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Insmed (INSM) Lags on Q2 Earnings, Tops Sales, Reiterates View
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Insmed (INSM - Free Report) reported a loss of $1.94 per share in second-quarter 2024, wider than the Zacks Consensus Estimate of a loss of $1.22. In the year-ago quarter, the company posted a loss of $1.78.
Insmed generated total revenues of $90.3 million during the quarter, up 17% year over year. Quarterly sales beat the Zacks Consensus Estimate of $88.0 million.
Quarter in Detail
In the reported quarter, total revenues were generated entirely from product revenues of its only-marketed drug, Arikayce, which is approved for treating refractory mycobacterium avium complex (MAC) lung disease in adults with limited or no alternative treatment options.
The rise in Arikayce sales was driven by continued growth in demand across all marketed regions. Sales of the drug were up 11% to $63.8 million in the United States, while sales in Japan rose 35% to $21.1 million. Sales in Europe and the rest of the world rallied 37% to $5.4 million.
Year to date, shares of Insmed have surged 131.7 against the industry’s 5.9% fall.
Image Source: Zacks Investment Research
In the reported quarter, selling, general and administrative (SG&A) expenses rose 26% year over year to $106.6 million, due to increases in compensation and benefit-related expenses.
Research and development (R&D) expenses were $146.7 million, down 25% from the year-ago quarter’s figure. The downtick is attributable to the recognition of a non-cash cost incurred by the company in the year-ago period related to the acquisition of Adrestia.
As of Jun 30, 2024, Insmed had cash, cash equivalents and marketable securities of $1.2 billion compared with $595.7 million on Mar 31, 2024. This surge in cash balance is due to the inflow of funds from a secondary issue of common stock, which added net proceeds of $713.2 million during the second quarter.
2024 Guidance
Management reiterated its sales guidance for Arikayce for the full year. It expects product sales for the drug to be between $340 million and $360 million in 2024, indicating 15% year-over-year growth at the midpoint.
Recent Updates
Alongside the earnings release, Insmed announced that it has reached alignment with the FDA on the primary endpoint of the phase III ENCORE study evaluating Arikayce as a potential treatment for newly-infected patients with MAC lung disease. Management expects to report top-line data from this study in first-quarter 2026.
In May, management reported encouraging top-line data from the phase III ASPEN study, which evaluated brensocatib in patients with bronchiectasis. Treatment with the drug achieved statistically significant and clinically meaningful reductions in the annualized rate of pulmonary exacerbations (or episodes of worsening disease symptoms) compared with placebo. These results highlight the potential of brensocatib as a new standard of care in bronchiectasis indication. Based on these results, Insmed expects to submit a regulatory filing for brensocatib in bronchiectasis in fourth-quarter 2024.
If approved, brensocatib will be the first approved treatment for bronchiectasis patients. Management expects a commercial launch for the drug in the United States in mid-2025, followed by product launches in Europe and Japan in first-half 2026. The company estimates that nearly a million patients living across these three regions are affected by bronchiectasis. Given that there are currently no approved therapies to treat this disorder, we expect the drug to have a blockbuster potential.
Management expects to report top-line data from a mid-stage study evaluating treprostinil palmitil inhalation powder (TPIP) in patients with pulmonary arterial hypertension (PAH) in second-half 2025. It also plans to start a late-stage study next year evaluating TPIP in patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD).
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have improved from 14 cents to 13 cents. Estimates for 2025 have improved from $3.44 to $3.21 during the same period. Year to date, shares of Entrada Therapeutics have lost 4.2%.
Earnings of Entrada Therapeutics beat estimates in two of the last four quarters while missing the mark on two other occasions. Entrada delivered a four-quarter average earnings surprise of 42.18%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have improved from $1.24 to 48 cents. Estimates for 2025 have improved from $1.71 to $1.51 during the same period. Year to date, shares of Fulcrum Therapeutics have risen 32.5%.
Earnings of Fulcrum Therapeutics beat estimates in each of the last four quarters. Fulcrum delivered a four-quarter average earnings surprise of 393.18%.
In the past 60 days, the loss per share estimates for Immatics have improved from $1.26 to $1.25 for 2024. During the same period, loss estimates for 2025 have improved from $1.49 to $1.41. Year to date, shares of IMTX have risen 8.3%.
Earnings of Immatics beat estimates in three of the last four quarters while meeting the mark on one occasion, delivering a four-quarter average earnings surprise of 32.57%.
