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Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Insmed
Insmed (INSM) investor relations material
Insmed Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary7 May, 2026
Executive summary
Q1 2026 revenues reached $306.0 million, up 230% year-over-year, driven by the US launch of BRINSUPRI and continued ARIKAYCE growth, with BRINSUPRI generating $207.9 million and ARIKAYCE $98.1 million.
BRINSUPRI achieved 44% sequential growth, maintained strong organic demand, and was approved in the US, EU, and UK, with regulatory submission accepted in Japan.
ARIKAYCE posted year-over-year growth, with positive Phase 3b ENCORE results supporting label expansion filings in the US and Japan.
TPIP advanced with four Phase 3 trials underway in PAH and PH-ILD, orphan drug designation, and positive physician feedback.
Net loss narrowed to $163.6 million ($0.76 per share) from $256.6 million ($1.42 per share) in Q1 2025, reflecting improved operating leverage.
Financial highlights
Net product revenues: $306.0 million (Q1 2026) vs. $92.8 million (Q1 2025), a 229.6% increase.
BRINSUPRI global net revenues reached $207.9 million, up 44% sequentially from Q4 2025; ARIKAYCE Q1 2026 worldwide revenues were $98.1 million.
Cost of product revenues was $47.4 million (15.5% of revenues), reflecting improved gross margin due to BRINSUPRI's contribution.
R&D expenses rose to $209.5 million, and SG&A expenses increased to $247.3 million, both reflecting expanded commercial and clinical activities.
Cash, cash equivalents, and marketable securities totaled approximately $1.2 billion as of March 31, 2026.
Outlook and guidance
Full-year 2026 revenue guidance for BRINSUPRI is at least $1 billion; ARIKAYCE guidance is $450 million to $470 million.
Cash flow positivity is anticipated in 2027 without the need for additional capital, assuming no major business development expenses.
Regulatory submissions for ARIKAYCE label expansion in the US and Japan are planned for H2 2026.
Anticipates reporting data from TPIP PAH open-label extension in Q3 2026 and initiating additional Phase 3 studies for TPIP in PPF and IPF.
Plans to submit one to two INDs per year from pre-clinical programs.
ARIKAYCE TAM expansion from ENCORE trial results
TPIP differentiation in PH-ILD and PAH markets
Brinsupri Q1 demand and inventory stocking trends
BRINSUPRI impact on cost of product revenues
Impact of PRV reauthorization on liabilities
ARIKAYCE ENCORE study culture conversion rates
US policy impact on brensocatib global launch
Timing for TPIP PAH open-label extension data
Expected IND filing timeline for INS1033
BRINSUPRI organic demand growth expectations
Partial view of Summaries dataset, powered by Quartr API
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Latest events from Insmed
- Record 2025 revenues, major product approvals, and strong governance set the stage for continued growth.INSM
Proxy filing1 Apr 2026 - Votes will be cast on director elections, executive pay, and auditor ratification for 2026.INSMProxy filing1 Apr 2026
- Late-stage pipeline and strong launches position for major growth and label expansions.INSMInvestor presentation25 Mar 2026
- ARIKAYCE improved symptoms and culture conversion, supporting label expansion in MAC lung disease.INSMStudy result23 Mar 2026
- Major clinical milestones and strong commercial execution drive growth across key therapeutic areas.INSMLeerink Global Healthcare Conference 202610 Mar 2026
- Exceptional Q4 launch sets stage for sustained growth and major pipeline-driven expansion.INSMTD Cowen 46th Annual Health Care Conference2 Mar 2026
- 2026 revenues guided to at least $1.45B, driven by BRINSUPRI and ARIKAYCE growth.INSMQ4 202519 Feb 2026
- Multiple late-stage assets and strong launches position for significant growth in 2026.INSMInvestor presentation19 Feb 2026
- Brensocatib's phase 3 success and ARIKAYCE's growth drive multi-billion-dollar expansion.INSM51st Nasdaq London Investor Conference3 Feb 2026
Next Insmed earnings date
Bank of America Global Healthcare Conference 202612 May, 2026
Insmed
Next Insmed earnings date
Bank of America Global Healthcare Conference 202612 May, 2026
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@theshortbearx.com
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