Insmed Misses on Q3 Earnings, Stock Rises on Strong Brinsupri Uptake

Insmed INSM reported a third-quarter 2025 loss of $1.75 per share, which was wider than the Zacks Consensus Estimate of a loss of $1.32. In the year-ago quarter, the company posted a loss of $1.27 per share.

Quarterly revenues rose 52% year over year to over $142.3 million, entirely from the sales of its two marketed products. This figure beat the Zacks Consensus Estimate of around $115 million.

More on Insmed’s Earnings

Insmed currently has two marketed drugs in its portfolio, Arikayce and Brinsupri. While Arikayce is approved to treat refractory mycobacterium avium complex (MAC) lung disease in adults with limited or no treatment options, Brinsupri is approved for non-cystic fibrosis bronchiectasis (NCFB).

Sales of Arikayce rose 22% year over year to $114.3 million, driven by continued growth in demand across all marketed regions. While the drug’s domestic sales rose 11% to $74 million, ex-U.S. sales surged 52% to $40.3 million.

This was the first quarter where Insmed generated revenues from Brinsupri sales since its approval in August. During the quarter, the drug contributed $28.1 million to the top line, driven by strong patient uptake. Shares of the company rose more than 16% on Thursday, as investors cheered the encouraging commercial launch of the drug, which is the first and only drug approved for NCFB in the country.

Year to date, the stock has soared 181% compared with the industry’s 11% growth.

During the reported quarter, research and development expenses rose 24% year over year to $186.4 million. This uptick was driven by a rise in employee headcount, resulting in increased compensation and benefit-related expenses as well as a rise in clinical expenses.

Selling, general and administrative expenses amounted to $186.4 million, up 57% from the year-ago figure. This upside was driven by higher professional and external service costs, along with increased compensation and benefit-related expenses for a larger employee base, to support the commercial launch for Brinsupri.

As of Sept. 30, 2025, Insmed had cash, cash equivalents and marketable securities of around $1.7 billion compared with $1.9 billion as of June 30, 2024.

INSM Upgrades 2025 Guidance

Insmed raised its sales guidance for the full year. It now expects product sales for Arikayce to be between $420 million and $430 million (previously: $405-$425 million), indicating nearly 17% year-over-year growth at the midpoint of the range.

Updates on INSM’s Pipeline

Insmed has already completed enrolling patients in the confirmatory phase III ENCORE study, which is evaluating Arikayce as a potential treatment for newly infected patients with MAC lung disease. While top-line data from this study is expected in the first half of 2026, Insmed intends to submit a regulatory filing with the FDA for the drug before 2026-end.

Earlier this month, the EMA’s Committee for Medicinal Products for Human Use recommended approving the company’s regulatory filing seeking approval for Brinsupri to treat NCFB in patients 12 years of age and older with two or more exacerbations in the prior 12 months. A final decision is expected before year-end. Similar regulatory filings are under review in the United Kingdom and Japan.

Apart from bronchiectasis, Insmed is evaluating Brinsupri in the phase IIb BiRCh study in patients with chronic rhinosinusitis without nasal polyps (CRSsNP). A data readout is expected in early 2026. The company is also evaluating the drug in the phase II CEDAR study for the hidradenitis suppurativa indication, with top-line data expected in the first half of 2026.

Insmed is also on track to start two late-stage studies on its investigational treprostinil palmitil inhalation powder (TPIP) next year in pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications. While the PH-ILD study is on track to start before this year-end, the company intends to start the PAH study in early 2026. It also plans to start additional studies on TPIP across progressive pulmonary fibrosis (PPF) and idiopathic pulmonary fibrosis (IPF) indications in the second half of 2026.

Insmed stated that it has completed dosing in the first cohort of the early-stage ASCEND study evaluating its lead gene therapy, INS2101, for Duchenne muscular dystrophy. The company has also received clearance from the FDA to start clinical studies on INS1202, a gene therapy for ALS patients.

INSM’s Zacks Rank

Insmed currently carries a Zacks Rank #3 (Hold).

Insmed, Inc. Price

 

Insmed, Inc. price | Insmed, Inc. Quote

Our Key Picks Among Biotech Stocks

Some better-ranked stocks from the sector are Alkermes ALKS and Werewolf Therapeutics HOWL. While ALKS sports a Zacks Rank #1 (Strong Buy) at present, HOWL carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

EPS estimates for Alkermes’ 2025 have increased from $1.78 to $1.86, while those for 2026 have risen from $1.69 to $1.81 in the past 60 days. ALKS stock has gained 7% year to date.

Alkermes’ earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average negative surprise of 4.58%.

In the past 60 days, loss per share estimates for Werewolf Therapeutics’ 2025 have improved from $1.88 to $1.61. Loss per share estimates for 2026 have narrowed from $1.61 to $1.36 during the same period. HOWL stock has lost 5% year to date.

Werewolf’s earnings beat estimates in three of the trailing four quarters but missed the mark once, delivering an average surprise of 7.36%.

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