01—Abstract
Summary
Summary of the 10-Q filed August 6, 2026. Cited figures are marked; the original filing is the authoritative source.
Insmed Incorporated reported a sharp improvement in its second-quarter 2026 results, driven by the commercial launch of BRINSUPRI.
Product revenues, net were $425.5 milliona for the three months ended June 30, 2026, compared with $107.4 million a year earlier, an increase of $318.1 million, or 296%. US BRINSUPRI sales contributed $308.6 million, and ARIKAYCE sales rose $8.9 million, primarily from international growth. For the six months, product revenues were $731.5 million, up 265% from $200.2 million.
Net loss narrowed to $13.2 millionb ($0.06 per share) in the quarter from $321.7 million a year earlier. The improvement was largely due to a $99.8 million gain from the change in fair value of contingent consideration, which the filing attributes mainly to a decrease in the company's share price. Operating costs rose, with SG&A expenses up 60% to $247.5 million, primarily from professional fees and compensation tied to BRINSUPRI commercial activities, and R&D expenses up 19% to $210.0 million.
Liquidity remains substantial but declined over the period. Cash and cash equivalents were $544.8 millionc and marketable securities were $615.5 million at June 30, 2026, compared with $510.4 million and $919.6 million at December 31, 2025. Net cash used in operating activities was $311.6 million for the six months.
Management states the company has sufficient funds to meet its needs for at least the next 12 months. Debt consists of $500.0 milliond in Term Loans bearing a fixed 9.6% rate, with principal due in 2028 and 2029, alongside a royalty financing agreement with OrbiMed. The filing also describes near-term pipeline events, including a July 2026 US supplemental new drug application for ARIKAYCE in newly diagnosed MAC lung disease and positive 12-month open-label extension data for TPIP in PAH reported in July 2026.
02—Key points
Key Highlights
- Product revenues, net rose to $425.5 million in Q2 2026 from $107.4 million, an increase of 296%, with US BRINSUPRI sales of $308.6 million.
- Net loss for Q2 2026 was $13.2 million ($0.06 per share), versus $321.7 million ($1.70 per share) in Q2 2025; six-month net loss was $176.8 million versus $578.3 million.
- Change in fair value of contingent consideration produced a gain of $99.8 million in Q2 2026 and $146.7 million for the six months, primarily due to a lower share price.
- SG&A expenses increased 60% to $247.5 million in Q2 2026, driven mainly by $76.5 million higher professional fees and other external expenses tied to BRINSUPRI commercial activities.
- Cash and cash equivalents of $544.8 million plus marketable securities of $615.5 million totaled about $1.16 billion at June 30, 2026, with working capital of $1.2 billion; net cash used in operating activities was $311.6 million for the six months.
- Term Loans of $500.0 million carry a fixed 9.6% interest rate, with principal repayments scheduled for 2028 ($341.7 million) and 2029 ($205.0 million).
- In July 2026 the company submitted a US sNDA for ARIKAYCE in newly diagnosed MAC lung disease and reported positive 12-month OLE data for TPIP in PAH, with Japan's BRINSUPRI regulatory decision expected in the second half of 2026.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q2 FY2026, Insmed lost $0.03.
- Revenue$425.5M100.0%
- Cost of revenue−$67.2M15.8%
- Gross profit$358.3M84.2%
- Operating costs−$359.8M84.6%
- Operating income−$1.5M0.4%
- Interest, other & tax−$11.7M2.7%
- Net income−$13.2M3.1%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 6, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $425.49M$107.42M | +296.1% |
| Cost of Revenue | $67.21M$28.07M | +139.4% |
| Gross Profit | $358.27M$79.34M | +351.6% |
| R&D Expenses | $210.03M$177.19M | +18.5% |
| SG&A Expenses | $247.47M$154.76M | +59.9% |
| Operating Expenses | $427.03M$420.29M | +1.6% |
| Operating Income | -$1.55M-$312.88M | +99.5% |
| Net Income | -$13.24M-$321.69M | +95.9% |
| EPS (Basic) | $-0.06$-1.70 | +96.5% |
| EPS (Diluted) | $-0.06$-1.70 | +96.5% |
| Shares Outstanding (Basic) | 217.35M189.30M | +14.8% |
| Shares Outstanding (Diluted) | 217.35M189.30M | +14.8% |
05—Questions
Frequently Asked Questions
What drove the large increase in revenue this quarter?
Revenue growth came mainly from BRINSUPRI, which was approved in the US in August 2025. US BRINSUPRI sales were $308.6 million in Q2 2026, compared with none in the prior-year quarter. ARIKAYCE sales also grew by $8.9 million, primarily from international markets.
Why did the net loss shrink so much compared with last year?
The filing attributes much of the improvement to higher product revenues and a $99.8 million gain from the change in fair value of contingent consideration, which was mainly due to a decrease in the company's share price. In Q2 2025 the same line item was a $59.0 million expense. Operating expenses also rose, including SG&A up $92.7 million and R&D up $32.8 million.
Does Insmed have enough cash to fund operations?
Management states that cash and cash equivalents of $544.8 million and marketable securities of $615.5 million as of June 30, 2026 are sufficient to meet financial needs for at least the next 12 months. The filing notes that the company expects to continue incurring operating losses and may raise additional capital in the future.
What are the company's main debt obligations?
The company has $500.0 million of Term Loans with Pharmakon-managed funds, bearing a fixed 9.6% interest rate and maturing in 2028 and 2029. It also has a Royalty Financing Agreement with OrbiMed under which royalties of 4.5% of ARIKAYCE global net sales and 0.75% of brensocatib global net sales are payable, with a carrying value of $159.8 million.
What upcoming milestones does the filing highlight?
The filing cites a July 2026 US sNDA for ARIKAYCE in newly diagnosed MAC lung disease, a planned review with Japan's PMDA in the second half of 2026 for a possible ARIKAYCE label expansion, and an expected Japanese regulatory decision for BRINSUPRI in NCFB in the second half of 2026. It also anticipates starting a Phase 3 TPIP study in PPF in the second half of 2026 and a Phase 3 IPF study in the first half of 2027.
06—Continue