Insmed (INSM) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues reached $425.5 million, up 296% year-over-year, driven by the US launch of BRINSUPRI and growth in ARIKAYCE international sales.

• BRINSUPRI revenues were $309.2 million, up 49% sequentially, with FDA and EC approvals in H2 2025 and strong commercial uptake in 2026.

• ARIKAYCE delivered $116.3 million in Q2 2026, up 8% year-over-year, and is preparing for label expansion in the U.S. and Japan.

• TPIP advanced with positive 12-month data in PAH, promising Phase 2/2b results, and ongoing Phase 3 programs across four indications.

• Net loss for Q2 2026 was $13.2 million, a significant improvement from $321.7 million in Q2 2025.

Financial highlights

• Q2 2026 product revenues: $425.5 million (Q2 2025: $107.4 million); six months ended June 30, 2026: $731.5 million (2025: $200.2 million).

• BRINSUPRI revenue reached $309.2 million in Q2 2026, up 49% sequentially; ARIKAYCE revenue was $116.3 million, up 8% year-over-year.

• Cost of product revenues was $67.2 million (16% of revenues), down from 26% in the prior year, improving gross margin.

• R&D expenses rose to $210.0 million in Q2 2026, mainly due to TPIP clinical development and increased headcount.

• Cash, cash equivalents, and marketable securities totaled approximately $1.2 billion at quarter-end.

Outlook and guidance

• Raised full-year 2026 BRINSUPRI revenue guidance to $1.25–$1.4 billion (from >$1 billion).

• ARIKAYCE full-year 2026 guidance reiterated at $450–$470 million.

• Peak sales estimates raised: BRINSUPRI >$7B, TPIP >$6B, ARIKAYCE >$1B; combined peak sales now >$14B.

• TPIP Phase 3 studies in PAH, PH-ILD, PPF, and IPF are progressing, with additional catalysts expected in 2H 2026 and 1H 2027.

• Expect cash flow positivity in 2027 without raising additional capital.