Q4 25 EPS
$-1.54
MISS 31.92%
Est. $-1.17
Q4 25 Revenue
$263.8M
MISS 0.05%
Est. $264.0M
vs S&P Since Q4 25
-42.0%
TRAILING MARKET
INSM -35.6% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$-6.42
FY 25 Revenue
$606.4M
Market Reaction
Did INSM Beat Earnings? Q4 2025 Results
Insmed delivered a mixed fourth quarter for fiscal 2025, posting revenue that landed essentially in line with expectations while absorbing a notably wider-than-anticipated loss. The company reported Q4 revenue of $263.84 million, a 152.6% year-over-y… Read more Insmed delivered a mixed fourth quarter for fiscal 2025, posting revenue that landed essentially in line with expectations while absorbing a notably wider-than-anticipated loss. The company reported Q4 revenue of $263.84 million, a 152.6% year-over-year surge fueled by the commercial launch of BRINSUPRI for non-cystic fibrosis bronchiectasis, which generated $144.60 million in its first full quarter of U.S. Sales, while ARIKAYCE contributed $119.20 million. Yet the earnings picture was harder to overlook: Insmed recorded a loss of $1.54 per share, missing the consensus estimate of $1.17 by roughly 31.92%, as R&D spending climbed to $254.91 million and SG&A reached $212.48 million amid heavy commercialization investment, compounded by a $70.04 million fair-value charge on contingent consideration liabilities. Analysts tracking commercial execution have kept a close eye on the BRINSUPRI ramp, and Insmed rewarded that attention by guiding for at least $1.00 billion in BRINSUPRI revenues and $450.00 to $470.00 million from ARIKAYCE in 2026, implying total revenues of at least $1.45 billion.
Key Takeaways
- • Strong U.S. commercial launch of BRINSUPRI exceeding expectations in first full quarter
- • ARIKAYCE 19% annual global revenue growth exceeding upper end of 2025 guidance
- • ARIKAYCE international revenue grew 41% year-over-year for full-year 2025
- • Cost of product revenues as percentage of sales improved to 16.8% from 25.0% due to BRINSUPRI's lower manufacturing cost
- • Approximately 4,000 cumulative BRINSUPRI prescribers as of December 31, 2025
- • Over 90% of targeted patient lives have access to BRINSUPRI reimbursement
INSM YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
INSM Revenue by Segment
With YoY comparisons, source: SEC Filings
INSM Revenue by Geography
With YoY comparisons, source: SEC Filings
“As we close out 2025 and begin an exciting new year at Insmed, I am energized by the significant opportunities ahead to serve patients with serious diseases. Our U.S. commercial launch of BRINSUPRI continues to exceed our expectations, and we are proud to provide this medicine to patients who previously had no approved treatment for their disease. Throughout 2026, we will continue to bring BRINSUPRI to patients with bronchiectasis, expand our Phase 3 clinical programs for TPIP, and advance our early-stage pipeline, fueling the research engine that we hope will power the next wave of potentially life-transforming therapies for patients.”
— Will Lewis, Q4 2025 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT FY | $-1.00 | $-0.76 | +23.93% | $306.0M | +1.72% |
| FY Full Year | $-5.87 | — | — | — | — |
| Q4 25 MISS FY | $-1.17 | $-1.54 | -31.92% | $263.8M | -0.05% |
| FY Full Year | — | $-6.42 | — | $606.4M | — |
| 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% |