Insmed Inc
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+ FollowMarket Cap$24.61B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
BRINSUPRI is a clear breakout engine; guidance raised and launch trajectory strong
- Q3 2026 BRINSUPRI revenue: $400.1M, +29% sequentially (from an exceptionally strong Q2).
- Management says the product is already “blockbuster status” with > $1B revenue in first four full quarters after launch.
- Investors should note management stopped providing granular launch metrics after the first full year, but emphasized strength across payer approval rates, reauthorization rates, persistency, dispenses, and patient-reported benefit.
- Forecast/outlook: Full-year 2026 BRINSUPRI revenue guidance raised to $1.35B–$1.40B (raised $100M to the low end vs prior range).
ARIKAYCE remains durable; FDA milestone for potential label expansion boosts upside
- Q3 2026 ARIKAYCE revenue: $124.4M, +9% YoY.
- Forecast/outlook: Full-year 2026 ARIKAYCE guidance raised to $460M–$470M (raised $10M to the low end).
- Regulatory surprise / upside catalyst: FDA granted Priority Review for a supplemental NDA for MAC lung disease; PDUFA target: Jan 28, 2027; management stated no advisory committee meeting is planned.
- If approval + Japan submission success (planned Q4 2026), management expects expanded-label launch in U.S. and Japan in H1 2027.
- Addressable market expansion: from ~15k patients today per region to >100k per region (U.S. + Japan >200k total).
TPIP (once-daily inhaled treprostinil prodrug) is positioned as the next major growth platform; multiple Phase III trials advancing
- Management highlighted four Phase III studies under PALM across PHILD, PAH, PPF, IPF (broadest active program in pulmonary per management).
- ILD (PHILD) trial: >35% enrolled and on pace; management expects completion by no later than H1 2028 (about 6 months ahead of earlier expectations mentioned).
- PAH (PALM-PAH): first patient enrolled; management expects physician responsiveness to open-label PAH data could help enrollment acceleration.
- PPF: first site initiated in Q3; enrollment expected before end of year.
- IPF: expected to initiate H1 2027.
- Forecast/outlook (peak sales thesis): TPIP could be a >$6B peak sales asset with multiple indications.
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$-153.37
239.4% downside
Current Fair Value
239.4% downsideOvervalued by 239.4% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $24.61 Billion |
|---|---|
| Enterprise Value | $24.11 Billion |
| Earnings per Share | $-6.41 |
| Beta | 0.82 |
| Outstanding Shares | 218,788,000 |
Return
| Return on Equity | -79.95% |
|---|---|
| Return on Assets | -28.80% |
| Return on Invested Capital | -35.24% |
Valuation & Multiples
| P/E Ratio | -39.92 |
|---|---|
| PEG | 54.77 |
| Price to Sales | 18.33 |
| Price to Book Ratio | 36.67 |
| Enterprise Value to Revenue | 15.86 |
| Enterprise Value to EBIT | -41.12 |
| Enterprise Value to Net Income | -40 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0.05 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$-0.38
Consensus analyst estimateRevenue Estimate
$500.36 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 18, 2027
EPS Estimate
$-0.31
Consensus analyst estimateRevenue Estimate
$601.72 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 63.23% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 1.93%▼ 102.48% |
|---|---|
| Total Invested | $475.93M▼ 98.02% |
| Investors Holding | 196▼ 522.00% |
About Insmed Inc
1,664 employees
CEO: William Lewis
Insmed Incorporated is a biopharmaceutical company primarily focused on discovering, developing, and marketing therapeutic solutions for individuals afflicted with severe and rare medical conditions. The company's marketed product, ARIKA...