Insmed Inc (INSM) Reports Q3 2023 Earnings and Provides Business Update
Insmed Inc (NASDAQ:INSM) reported total revenue of $79.1 million for Q3 2023, marking a 17% growth compared to Q3 2022.
The company reiterates its full-year 2023 guidance range for global ARIKAYCE revenues of $295 million to $305 million.
Insmed shared encouraging data from the Phase 2 studies of TPIP in PH-ILD and PAH.
Topline data from the Phase 3 ASPEN Trial of Brensocatib remains on track to be released in Q2 2024.
On October 26, 2023, Insmed Inc (NASDAQ:INSM), a global biopharmaceutical company, released its financial results for the third quarter ended September 30, 2023. The company reported a significant progress in Q3 2023, with the strongest quarter of ARIKAYCE revenues to date.
Financial Highlights
Insmed reported a total revenue of $79.1 million for Q3 2023, reflecting the highest quarter of sales since the launch of ARIKAYCE and a 17% growth compared to the third quarter of 2022. The company also reiterated its full-year 2023 guidance range for global ARIKAYCE revenues of $295 million to $305 million.
Key Details from Financial Statements
According to the consolidated statements of net loss, the company's net loss for Q3 2023 was $158,933,000, compared to $131,145,000 in Q3 2022. The basic and diluted net loss per share for Q3 2023 was $1.11, compared to $1.09 in Q3 2022.
From the consolidated balance sheets, as of September 30, 2023, the company had total assets of $1,324,873,000, compared to $1,656,435,000 as of December 31, 2022. The total liabilities and shareholders' equity as of September 30, 2023, was $1,324,873,000, compared to $1,656,435,000 as of December 31, 2022.
Company's Performance Analysis
Insmed's Q3 2023 performance was marked by significant progress, with the strongest quarter of ARIKAYCE revenues to date. The company's net loss increased in Q3 2023 compared to Q3 2022, but the basic and diluted net loss per share remained relatively stable. The company's total assets and total liabilities and shareholders' equity decreased in Q3 2023 compared to the end of 2022.
Other Pertinent Details
Insmed also shared encouraging blended and blinded dose titration and safety and tolerability data from the Phase 2 studies of TPIP in PH-ILD and PAH, as well as blinded Pulmonary Vascular Resistance (PVR) data from the PAH study. The topline data from the Phase 3 ASPEN Trial of Brensocatib in adult patients with Bronchiectasis remains on track to read out in the second quarter of 2024.
Explore the complete 8-K earnings release (here) from Insmed Inc for further details.
This article first appeared on GuruFocus.
