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Insmed Quarterly Report for Q3 Ended Sep 30, 2026

Filing Date
Filed October 29, 2026
Period End
September 30, 2026
Security
INSM
In the record · 2016–202610-K1110-Q338-K134

INSM filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’18Sep ’18
  2. Leadership change8-K · Jun ’21Jun ’21
  3. Leadership change8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 10-Q filed October 29, 2026. Cited figures are marked; the original filing is the authoritative source.

Insmed Incorporated reported third-quarter 2026 product revenues, net of $524.4 milliona, up from $142.3 million a year earlier, an increase of $382.1 million or 268%.

The growth was driven by US sales of BRINSUPRI, which were $398.1 millionb in the quarter compared with $28.1 million in the prior-year period. ARIKAYCE revenues were $124.4 million, up $10.1 million or 9%, led by international sales. For the nine months ended September 30, 2026, product revenues were $1,255.9 million, up 267% from $342.6 million.

Net loss narrowed to $100.3 millionc for the quarter from $370.0 million, and to $277.1 million for the nine months from $948.3 million. The improvement was partly helped by a $139.2 million nine-month gain from the change in fair value of contingent consideration, which the filing attributes mainly to a decrease in the share price. Operating expenses still rose sharply, with SG&A up 36% in the quarter and R&D up 45%, largely reflecting BRINSUPRI commercial activity and TPIP development spending.

At September 30, 2026, Insmed had cash and cash equivalents of $396.6 milliond and marketable securities of $750.1 million, compared with $510.4 million and $919.6 million at December 31, 2025. Net cash used in operating activities was $348.0 million for the nine months, down from $687.4 million a year earlier. Working capital was $1.1 billion, down from $1.3 billion.

The company states it has sufficient funds for at least the next 12 months, while noting that it expects substantial future cash requirements and may raise additional capital. Long-term debt consists of $500.0 million in Term Loans at a fixed 9.6% rate, with principal repayments beginning in 2028. The accumulated deficit stands at $5.9 billion.

Customer concentration is significant, with one customer accounting for 38% of gross product revenues in the nine months ended September 30, 2026. Other developments include Japanese approval of BRINSUPRI in August 2026, with a launch in October 2026, and a US sNDA for ARIKAYCE in MAC lung disease that was accepted with priority review and a target action date of January 28, 2027.

Chief Financial Officer Sara Bonstein is separating from the company on October 30, 2026. Chief Executive Officer William Lewis will serve as interim principal financial officer, and Patrick Kane as interim principal accounting officer, while the company searches for a successor.

02—Key points

Key Highlights

  1. Q3 2026 product revenues, net were $524.4 million, up 268% from $142.3 million, led by US BRINSUPRI sales of $398.1 million versus $28.1 million a year earlier.
  2. Nine-month 2026 product revenues were $1,255.9 million, up 267% from $342.6 million; ARIKAYCE nine-month revenues were $338.8 million.
  3. Net loss was $100.3 million for Q3 2026 versus $370.0 million for Q3 2025, and $277.1 million for the nine months versus $948.3 million; the nine-month result includes a $139.2 million gain from the change in fair value of contingent consideration.
  4. Operating expenses increased, with Q3 SG&A of $253.0 million (up 36%) and R&D of $270.0 million (up 45%), mainly from BRINSUPRI commercial activities and TPIP development.
  5. Cash and cash equivalents of $396.6 million and marketable securities of $750.1 million at September 30, 2026; operating cash outflow narrowed to $348.0 million for the nine months from $687.4 million.
  6. The company states it has sufficient funds for at least the next 12 months, but expects substantial future cash requirements and may need additional capital.
  7. CFO Sara Bonstein departs October 30, 2026; CEO William Lewis becomes interim principal financial officer while a successor is sought.

03—One dollar

Follow one dollar

For each $1.00 of revenue in Q3 FY2026, Insmed lost $0.19.

  1. Revenue$524.4M100.0%
  2. Cost of revenue−$78.2M14.9%
  3. Gross profit$446.2M85.1%
  4. Operating costs−$535.6M102.1%
  5. Operating income−$89.4M17.0%
  6. Interest, other & tax−$10.9M2.1%
  7. Net income−$100.3M19.1%
Computed from 10-QQ3 FY2026filed October 29, 2026Computed from this filing’s revenue, gross profit, operating income and net income · right columngrey figure: share of revenue

04—Financials

Financial Highlights

Figures from 10-QQ3 FY2026filed October 29, 2026
Revenue$524.43M85.1% Gross MarginNet Income-$100.32M-19.1% Net MarginEPS (Diluted)$-0.46Total Assets$2.23BCash & Equivalents$396.56MFree Cash Flow-$42.09M

Financial Statements

Q3 FY2026 against Q3 FY2025

Line itemQ3 FY2026Q3 FY2025Change
Revenue$524.43M$142.34M+268.4%
Cost of Revenue$78.22M$29.36M+166.4%
Gross Profit$446.21M$112.98M+295.0%
R&D Expenses$269.96M$186.41M+44.8%
SG&A Expenses$253.03M$186.38M+35.8%
Operating Expenses$613.80M$508.35M+20.7%
Operating Income-$89.37M-$366.00M+75.6%
Net Income-$100.32M-$370.02M+72.9%
EPS (Basic)$-0.46$-1.75+73.7%
EPS (Diluted)$-0.46$-1.75+73.7%
Shares Outstanding (Basic)218.79M211.76M+3.3%
Shares Outstanding (Diluted)218.79M211.76M+3.3%

05—Questions

Frequently Asked Questions

  1. What drove the large increase in Insmed's revenue this quarter?

    Revenue growth came mainly from BRINSUPRI, which was approved in the US in August 2025. US BRINSUPRI sales were $398.1 million in Q3 2026, compared with $28.1 million in Q3 2025. ARIKAYCE sales rose 9% to $124.4 million, mainly from international markets.

  2. Why did the net loss decline so much compared with last year?

    The net loss fell to $100.3 million in Q3 2026 from $370.0 million in Q3 2025. The prior-year quarter included a $104.7 million charge for the change in fair value of contingent consideration, while the 2026 quarter included a $7.5 million charge. Revenue growth also offset higher operating costs. The filing attributes the nine-month contingent consideration gain of $139.2 million mainly to a decline in the share price.

  3. Does Insmed have enough cash to fund operations?

    The company had $396.6 million in cash and cash equivalents and $750.1 million in marketable securities at September 30, 2026. It states these resources are sufficient to fund operations for at least the next 12 months. It also expects substantial future cash requirements and may raise additional capital.

  4. What debt does Insmed carry and when is it due?

    Insmed has $500.0 million in principal under Term Loans with Pharmakon-managed funds, bearing a fixed interest rate of 9.6% per annum. Principal repayments are scheduled for 2028 ($341.7 million) and 2029 ($205.0 million). The company also has a Royalty Financing Agreement with OrbiMed with a carrying value of $156.5 million including current portion.

  5. What are the key upcoming regulatory and leadership events?

    The FDA accepted and granted priority review to the US sNDA for ARIKAYCE in MAC lung disease, with a target action date of January 28, 2027. Insmed plans to submit data to Japan's PMDA in Q4 2026 for a possible label expansion. CFO Sara Bonstein separates from the company on October 30, 2026, and a search for a successor is underway.

06—Continue

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