Insmed (INSM) Misses Q3 EPS by 2c, Revenues Miss
Insmed (NASDAQ: INSM) reported Q3 EPS of ($0.63), $0.02 worse than the analyst estimate of ($0.61). Revenue for the quarter came in at $43.6 million versus the consensus estimate of $46.07 million.
Third Quarter 2020 Financial Results
- Total revenue for the third quarter ended September 30, 2020, was $43.6 million, comprising U.S. net sales of $42.0 million and ex-U.S. net sales of $1.6 million. This compares to total revenue of $38.9 million for the third quarter of 2019.
- Cost of product revenues (excluding amortization of intangible assets) was $10.6 million for the third quarter of 2020, compared to $6.4 million for the third quarter of 2019.
- Research and development (R&D) expenses were $41.4 million for the third quarter of 2020, compared to $34.3 million for the third quarter of 2019.
- Selling, general, and administrative (SG&A) expenses for the third quarter of 2020 were $46.6 million, compared to $53.3 million for the third quarter of 2019.
- For the third quarter of 2020, Insmed reported a GAAP net loss of $63.7 million, or $0.63 per share, compared to a GAAP net loss of $60.7 million, or $0.68 per share, for the third quarter of 2019.
"I am pleased to report on a very productive third quarter for Insmed as we made significant progress across our programs while maintaining ARIKAYCE performance in the U.S. amidst the ongoing pandemic," commented Will Lewis, Chair and Chief Executive Officer of Insmed. "Driven by the efforts of a world-class team, we reached several critical milestones for ARIKAYCE, including marketing authorization in the European Union, approval of an sNDA that adds meaningful efficacy data to our U.S. label, and continued advancement of our frontline clinical program. Importantly, we also advanced plans to initiate a global, registrational Phase 3 study of brensocatib in NCFBE and initiated a Phase 1 study of TPIP. As we look ahead to 2021, we believe we are well-positioned to carry this momentum forward and execute on our goals."
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