Q2 26 EPS GAAP
$-0.06
BEAT +91.21%
Est. $-0.68
Includes $99.8 million favorable change in fair value of contingent consideration liabilities in Q2 2026, compared to $59.0 million unfavorable change in Q2 2025
Q2 26 Revenue
$425.5M
BEAT +8.17%
Est. $393.4M
Market Reaction
Did INSM Beat Earnings? Q2 2026 Results
Insmed delivered a standout second quarter for fiscal 2026, with revenue of $425.49 million growing 296.1% year-over-year as the rapid commercial ramp of BRINSUPRI, which alone contributed $309.20 million, drove results well ahead of expectations. On… Read more Insmed delivered a standout second quarter for fiscal 2026, with revenue of $425.49 million growing 296.1% year-over-year as the rapid commercial ramp of BRINSUPRI, which alone contributed $309.20 million, drove results well ahead of expectations. On a GAAP basis, the company reported a loss of $0.06 per share, beating the consensus estimate of $0.69 per share by 91.30%; the figure includes a $99.8 million favorable change in fair value of contingent consideration liabilities, compared to a $59.0 million unfavorable swing in the year-ago period. BRINSUPRI's 49% sequential growth over Q1 2026, fueled by approximately 7,000 new patients beginning therapy in the quarter, was the single most material driver behind the dramatic revenue acceleration. Management responded by raising full-year 2026 BRINSUPRI revenue guidance to $1.25 billion to $1.40 billion, up from a prior target of at least $1.0 billion, while reiterating ARIKAYCE guidance of $450 million to $470 million and affirming expectations to reach cash flow positivity in 2027 without additional capital raises.
Key Takeaways
- • BRINSUPRI U.S. launch momentum with ~7,000 new patients starting therapy in Q2 and >6,300 cumulative prescribers
- • 49% sequential growth in BRINSUPRI revenue driven by new and existing patient demand and favorable gross-to-net
- • ARIKAYCE international revenue growth of 19% YoY
- • Cost of product revenues as a percentage of revenues declined to 15.8% from 26.1% due to BRINSUPRI's lower manufacturing costs
- • Change in fair value of contingent consideration liabilities contributed $99.8 million favorable impact
INSM Forward Guidance & Outlook
Insmed raised its full-year 2026 BRINSUPRI revenue guidance to $1.25 billion to $1.40 billion, up from prior guidance of 'at least $1 billion,' with gross-to-net expected in the mid-20%s to high-20%s range. Full-year 2026 ARIKAYCE revenue guidance was reiterated at $450 million to $470 million with gross-to-net in the low-20%s to mid-20%s. The company raised peak revenue estimates for its three lead programs to more than $14 billion combined (BRINSUPRI >$7B, TPIP >$6B, ARIKAYCE >$1B). Management expects to achieve cash flow positivity in 2027 without raising additional capital. BRINSUPRI guidance does not contemplate meaningful revenue from potential Japanese approval in H2 2026, and ARIKAYCE guidance does not include potential label expansion approval contributions. Increased investment in clinical programs, direct-to-consumer advertising, and Japan commercial infrastructure is expected in the second half of 2026.
INSM YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
INSM Revenue by Segment
With YoY comparisons, source: SEC Filings
INSM Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our team delivered tremendous results in the second quarter of the year, reflecting our operational excellence and positioning for the future. The U.S. BRINSUPRI launch continues to be met with significant enthusiasm and demand from patients and physicians.”
— Will Lewis, Q2 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT Includes $99.8 million favorable change in fair value of contingent consideration liabilities in Q2 2026, compared to $59.0 million unfavorable change in Q2 2025 | $-0.68 | $-0.06 | +91.21% | $425.5M | +8.17% |
| 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% |