How is the BRINSUPRI launch performing?

BRINSUPRI generated $207.9 million in Q1 2026, a 44% increase over Q4 2025, driven by strong growth in the U.S. market. The company reiterated its full-year 2026 revenue guidance of at least $1 billion.

Why did operating expenses increase year over year?

Research and development expenses rose to $209.5 million from $152.6 million, reflecting higher compensation, stock-based compensation, manufacturing costs and clinical development. SG&A rose to $247.3 million from $147.5 million, primarily due to professional fees and commercial activities for BRINSUPRI.

What did the ENCORE study show for ARIKAYCE?

The Phase 3b ENCORE study in patients with MAC lung disease met its primary and all multiplicity-controlled secondary culture conversion endpoints. Insmed plans to submit a supplemental NDA to the FDA for ARIKAYCE in all patients with MAC lung disease in the second half of 2026.

What is the company's cash position?

As of March 31, 2026, Insmed had cash, cash equivalents and marketable securities totaling approximately $1.2 billion. The accompanying presentation states the company believes it can reach cash flow positivity in 2027 without additional capital, assuming no material expansion in the expense base from business development.

What are the upcoming pipeline catalysts for TPIP?

Insmed initiated the Phase 3 PALM-PAH study of TPIP in April 2026 and expects to report data from the open-label extension of its Phase 2b PAH study in the third quarter of 2026. It anticipates starting a Phase 3 study in progressive pulmonary fibrosis by the end of 2026 and in idiopathic pulmonary fibrosis in the first half of 2027.

INSM 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed May 7, 2026. Cited figures are marked; the original filing is the authoritative source.

Insmed Incorporated reported first-quarter 2026 financial results on May 7, 2026, with total company revenues of $306.0 million^a, up from $92.8 million in the first quarter of 2025.

BRINSUPRI (brensocatib) generated $207.9 million^b in revenue, which the company describes as 44% growth over the fourth quarter of 2025, and ARIKAYCE generated $98.1 million, reflecting 6% growth over the first quarter of 2025. The company reiterated full-year 2026 guidance of at least $1 billion for BRINSUPRI and $450 million to $470 million for ARIKAYCE. The company's net loss narrowed to $163.6 million, or $0.76 per share, from $256.6 million, or $1.42 per share, a year earlier.

Operating expenses rose, with research and development at $209.5 million^c and selling, general and administrative expenses at $247.3 million, driven by the BRINSUPRI commercial launch and clinical development. Cost of product revenues was $47.4 million. As of March 31, 2026, cash, cash equivalents and marketable securities totaled approximately $1.2 billion.

On the pipeline, the company reported positive topline results from the Phase 3b ENCORE study of ARIKAYCE in MAC lung disease, which met its primary and all multiplicity-controlled secondary culture conversion endpoints, and plans to submit an sNDA in the second half of 2026. It initiated the Phase 3 PALM-PAH study of TPIP in April 2026 and expects Phase 2b open-label extension data in the third quarter of 2026. The company also stated it expects cash flow positivity in 2027 without additional capital, per the accompanying slide presentation.

02—Key points

Key Highlights

Total company revenues of $306.0 million in Q1 2026, versus $92.8 million in Q1 2025.
BRINSUPRI revenues of $207.9 million in Q1 2026, reflecting 44% growth over Q4 2025; U.S. revenues were $207.2 million.
ARIKAYCE revenues of $98.1 million in Q1 2026, up 6% year over year, with U.S. revenues down 2% and international revenues up 23%.
Net loss of $163.6 million ($0.76 per share) in Q1 2026, compared with a net loss of $256.6 million ($1.42 per share) in Q1 2025.
Full-year 2026 guidance reiterated: BRINSUPRI revenues of at least $1 billion and ARIKAYCE revenues of $450 million to $470 million.
Phase 3b ENCORE study of ARIKAYCE met its primary and all multiplicity-controlled secondary culture conversion endpoints; sNDA submission planned for the second half of 2026.
Cash, cash equivalents and marketable securities of approximately $1.2 billion as of March 31, 2026.

03—Questions

Frequently Asked Questions

How is the BRINSUPRI launch performing?
BRINSUPRI generated $207.9 million in Q1 2026, a 44% increase over Q4 2025, driven by strong growth in the U.S. market. The company reiterated its full-year 2026 revenue guidance of at least $1 billion.
Why did operating expenses increase year over year?
Research and development expenses rose to $209.5 million from $152.6 million, reflecting higher compensation, stock-based compensation, manufacturing costs and clinical development. SG&A rose to $247.3 million from $147.5 million, primarily due to professional fees and commercial activities for BRINSUPRI.
What did the ENCORE study show for ARIKAYCE?
The Phase 3b ENCORE study in patients with MAC lung disease met its primary and all multiplicity-controlled secondary culture conversion endpoints. Insmed plans to submit a supplemental NDA to the FDA for ARIKAYCE in all patients with MAC lung disease in the second half of 2026.
What is the company's cash position?
As of March 31, 2026, Insmed had cash, cash equivalents and marketable securities totaling approximately $1.2 billion. The accompanying presentation states the company believes it can reach cash flow positivity in 2027 without additional capital, assuming no material expansion in the expense base from business development.
What are the upcoming pipeline catalysts for TPIP?
Insmed initiated the Phase 3 PALM-PAH study of TPIP in April 2026 and expects to report data from the open-label extension of its Phase 2b PAH study in the third quarter of 2026. It anticipates starting a Phase 3 study in progressive pulmonary fibrosis by the end of 2026 and in idiopathic pulmonary fibrosis in the first half of 2027.

04—Continue

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