second quarter of 2026
Filed Aug 6, 2026Total Company Revenues of $425.5 Million for the Second Quarter of 2026; BRINSUPRI Revenues of $309.2 Million; Company Raises 2026 BRINSUPRI Revenue Guidance to $1.25 Billion to $1.40 Billion
Total revenues increased 296% to $425.5 million, led by $309.2 million of BRINSUPRI revenue and 49% sequential BRINSUPRI growth. The company substantially narrowed its net loss to $13.2 million from $321.7 million, raised BRINSUPRI revenue guidance, and reported approximately $1.2 billion of cash, cash equivalents, and marketable securities.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product revenues, netGAAP | $425.5 million | – | 296% |
| Total revenues U.S.GAAP | $378.7 million | – | 451% |
| Total revenues InternationalGAAP | $46.7 million | – | 21% |
| Cost of product revenues (excluding amortization of intangibles)GAAP | $67.2 million | – | – |
| Research and development expensesGAAP | $210.0 million | – | – |
| Selling, general and administrative expensesGAAP | $247.5 million | – | – |
| Amortization of intangible assetsGAAP | $ 2,081 (in thousands) | – | – |
| Change in fair value of contingent consideration liabilitiesGAAP | (99,760) (in thousands) | – | – |
| Total operating expensesGAAP | 427,034 (in thousands) | – | – |
| Operating lossGAAP | (1,548) (in thousands) | – | – |
| Investment incomeGAAP | 10,979 (in thousands) | – | – |
| Interest expenseGAAP | (20,273) (in thousands) | – | – |
| Other (expense) income, netGAAP | (531) (in thousands) | – | – |
| Loss before income taxesGAAP | (11,373) (in thousands) | – | – |
| Provision for income taxesGAAP | 1,869 (in thousands) | – | – |
| Net lossGAAP | $13.2 million | – | – |
| Basic and diluted net loss per shareGAAP | $0.06 per share | – | – |
| Six-month product revenues, netGAAP | $731.5 million | – | 265% |
| Six-month ARIKAYCE U.S. revenueGAAP | $133.1 million | – | <1% |
| Six-month ARIKAYCE International revenueGAAP | $81.4 million | – | 21% |
| Six-month ARIKAYCE total revenueGAAP | $214.4 million | – | 7% |
| Six-month BRINSUPRI U.S. revenueGAAP | $515.7 million | – | N/A |
| Six-month BRINSUPRI International revenueGAAP | $1.3 million | – | N/A |
| Six-month BRINSUPRI total revenueGAAP | $517.0 million | – | N/A |
| Six-month total revenues U.S.GAAP | $648.8 million | – | 388% |
| Six-month total revenues InternationalGAAP | $82.6 million | – | 23% |
| Six-month cost of product revenues (excluding amortization of intangible assets)GAAP | 114,632 (in thousands) | – | – |
| Six-month research and developmentGAAP | 419,519 (in thousands) | – | – |
| Six-month selling, general and administrativeGAAP | 494,726 (in thousands) | – | – |
| Six-month amortization of intangible assetsGAAP | 4,162 (in thousands) | – | – |
| Six-month change in fair value of contingent consideration liabilitiesGAAP | (146,721) (in thousands) | – | – |
| Six-month total operating expensesGAAP | 886,318 (in thousands) | – | – |
| Six-month operating lossGAAP | (154,868) (in thousands) | – | – |
| Six-month investment incomeGAAP | 23,019 (in thousands) | – | – |
| Six-month interest expenseGAAP | (40,355) (in thousands) | – | – |
| Six-month other (expense) income, netGAAP | (1,267) (in thousands) | – | – |
| Six-month loss before income taxesGAAP | (173,471) (in thousands) | – | – |
| Six-month provision for income taxesGAAP | 3,334 (in thousands) | – | – |
| Six-month net lossGAAP | $ (176,805 ) (in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ARIKAYCE U.S.Not stated. | $70.2 million | – | 2% |
| ARIKAYCE InternationalStrong growth in international markets. | $46.1 million | – | 19% |
| ARIKAYCE TotalPrimarily driven by strong growth in international markets. | $116.3 million | – | 8% |
| BRINSUPRI U.S.Strong growth in the U.S. market. | $308.6 million | – | N/A |
| BRINSUPRI InternationalNot stated. | $0.6 million | – | N/A |
| BRINSUPRI TotalDriven by strong growth in the U.S. market. | $309.2 million | 49% | N/A |
| Total Revenues U.S.BRINSUPRI U.S. revenue was $308.6 million. | $378.7 million | – | 451% |
| Total Revenues InternationalARIKAYCE international revenue was $46.1 million. | $46.7 million | – | 21% |
full-year 2026 outlook
- NoteBRINSUPRI revenues: $1.25 billion to $1.40 billion
- NoteARIKAYCE revenues: $450 million to $470 million
- NoteAverage of one to two INDs per year from its pre-clinical research programs
- NoteThe totality of its pre-clinical research programs will comprise less than 20% of overall expenditures
- NotePeak revenue estimate for BRINSUPRI: more than $7 billion
- NotePeak revenue estimate for TPIP: more than $6 billion
- NotePeak revenue estimate for ARIKAYCE: more than $1 billion
- NotePeak revenue estimate for the three lead programs: more than $14 billion total
What drove it
- BRINSUPRI global revenue grew 49% in the second quarter of 2026 compared to the first quarter of 2026, driven by strong growth in the U.S. market.
