Jun 2026 (Q2 FY26) — Aug 6, 2026
Insmed Q2 FY26 — BRINSUPRI Exceeds Expectations, TPIP Peak Sales Raised
Read the full callInsmed (INSM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Insmed earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 425 | +296.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -0.4 | +290.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -13.2 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Next-generation DPP1 (INS1033) first candidate clinic entry | Enter the clinic in 2026 | Mar 2025 | The FDA recently cleared the IND for INS1033, the first of several next-generation DPP1 inhibitors advancing within our pipeline to proceed into the clinic. | Achieved |
| Brensocatib HS (CEDAR) Phase II full topline readout (all 214 patients) | Topline readout in first half of 2026 | Sep 2025 | Pending | |
| Brensocatib approvals and launches in Europe, UK and Japan | Approvals and launches in each region in 2026 | Mar 2025 | I think there is a very good reason to believe that Japan is going to deliver, starting next year. | Delayed |
2 of INSMED Inc's 29 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 26 more targets are in the full ledger.
Claimed
- BRINSUPRI revenue reached $309.2 million, up 49% sequentially, significantly exceeding expectations.
- BRINSUPRI full-year 2026 revenue guidance raised to $1.25 billion - $1.4 billion, from over $1 billion.
- BRINSUPRI added approximately 7,000 new patients in Q2, surpassing the previous expectation of 6,300.
- Combined peak sales estimates for the three lead assets (BRINSUPRI, TPIP, ARIKAYCE) increased 75% to over $14 billion.
- TPIP peak sales estimate raised to over $6 billion, from over $2 billion, following strong Phase II data in PH-ILD and PAH.
Qualified
- European market willingness to pay for innovation is low due to budget constraints, making traditional commercial approach less attractive.
Price
$99.21 +1.45% · +$1.42
Performance −38.5% 1Y
1Y: $161.38 on 14 Oct 2025 → $99.21. High $211.41 (1 Dec 2025), low $91.88 (10 Jun 2026).
- Previous close
- $97.79
- 52-week range
- $91.88 – $211.41
- One year
- −39.34%
Overview
- Symbol
- INSM
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
14 of 16 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Next-generation DPP1 (INS1033) first candidate clinic entry | Enter the clinic in 2026 | Mar 2025 | The FDA recently cleared the IND for INS1033, the first of several next-generation DPP1 inhibitors advancing within our pipeline to proceed into the clinic. | Achieved |
| Brensocatib HS (CEDAR) Phase II full topline readout (all 214 patients) | Topline readout in first half of 2026 | Sep 2025 | Pending | |
| Brensocatib approvals and launches in Europe, UK and Japan | Approvals and launches in each region in 2026 | Mar 2025 | I think there is a very good reason to believe that Japan is going to deliver, starting next year. | Delayed |
Claimed
- BRINSUPRI revenue reached $309.2 million, up 49% sequentially, significantly exceeding expectations.
- BRINSUPRI full-year 2026 revenue guidance raised to $1.25 billion - $1.4 billion, from over $1 billion.
- BRINSUPRI added approximately 7,000 new patients in Q2, surpassing the previous expectation of 6,300.
- Combined peak sales estimates for the three lead assets (BRINSUPRI, TPIP, ARIKAYCE) increased 75% to over $14 billion.
- TPIP peak sales estimate raised to over $6 billion, from over $2 billion, following strong Phase II data in PH-ILD and PAH.
Qualified
- European market willingness to pay for innovation is low due to budget constraints, making traditional commercial approach less attractive.
