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Mar 31, 2025
Insmed Q1 2025 Earnings Report
Insmed reported Q1 2025 results with 23% year-over-year ARIKAYCE revenue growth and a net loss of $256.6 million.
Key Takeaways
Insmed delivered strong revenue growth for ARIKAYCE in Q1 2025 across all regions, while advancing key clinical programs and preparing for the potential launch of brensocatib later in the year.
ARIKAYCE global revenue rose 23% year-over-year to $92.8 million.
Net loss increased to $256.6 million, or $1.42 per share.
Cash, cash equivalents, and marketable securities totaled $1.2 billion.
FDA review of brensocatib remains on track with a PDUFA date of August 12, 2025.
Revenue by Segment
Forward Guidance
Insmed reiterated its full-year 2025 global ARIKAYCE revenue guidance of $405 million to $425 million, reflecting anticipated double-digit growth.
Positive Outlook
- Full-year global ARIKAYCE revenue expected to reach $405M–$425M.
- FDA review for brensocatib on track with August 2025 decision date.
- Topline data for TPIP in PAH expected June 2025.
- MAA filings for brensocatib accepted by EMA and MHRA.
- Strong pipeline progress across respiratory and gene therapy programs.
Challenges Ahead
- Net loss widened to $256.6 million from $157.1 million YoY.
- SG&A expenses rose significantly due to launch preparations.
- R&D expenses increased with expanded pipeline activities.
- Marketable securities and cash declined quarter-over-quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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