Insmed (INSM Quick QuoteINSM - Free Report) reported a first-quarter 2026 loss of 76 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 90 cents. In the year-ago quarter, the company posted a loss of $1.42.

Quarterly revenues soared 230% year over year to $306 million, entirely from the sales of its two marketed products. Yet, this figure missed the Zacks Consensus Estimate of $308.1 million.

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 6% year over year to $98.1 million, driven by strong growth across ex-U.S. markets.

This was the second full quarter in which Insmed generated revenues from Brinsupri sales since its approval in August 2025. The drug contributed $207.9 million to the top line during the quarter, up from $144.6 million in the previous quarter, driven by strong patient uptake.

Shares of Insmed declined 23% post the earnings announcement. Though the company’s top line registered significant year-over-year growth, investors were disappointed by the slight miss in consensus sales estimates. Sentiment was further impacted after management disclosed that part of Brinsupri’s strong initial launch demand came from “ready and waiting” (R&W) patients — those who were already aware of the drug before approval and began treatment quickly once it became available.

Management estimated that around 3,500 of the 9,000 patient additions in the fourth quarter and about 1,500 of the 7,800 starts in the first quarter came from the R&W group. This raised concerns among a few investors that some early demand may have been pulled forward from future quarters. At the conference call, however, Insmed stated that beginning in the second quarter of 2026, Brinsupri’s growth is expected to be driven primarily by organic demand rather than contributions from the R&W patient pool.

Year to date, the stock has lost 40% against the industry’s nil growth.

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During the reported quarter, research and development expenses rose 37% year over year to $209.5 million. This uptick was driven by a rise in employee headcount, resulting in increased compensation and benefit-related expenses as well as higher clinical expenses.

Selling, general and administrative expenses amounted to $247.3 million, up 68%. 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 March 31, 2026, Insmed had cash, cash equivalents and marketable securities of around $1.2 billion compared with $1.4 billion as of Dec. 31, 2025.

INSM Reiterates 2026 Guidance

INSM 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 projects Brinsupri sales to be at least $1 billion.

Updates on INSM’s Pipeline

Last month, Insmed reported disappointing results from the phase IIb CEDAR study, which evaluated Brinsupri in adults with moderate-to-severe hidradenitis suppurativa (HS). The study failed to meet both its primary and secondary endpoints. Based on this outcome, the company discontinued the drug’s development in HS.

This marks the second setback for Insmed’s efforts to expand Brinsupri’s label. In December, the drug failed a mid-stage study that evaluated it for chronic rhinosinusitis without nasal polyps (CRSsNP), which had already raised concerns about its efficacy beyond its approved indication.

On a positive note, Insmed reported encouraging top-line results in March from the late-stage ENCORE study, which evaluated Arikayce as a potential treatment for newly infected patients with MAC lung disease. The study met its primary and key secondary endpoints. Based on these results, the company plans to submit a regulatory filing to the FDA in the second half of 2026, which could significantly expand Arikayce’s addressable market.

Beyond Arikayce and Brinsupri, Insmed continues to advance its investigational treprostinil palmitil inhalation powder (TPIP) program across multiple pulmonary indications. The company is currently enrolling patients in the phase III PALM-ILD study evaluating TPIP in pulmonary hypertension associated with interstitial lung disease (PH-ILD). Insmed also recently initiated the phase III PALM-PAH study in pulmonary arterial hypertension (PAH). Additional late-stage studies in progressive pulmonary fibrosis (PPF) and idiopathic pulmonary fibrosis (IPF) are expected to begin by the end of 2026 and in the first half of 2027, respectively.

INSM’s Zacks Rank

Insmed currently carries a Zacks Rank #3 (Hold).

Insmed, Inc. Price

 

Insmed, Inc. price | Insmed, Inc. Quote

Our Key Picks Among Biotech Stocks

Some better-ranked stocks from the sector are Amarin Corporation (AMRN Quick QuoteAMRN - Free Report) and Indivior Pharmaceuticals (INDV Quick QuoteINDV - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Amarin’s 2026 loss per share have narrowed from $7.01 to $6.36. Over the same period, loss per share estimates for 2027 have also narrowed from $5.50 to $4.64. AMRN shares have risen 6% year to date.

Amarin’s earnings beat estimates in three of the trailing four quarters but missed the mark on one occasion, delivering an average surprise of 50.02%.

Over the past 60 days, estimates for Indivior Pharmaceuticals’ 2026 EPS have increased from $3.03 to $3.35. Over the same period, EPS estimates for 2027 have risen to $3.69 from $3.46. INDV shares have risen 10% year to date.

Indivior Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 65.44%.