INSM Q1 2026 Earnings
Reported May 7, 2026 at 7:01 AM ET · SEC Source
Q1 26 EPS
$-0.76
BEAT +35.04%
Est. $-1.17
Q1 26 Revenue
$306.0M
BEAT +1.72%
Est. $300.8M
vs S&P Since Q1 26
-28.8%
TRAILING MARKET
INSM -25.7% vs S&P +3.1%
Market Reaction
Did INSM Beat Earnings? Q1 2026 Results
Insmed posted a sharply better-than-expected first quarter for fiscal 2026, with revenue of $305.96 million representing a 229.6% year-over-year surge and a per-share loss of $0.76 that came in 23.93% ahead of the $1.00 consensus estimate, as the com… Read more Insmed posted a sharply better-than-expected first quarter for fiscal 2026, with revenue of $305.96 million representing a 229.6% year-over-year surge and a per-share loss of $0.76 that came in 23.93% ahead of the $1.00 consensus estimate, as the commercial momentum behind BRINSUPRI (brensocatib) proved far stronger than Wall Street had anticipated. The newly launched treatment for bronchiectasis generated $207.90 million in its first full calendar quarter following its August 2025 U.S. Debut, growing 44% sequentially from Q4 2025, with management attributing the strength to genuine patient demand rather than inventory stocking or pricing actions. Over 5,000 prescribers have written at least one prescription, and approximately 90% of patients processed through specialty pharmacies have received payor approval, a figure that has drawn growing institutional attention, including a newly disclosed 5.34% passive stake from Vanguard. Insmed reiterated full-year BRINSUPRI guidance of at least $1.00 billion and ARIKAYCE guidance of $450 million to $470 million, while reaffirming its expectation of reaching cash flow positivity in 2027 without additional capital.
Key Takeaways
- • BRINSUPRI launch exceeded expectations with 44% sequential revenue growth driven by strong U.S. patient demand
- • Over 5,000 prescribers since BRINSUPRI launch, representing >25% of U.S. pulmonologists
- • ~90% payor approval rate for BRINSUPRI patients processed by specialty pharmacies
- • High patient compliance and continuation rates for BRINSUPRI tracking ahead of well-tolerated daily oral medicines
- • ARIKAYCE international revenue grew 23% year-over-year
- • Cost of product revenues as a percentage of revenues decreased due to BRINSUPRI's lower manufacturing costs
INSM Forward Guidance & Outlook
Insmed reiterated full-year 2026 BRINSUPRI revenue guidance of at least $1 billion and ARIKAYCE revenue guidance of $450 million to $470 million. BRINSUPRI gross-to-net is expected in the mid-20% to low-30% range, while ARIKAYCE gross-to-net is expected in the low-20% to mid-20% range. The company believes it can achieve cash flow positivity in 2027 without additional capital, assuming no material expansion in expense base from business development. Pre-clinical research programs are expected to comprise less than 20% of overall expenditures. The company anticipates submitting an average of one to two INDs per year from its pre-clinical research programs. Key upcoming milestones include a regulatory decision for brensocatib in Japan in 2026, an sNDA submission for ARIKAYCE label expansion in H2 2026, Phase 2b TPIP PAH OLE data in Q3 2026, Phase 3 PALM-PPF initiation by year-end 2026, and Phase 3 PALM-IPF initiation in H1 2027.
INSM YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
INSM Revenue by Segment
With YoY comparisons, source: SEC Filings
INSM Revenue by Geography
With YoY comparisons, source: SEC Filings
“In the first quarter of 2026, momentum across Insmed's commercial portfolio and pipeline continued to build. The trajectory of the BRINSUPRI launch continues to exceed our expectations, and we are especially encouraged by the positive topline results from the ENCORE Phase 3b study, which could enable us to extend our reach to even more patients. We remain focused on improving bronchiectasis diagnosis, expanding the ARIKAYCE label, advancing our Phase 3 programs for TPIP, and progressing our early-stage pipeline, with the ambition of delivering meaningful innovation and improving the lives of patients with serious diseases.”
— Will Lewis, Q1 2026 Earnings Press Release
INSM Earnings Trends
INSM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
INSM EPS Trend
Earnings per share: estimate vs actual
INSM Revenue Trend
Quarterly revenue: estimate vs actual
INSM Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT FY | $-1.17 | $-0.76 | +35.04% | $306.0M | +1.72% |
| FY Full Year | $-5.87 | — | — | — | — |
| Q3 25 MISS | $-1.37 | $-1.75 | -28.02% | $142.3M | +23.25% |
| Q2 25 MISS | $-1.31 | $-1.70 | -29.59% | $107.4M | +2.97% |
| Q1 25 MISS | $-1.36 | $-1.42 | -4.36% | $92.8M | +0.80% |