Insmed Incorporated (INSM) Earnings
Insmed Incorporated is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $-0.37. INSM has beaten EPS estimates in 3 of its last 12 reported quarters (average surprise +7.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.67 | $-0.06 | +91.1% | $425M | +9.9% |
| May 7, 2026 | $-0.90 | $-0.76 | +15.6% | $306M | +4.2% |
| Feb 19, 2026 | $-1.07 | $-1.54 | -43.9% | $264M | +16.5% |
| Oct 30, 2025 | $-1.33 | $-1.75 | -31.6% | $142M | +23.4% |
| Aug 7, 2025 | $-1.30 | $-1.70 | -30.8% | $107M | +2.9% |
| May 8, 2025 | $-1.34 | $-1.42 | -6.0% | $93M | +1.6% |
| Feb 20, 2025 | $-1.17 | $-1.32 | -12.8% | $104M | +2.3% |
| Oct 31, 2024 | $-1.20 | $-1.27 | -5.8% | $93M | -0.1% |
| Aug 8, 2024 | $-1.24 | $-1.94 | -56.5% | $90M | +2.3% |
| May 9, 2024 | $-1.24 | $-1.06 | +14.5% | $76M | -3.1% |
| Feb 22, 2024 | $-1.13 | $-1.28 | -13.3% | $84M | +2.4% |
| Oct 26, 2023 | $-1.06 | $-1.10 | -3.8% | $79M | -0.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Core Product Progress - **Brinsupri**: The third full quarter of launch outperformed all expectations, with a historic growth trajectory that doubles the results of the best specialty respiratory launches at this stage. As of end of Q2, there were over 6,300 cumulative prescribers (up ~1,300 from end of Q1), with 30% of prescribers having written at least 5 prescriptions (up from 20% at end of Q1). A 3-year open-label study with the European MBARC collaboration is planned to evaluate long-term disease modification and earlier use benefits. Multiple diagnostic expansion initiatives are underway to identify undiagnosed bronchiectasis patients in comorbid COPD/asthma populations, with initial data expected mid-2027. Japanese approval is projected for late 2026. - **EraCase**: Continued steady high single-digit global growth in its eighth year on market. A supplemental NDA for label expansion to cover all MAC lung disease patients (from only refractory MAC) was submitted to the FDA, with a Japanese submission planned for H2 2026, targeting a 2027 launch. Synergies with the upcoming Brinsupri Japan launch are expected to benefit both products. - **TPIP**: Positive 12-month data from the PAH open-label extension (OLE) study showed sustained or improved efficacy across all endpoints, with placebo-switch patients catching up to the continuous TPIP cohort. Key results included a 55-meter improvement in 6-minute walk distance, 60% NT-proBNP reduction, 80% of patients achieving functional class I/II, and 65% achieving refined low mortality risk status. No new safety signals were identified, with a 91% 12-month treatment retention rate and only 1 discontinuation due to cough. Phase III trials for PHILD and PAH are actively enrolling, with a positive DMC recommendation for the PHILD trial to continue unmodified. Phase III trials in PPF and IPF are on track to initiate in H2 2026 and H1 2027, respectively. TPIP's flexible dosing up to 1280mcg daily allows individualized titration, a key differentiator versus competitors. ### Pipeline and Organizational Updates - Early pipeline progress: The FDA cleared the IND for INS1033, a next-generation DPP-1 inhibitor, to enter clinical testing. Initial testing will target rheumatoid arthritis, with follow-up programs planned for ulcerative colitis and COPD, expanding the indication scope for DPP-1 inhibition beyond bronchiectasis. - Leadership addition: Samuel A. Butera, a veteran global commercial leader from Johnson & Johnson and Novartis, was hired as Senior Vice President and General Manager of the Global Respiratory Therapeutic Area to support continued expansion. ### Financial Position - As of end-Q2 2026, the company held ~$1.2 billion in cash, cash equivalents, and marketable securities, with a lower burn rate than recent quarters driven by higher revenue and financial discipline. The company remains sufficiently funded to reach cash flow positivity in 2027 without needing to raise additional capital.
