Insmed raises 2026 BRINSUPRI forecast as Q3 sales top estimates

Insmed Incorporated (INSM) on Oct. 29 reported third-quarter revenue of $524.4 million, topped a $511.88 million consensus estimate compiled by Finnhub, and raised the low end of its 2026 revenue guidance for BRINSUPRI and ARIKAYCE.

The company said in a press release filed with an 8-K that the U.S. launch of BRINSUPRI continues to exceed expectations. BRINSUPRI is approved for non-cystic fibrosis bronchiectasis, and ARIKAYCE is approved for Mycobacterium avium complex lung disease.

Here's how the company did:

• Revenue: $524.4 million vs. $511.88 million expected, according to Finnhub, and $142.3 million a year earlier
• Net loss: $100.3 million, or $0.46 per share, vs. $370.0 million, or $1.75 per share, a year earlier
• BRINSUPRI revenue: $400.1 million, up 29% from the second quarter
• ARIKAYCE revenue: $124.4 million, up 9% from a year earlier

Revenue has risen in each of the last three quarters, from $142.3 million in the third quarter of 2025 to $425.5 million in the second quarter of 2026, according to its SEC filings.

2026 guidance

The company raised its full-year 2026 revenue guidance for BRINSUPRI to $1.35 billion to $1.4 billion, from $1.25 billion to $1.4 billion. ARIKAYCE guidance rose to $460 million to $470 million, from $450 million to $470 million.

The company continues to expect peak revenue of more than $7 billion for BRINSUPRI, more than $6 billion for TPIP, and more than $1 billion for ARIKAYCE. Its guidance does not contemplate meaningful BRINSUPRI revenue from Japan in 2026, according to the presentation.

Chair and CEO Will Lewis said “BRINSUPRI’s U.S. launch continues to exceed expectations” and that the performance “supports our decision to raise the low end of our full-year 2026 revenue guidance for both products.”

Costs and cash

Cost of product revenues, excluding amortization of intangibles, was $78.2 million, against $29.4 million a year earlier. Research and development expenses were $270.0 million, up from $186.4 million, and selling, general and administrative expenses were $253.0 million, up from $186.4 million.

The company had cash, cash equivalents and marketable securities of about $1.1 billion as of Sept. 30.

Regulatory and board updates

Japan's Ministry of Health, Labour and Welfare approved BRINSUPRI Tablets 25 mg in August, and the company launched them in Japan in October.

The FDA accepted a supplemental new drug application for ARIKAYCE in MAC lung disease and granted Priority Review, with a target action date of Jan. 28, 2027.

In October the company appointed Paul Hudson, a former chief executive of Sanofi and Novartis Pharmaceuticals, and Utpal Koppikar, the current chief financial officer of Verily Health, to its board of directors.