Analyst Consensus ?
ConsensusBuy36 ratings
Bullish3391.7%
Neutral25.5%
Bearish12.8%
Insmed Incorporated · INSM · FY2026 Q1 · Calendar Q2 2026
Insmed’s BRINSUPRI launch stayed strong as TPIP advanced
The current analysis supports a constructive operating picture: BRINSUPRI demand and access remained strong, while ARIKAYCE and TPIP provided additional development catalysts. The main tests are whether prescribing broadens and whether execution, pricing, and trial timelines support sustained growth.
Reported Before market openNASDAQHealthcare
$24.70B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$-0.76
Consensus $-0.96
EPS surprise
+21.1%
Reported versus consensus
Reported revenue
$306.0M
Consensus $300.8M
Revenue surprise
+1.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-23.4%
Event window
SPY move
-0.3%
Same window
Abnormal move
-23.1%
Stock minus SPY
Volume
8.2×
Versus trailing sessions
Subsequent drift
-10.3%
Up to 20 sessions
INSMSPY benchmark
Ask FN2 about INSM FY2026 Q1
Transcript, numbers and history already loaded
Why did INSM fall 23.4% after beating EPS estimates in FY2026 Q1?What changed in INSM's guidance and outlook in FY2026 Q1?Give me the bull and bear case for INSM after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management maintained guidance while emphasizing 44% sequential BRINSUPRI growth, roughly 90% payer approval, high patient adherence, ENCORE results that may support broader ARIKAYCE use, and progress across four TPIP Phase III studies. It also highlighted an ATS collaboration using AI and EMR prompts to improve diagnosis, while noting MFN pricing constraints affecting European commercialization.
Guidance delta
Maintained: management reiterated BRINSUPRI full-year 2026 revenue guidance of at least $1 billion and expects cash-flow positivity in 2027 without additional capital.
Key takeaways
- BRINSUPRI launch metrics remained strong, with 44% sequential growth and high payer approval.
- ENCORE results could support a broader ARIKAYCE label and larger addressable population.
- TPIP advanced through four Phase III studies, with higher-dose tolerability data cited.
- Diagnosis initiatives and a broader prescriber base are intended to expand future demand.
Management priorities
- Deepen BRINSUPRI adoption through launch metrics, education, and diagnosis initiatives.
- Submit ENCORE data to the U.S. FDA and Japan PMDA in the second half of 2026.
- Advance TPIP Phase III programs and report open-label extension data in Q3.
- Use the ATS partnership and AI-enabled EMR prompts to improve bronchiectasis diagnosis.
- Pursue selective business development and potential acquisitions.
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Beat
Miss
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Analyst 52W Price Targets
$112.58Current
$60Low
$184.97Average
$263High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 21, 2026 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Oct 12, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Oct 12, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 30, 2026 |
| Roth Capital | Buy | Buy | Maintain | Sep 15, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 10, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 10, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 7, 2026 |
| Guggenheim | Buy | Buy | Maintain | Aug 7, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 7, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jun 5, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Mar 25, 2026 |
