Insmed Incorporated

Insmed reported BRINSUPRI revenue of $309.2 million in Q2 2026 and ARIKAYCE revenue of $116.3 million. BRINSUPRI revenue was up 49% sequentially from Q1, while ARIKAYCE grew 8% versus Q2 2025. Cost of product revenues was $67.2 million, or 16% of revenues, down from 26% in Q2 of the prior year. Combined R&D and SG&A expenses rose 38% year over year due to launch and pipeline investments. Full-year 2026 guidance was raised for BRINSUPRI to $1.25 billion-$1.4 billion, while ARIKAYCE guidance was reiterated at $450 million-$470 million. BRINSUPRI gross-to-net guidance was tightened to mid- to high 20s, and ARIKAYCE gross-to-net was reiterated at low to mid-20s. Management said cash, cash equivalents and marketable securities were approximately $1.2 billion at quarter-end and reiterated cash flow positivity in 2027.

Will Lewis framed the quarter as proof of both operational execution and long-term positioning, saying the company is building toward a “reliably consistent revenue and earnings growth story.” He emphasized BRINSUPRI’s historic launch pace, ARIKAYCE’s steady contribution, and TPIP’s differentiated profile across multiple indications. He was notably upbeat, but tied the optimism to concrete launch metrics, expanding diagnosis efforts, and pipeline progress such as the FDA-cleared IND for INS1033.

Sara Bonstein focused on the financial durability of the launch and the improving margin profile. She said BRINSUPRI’s gross-to-net was better than expected and now guided to mid- to high 20s, while ARIKAYCE stayed in the low to mid-20s range. She highlighted $67.2 million of product costs, or 16% of revenue, versus 26% a year ago, and said the company had about $1.2 billion in cash and expects to fund operations and growth initiatives through cash flow positivity in 2027 without raising additional capital.

Analysts pressed on what is driving the higher BRINSUPRI peak-sales estimate, the sustainability of the 7,000 quarterly new-patient-start assumption, and whether refill/persistence and gross-to-net trends could keep improving. Management said the 7,000 starts are “100% organic demand,” that ready-and-waiting patients are gone, and that persistence, refill timing and discontinuations are all at or ahead of internal benchmarks. They also said BRINSUPRI’s access is strong, with about a 90% approval rate and many approvals in less than a week, while acknowledging that gross-to-net can drift higher over time.