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Sentiment · FY2026 Q2
Insmed delivered Q1 with BRINSUPRI continuing exceptional sequential growth, accumulating $350 million in revenue across its first two full quarters and outpacing all past specialty respiratory launch analogs. Organic demand was growing as the ready-and-waiting patient population completed, and ARIKAYCE growth continued with the ENCORE Phase IIIb trial succeeding. TPIP Phase III advanced across four indications with payer access and patient compliance exceeding benchmarks, while FY2026 guidance of at least $1 billion in BRINSUPRI revenue was reiterated.
Product Launch | Demand | Innovation & R&D | Competitive Dynamics | Regulation Policy | Pricing | Revenue Growth | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 8 | 3 | 7 | 3 | 4 | 1 | ||
| 2025Q1 | 6 | 3 | 7 | 3 | 3 | 2 | ||
| 2025Q2 | 7 | 3 | 6 | 1 | 2 | 2 | 1 | 1 |
| 2025Q3 | 9 | 6 | 6 | 1 | 2 | 4 | 1 | 2 |
| 2025Q4 | 10 | 6 | 2 | 2 | 3 | |||
| 2026Q1 | 13 | 2 | 6 | 3 | 2 | 4 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Product Launch | 8 | 6 | 7 | 9 | 10 | |
| Demand | 3 | 3 | 3 | 6 | 6 | 13 |
| Innovation & R&D | 7 | 7 | 6 | 6 | 2 | 2 |
| Competitive Dynamics | 3 | 3 | 1 | 1 | 2 | 6 |
| Regulation Policy | 4 | 3 | 2 | 2 | 3 | |
| Pricing | 1 | 2 | 2 | 4 | 3 | 2 |
| Revenue Growth | 1 | 1 | 4 | |||
| Geographic Expansion | 1 | 2 | 1 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Joe Schwartz | Leerink Partners | 8 (25%) |
| Ritu Baral | TD Cowen | 8 (0%) |
| Jason Zemansky | Bank of America | 7 (0%) |
| Jessica Fye | JPMorgan | 6 (0%) |
| Maxwell Skor | Morgan Stanley | 6 (0%) |
| Leonid Timashev | RBC Capital Markets | 6 (0%) |
| Stephen Willey | Stifel | 5 (0%) |
| Graig Suvannavejh | Mizuho Securities | 5 (0%) |
| Andrea Newkirk | Goldman Sachs | 5 (0%) |
| Olivia Brayer | Cantor Fitzgerald | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Cantor Fitzgerald | 2 | 10 (0%) |
| TD Cowen | 1 | 8 (0%) |
| Leerink Partners | 1 | 8 (25%) |
| RBC Capital Markets |
| 2 |
| 8 (0%) |
| Bank of America | 1 | 7 (0%) |
| JPMorgan | 2 | 7 (0%) |
| Morgan Stanley | 2 | 7 (0%) |
| Evercore ISI | 2 | 6 (33%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $104M | +24.8% | $-1.32 | -3.1% | 75.0% | -220.6% | -225.5% | $-203M |
| FY2025 Q1 | $93M | +22.9% | $-1.42 | -34.0% | 77.1% | -267.3% | -276.4% | $-272M |
| FY2025 Q2 | $107M | +18.9% | $-1.70 | +12.4% | 73.9% | -291.3% | -299.5% | $-209M |
| FY2025 Q3 | $142M | +52.4% | $-1.75 | -37.8% | 79.4% | -257.1% | -260.0% | $-222M |
| FY2025 Q4 | $264M | +152.6% | $-1.54 | -16.7% | 83.2% | -94.6% | -124.5% | $-294M |
| FY2026 Q1 | $306M | +229.6% | $-0.76 | +46.5% | 83.8% | -65.5% | -53.5% | $-226M |
| FY2026 Q2 | $425M | +296.1% | $-0.06 | +96.5% | 84.2% | -0.4% | -3.1% | $-321M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What INSM and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I only asked given some disclosures yesterday around trying to expedite a once-daily DPI program from United.”
An analyst cites United Therapeutics' effort to expedite a once-daily DPI treprostinil program, a competitive read-through for Insmed's TPIP in PAH/PH-ILD.
“The Phase II data we saw from the BI program was not particularly compelling in our mind, and we'll have to see what Phase III looks like.”
Insmed characterizes Boehringer Ingelheim's competing bronchiectasis program (BI) as having unimpressive Phase II data and notes BI's 30% Asian-patient enrollment may inflate headline results.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
INSM Insmed Incorporated | 8 | +229.6% | |
| ALNY Alnylam Pharmaceuticals | 9 | +96.4% | |
| INCY Incyte | 9 | +20.9% | |
| MRNA Moderna | 8 | +263.6% | |
| REGN Regeneron Pharmaceuticals | 7 | +19.0% | |
| TECH Bio-Techne | 4 | -1.5% | |
| VRTX Vertex Pharmaceuticals | 6 | +7.8% |