The full ledger
Open INSMED Inc’s full ledger
A free account opens 5 company ledgers a month. All 29 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Insmed Q1 FY26 — BRINSUPRI Exceeds Expectations, ARIKAYCE Label Expansion Potential
Read the full callEvery analysed call
Insmed earnings calls (INSM)
Financials
What the filings say
Net profit, year on year: +96% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 93 | 104 | 93 | 107 | 142 | 264 | 306 | 425 |
| Expenses | 307 | 335 | 341 | 420 | 508 | 584 | 459 | 427 |
| Operating profit | -213 | -230 | -248 | -313 | -366 | -320 | -153 | -2 |
| Operating margin | −228.4% | −220.6% | −267.3% | −291.3% | −257.1% | −121.2% | −50.1% | −0.4% |
| Interest | 21 | 22 | 22 | 21 | 20 | 21 | 20 | 20 |
| Profit before tax | -220 | -234 | -256 | -320 | -369 | -327 | -162 | -11 |
| Tax rate | −0.5% | −0.5% | −0.4% | −0.4% | −0.4% | −0.5% | −0.9% | −16.4% |
| Net profit | -221 | -236 | -257 | -322 | -370 | -328 | -164 | -13 |
| EPS ($ per share) | -1.27 | — | -1.42 | -1.70 | -1.75 | — | -0.76 | -0.06 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Reserves | -1,282 | -1,536 | -1,831 | -2,265 | -2,697 | -3,446 | -4,360 | -5,637 |
| Total liabilities | 396 | 481 | 520 | 833 | 1,568 | 1,662 | 1,740 | 1,526 |
| Fixed assets | 23 | 60 | 54 | 53 | 56 | 65 | 80 | 103 |
| Investments | — | — | — | 0 | 74 | 298 | 879 | 920 |
| Total assets | 605 | 742 | 796 | 1,244 | 1,656 | 1,330 | 2,025 | 2,265 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -258 | -251 | -219 | -363 | -400 | -536 | -684 | -935 |
| Cash from investing | -15 | -42 | -7 | -64 | -35 | -224 | -583 | -65 |
| Cash from financing | 387 | 285 | 271 | 613 | 793 | 168 | 1,341 | 954 |
| Net cash flow | 114 | -8 | 45 | 184 | 357 | -592 | 73 | -45 |
| Capital expenditure | -13 | -42 | -6 | -7 | -10 | -13 | -22 | -33 |
| Free cash flow | -271 | -293 | -226 | -371 | -410 | -550 | -706 | -968 |
INSM revenue by segment
| Segment | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Reportable | 100% | 100% | 100% | 100% | 100% | 100% | +296.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
INSM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Patients BRINSUPRI New Starts | ~7,800Similarly, in Q1, we estimate that about 1,500 of the roughly 7,800 new patients who started treatment in the quarter were part of this ready and waiting patient group.Source: earnings call transcript | ~7,000BRINSUPRI added approximately 7,000 new patients in the second quarter, exceeding our previous expectation of approximately 6,300 new patient starts.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 89% ↑ 17 pt
- Non Us 11%
As INSM cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
247 filings between Nov 3, 2025 and Sep 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$167.12M
169 sales by 10 insiders
77% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 15
- Award — granted as compensation
- 52
- Option exercise — converted options into shares
Also filed: 11 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Adsett Roger | — | $48.25M | Aug 10, 2026 |
| Lewis William | — | $32.79M | Jul 23, 2026 |
| Flammer Martina M.D. | — | $23.32M | Aug 6, 2026 |
| Schaeffer Orlov S Nicole | — | $21.11M | Jan 2, 2026 |
| LEE LEO | — | $14.69M | Nov 17, 2025 |
| Smith Michael Alexander | — | $14.00M | Jun 22, 2026 |
| SHAROKY MELVIN MD | — | $4.74M | Aug 17, 2026 |
| Brennan David R | — | $3.10M | Sep 9, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 9, 2026 | Brennan David R Director | Sale | 25,000 | $3.10M |
| Aug 17, 2026 | SHAROKY MELVIN MD Director | Sale | 5,000 | $637.6K |
| Aug 10, 2026 | Adsett Roger Chief Operating Officer | Sale | 239,850 | $31.96M |
| Aug 10, 2026 | Adsett Roger Chief Operating Officer | Option exercise | 76,600 | $1.31M |
| Aug 10, 2026 | Adsett Roger Chief Operating Officer | Option exercise | 80,970 | $2.47M |