| Stifel | Buy | Buy | Maintain | Mar 24, 2026 |
| Leerink Partners | Outperform | Outperform | Maintain | Mar 24, 2026 |
| B of A Securities | Buy | Buy | Maintain | Mar 24, 2026 |
| UBS | Buy | Buy | Maintain | Jan 6, 2026 |
| TD Cowen | Buy | Buy | Maintain | Dec 18, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 18, 2025 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Dec 16, 2025 |
| Jefferies | Buy | Buy | Maintain | Aug 13, 2025 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 24, 2023 |
| SVB Leerink | Outperform | Outperform | Maintain | Oct 27, 2022 |
| Cowen & Co. | Outperform | Outperform | Maintain | Oct 21, 2022 |
| Berenberg | Buy | Buy | Maintain | Dec 17, 2020 |
| JMP Securities | Outperform | Market Perform | Upgrade | Feb 15, 2019 |
| Canaccord Genuity | Buy | Buy | Maintain | Jan 2, 2019 |
| Citigroup | Neutral | Neutral | Maintain | Dec 4, 2018 |
| Baird | Outperform | Outperform | Maintain | Jul 11, 2017 |
| Stifel Nicolaus | Buy | Buy | Maintain | Mar 15, 2016 |
| Janney Capital | Buy | Buy | Maintain | Feb 10, 2015 |
| PiperJaffray | Overweight | Overweight | Maintain | Apr 23, 2014 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 23, 2014 |
| Wedbush | Underperform | Outperform | Downgrade | Feb 11, 2014 |
| H.C. Wainwright | Buy | Buy | Maintain | Nov 11, 2013 |
| Lazard | Buy | Buy | Maintain | May 15, 2013 |
| Leerink Swann | Outperform | Outperform | Maintain | Mar 11, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $112.58. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | Stephen Willey | $195 | $111.59 | +73.2% | Oct 29, 2026 |
| Mizuho Securities | Analyst unavailable | $154 | $96.98 | +36.8% | Oct 29, 2026 |
| Morgan Stanley | Analyst unavailable | $213 | $95.34 | +89.2% | Oct 21, 2026 |
| Raymond James | Analyst unavailable | $173 | $96.26 | +53.7% | Oct 20, 2026 |
| Raymond James | Analyst unavailable | $207 | $100.6 | +83.9% | Oct 12, 2026 |
| Barclays | Analyst unavailable | $207 | $115.63 | +83.9% | Sep 30, 2026 |
| Goldman Sachs | Analyst unavailable | $188 | $118.34 | +67.0% | Sep 24, 2026 |
| Roth Capital | Adam Walsh | $198 | $125.3 | +75.9% | Sep 15, 2026 |
| Truist Financial | Analyst unavailable | $195 | $133.32 | +73.2% | Aug 10, 2026 |
| Morgan Stanley | Analyst unavailable | $218 | $129.56 | +93.6% | Aug 7, 2026 |
| Evercore ISI | Analyst unavailable | $170 | $128.76 | +51.0% | Aug 7, 2026 |
| Guggenheim | Analyst unavailable | $205 | $132.55 | +82.1% | Aug 7, 2026 |
| UBS | Analyst unavailable | $172 | $132.55 | +52.8% | Aug 7, 2026 |
| Wells Fargo | Analyst unavailable | $169 | $132.55 | +50.1% | Aug 7, 2026 |
| Jefferies | Analyst unavailable | $175 | $132.55 | +55.4% | Aug 6, 2026 |
| Cantor Fitzgerald | Olivia Brayer | $235 | $104.16 | +108.7% | Jul 28, 2026 |
| BMO Capital | Conor MacKay | $192 | $107.02 | +70.5% | Jul 20, 2026 |
| H.C. Wainwright | Andrew Fein | $220 | $108.32 | +95.4% | Jul 20, 2026 |
| Wells Fargo | Analyst unavailable | $161 | $110.11 | +43.0% | Jul 15, 2026 |
| Mizuho Securities | Graig Suvannavejh | $192 | $97.46 | +70.5% | Jun 16, 2026 |
| Truist Financial | Analyst unavailable | $185 | $116.56 | +64.3% | May 13, 2026 |
| Wells Fargo | Analyst unavailable | $160 | $105 | +42.1% | May 8, 2026 |
| Guggenheim | Vamil Divan | $226 | $105 | +100.7% | May 8, 2026 |
| Guggenheim | Analyst unavailable | $230 | $146.74 | +104.3% | Apr 16, 2026 |
