 | ▼ −4.06% | ▼ −4.19% | $112.58 (−9.99%) |
Aug 12, 2026 11w ago | Insider Cluster | $126.33 $129.41 | ▲ +2.44% | ▲ +4.19% | $112.58 (−10.88%) |
Aug 6, 2026 12w ago | 8-K | $132.55 $126.68 | ▼ −4.43% | ▼ −5.03% | $112.58 (−15.07%) |
Jul 24, 2026 14w ago | Institutional Cluster | $106.92 $125.77 | ▲ +17.63% | ▲ +14.00% | $112.58 (+5.29%) |
Jul 21, 2026 14w ago | ANALYST-UPGRADE | $108.62 $128.46 | ▲ +18.27% | ▲ +15.70% | $112.58 (+3.65%) |
Jul 16, 2026 15w ago | 8-K | $107.46 $126.33 | ▲ +17.56% | ▲ +13.94% | $112.58 (+4.76%) |
US Market Status
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