Insmed Lags on Q4 Earnings, Stock Gains on 2026 Brinsupri Sales View

Insmed INSM reported a fourth-quarter 2025 loss of $1.54 per share, wider than the Zacks Consensus Estimate of a loss of $1.07. In the year-ago quarter, the company had incurred a loss of $1.32.

Quarterly revenues rose 153% year over year to over $263.8 million, entirely from the sales of its two marketed products. This figure was in line with the Zacks Consensus Estimate.

More on Insmed’s Earnings

Insmed currently has two marketed drugs in its portfolio, Arikayce and Brinsupri. While Arikayce is approved to treat refractory mycobacterium avium complex (MAC) lung disease in adults with limited or no treatment options, Brinsupri is approved for non-cystic fibrosis bronchiectasis (NCFB).

Sales of Arikayce rose 14% year over year to $119.2 million, which marginally beat the Zacks Consensus Estimate of $118.8 million. This upside was driven by continued growth in demand across all marketed regions.

This was the first full quarter where Insmed generated revenues from Brinsupri sales since its approval in August 2025. The drug contributed $144.6 million to the top line in the fourth quarter of 2025 compared to $28.1 million in the previous quarter, driven by strong patient uptake. The reported figure beat the Zacks Consensus Estimate, which stood at $128.6 million.

During the reported quarter, research and development expenses rose 42% year over year to $254.9 million. This uptick was driven by a rise in employee headcount, resulting in increased compensation and benefit-related expenses as well as an increase in clinical expenses.

Selling, general and administrative expenses amounted to $212.5 million, up 49% from the year-ago figure. This upside was driven by higher professional and external service costs, along with increased compensation and benefit-related expenses, to support the commercial launch for Brinsupri.

As of Dec. 31, 2025, Insmed had cash, cash equivalents and marketable securities of around $1.4 billion compared with $1.7 billion as of Sept. 30, 2025.

Full-Year 2025 Results

Insmed reported total revenues of $606.4 million, up 67% year over year.

For the same period, the company reported a loss of $6.42 per share, marking a deterioration from the year-ago loss of $5.57.

INSM’s 2026 Guidance

Insmed reiterated its sales guidance for the full year. It expects product sales for Arikayce to be between $450 million and $470 million, indicating 6% year-over-year growth at the midpoint of the range.

The company issued fresh guidance for Brinsupri, expecting sales to be at least $1 billion. Shares of the company rose nearly 7% on Thursday, as investors cheered the encouraging sales momentum for a drug that is on track to achieve blockbuster status in the first full year of sales.

Yet, the stock has lost more than 7% year to date against the industry’s 9% growth.

Image Source: Zacks Investment Research

Updates on INSM’s Pipeline

Insmed has completed enrolling patients in the confirmatory phase III ENCORE study, which is evaluating Arikayce as a potential treatment for newly infected patients with MAC lung disease. Top-line data from this study is expected in March or April. Insmed intends to submit a regulatory filing with the FDA for the drug in the second half of 2026.

In November, Brinsupri was approved in the European Union to treat NCFB in patients 12 years of age or older with two or more exacerbations in the prior 12 months. Regulatory filings for the drug are currently under review in the United Kingdom and Japan, with final decisions expected later this year.

Insmed is also evaluating Brinsupri in the phase IIb CEDAR study in patients with hidradenitis suppurativa (HS). Top-line data from this study is expected in the second quarter of 2026.

The company is on track to start a late-stage study on its investigational treprostinil palmitil inhalation powder (TPIP) in pulmonary arterial hypertension (PAH) in the first half of 2026. It is currently enrolling patients in the phase III PALM-ILD study, which is evaluating the drug in pulmonary hypertension associated with interstitial lung disease (PH-ILD) indication. Insmed plans to begin additional studies on TPIP across progressive pulmonary fibrosis (PPF) and idiopathic pulmonary fibrosis (IPF) indications in the second half of 2026.

In December 2025, Insmed announced that it has acquired an investigational monoclonal antibody, INS1148 (formerly OpSCF), from the privately-held biotech Opsidio. It intends to develop this drug in mid-stage studies for interstitial lung disease and moderate-to-severe asthma.

Insmed stated that it is currently enrolling patients in the phase I ASCEND study, which is evaluating its lead gene therapy, INS2101, for Duchenne muscular dystrophy. Last month, the company started dosing patients in the early-stage ARMOR study evaluating INS1202, a gene therapy for ALS patients.

INSM’s Zacks Rank

Insmed currently carries a Zacks Rank #2 (Buy).

Our Key Picks Among Biotech Stocks

Some other better-ranked stocks from the sector are Castle Biosciences CSTL and Harmony Biosciences HRMY, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Castle Biosciences’ loss estimates for 2026 per share have improved from $1.06 to 96 cents in the past 60 days. This stock has gained about 21% in the past year.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average surprise of 66.11%.

In the past 60 days, 2026 EPS estimates for Harmony Biosciences have risen from $3.72 to $4.00. HRMY stock has lost 0.5% in the past year.

Harmony Biosciences’ earnings beat estimates in two of the trailing four quarters but missed the mark on the other two occasions, delivering an average surprise of 7.20%.