| RBC Capital | Analyst unavailable | $216 | $151.14 | +91.9% | Apr 14, 2026 |
| Raymond James | Analyst unavailable | $200 | $155.8 | +77.7% | Apr 10, 2026 |
| Mizuho Securities | Analyst unavailable | $202 | $160.18 | +79.4% | Apr 8, 2026 |
| H.C. Wainwright | Analyst unavailable | $245 | $147.6 | +117.6% | Mar 26, 2026 |
| Mizuho Securities | Analyst unavailable | $204 | $159.03 | +81.2% | Feb 24, 2026 |
| Morgan Stanley | Analyst unavailable | $166 | $158.8 | +47.5% | Feb 20, 2026 |
| Wells Fargo | Tiago Fauth | $208 | $161 | +84.8% | Feb 20, 2026 |
| Stifel Nicolaus | Analyst unavailable | $205 | $159.88 | +82.1% | Feb 19, 2026 |
| Mizuho Securities | Graig Suvannavejh | $211 | $151.11 | +87.4% | Feb 19, 2026 |
| Barclays | Eliana Merle | $231 | $162.64 | +105.2% | Jan 27, 2026 |
| Roth Capital | Analyst unavailable | $212 | $160.39 | +88.3% | Jan 22, 2026 |
| RBC Capital | Leonid Timashev | $200 | $163.51 | +77.7% | Jan 21, 2026 |
| Truist Financial | Danielle Brill | $205 | $166.26 | +82.1% | Jan 12, 2026 |
| Morgan Stanley | Maxwell Skor | $157 | $176 | +39.5% | Jan 8, 2026 |
| UBS | Analyst unavailable | $215 | $173.34 | +91.0% | Jan 6, 2026 |
| Truist Financial | Danielle Brill | $202 | $166.55 | +79.4% | Dec 19, 2025 |
| H.C. Wainwright | Analyst unavailable | $230 | $165.99 | +104.3% | Dec 18, 2025 |
| Cowen & Co. | Analyst unavailable | $241 | $167.53 | +114.1% | Dec 18, 2025 |
| Mizuho Securities | Graig Suvannavejh | $212 | $167.71 | +88.3% | Dec 18, 2025 |
| Guggenheim | Analyst unavailable | $221 | $198.46 | +96.3% | Dec 18, 2025 |
| Wedbush | Analyst unavailable | $203 | $167.22 | +80.3% | Dec 18, 2025 |
| RBC Capital | Leonid Timashev | $195 | $198.46 | +73.2% | Dec 18, 2025 |
| Wells Fargo | Analyst unavailable | $195 | $198.46 | +73.2% | Dec 18, 2025 |
| Wolfe Research | Andy Chen | $167 | $198.46 | +48.3% | Dec 18, 2025 |
| Wells Fargo | Tiago Fauth | $234 | $196.85 | +107.9% | Dec 16, 2025 |
| Cantor Fitzgerald | Olivia Brayer | $230 | $196.85 | +104.3% | Dec 16, 2025 |
| Jefferies | Analyst unavailable | $269 | $194.52 | +138.9% | Dec 10, 2025 |
| Redburn Partners | Analyst unavailable | $263 | $206.78 | +133.6% | Dec 4, 2025 |
| Mizuho Securities | Graig Suvannavejh | $256 | $207.77 | +127.4% | Dec 1, 2025 |
| Goldman Sachs | Analyst unavailable | $225 | $190.3 | +99.9% | Oct 31, 2025 |
| RBC Capital | Leonid Timashev | $215 | $194.57 | +91.0% | Oct 31, 2025 |
| UBS | Trung Huynh | $223 | $194 | +98.1% | Oct 31, 2025 |
| Wells Fargo | Analyst unavailable | $217 | $194.22 | +92.8% | Oct 31, 2025 |
| Mizuho Securities | Graig Suvannavejh | $196 | $166.97 | +74.1% | Oct 29, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $192 | $166.77 | +70.5% | Oct 28, 2025 |
| UBS | Analyst unavailable | $194 | $163.94 | +72.3% | Oct 14, 2025 |
| Evercore ISI | Gavin Clark-Gartner | $180 | $146.31 | +59.9% | Oct 1, 2025 |
| Wells Fargo | Tiago Fauth | $140 | $122 | +24.4% | Aug 12, 2025 |
| UBS | Analyst unavailable | $110 | $75.02 | -2.3% | Mar 6, 2025 |
| Mizuho Securities | Graig Suvannavejh | $92 | $73.43 | -18.3% | Aug 15, 2024 |
| Wells Fargo | Tiago Fauth | $85 | $71.81 | -24.5% | Aug 9, 2024 |
| Guggenheim | Vamil Divan | $95 | $70.05 | -15.6% | Jul 9, 2024 |
| Truist Financial | Nicole Germino | $88 | $67 | -21.8% | Jul 1, 2024 |
| Barclays | Leon Wang | $90 | $69.71 | -20.1% | Jun 25, 2024 |
| Evercore ISI | Liisa Bayko | $75 | $66.19 | -33.4% | Jun 21, 2024 |