- ARIKAYCE global revenue grew 8% compared to the second quarter of 2025, primarily driven by strong growth in international markets.
- Cost of product revenues as a percentage of revenues decreased due to sales of BRINSUPRI, which has lower manufacturing costs than ARIKAYCE.
- R&D expense increased primarily from compensation and benefit-related expenses, stock-based compensation associated with higher headcount, and clinical development and research costs primarily related to TPIP.
- SG&A expense increased primarily from professional fees, other external expenses, and compensation and benefit-related expenses driven by BRINSUPRI commercial activities.
Concerns
- R&D expenses were $210.0 million and SG&A expenses were $247.5 million as the company funds TPIP development and BRINSUPRI commercial activities.
- The company reported a net loss of $13.2 million for the second quarter of 2026.
- Insmed continues to evaluate the potential effect of evolving U.S. policies on the timing for future potential international commercial launches.
- The company plans continued investment across BRINSUPRI, ARIKAYCE, four Phase 3 TPIP programs, INS1148, INS1201, INS1202, INS1033, and pre-clinical research programs.
What to watch
- A regulatory decision for brensocatib in non-cystic fibrosis bronchiectasis in Japan anticipated in the second half of 2026.
- Review of Phase 3b ENCORE data with the PMDA in the second half of 2026 to support a potential ARIKAYCE label expansion in Japan.
- Potential ARIKAYCE label expansion in the U.S. for newly diagnosed patients with MAC lung disease following the July 2026 sNDA submission.
- Initiation of the Phase 3 TPIP study in progressive pulmonary fibrosis anticipated in the second half of 2026.
- Initiation of the Phase 3 TPIP study in idiopathic pulmonary fibrosis anticipated in the first half of 2027.
- Initiation of a Phase 1 trial of INS1033 in healthy volunteers planned for the third quarter of 2026.
Balance sheet and cash flow
- As of June 30, 2026, cash, cash equivalents, and marketable securities totaled approximately $1.2 billion.
- Investment income was 10,979 (in thousands) for the second quarter of 2026.
- Interest expense was (20,273) (in thousands) for the second quarter of 2026.
Analysis
Insmed reported a sharp expansion in second-quarter revenue, with product revenues, net of $425.5 million, up 296% from $107.4 million. The principal driver was BRINSUPRI, which generated $309.2 million, including $308.6 million in the U.S., and grew 49% from the first quarter of 2026. ARIKAYCE contributed $116.3 million, up 8% from the prior-year quarter, as international revenue increased 19% to $46.1 million while U.S. revenue increased 2% to $70.2 million.
The increased BRINSUPRI contribution affected the cost structure. Cost of product revenues rose to $67.2 million from $28.1 million along with higher product revenue, but the company said cost of product revenues as a percentage of revenue decreased because BRINSUPRI has lower manufacturing costs than ARIKAYCE. The operating loss narrowed to $1.5 million from $312.9 million, and net loss narrowed to $13.2 million from $321.7 million. The quarter also included a $(99,760) thousand change in fair value of contingent consideration liabilities, compared with 59,000 thousand in the prior-year quarter.
Operating investment remains substantial. R&D expense rose to $210.0 million from $177.2 million, reflecting higher headcount-related costs and clinical development and research costs primarily related to TPIP. SG&A increased to $247.5 million from $154.8 million, driven by professional fees, external expenses, and higher headcount-related costs associated with BRINSUPRI commercial activities. Insmed ended the period with approximately $1.2 billion in cash, cash equivalents, and marketable securities.
Management raised full-year 2026 BRINSUPRI revenue guidance to $1.25 billion to $1.40 billion from prior guidance of at least $1 billion, while reiterating ARIKAYCE guidance of $450 million to $470 million. The company also raised its peak revenue estimates for BRINSUPRI to more than $7 billion and TPIP to more than $6 billion, while maintaining more than $1 billion for ARIKAYCE. Execution items include a potential Japan decision for brensocatib in the second half of 2026, ARIKAYCE U.S. and Japan label-expansion work, and further TPIP Phase 3 study starts.
The period demonstrates that BRINSUPRI commercial uptake has rapidly reshaped revenue mix and reduced the reported operating loss, while ARIKAYCE continues to grow internationally. The key financial tradeoff remains the company’s planned expansion of commercial spending and clinical investment across its pipeline. Management specifically cited evolving U.S. policies as a potential factor affecting the timing of future potential international launches.
Management, verbatim
The U.S. BRINSUPRI launch continues to be met with significant enthusiasm and demand from patients and physicians.
Will Lewis, Chair and Chief Executive Officer of Insmed
We now expect that our three lead programs will generate more than $14 billion in combined peak sales.
Will Lewis, Chair and Chief Executive Officer of Insmed
Not in the filing
stated, not guessed- Gross profit and gross margin
- Non-GAAP financial metrics, including non-GAAP operating income, non-GAAP net income, and non-GAAP EPS
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt balance
- Share repurchases and dividends
- Second-quarter basic and diluted weighted-average shares outstanding
- Six-month basic and diluted net loss per share, as the filing text is truncated before the complete figure
- Prior-quarter values for financial-statement line items other than BRINSUPRI revenue growth
- A prior outlook section from the previous release for formal guidance-versus-actual comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.