Shares of Insmed Incorporated (INSM) plummeted over 6% in pre-market trading on Thursday, after the biopharmaceutical company reported weaker-than-expected earnings for the third quarter of 2024 and provided a disappointing outlook.
For Q3, Insmed posted a loss of $1.27 per share, missing analysts' consensus estimate of $1.21 per share. The company's revenue of $93.4 million beat expectations of $93.3 million, driven by sales of its flagship drug Arikayce for the treatment of a rare lung disease.
However, Insmed reiterated its full-year 2024 guidance for global Arikayce revenues of $340 million to $360 million, which fell short of analysts' projections. The company also announced a new $150 million senior secured term loan tranche, raising concerns about its financial position and cash burn.
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