| Aug 10, 2026 | Adsett Roger Chief Operating Officer | Option exercise | 82,280 | $1.12M |
| Aug 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Option exercise 10b5-1 plan | 8,895 | $229.8K |
| Aug 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Sale 10b5-1 plan | 18,278 | $2.37M |
| Aug 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Sale 10b5-1 plan | 8,895 | $1.13M |
| Aug 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Option exercise 10b5-1 plan | 18,278 | $346.4K |
| Jul 23, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 5,872 | $625.0K |
| Jul 23, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 4,440 | $76.2K |
| Jul 23, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 4,828 | $509.9K |
| Jul 23, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 6,260 | $190.7K |
| Jul 9, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 6,259 | $190.6K |
| Jul 9, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 2,335 | $274.6K |
| Jul 9, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 3,359 | $398.1K |
| Jul 9, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 4,440 | $76.2K |
| Jul 9, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 5,005 | $583.3K |
| Jul 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Option exercise 10b5-1 plan | 7,945 | $231.4K |
| Jul 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Sale 10b5-1 plan | 7,448 | $823.7K |
| Jul 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Sale 10b5-1 plan | 4,854 | $529.2K |
| Jul 6, 2026 | Flammer Martina M.D. Chief Medical Officer | Option exercise 10b5-1 plan | 4,357 | $86.0K |
| Jun 25, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 3,723 | $388.2K |
| Jun 25, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 2,456 | $258.5K |
| Jun 25, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 8,880 | $152.4K |
| Jun 25, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 1,836 | $189.3K |
| Jun 25, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 12,518 | $381.3K |
| Jun 25, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 12,091 | $1.24M |
| Jun 25, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 1,292 | $137.3K |
| Jun 23, 2026 | Butera Samuele SVP, GM, Global Respiratory | Award | 7,342 | — |
| Jun 22, 2026 | Smith Michael Alexander Chief Legal Officer | Sale 10b5-1 plan | 1,806 | $173.1K |
| Jun 8, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 6,515 | $612.6K |
| Jun 5, 2026 | Flammer Martina M.D. Chief Medical Officer | Sale 10b5-1 plan | 1,858 | $192.8K |
| Jun 3, 2026 | Lewis William Chair and CEO | Sale | 7,605 | $777.8K |
| Jun 3, 2026 | Bonstein Sara Chief Financial Officer | Sale | 2,404 | $245.9K |
| Jun 3, 2026 | Smith Michael Alexander Chief Legal Officer | Sale | 2,159 | $220.8K |
| Jun 3, 2026 | Flammer Martina M.D. Chief Medical Officer | Sale 10b5-1 plan | 2,566 | $262.4K |
| Jun 3, 2026 | Adsett Roger Chief Operating Officer | Sale | 2,370 | $242.4K |
| May 22, 2026 | Smith Michael Alexander Chief Legal Officer | Sale 10b5-1 plan | 6,149 | $667.0K |
| May 18, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 5,753 | $605.9K |
| May 18, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 7,975 | $853.1K |
| May 18, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 4,440 | $76.2K |
| May 18, 2026 | Lewis William Chair and CEO | Option exercise 10b5-1 plan | 6,259 | $190.6K |
| May 18, 2026 | Lewis William Chair and CEO | Sale 10b5-1 plan | 11,836 | $1.26M |
| May 14, 2026 | Flammer Martina M.D. Chief Medical Officer | Sale 10b5-1 plan | 10,479 | $1.23M |
| May 13, 2026 | Brennan David R Director | Award | 3,305 | — |
| May 13, 2026 | Bonstein Sara Chief Financial Officer | Sale | 8,272 | $961.0K |
| May 13, 2026 | Lewis William Chair and CEO | Sale | 13,283 | $1.54M |
| May 13, 2026 | SCHAFER CAROL Director | Award | 3,305 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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