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Insmed (INSM) Lags on Q2 Earnings, Tops Sales, Reiterates View
Insmed (INSM - Free Report) reported a loss of $1.94 per share in second-quarter 2024, wider than the Zacks Consensus Estimate of a loss of $1.22. In the year-ago quarter, the company posted a loss of $1.78.
Insmed generated total revenues of $90.3 million during the quarter, up 17% year over year. Quarterly sales beat the Zacks Consensus Estimate of $88.0 million.
Quarter in Detail
In the reported quarter, total revenues were generated entirely from product revenues of its only-marketed drug, Arikayce, which is approved for treating refractory mycobacterium avium complex (MAC) lung disease in adults with limited or no alternative treatment options.
The rise in Arikayce sales was driven by continued growth in demand across all marketed regions. Sales of the drug were up 11% to $63.8 million in the United States, while sales in Japan rose 35% to $21.1 million. Sales in Europe and the rest of the world rallied 37% to $5.4 million.
Year to date, shares of Insmed have surged 131.7 against the industry’s 5.9% fall.
Image Source: Zacks Investment Research
In the reported quarter, selling, general and administrative (SG&A) expenses rose 26% year over year to $106.6 million, due to increases in compensation and benefit-related expenses.
Research and development (R&D) expenses were $146.7 million, down 25% from the year-ago quarter’s figure. The downtick is attributable to the recognition of a non-cash cost incurred by the company in the year-ago period related to the acquisition of Adrestia.
As of Jun 30, 2024, Insmed had cash, cash equivalents and marketable securities of $1.2 billion compared with $595.7 million on Mar 31, 2024. This surge in cash balance is due to the inflow of funds from a secondary issue of common stock, which added net proceeds of $713.2 million during the second quarter.
2024 Guidance
Management reiterated its sales guidance for Arikayce for the full year. It expects product sales for the drug to be between $340 million and $360 million in 2024, indicating 15% year-over-year growth at the midpoint.
Recent Updates
Alongside the earnings release, Insmed announced that it has reached alignment with the FDA on the primary endpoint of the phase III ENCORE study evaluating Arikayce as a potential treatment for newly-infected patients with MAC lung disease. Management expects to report top-line data from this study in first-quarter 2026.
In May, management reported encouraging top-line data from the phase III ASPEN study, which evaluated brensocatib in patients with bronchiectasis. Treatment with the drug achieved statistically significant and clinically meaningful reductions in the annualized rate of pulmonary exacerbations (or episodes of worsening disease symptoms) compared with placebo. These results highlight the potential of brensocatib as a new standard of care in bronchiectasis indication. Based on these results, Insmed expects to submit a regulatory filing for brensocatib in bronchiectasis in fourth-quarter 2024.
If approved, brensocatib will be the first approved treatment for bronchiectasis patients. Management expects a commercial launch for the drug in the United States in mid-2025, followed by product launches in Europe and Japan in first-half 2026. The company estimates that nearly a million patients living across these three regions are affected by bronchiectasis. Given that there are currently no approved therapies to treat this disorder, we expect the drug to have a blockbuster potential.
Management expects to report top-line data from a mid-stage study evaluating treprostinil palmitil inhalation powder (TPIP) in patients with pulmonary arterial hypertension (PAH) in second-half 2025. It also plans to start a late-stage study next year evaluating TPIP in patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD).
Insmed, Inc. Price
Insmed, Inc. price | Insmed, Inc. Quote
Zacks Rank & Key Picks
Insmed currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the overall healthcare sector include Entrada Therapeutics (TRDA - Free Report) , Fulcrum Therapeutics (FULC - Free Report) and Immatics (IMTX - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have improved from 14 cents to 13 cents. Estimates for 2025 have improved from $3.44 to $3.21 during the same period. Year to date, shares of Entrada Therapeutics have lost 4.2%.
Earnings of Entrada Therapeutics beat estimates in two of the last four quarters while missing the mark on two other occasions. Entrada delivered a four-quarter average earnings surprise of 42.18%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have improved from $1.24 to 48 cents. Estimates for 2025 have improved from $1.71 to $1.51 during the same period. Year to date, shares of Fulcrum Therapeutics have risen 32.5%.
Earnings of Fulcrum Therapeutics beat estimates in each of the last four quarters. Fulcrum delivered a four-quarter average earnings surprise of 393.18%.
In the past 60 days, the loss per share estimates for Immatics have improved from $1.26 to $1.25 for 2024. During the same period, loss estimates for 2025 have improved from $1.49 to $1.41. Year to date, shares of IMTX have risen 8.3%.
Earnings of Immatics beat estimates in three of the last four quarters while meeting the mark on one occasion, delivering a four-quarter average earnings surprise of 32.57%.