Insmed raises BRINSUPRI peak revenue target above $7 billion after 49% quarterly jump

A wave of specialty respiratory launches has been reshaping drug market economics in 2026, and Insmed Incorporated (Nasdaq: INSM) put its number on the table Thursday: $425.5 million in total second-quarter revenues, with BRINSUPRI (brensocatib) generating $309.2 million after a 49% sequential quarterly gain. The Bridgewater, N.J., biopharmaceutical company raised its full-year BRINSUPRI guidance to $1.25 billion to $1.40 billion and lifted its long-run combined peak sales estimate for three lead programs to more than $14 billion.

BRINSUPRI's first commercial year sets the pace

The brensocatib number deserves context. BRINSUPRI had no revenue in the second quarter of 2025, so the year-over-year comparison is essentially infinite; the sequential figure matters more. A 49% jump from the first quarter of 2026 is the kind of acceleration that signals a drug has crossed out of early-adopter territory and into broader prescriber networks. Nearly all of it came from the U.S., where BRINSUPRI recorded $308.6 million. International revenue was $0.6 million, a figure that reflects where the launch currently stands, not where Insmed expects it to go. The company is watching for a Japanese regulatory decision on brensocatib for non-cystic fibrosis bronchiectasis in the second half of 2026.

Chair and Chief Executive Officer Will Lewis said the U.S. launch has drawn significant enthusiasm from patients and physicians, and pointed to the European Multi-centre Bronchiectasis Audit and Research Collaboration announced in June as evidence of the drug's longer-range research ambitions. That is what management says. The revenue line says 49%.

ARIKAYCE and the cost of running two commercial franchises at once

The older product, ARIKAYCE (amikacin liposome inhalation suspension), contributed $116.3 million, up 8% against the second quarter of 2025. International markets drove that growth, with non-U.S. ARIKAYCE revenue rising 19% year over year to $46.1 million. U.S. ARIKAYCE was nearly flat at $70.2 million versus $68.7 million a year earlier.

Running two commercial products alongside an expanding pipeline has a price. Selling, general and administrative expenses reached $247.5 million in the quarter, up from $154.8 million in the same period last year. Research and development costs were $210.0 million, versus $177.2 million in the second quarter of 2025. Those two lines together came to $457.5 million, which outran the $425.5 million in total revenues. This is not unusual for a company at this stage; it is, however, the arithmetic investors are tracking.

Pipeline read-through and the TPIP question

Beyond the commercial products, the program that carries the largest projected value is TPIP (treprostinil palmitil inhalation powder), to which Insmed assigns a peak revenue estimate of more than $6 billion across four pulmonary indications. Phase 3 trials in pulmonary hypertension associated with interstitial lung disease (PALM-ILD) and pulmonary arterial hypertension (PALM-PAH) are actively enrolling. Positive 12-month data from an open-label extension study in PAH patients were reported in July 2026.

The macro caveat sits in the international column. Insmed said it continues to evaluate the potential effect of evolving U.S. policies on the timing of future international commercial launches for BRINSUPRI. That policy exposure is the variable the full-year guidance range does not resolve.

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