Insmed Reports Wider Q4 Loss; Brinsupri Sales Reach $144.6M
Insmed posted a Q4 2025 loss of $1.54 per share on revenues of $263.8 million, driven by $119.2 million from Arikayce and $144.6 million from Brinsupri’s first full-quarter sales. The company reiterated 2026 guidance for Arikayce sales of $450–470 million and forecast Brinsupri sales of at least $1 billion.
1. Q4 2025 Earnings Results
Insmed recorded a loss of $1.54 per share in Q4 2025 on revenues of $263.8 million, up 153% year-over-year. Arikayce sales rose 14% to $119.2 million, while Brinsupri delivered its first full-quarter revenue of $144.6 million, reflecting strong patient uptake.
2. 2026 Sales Guidance and Stock Reaction
The company affirmed its 2026 sales guidance, projecting Arikayce revenues between $450 million and $470 million and setting Brinsupri sales at a minimum of $1 billion. Shares climbed nearly 7% on investor optimism, and Insmed ended December 2025 with $1.4 billion in cash and marketable securities to fund growth initiatives.
3. Pipeline and Clinical Milestones
Key pipeline updates include completion of patient enrollment in the phase III ENCORE study for Arikayce, with top-line data due in March or April 2026. Brinsupri gained EU approval for non-cystic fibrosis bronchiectasis, and multiple phase II/III studies are underway for TPIP and gene therapies in indications such as PAH, PH-ILD, Duchenne muscular dystrophy and ALS.