Insmed (NASDAQ: INSM) reported Q2 EPS of ($0.64), $0.01 worse than the analyst estimate of ($0.63). Revenue for the quarter came in at $42.5 million versus the consensus estimate of $34.51 million.

Second Quarter 2020 Financial Results

• Total revenue for the second quarter ended June 30, 2020, was $42.5 million, comprising U.S. net sales of $41.0 million and ex-U.S. net sales of $1.5 million. This compares to total revenue of $30.0 million for the second quarter of 2019.
• Cost of product revenues (excluding amortization of intangible assets) was $10.0 million for the second quarter of 2020, compared to $4.9 million for the second quarter of 2019.
• Research and development (R&D) expenses were $35.7 million for the second quarter of 2020, compared to $33.5 million for the second quarter of 2019.
• Selling, general, and administrative (SG&A) expenses for the second quarter of 2020 were $49.7 million, compared to $52.4 million for the second quarter of 2019.
• For the second quarter of 2020, Insmed reported a GAAP net loss of $61.9 million, or $0.64 per share, compared to a GAAP net loss of $66.5 million, or $0.81 per share, for the second quarter of 2019.
• During the second quarter of 2020, Insmed completed a public offering of 11,155,000 shares of common stock, including 1,455,000 shares issued pursuant to the exercise in full of the underwriters' option to purchase additional shares, that resulted in net cash proceeds of $245.9 million, after deducting underwriting discounts and other offering-related expenses.

"I am incredibly proud of the Insmed team's performance in the second quarter of 2020, which saw significant progress across our programs even against the backdrop of the continued COVID-19 pandemic," commented Will Lewis, Chair and Chief Executive Officer of Insmed. "ARIKAYCE U.S. sales showed strong sequential growth from the first quarter as we continued to support patients and physicians through both virtual and in-person efforts, and we are excited about its inclusion in the new international treatment guidelines as well as the recent positive CHMP opinion. At the same time, we continued to advance brensocatib, which we believe offers a significant opportunity to address unmet needs in bronchiectasis and other neutrophil-driven diseases, along with our earlier-stage clinical pipeline."

For earnings history and earnings-related data on Insmed (INSM) click here.