Guidance
- **Brinsupri 2026 Revenue**: Raised full-year 2026 guidance to a range of $1.25 billion to $1.4 billion, up from the prior guidance of greater than $1 billion. The updated guidance assumes ~7,000 new patient starts per quarter for the remaining quarters of 2026, with no meaningful revenue contribution from Japan in 2026. - **EraCase 2026 Revenue**: Reiterated full-year guidance of $450 million to $470 million. - **Gross-to-Net (GTN)**: Updated 2026 Brinsupri GTN guidance to mid-20s to high-20s, improved from the prior range of mid-20s to low-30s. GTN guidance for EraCase remains at low to mid-20s, unchanged. - **Peak Sales Estimates**: Increased global peak sales estimates for lead assets: Brinsupri raised to >$7 billion from >$5 billion; TPIP raised to >$6 billion from >$2 billion. The peak sales estimate for EraCase remains unchanged at >$1 billion. Combined peak sales for the three lead assets now exceed $14 billion, up 75% from the prior combined estimate of >$8 billion. - **Cash Flow Positivity**: Reaffirmed the expectation of achieving cash flow positivity in 2027, with sufficient funding for all planned initiatives through that milestone without additional capital raising.
Segment performance
1. Brinsupri: Generated $309.2 million in Q2 2026 revenue, 49% sequential growth over Q1 2026. This accounts for approximately 72.6% of total Q2 product revenue. All launch metrics (payer access, patient compliance, continuation rates) track ahead of internal expectations. The product added ~7,000 new patients in the quarter, exceeding the prior expectation of 6,300 new starts. 2. EraCase (Aircase): Generated $116.3 million in Q2 2026 revenue, representing 8% year-over-year growth versus Q2 2025. This accounts for approximately 27.4% of total Q2 product revenue. Gross-to-net (GTN) for the quarter fell within the full-year guidance range of low to mid-20s. Aggregate total Q2 2026 product revenue was $425.5 million.
Risks & headwinds
- European launch uncertainty: Budget constraints across most European countries have reduced willingness to pay for innovative therapies, making a traditional commercial launch in Europe less attractive than previously expected, reducing the size of the near-term European opportunity. - Clinical and regulatory risk: TPIP's $6 billion peak sales estimate assumes successful clinical development and regulatory approval across all four targeted indications (PHILD, PAH, PPF, IPF), including successfully overcoming existing orphan exclusivity for IPF. The peak sales estimate also assumes TPIP maintains its differentiated efficacy and tolerability profile versus competitors including Sotatercept. - Pricing uncertainty: Japan pricing for Brinsupri is still under negotiation; an unfavorable outcome could impact the 2027 and beyond launch performance in that market. - Competitive and policy risk: Brinsupri's updated peak sales estimate already accounts for the expected entry of a competing DPP-1 inhibitor and the impact of US IRA drug price negotiation taking effect in 2035, which will reduce potential long-term revenue.
Analyst Q&A
Q: What factors drove the upward revision to Brinsupri's peak sales estimate, and what is driving improved diagnosis rates? /
A: The revision is based on one full year of stronger-than-expected, consistent launch performance that meets or exceeds internal modeling. The update followed a full strategic review with the board that incorporated the stronger-than-projected early trajectory. Growth in the addressable market from earlier and more consistent diagnosis, driven by physician and patient awareness, is the core driver of the higher peak estimate.
Q: Are the 7,000 Q2 new patient starts all organic demand, and why guide for 7,000 starts per quarter going forward rather than expecting continued growth? /
A: All 7,000 new patient starts are organic, as the prior "ready and waiting" patient pool has been fully exhausted. Management expects this run rate will hold for the remainder of 2026, though there is upside for further growth if performance continues to exceed expectations. The 7,000 run rate reflects the strong execution of the commercial team to date.
Q: What are the key components of TPIP's $6 billion peak sales estimate across four indications, and do you assume you will break IPF orphan designation? /
A: The full $6 billion estimate assumes clinical and regulatory approval in all four indications, successful breakthrough of IPF orphan exclusivity, and an efficacy profile comparable to Sotatercept and superior to other existing prostanoids. Management notes that published estimates project Sotatercept will hit ~$7 billion in PAH alone, so a $6 billion total for TPIP across four indications is a conservative, comfortable projection.
Q: What is the outlook for a Brinsupri launch in Europe, and how does the Japan launch progress look? /
A: European budget constraints have reduced the attractiveness of a traditional commercial launch for all new therapies, not just Brinsupri, but Insmed is evaluating alternative approaches to get the drug to European patients. Japan launch preparation is progressing well, with an expanded sales force in place. Most international revenue for Brinsupri is expected to come from Japan, with an acceptable price still under negotiation, and meaningful revenue starting in 2027 if approved.