Key Takeaways
- Insmed shares jumped 12% after third-quarter revenue of $524.4 million beat expectations, led by $400.1 million from Brinsupri.
- The raised 2026 Brinsupri guidance of $1.35 billion to $1.4 billion looks conservative.
- Spending is climbing as Insmed funds TPIP trials, a potential rival to United Therapeutics’ Tyvaso.
- The next test is the FDA’s decision on a broader Arikayce label, due Jan. 28, 2027.
Insmed (INSM) stock jumped 12% today after its bronchiectasis drug Brinsupri brought in $400.1 million in the third quarter, up 29% from the second.
That cash is paying for Phase 3 trials of TPIP, Insmed’s inhaled treprostinil and a rival to Tyvaso from United Therapeutics (UTHR).
Brinsupri is already a blockbuster
Revenue rose 268% from a year ago to $524.4 million, ahead of the $499.5 million analysts expected. CEO Will Lewis said Brinsupri’s U.S. launch “continues to exceed expectations.” Revenue has climbed every quarter since the drug launched in the third quarter of 2025:
This quarter’s $524.4 million is the highest yet.
The new guidance looks easy to clear
Insmed raised the low end of its 2026 Brinsupri range to $1.35 billion, from $1.25 billion. It has already booked $917.1 million through September, so the range calls for $433 million to $483 million in the fourth quarter. That’s growth of 8% to 21%, after 29% this time.
My read: $1.4 billion could prove light.
Spending is climbing too
R&D held near $210 million a quarter in the first half of 2026:
It jumped to $270 million this quarter, up 45% from a year ago, largely on TPIP.
TIKR tracks 24 analysts on Insmed. How many say “Buy”?
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TPIP is a slow-moving threat to Tyvaso
TPIP’s Phase 3 trials cover PAH, PH-ILD and progressive pulmonary fibrosis.
United Therapeutics’ Tyvaso DPI grew 4% to $326.6 million in the second quarter. Nebulized Tyvaso fell 18%, and the company blamed competing therapies in part. But United Therapeutics has a head start. It has already filed for approval of nebulized Tyvaso in IPF, and TPIP’s PH-ILD trial won’t finish enrolling until the first half of 2028.
The question for United Therapeutics’ report next week: can Tyvaso DPI keep growing before TPIP arrives?
Analysts still see plenty of upside
The Street’s average target is $196, above where it stood a year ago:
That’s about double yesterday’s close, and still far above today’s price.
My take: Brinsupri is outrunning its own guidance, and today’s jump looks earned. Of course, spending is rising fast, and the FDA rules on a broader Arikayce label by Jan. 28, 2027.
So what is Insmed stock actually worth?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
