Insmed's ARIKAYCE and BRINSUPRI Deliver Strong Revenue Growth as Late-Stage Pipeline Accelerates
ARIKAYCE and BRINSUPRI Revenues Propel Growth—Double-Digit Increases Across Key Markets
Insmed Incorporated is showing impressive momentum as it heads toward the close of 2025, powered by double-digit global growth of ARIKAYCE and the commercial debut of BRINSUPRI following its FDA approval. In the third quarter, ARIKAYCE's global sales reached $114.3 million—an increase of 22% over the same period last year. The recent launch of BRINSUPRI contributed an additional $28.1 million in U.S. sales, adding a new revenue stream and underlining Insmed's position as a key player in respiratory and rare disease therapeutics.
The performance has led the company to raise its 2025 global ARIKAYCE revenue guidance to $420 million–$430 million, a step up from its previous range, and reflecting a projected 15–18% growth over 2024. U.S. revenue now makes up the bulk of the total, while international sales climbed 52% in the quarter—a sign of broad-based demand and execution in markets beyond the United States.
| Product | Q3 2025 Revenue ($M) | Q3 2024 Revenue ($M) | Growth |
|---|---|---|---|
| ARIKAYCE (U.S.) | 74.0 | 66.9 | 11% |
| ARIKAYCE (International) | 40.3 | 26.6 | 52% |
| Total ARIKAYCE | 114.3 | 93.4 | 22% |
| BRINSUPRI (U.S.) | 28.1 | 0.0 | N/A |
| Total Revenue | 142.3 | 93.4 | 52% |
Late-Stage Pipeline and New Launches Poised to Drive 2026 Catalysts
The recent FDA approval and U.S. launch of BRINSUPRI as the first and only treatment for non-cystic fibrosis bronchiectasis marks a significant milestone for Insmed, with commercial feedback reported as highly encouraging. BRINSUPRI is also advancing toward approvals in the EU, UK, and Japan, with anticipated commercial launches in 2026—pending regulatory outcomes. The company is positioning itself for further label expansions and launches with multiple upcoming late-stage readouts, including:
- Phase 3 ENCORE readout for ARIKAYCE in newly diagnosed or recurrent MAC lung disease expected in 1H 2026, potentially enabling label expansion and sNDA submission later that year.
- Phase 2b BiRCh topline results for BRINSUPRI in chronic rhinosinusitis without nasal polyps anticipated by early January 2026.
- Phase 2b CEDAR topline data in hidradenitis suppurativa expected in 1H 2026.
- Initiation of the Phase 3 PALM-ILD study for TPIP (treprostinil palmitil inhalation powder) in pulmonary hypertension associated with interstitial lung disease planned for Q4 2025.
Expenses Rise With Strategic Investments and Expanding Pipeline
Reflecting its growing ambitions, Insmed saw operating expenses rise substantially, with research and development and SG&A expenses each at $186.4 million for the third quarter. Increased investment is driven by commercial activities for BRINSUPRI and global expansion of ARIKAYCE, alongside the advancement of late-stage and early-stage programs.
Insmed ended the quarter with a strong cash position of $1.7 billion, providing the resources needed to support its expanding portfolio and future product launches.
| Key Financials | Q3 2025 ($M) | Q3 2024 ($M) |
|---|---|---|
| Cost of Product Revenues | 29.4 | 21.2 |
| R&D Expenses | 186.4 | 150.8 |
| SG&A Expenses | 186.4 | 118.9 |
| Net Loss | (370.0) | (220.5) |
| Cash & Equivalents (End of Period) | 1,679.99 | N/A |
2025–2026 Outlook: Milestone-Rich Calendar with Global Expansion Ahead
Insmed is entering a catalyst-heavy 18-month period. The company expects topline clinical readouts, further regulatory decisions, and new market entries that could shape its growth trajectory for years to come. Beyond its commercial portfolio, the pipeline includes Phase 3 and 2b studies in rare pulmonary and inflammatory diseases, gene therapies advancing into the clinic, and over 30 preclinical programs aiming for steady IND filings in coming years.
While net losses remain high, management has signaled its intent to invest aggressively in pipeline expansion and new launches, backed by a sizable cash reserve. With major data and regulatory events on the horizon, Insmed’s 2026 outlook could look markedly different—making this a pivotal period for stakeholders tracking late-stage biotech innovation.
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