This is the inflection point a biotech spends a decade and billions of dollars trying to reach.
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✦ The bottom line
Insmed sold $606M in 2025, and the most recent quarter grew ~230% year-over-year — from $93M to $306M. The cause: its second drug, Brinsupri, just launched on top of its established drug Arikayce. After years of pure research spending, the science is becoming a real, fast-growing business.
↓ the brief below
✦ Teach me
How a biotech makes money
For years a drug company has no product revenue — it spends on research and clinical trials, hoping a drug gets approved. The business only begins when a regulator (the FDA) approves a drug and the company can sell it.
Insmed has now crossed that line twice: Arikayce (for a rare lung infection) has been selling for years, and Brinsupri (for a lung condition called bronchiectasis) just launched — which is why revenue is suddenly surging.
Wall Street calls this
Product revenue
A new drug launch can transform a biotech's revenue almost overnight — but only if doctors prescribe it and insurers pay. Early launch growth is the single most important thing to watch here.
Revenue · most recent quarter vs. a year earlier
+230
%
Q1 2026 revenue of $306M, up from $93M a year earlier — roughly 3.3×. The jump is the Brinsupri launch landing on top of steady Arikayce sales.
Source · 10-Q · Results of Operations · Q1 2026 · Filed May 7, 2026
Total revenue · fiscal year 2025
$606
M
A full year of Arikayce plus the start of Brinsupri. With the new launch ramping, the run-rate is already well above this annual figure.
Source · 10-K · Results of Operations · FY2025 · Filed Feb 19, 2026
✓
Inflecting
A genuine revenue inflection as a second drug launches. The growth is real and fast — the open question (Chapter 2) is what it costs to get here.