10-K · February 19, 2026
Insmed’s 2025 10-K highlights a step-change in commercialization: product revenues rose to $606.4M (up 66.7% YoY) driven by BRINSUPRI US sales of $172.7M after FDA approval and 19.3% ARIKAYCE growth. At the same time…
Earnings analysis · 10-Q
INSM earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Insmed's Q1 2026 report indicates a significant increase in total revenue driven by new product BRINSUPRI, which resulted in overall revenue growth of 229.6% compared to Q1 2025. However, the company continues to…
Read full summary
Insmed's Q1 2026 report indicates a significant increase in total revenue driven by new product BRINSUPRI, which resulted in overall revenue growth of 229.6% compared to Q1 2025. However, the company continues to experience substantial net losses, leading to further cash burn and elevated operating expenses, particularly in R&D and SG&A, indicating ongoing challenges despite the revenue boost.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 84.5%
- Segment
- ARIKAYCE
- Segment
- BRINSUPRI
What stood out
-
Revenue Skyrockets 229% YoY
Total revenue reached $306 million, up from $93 million in Q1 2025, largely due to BRINSUPRI's $207 million sales.
-
Improved Gross Margin
Gross margin improved to 84.5% from 75.0% in Q1 2025, benefiting from lower-cost BRINSUPRI sales.
-
Increase in Cash Holdings
Cash and cash equivalents rose to $582.2 million from $510.4 million at year-end 2025.
-
Continued R&D Expansion
R&D expenses increased to $209.5 million, up by 37.3% YoY, driven by high developmental activities.
-
Significant SG&A Increase
SG&A expenses surged 67.6% to $247.3 million, reflecting costs associated with the launch of BRINSUPRI.
-
Substantial Product Process Savings Expected
Cost of revenues decreased as a percentage of total revenue to 15.5% from 22.9% due to lower manufacturing costs for BRINSUPRI.
What to watch
-
Continued Operating Losses
Insmed reported a $222.7 million net cash used in operating activities, highlighting continued financial strain.
-
Rising R&D Costs
R&D expenses increased significantly, reaching $209.5 million, which may strain future finances if revenues don't scale effectively.
-
Market Competition and Efficacy Concerns
Negative trial results from the CEDAR study of brensocatib could limit market acceptance and revenue from pipeline drugs.
Management's outlook
The company did not provide numeric guidance, focusing instead on operational trends and pipeline progress.
Earlier filings 4
10-Q · October 30, 2025
Insmed reported Q3 revenue of $142,342,000, materially above the consensus of $115,151,678, driven by commercial launches and product sales. Gross margin expanded to 79.4% but the company remains unprofitable with…
10-Q · August 7, 2025
Insmed reported revenue of $107,415,000 in Q2 2025 (a $14.4M increase vs Q1 2025 and a $17.4M increase vs Q2 2024) and beat the revenue consensus by 3.33%, but reported a larger-than-expected loss per share of $(1.70)…
10-Q · May 8, 2025
Insmed reported Q1 revenue of $92.823M and diluted EPS of -$1.42, slightly beating revenue consensus but missing EPS. Gross margin expanded to 77.1% while operating margin deteriorated to -267.3% and free cash flow…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.