Insmed INSM reported a fourth-quarter 2024 loss of $1.32 per share, wider than the Zacks Consensus Estimate of a loss of $1.15. In the year-ago quarter, the company posted a loss of $1.28 per share.

Insmed generated total quarterly revenues of $104.4 million, which rose 25% year over year. Quarterly sales were in line with the Zacks Consensus Estimate.

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Shares of INSM were down more than 4% in after-market trading on Thursday likely due to the earnings miss.

Year to date, the stock has risen 21% compared with the industry’s 6% growth.

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More on INSM’s Quarterly Results

In the reported quarter, total revenues were generated entirely by the company’s 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 increased 16% to $67.8 million in the United States, and 47% to $30.7 million in Japan. Sales in Europe and the rest of the world rallied 33% to $5.9 million.

In the reported quarter, research and development (R&D) expenses rose 31% year over year to $179.7 million. Selling, general and administrative (SG&A) expenses amounted to $142.5 million, up 59% from the year-ago figure. The uptick in both expenses can be attributed to an increase in employee compensation and benefit-related expenses.

As of Dec. 31, 2024, Insmed had cash, cash equivalents and marketable securities of around $1.4 billion compared with $1.5 billion as of Sept. 30, 2024.

Full-Year 2024 Results

Insmed reported total revenues of $363.7 million, up 19% year over year.

For the same period, the company reported a loss of $5.57 per share, marking a deterioration from the year-ago loss of $5.34.

INSM Maintains 2025 Guidance

Management reiterated its sales guidance for the full year. It expects product sales for Arikayce to be between $405 million and $425 million, indicating 14% year-over-year growth at the midpoint of the range.

Updates on INSM’s Pipeline

During fourth-quarter 2024, management completed enrolment of 425 patients in the confirmatory phase III ENCORE study, which is evaluating Arikayce as a potential treatment for newly infected patients with MAC lung disease. While top-line data from this study is expected in first-quarter 2026, INSM intends to submit a regulatory filing with the FDA for the drug before 2026-end.

Earlier this month, Insmed announced that the FDA has accepted its regulatory filing seeking approval for brensocatib in bronchiectasis indication. The agency has granted a priority review to this filing and a final decision is expected by Aug.12, 2025. If approved, management is targeting a potential launch of the drug in the United States in third-quarter 2025.

Apart from bronchiectasis, Insmed is also evaluating brensocatib in the phase IIb BiRCh study in patients with chronic rhinosinusitis without nasal polyps (CRSsNP). A data readout is expected before this year’s end. In December, management started the phase II CEDAR study on the drug in patients with hidradenitis suppurativa (HS).

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 the second half of 2025. It also plans to start a late-stage study evaluating TPIP in patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD) later this year.

Insmed remains on track to start a clinical study on its lead gene therapy INS2101 for Duchenne muscular dystrophy (DMD) by first-half 2025.

INSM’s Zacks Rank

Insmed currently has a Zacks Rank #3 (Hold).

Insmed, Inc. Price

Insmed, Inc. price | Insmed, Inc. Quote

Our Key Picks Among Biotech Stocks

Some better-ranked stocks are argenx ARGX, Day One Biopharmaceuticals DAWN and Pacira BioSciences PCRX, each carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Estimates for argenx’s 2025 earnings per share (EPS) have increased from $2.07 to $3.13 over the past 60 days, while the same for 2026 has increased from $9.07 to $10.85. ARGX’s shares have gained 5% year to date. 

argenx's earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 339.37%.

Estimates for Day One Biopharmaceuticals’ loss per share have narrowed from 88 cents to 72 cents for 2025 in the past 60 days. The metric for 2026 has improved from 99 cents to 97 cents. DAWN’s shares have lost about 4% year to date.

Day One’s earnings beat estimates in two of the trailing four quarters and missed in the other two, delivering an average surprise of 90.70%.

Estimates for Pacira BioSciences’ 2025 EPS have increased from $3.16 to $3.18 over the past 60 days, while that for 2026 has risen from $2.79 to $3.46. PCRX’s shares have surged nearly 37% year to date.

Pacira’s earnings beat estimates in two of the trailing four quarters, missed once and met in the other, delivering an average surprise of 7.13%.

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