Insmed (NASDAQ:INSM) Releases Earnings Results, Misses Expectations By $0.47 EPS

Insmed (NASDAQ:INSM) released its quarterly earnings data on Thursday. The biopharmaceutical company reported ($1.54) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($0.47), FiscalAI reports. The company had revenue of $263.84 million for the quarter, compared to the consensus estimate of $263.97 million. Insmed had a negative return on equity of 183.55% and a negative net margin of 264.83%.The business’s revenue was up 152.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.32) earnings per share.

Here are the key takeaways from Insmed’s conference call:

• Insmed reports BRINSUPRI net revenue of $144.6 million in its first full quarter and is guiding to at least $1 billion in 2026, expecting company revenue to more than double versus 2025 and projecting cash‑flow positivity without needing additional capital.
• Management estimates a U.S. diagnosed non‑CF bronchiectasis population of 500,000 (≈250,000 with ≥2 exacerbations) and notes only ~11,550 BRINSUPRI starts in 2025 (<5% penetration), with substantial upside from COPD/asthma patients they are actively screening.
• Payer access is described as favorable—>90% of targeted lives have coverage via policy or medical exception—and 2026 gross‑to‑net guidance for BRINSUPRI is mid‑20s to low‑30s while ARIKAYCE GTN is expected in the low‑ to mid‑20s.
• ARIKAYCE delivered strong international growth in 2025 (Japan +40%) and the Phase III ENCORE readout is expected in March/April 2026; a positive ENCORE could expand ARIKAYCE’s addressable market from ~30,000 to >200,000 patients.
• Insmed ended 2025 with approximately $1.4 billion in cash (Q4 included ~ $70M of one‑time items) and says it has a path to cash‑flow positivity on current plans but may opportunistically raise capital to fund business development or pipeline expansion.

Insmed Stock Up 4.6%

Insmed stock traded up $7.00 during mid-day trading on Thursday, hitting $158.11. 2,284,835 shares of the company’s stock were exchanged, compared to its average volume of 2,484,284. Insmed has a 1-year low of $60.40 and a 1-year high of $212.75. The stock has a 50 day moving average of $166.45 and a two-hundred day moving average of $162.80. The company has a current ratio of 4.63, a quick ratio of 4.34 and a debt-to-equity ratio of 0.59. The stock has a market cap of $33.72 billion, a P/E ratio of -25.51 and a beta of 1.11.

Analysts Set New Price Targets

Several analysts have issued reports on INSM shares. Royal Bank Of Canada boosted their price objective on Insmed from $197.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. HC Wainwright reduced their target price on Insmed from $240.00 to $230.00 and set a “buy” rating for the company in a report on Thursday, December 18th. Morgan Stanley lifted their price target on Insmed from $157.00 to $162.00 and gave the company an “equal weight” rating in a report on Friday, January 30th. Leerink Partners reissued an “outperform” rating on shares of Insmed in a research note on Thursday, December 18th. Finally, Jefferies Financial Group set a $269.00 price objective on Insmed in a research report on Wednesday, December 10th. Three equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $204.19.

Key Insmed News

Here are the key news stories impacting Insmed this week:

• Positive Sentiment: Company projects BRINSUPRI (brensocatib) revenues of at least $1 billion for full‑year 2026 and reported strong BRINSUPRI sales (Q4 and FY figures), which supports a blockbuster growth story and drove optimism. The company also reiterated ARIKAYCE 2026 revenue guidance of $450M–$470M. Insmed Reports Fourth-Quarter and Full-Year 2025 Financial Results and Provides Business Update
• Positive Sentiment: CEO commentary and analyst re‑framing emphasize BRINSUPRI’s “audacious” $1B target and upcoming clinical milestones (ENCORE, CEDAR), which is shifting investor focus from near‑term losses to 2026 commercial upside. Insmed CEO explains ‘audacious’ $1B projection for 2026 sales of Brinsupri
• Neutral Sentiment: Revenue for the quarter was essentially in line with estimates (~$263.8M) and full‑year 2025 total revenue was $606.4M; the company ended 2025 with about $1.4B in cash, which provides runway to execute the 2026 commercial plan. Insmed Reports Fourth-Quarter and Full-Year 2025 Financial Results and Provides Business Update
• Negative Sentiment: EPS missed materially: Q4 loss was ($1.54) vs. consensus of ($1.07), widening the per‑share loss year‑over‑year and reflecting large negative margins and ROE, which highlights near‑term profitability risk and explains some analyst caution. Insmed earnings missed by $0.37, revenue topped estimates
• Negative Sentiment: Analyst notes and coverage (Zacks, others) highlight the larger loss and the need for BRINSUPRI to sustain its early momentum; upcoming clinical readouts and the company’s ability to hit the $1B target are key execution risks. Insmed (INSM) Reports Q4 Earnings: What Key Metrics Have to Say

Insider Buying and Selling

In other news, CEO William Lewis sold 13,396 shares of the stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $147.79, for a total transaction of $1,979,794.84. Following the transaction, the chief executive officer owned 301,185 shares of the company’s stock, valued at approximately $44,512,131.15. This represents a 4.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Sara Bonstein sold 748 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $156.34, for a total value of $116,942.32. Following the completion of the sale, the chief financial officer owned 79,758 shares of the company’s stock, valued at approximately $12,469,365.72. This trade represents a 0.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 173,253 shares of company stock worth $29,629,842 over the last ninety days. 3.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Insmed

Large investors have recently modified their holdings of the company. Rossby Financial LCC lifted its position in Insmed by 240.4% during the 4th quarter. Rossby Financial LCC now owns 1,028 shares of the biopharmaceutical company’s stock worth $179,000 after acquiring an additional 726 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Insmed by 256.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 638 shares of the biopharmaceutical company’s stock worth $111,000 after purchasing an additional 459 shares during the period. Zions Bancorporation National Association UT acquired a new position in shares of Insmed during the 4th quarter worth about $112,000. Northwestern Mutual Wealth Management Co. boosted its stake in Insmed by 277.2% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 430 shares of the biopharmaceutical company’s stock valued at $75,000 after purchasing an additional 316 shares during the period. Finally, PharVision Advisers LLC bought a new stake in Insmed during the 3rd quarter valued at approximately $202,000.

Insmed Company Profile

Insmed Incorporated is a biopharmaceutical company focused on developing and commercializing therapies for patients with rare and serious diseases, with a particular emphasis on difficult-to-treat pulmonary infections. Headquartered in Bridgewater, New Jersey, the company concentrates its research and development efforts on targeted drug delivery technologies and novel formulations intended to improve clinical outcomes for patients who have limited treatment options.

The company’s principal marketed product is ARIKAYCE (amikacin liposome inhalation suspension), an inhaled liposomal formulation of the antibiotic amikacin that is approved by the U.S.