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Jun 30
Insmed Q2 2025 Earnings Report
Insmed reported a net loss in Q2 2025 despite 19% revenue growth, driven by increased expenses for R&D and commercial readiness.
Key Takeaways
Insmed delivered $107.4 million in revenue for Q2 2025, reflecting 19% year-over-year growth, with ARIKAYCE sales increasing across all regions. However, the company posted a net loss of $321.7 million due to rising R&D and SG&A expenses.
Total revenue reached $107.4 million, up from $90.3 million in Q2 2024.
ARIKAYCE net sales increased in all key geographies, led by Japan with 45% growth.
Net loss widened to $321.7 million amid higher R&D and SG&A spending.
Cash and cash equivalents stood at $1.28 billion at quarter end, bolstered by a recent public offering.
Insmed
Insmed
Insmed Revenue by Segment
Insmed Revenue by Geographic Location
Revenue by Segment
ARIKAYCE U.S. Revenue
CapyFin.comARIKAYCE Japan Revenue
CapyFin.comARIKAYCE Europe & RoW Revenue
CapyFin.comRevenue by Geographic Location
United States Revenue
CapyFin.comJapan Revenue
CapyFin.comEurope & RoW Revenue
CapyFin.com Forward Guidance
Insmed reiterated its full-year 2025 global ARIKAYCE revenue guidance of $405M to $425M, reflecting double-digit growth expectations.
Positive Outlook
- Brensocatib NDA remains on track with FDA decision expected August 12, 2025
- TPIP Phase 3 studies for PH-ILD and PAH advancing in 2025 and 2026
- Strong cash position of $1.9 billion to fund operations and growth
- Gene therapy program INS1201 dosed first patient in July 2025
- Continued expansion of ARIKAYCE with ENCORE Phase 3 readout expected in 2026
Challenges Ahead
- Ongoing large net losses due to high operating expenses
- Significant increase in SG&A driven by commercial readiness efforts
- No positive EPS, with $1.70 loss per share in Q2 2025
- Uncertainty around upcoming FDA decision for brensocatib
- High R&D burn rate with multiple late-stage programs in parallel