01—Abstract
Summary
Summary of the 8-K filed February 19, 2026. Cited figures are marked; the original filing is the authoritative source.
Insmed Incorporated (Nasdaq: INSM) reported fourth-quarter and full-year 2025 results on February 19, 2026, alongside a business update.
Full-year 2025 total company revenues were $606.4 milliona, with BRINSUPRI contributing $172.7 million (following its U.S. commercial launch in August 2025) and ARIKAYCE contributing $433.8 million, which the company states represents 19% annual growth and exceeds the upper end of its 2025 guidance. Fourth-quarter 2025 total revenues were $263.8 million, of which BRINSUPRI contributed $144.6 million. The company reported a full-year 2025 net loss of $1,276.8 million, or $6.42 per share, versus a net loss of $913.8 million, or $5.57 per share, in 2024.
Cash, cash equivalents, and marketable securities were approximately $1.4 billionb at December 31, 2025. Looking ahead, Insmed anticipates full-year 2026 BRINSUPRI revenues of at least $1 billion and reiterates full-year 2026 ARIKAYCE revenue guidance of $450 million to $470 million. The company states that it is confident cash flow positivity can be achieved without raising capital, though it may raise capital to support business development or other value-creating initiatives.
Key pipeline catalysts flagged for 2026 include the Phase 3 ENCORE topline readout for ARIKAYCE expected in March or April, the Phase 2b CEDAR topline data for brensocatib in hidradenitis suppurativa expected in the second quarter, and plans to start a Phase 3 TPIP study in PAH in the first half of 2026. Separately, director David W.J. McGirr notified the board on February 17, 2026 that he will not stand for re-election at the 2026 Annual Meeting; he will remain on the board and as Audit Committee chair until then, and the company states his decision was not due to any disagreement with the company.
02—Key points
Key Highlights
- Full-year 2025 total revenues of $606.4 million, including $433.8 million from ARIKAYCE and $172.7 million from BRINSUPRI
- Fourth-quarter 2025 total revenues of $263.8 million, with BRINSUPRI contributing $144.6 million in its first full quarter of U.S. launch
- Full-year 2025 net loss of $1,276.8 million ($6.42 per share) versus $913.8 million ($5.57 per share) in 2024
- 2026 guidance: BRINSUPRI revenues of at least $1 billion; ARIKAYCE revenues of $450 million to $470 million
- Cash, cash equivalents, and marketable securities of approximately $1.4 billion as of December 31, 2025
- Upcoming catalysts in 2026 include ENCORE Phase 3 ARIKAYCE topline data (March or April) and CEDAR Phase 2b brensocatib HS topline data (second quarter)
- Director David W.J. McGirr will not stand for re-election at the 2026 Annual Meeting, with no disagreement cited
03—Questions
Frequently Asked Questions
How much revenue did Insmed generate in 2025, and how was it split between its products?
Insmed reported total company revenues of $606.4 million for full-year 2025. ARIKAYCE generated $433.8 million, and BRINSUPRI generated $172.7 million. In the fourth quarter, total revenues were $263.8 million, with ARIKAYCE at $119.2 million and BRINSUPRI at $144.6 million.
What revenue does Insmed expect in 2026?
Insmed anticipates full-year 2026 BRINSUPRI revenues of at least $1 billion and reiterates full-year 2026 ARIKAYCE revenue guidance of $450 million to $470 million.
How large was the net loss, and how much cash does Insmed have?
Insmed reported a full-year 2025 net loss of $1,276.8 million, or $6.42 per share, compared with a net loss of $913.8 million, or $5.57 per share, in 2024. As of December 31, 2025, the company had approximately $1.4 billion in cash, cash equivalents, and marketable securities. The company states it is confident cash flow positivity can be achieved without raising capital, but it may raise capital to support business development or other initiatives.
What key clinical readouts are expected in 2026?
The company expects topline readout of the Phase 3 ENCORE trial of ARIKAYCE in March or April 2026, and topline data from the Phase 2b CEDAR study of brensocatib in hidradenitis suppurativa in the second quarter of 2026. It also plans to initiate a Phase 3 study of TPIP in PAH in the first half of 2026.
Why is director David W.J. McGirr leaving the board?
On February 17, 2026, Mr. McGirr notified the board that he will not stand for re-election when his Class II term expires at the 2026 Annual Meeting. He will continue as a director and Audit Committee chair until then, and the company states his decision was not the result of any disagreement with the company on its operations, policies or practices.
04—Continue