| Mizuho Securities | Graig Suvannavejh | $82 | $57.17 | -27.2% | Jun 7, 2024 |
| Stifel Nicolaus | Stephen Willey | $74 | $57 | -34.3% | Jun 5, 2024 |
| Wells Fargo | Tiago Fauth | $77 | $53.55 | -31.6% | May 29, 2024 |
| H.C. Wainwright | Andrew Fein | $70 | $48.06 | -37.8% | May 29, 2024 |
| UBS | Trung Huynh | $58 | $48.06 | -48.5% | May 29, 2024 |
| Truist Financial | Nicole Germino | $68 | $48.06 | -39.6% | May 29, 2024 |
| Wolfe Research | Andy Chen | $54 | $48.06 | -52.0% | May 29, 2024 |
| Morgan Stanley | Jeffrey Hung | $60 | $48.06 | -46.7% | May 28, 2024 |
| Goldman Sachs | Andrea Tan | $74 | $46.39 | -34.3% | May 28, 2024 |
| Evercore ISI | Liisa Bayko | $42 | $46.21 | -62.7% | May 28, 2024 |
| Mizuho Securities | Graig Suvannavejh | $36 | $25.33 | -68.0% | May 13, 2024 |
| Morgan Stanley | Jeffrey Hung | $43 | $26.38 | -61.8% | May 9, 2024 |
| Truist Financial | Nicole Germino | $48 | $24.11 | -57.4% | Apr 23, 2024 |
| Wells Fargo | Tiago Fauth | $55 | $27.13 | -51.1% | Apr 1, 2024 |
| Goldman Sachs | Analyst unavailable | $56 | $22.22 | -50.3% | Apr 27, 2022 |
Track every rating change on INSM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationInsmed Incorporated operates as a biopharmaceutical enterprise focused on creating and introducing medical solutions for individuals facing severe and uncommon health conditions. The company's marketed treatment, ARIKAYCE, is administered to adult patients suffering from Mycobacterium avium complex (MAC) lung disease, serving as a component of a broader antibacterial drug regimen. In its development pipeline, Insmed is advancing Brensocatib, an oral and reversible inhibitor targeting dipeptidyl peptidase 1, which is being investigated for its potential in treating bronchiectasis and other disorders mediated by neutrophils. Additionally, the firm is developing Treprostinil Palmitil Inhalation Powder, an inhaled version of the treprostinil palmitil prodrug, designed to address pulmonary arterial hypertension and various other rare lung ailments. Founded in 1988, Insmed Incorporated maintains its primary corporate offices in Bridgewater, New Jersey.
Historical context
All INSM earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| AZN AstraZeneca PLC | FY2026 Q3 · Calendar Q4 2026 | +7.3% | +7.0% | AstraZeneca pairs solid growth with pipeline investment and restructuring |
| BTSG BrightSpring Health Services, Inc. Common Stock | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +11.1% | BrightSpring posts strong Q3 growth while maintaining guidance |
| ABBV AbbVie Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.4% | +1.4% | AbbVie raises 2026 guidance as Skyrizi and Rinvoq drive Q3 growth |
| BTSGU BrightSpring Health Services, Inc. Tangible Equity Unit | FY2026 Q3 · Calendar Q4 2026 | +14.2% | +10.0% | BrightSpring posts strong Q3 growth as pharmacy leads |
| REGN Regeneron Pharmaceuticals, Inc. | FY2026 Q3 · Calendar Q4 2026 | +21.6% | +13.3% | Regeneron posts strong Q3 growth as pipeline expands |
| EXEL Exelixis, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.0% | +4.8% | Exelixis highlights zanzalintinib pipeline after strong Q3 |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the INSM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-01T09:50:41.989804+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T09:50:41.986977+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-01. For educational purposes only; not investment advice.