$INSM · INSMED Inc
Insmed reported Q3 2026 total revenues of $524.4M, a 268% YoY increase, powered by BRINSUPRI's U.S. launch which generated $400.1M in the quarter. The company raised full-year 2026 BRINSUPRI guidance to $1.35B–$1.4B and ARIKAYCE guidance to $460M–$470M. Net loss narrowed to $100.3M ($0.46/share) from $370.0M ($1.75/share) a year ago, with cash of $1.1B at quarter-end.
- Total Q3 revenue of $524.4M, up 268% YoY from $142.3M, driven by BRINSUPRI's U.S. launch.
- BRINSUPRI U.S. revenue reached $398.1M in Q3, up 29% sequentially from Q2 2026.
- ARIKAYCE global revenue grew 9% YoY to $124.4M in Q3, with international markets up 21%.
- Full-year 2026 BRINSUPRI guidance raised to $1.35B–$1.4B (low end lifted from $1.25B); ARIKAYCE raised to $460M–$470M.
- Net loss narrowed sharply to $100.3M ($0.46/share) from $370.0M ($1.75/share) in Q3 2025.
Extended-hours trading shows INSM at $110.50, up 13.94% vs the regular-session close of $96.98. The market is rewarding the BRINSUPRI revenue beat and guidance raise, with the $400.1M quarterly print far exceeding the prior-year $28.1M comparator.
BRINSUPRI is tracking toward a >$1.3B first-full-year launch, one of the strongest rare-disease drug debuts ever, with peak sales guided above $7B.
BRINSUPRI's $400M+ quarterly run rate in its first full launch year positions it among the most successful rare-disease drug launches, rivaling Vertex's CF franchise trajectory. Peak revenue guidance of >$7B signals blockbuster-to-megablockbuster ambition.
Heavy reliance on BRINSUPRI's continued U.S. launch trajectory; any slowdown would materially impact the revenue growth story. Operating expenses remain elevated at $613.8M for the quarter, with R&D and SG&A both rising significantly YoY.