Insmed Incorporated (INSM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Insmed published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Insmed reports only GAAP results; its release gives no adjusted EPS. Net loss includes the change in fair value of contingent consideration owed to former owners of acquired businesses, which moves with Insmed's share price: a $7.5 million charge in Q3 2026 against $104.7 million a year earlier.
• BRINSUPRI was approved in the US in August 2025 and launched in Q3 2025, so the year-ago quarter holds only its first $28.1 million of sales.

Source: Insmed Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Insmed splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Insmed's BRINSUPRI revenue was $400 million in Q3 2026, up 1324% from $28.1 million in Q3 2025, 76% of total revenue.
• Insmed's ARIKAYCE revenue was $124 million in Q3 2026, up 9% from $114 million in Q3 2025, 24% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Insmed said:

“The Company raised its full-year 2026 revenue guidance for BRINSUPRI to a range of $1.35 billion to $1.4 billion from the previous guidance of $1.25 billion to $1.4 billion.”

“The Company raised its full-year 2026 revenue guidance for ARIKAYCE to a range of $460 million to $470 million from the previous guidance of $450 million to $470 million.”

“The Company continues to anticipate peak revenues for BRINSUPRI to be more than $7 billion, TPIP to be more than $6 billion, and ARIKAYCE to be more than $1 billion.”

Source: Insmed Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the INSM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Product revenues, net, and basic and diluted net loss per share, each as first reported in that quarter's release.

We do not hold a confirmed date for Insmed's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Insmed's revenue comes from two marketed drugs. BRINSUPRI, an oral once-daily treatment for non-cystic fibrosis bronchiectasis, brought in $400.1 million of the $524.4 million total in Q3 2026, up 29% from Q2 2026. ARIKAYCE, an inhaled amikacin for MAC lung disease, brought in $124.4 million, up 9% from $114.3 million a year earlier. (Insmed Q3 2026 release, Oct 29, 2026)

BRINSUPRI is almost entirely a U.S. product so far: $398.1 million of its sales were in the U.S. and $2.0 million international. It was approved in the US in August 2025 and launched that quarter, which is why year-ago BRINSUPRI revenue was only $28.1 million and total revenue rose 268%. Insmed launched BRINSUPRI Tablets 25 mg in Japan in October 2026 after approval by Japan's MHLW in August. (Insmed Q3 2026 release, Oct 29, 2026; Insmed Form 10-K, 2025, Feb 19, 2026)

ARIKAYCE growth came from outside the U.S. International ARIKAYCE revenue rose 21% to $48.9 million, while U.S. ARIKAYCE revenue rose 2% to $75.5 million. Total U.S. revenue was $473.6 million and international $50.8 million. (Insmed Q3 2026 release, Oct 29, 2026)

Insmed's U.S. customers are specialty pharmacies and a specialty distributor, and sales are concentrated: its three largest customers accounted for 74% of gross product revenue in 2025 and 85% in 2024. Revenue is recorded net of estimated rebates, chargebacks, prompt pay discounts and co-pay assistance; accrued sales allowances and related costs were $168.4 million on September 30, 2026, against $70.9 million at the end of 2025. (Insmed Form 10-K, 2025, Feb 19, 2026; Insmed Form 10-Q, Q3 2026, Oct 29, 2026)

Insmed reported a net loss of $100.3 million, or $0.46 per share, in Q3 2026, against a net loss of $370.0 million, or $1.75 per share, a year earlier. It reports GAAP results only, with no adjusted EPS. (Insmed Q3 2026 release, Oct 29, 2026)

Operating expenses grew more slowly than revenue. R&D rose to $270.0 million from $186.4 million, mostly on TPIP manufacturing and clinical costs and headcount, and SG&A rose to $253.0 million from $186.4 million on BRINSUPRI commercial activity. Cost of product revenues was $78.2 million, and fell as a share of revenue because BRINSUPRI has lower manufacturing costs than ARIKAYCE. (Insmed Q3 2026 release, Oct 29, 2026)

A non-cash line drives much of the swing in Insmed's loss. The change in fair value of contingent consideration, owed to former equityholders of acquired businesses, was a $7.5 million charge in Q3 2026, mainly because of the rise in Insmed's share price, against $104.7 million a year earlier. Stock-based compensation expense was $41.2 million in the quarter, and weighted average shares rose to 218,788 thousand from 211,759 thousand. (Insmed Q3 2026 release, Oct 29, 2026; Insmed Form 10-Q, Q3 2026, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Insmed gives full-year revenue guidance by product. With Q3 2026 results it raised the low end for both: BRINSUPRI to $1.35 billion to $1.4 billion, from $1.25 billion to $1.4 billion, and ARIKAYCE to $460 million to $470 million, from $450 million to $470 million. It continues to anticipate peak revenues of more than $7 billion for BRINSUPRI, more than $6 billion for TPIP and more than $1 billion for ARIKAYCE. (Insmed Q3 2026 release, Oct 29, 2026)

The FDA accepted Insmed's sNDA for ARIKAYCE in MAC lung disease with Priority Review and set a PDUFA target action date of January 28, 2027. Insmed also expects to complete enrollment in the Phase 3 PALM-ILD study of TPIP in the first half of 2028. (Insmed Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Insmed, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Insmed's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning INSM is on is INSM a buy or a sell?, what analysts expect next is on the INSM forecast, and what the company does is on the Insmed Incorporated (INSM) stock page.

Every number on this page can be traced to a document Insmed published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.