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Insmed INSM Q2 2026 earnings

Reported August 6, 2026 · Before market open

Revenue$425.5MBeat by $30.0M
EPS-$0.06Beat by $0.61
Revenue estimate$395.5M
EPS estimate-$0.67
Our team delivered tremendous results in the second quarter of the year, reflecting our operational excellence and positioning for the future. The U.S. BRINSUPRI launch continues to be met with significant enthusiasm and demand from patients and physicians. Additionally, we were pleased to report positive data from our ongoing open-label extension study of TPIP in PAH, reinforcing TPIP's potential to become the prostanoid of choice. Looking ahead, our focus is on building upon the early success of the BRINSUPRI launch, preparing to execute on the potential ARIKAYCE label expansion in the U.S. and Japan, progressing our Phase 3 TPIP programs across four large indications, and advancing our multiple early-stage pipeline candidates. As a result of our team's significant efforts, we are raising our peak revenue estimates for both BRINSUPRI and TPIP. We now expect that our three lead programs will generate more than $14 billion in combined peak sales. This ambitious yet achievable objective reflects our team's proven ability to execute and the opportunity to improve the lives of hundreds of thousands of patients worldwide.
Will Lewis

Next report

Oct 29, 2026 (in 2 months)
Revenue estimate$501.2M
EPS estimate-$0.37

Financials

Q2 2026

Income statement

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Revenue$425.5M+296%
Gross profit$358.3M+352%
Operating income-$1.5M+99.5%
Net income-$13.2M+95.9%
EPS (diluted)-$0.06+96.5%

Balance sheet

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Cash & equivalents$544.8M-57.6%
Total debt$579.9M+0.8%
Total equity$757.5M-39.4%
Total assets$2.1B-15.2%

Cash flow

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Operating cash flow-$88.8M+56.8%
CapEx$6.3M+79.6%
Free cash flow-$95.1M+54.5%

Valuation & ratios

Valuation

as of 08/27/26
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Market cap$27.16B-4.5%
Enterprise value$27.2B-1.9%
P/S23.9×-47.6×

Profitability

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Gross margin83.5%+7.7pp
Operating margin-73.9%-30.6pp
Net margin-76.9%-31.8pp
FCF margin-71%-28.6pp

Returns & leverage

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Return on equity-87.2%-27.3pp
Debt / equity0.8×+0.3×
Current ratio3.7×-3.0×

Segments

By product

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ARIKAYCE external R&D expenses$116.3M+8.3%

FAQ

When did Insmed report Q2 2026 earnings?
Insmed (INSM) reported Q2 2026 earnings on August 6, 2026 before market open.
What were Insmed's Q2 2026 revenue and EPS?
Insmed reported revenue of $425.5M and eps of $-0.06 for Q2 2026.
Did Insmed beat estimates in Q2 2026?
Revenue beat the consensus estimate of $395.5M by $30.0M. EPS beat the consensus estimate of $-0.67 by $0.61.
How did Insmed's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 296.1% from $107.4M a year earlier and eps grew 96.5% from $-1.70.
Where can I find Insmed's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001140361-26-031502) and the 10-Q periodic report (0001104506-26-000041) directly on SEC EDGAR. The filing index links above go to sec.gov.