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Insmed (INSM)
NASDAQ:INSM
Earnings Data
Report Date
Apr 30, 2026TBA (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.99Last Year’s EPS
-1.42Same Quarter Last Year
Strong Buy
Based on 19 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a strongly positive commercial momentum driven by Brinsupri's launch (first full-quarter net revenue of $144.6M and guidance of at least $1B in 2026), solid ARIKAYCE growth (Japan +40% YoY) and a strong balance sheet (~$1.4B cash). Clinical progress (TPIP orphan designation and planned Phase III) and pipeline expansion via acquisitions were additional positives. Near-term challenges noted include early-stage depth of prescribing, some payer documentation requirements and increased operating spend (including ~$70M of one-time Q4 cash items). Management believes these lowlights are manageable and reiterated a path to cash flow positivity while retaining flexibility for selective business development. On balance, the highlights materially outweigh the lowlights.Company Guidance
Brinsupri Launch and 2026 Revenue Guidance
Brinsupri received approval and delivered $144,600,000 in net revenue in its first full quarter. About 11,550 new patients started Brinsupri in 2025 (reported as <5% penetration of the initial target patient cohort). Management provided 2026 revenue guidance of at least $1,000,000,000 for Brinsupri and expects total company revenue in 2026 to be more than double 2025 levels. Gross-to-net for Brinsupri is guided to mid-20s to low-30s percent in 2026, with 2025 GTN already in that range.
ARIKAYCE Commercial Momentum and Potential Label Expansion
ARIKAYCE showed robust global growth: Japan delivered ~40% growth versus 2024 and accounted for >25% of ARIKAYCE global revenues; Europe grew faster (from a smaller base). The Phase III ENCORE readout is expected in March/April 2026 and, if successful, could expand ARIKAYCE's addressable market from ~30,000 patients to >200,000 patients.
Strong Cash Position and Path to Cash Flow Positivity
Insmed ended 2025 with approximately $1,400,000,000 in cash, cash equivalents, and marketable securities. Management expects to achieve cash flow positivity based on existing plans without needing to raise additional capital (while retaining flexibility to source capital for business development or pipeline expansion).
TPIP Progress and Orphan Drug Designation
TPIP (treprostinil palmitil) was significantly de-risked by 2025 clinical data and the FDA granted orphan drug designation for PAH, citing plausible clinical superiority. A Phase III registrational trial design has been presented and the company expects to initiate the PAH Phase III in H1 2026; FDA indicated one well-designed Phase III could support filing.
Favorable Market Access and High Payer Approval Rates
Management reported that over 90% of targeted patient lives have access to Brinsupri (GETRA/SUPRI) reimbursed via documented payer policy or medical exception. They noted very high payer approval rates so far, even among plans requiring documentation (CT scan and proof of ≥2 exacerbations), and indicated many payers are adopting attestation-based prior authorization with modest rebates.
Pipeline and Business Development Expansion
Insmed completed the acquisition of INS1148 (one-time cash impact noted) and reported entering two new gene therapies into the clinic (DMD and ALS). Management reiterated intent to pursue additional first-or-best-in-class assets (including further DPP1 candidates) and noted selective BD as a strategic priority.
Improved Product Margin Profile
Cost of product revenues for 2025 was $44,200,000, or 16.8% of revenues, a lower percentage relative to historical performance attributed to Brinsupri contributions, indicating a favorable impact on gross margin.
INSM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
INSM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 19, 2026 | $151.11 | $161.00 | +6.54% |
Oct 30, 2025 | $166.95 | $194.22 | +16.33% |
Aug 07, 2025 | $111.26 | $109.30 | -1.76% |
May 08, 2025 | $68.28 | $65.63 | -3.88% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Insmed (INSM) report earnings?
Insmed (INSM) is schdueled to report earning on Apr 30, 2026, TBA (Confirmed).
What is Insmed (INSM) earnings time?
Insmed (INSM) earnings time is at Apr 30, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is INSM EPS forecast?
INSM EPS forecast for the fiscal quarter 2026 (Q1) is -0.99.