10-Q · May 7, 2026
Insmed's Q1 2026 report indicates a significant increase in total revenue driven by new product BRINSUPRI, which resulted in overall revenue growth of 229.6% compared to Q1 2025. However, the company continues to…
Earnings analysis · 10-Q
INSM earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q excerpt does not include the current-quarter income statement, cash-flow statement, balance-sheet detail, segment results, or MD&A, so revenue, margins, EPS, free cash flow, and period-over-period…
Read full summary
The supplied 10-Q excerpt does not include the current-quarter income statement, cash-flow statement, balance-sheet detail, segment results, or MD&A, so revenue, margins, EPS, free cash flow, and period-over-period trends cannot be quantified from the filing text provided. Liquidity includes $750.1 million of marketable securities, but the company also has $500.0 million of term loans at a fixed 9.6% rate. The planned CFO departure on October 30, 2026 and appointment of the CEO as interim principal financial officer are the most notable near-term negatives.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Disclosure controls remain effective
Management concluded that disclosure controls and procedures were effective at the reasonable assurance level as of September 30, 2026. The filing also reports no changes during the quarter that materially affected, or were reasonably likely to materially affect, internal control over financial reporting.
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$750.1M in marketable securities
Insmed reported $750.1 million in marketable securities as of September 30, 2026, providing a substantial liquid-asset base, although the filing notes that money market fund investments are not federally insured.
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Debt has fixed 9.6% interest rate
The company’s $500.0 million of term loans carried a fixed interest rate of 9.6% per annum as of September 30, 2026, limiting direct exposure to changes in benchmark interest rates.
What to watch
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CFO transition creates execution risk
Chief Financial Officer Sara Bonstein is separating from the company on October 30, 2026. CEO William Lewis will serve as interim principal financial officer while the company searches for a successor, creating near-term finance-leadership and execution risk.
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Material fixed-rate debt burden
The company had $500.0 million of term loans outstanding at a fixed 9.6% annual rate as of September 30, 2026. This represents a significant fixed financing obligation and could constrain liquidity if operating cash generation remains insufficient.
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Uninsured money market exposure
As of September 30, 2026, $750.1 million was held in marketable securities, and the filing states that money market fund investments are not insured by the federal government. Losses or liquidity disruption in those instruments could affect available cash resources.
Management's outlook
The supplied 10-Q text does not provide quantitative revenue or EPS guidance. No change to prior company outlook is disclosed.
Earlier filings 4
10-K · February 19, 2026
Insmed’s 2025 10-K highlights a step-change in commercialization: product revenues rose to $606.4M (up 66.7% YoY) driven by BRINSUPRI US sales of $172.7M after FDA approval and 19.3% ARIKAYCE growth. At the same time…
10-Q · October 30, 2025
Insmed reported Q3 revenue of $142,342,000, materially above the consensus of $115,151,678, driven by commercial launches and product sales. Gross margin expanded to 79.4% but the company remains unprofitable with…
10-Q · August 7, 2025
Insmed reported revenue of $107,415,000 in Q2 2025 (a $14.4M increase vs Q1 2025 and a $17.4M increase vs Q2 2024) and beat the revenue consensus by 3.33%, but reported a larger-than-expected loss per share of $(1.70)…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.