Equity Profile

INSM

Insmed Incorporated

Health CareBiotechnology$20.4B

May7Thu

Post-Earnings Recap

ReportedQ1-2026Pre-Market7:00 AM EDT

Insmed Incorporated Misses on Revenue, Stock Down 23.41%

Metric	Actual	Expected	Surprise
EPS	$-0.76	$-0.99	+15.84%
Revenue	—	$302M	—

management commentary, guidance changes, and full analysis available with Pro.

Insmed Incorporated Misses on Revenue, Stock Down 23.41%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$-0.76	$-0.99	+15.84%
Revenue	—	$302M	—

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

Insmed's earnings report showed a smaller-than-expected loss per share, which was a positive surprise. However, the lack of revenue reporting and the significant drop in stock price indicate investor concerns about the company's performance and future outlook. The 23.41% decline in stock price suggests that investors are reacting negatively to the overall uncertainty surrounding the company's financial health.

Company Snapshot

Insmed Incorporated is a biotechnology company focused on developing innovative therapies for patients with serious and rare diseases. Operating in the health care sector, Insmed's work is particularly relevant as the demand for specialized treatments continues to grow.

Key Metrics to Watch

EPS

Earnings per share is crucial for understanding the company's profitability and financial health.

$-0.99

Revenue

Revenue figures provide insight into the company's sales performance and market demand for its products.

$302M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-22.08%

Avg Stock Reaction

-1.20%

Last Quarter Recap

In Q4 2025, Insmed reported an EPS of $-1.54, which was significantly worse than the expected $-1.07. Following the announcement, the stock rose by 6.54% the next day, indicating some investor optimism despite the miss.

Management Promises & Guidance

Expectations

Wall Street Expectations

Analysts expect Insmed to report a loss of $-0.99 per share with revenues around $302 million. Given the company's recent performance, there is a mix of cautious optimism and concern regarding its ability to meet these expectations.

Bull Case

If Insmed can exceed the EPS estimate and show strong revenue growth, it could signal a turnaround in its financial performance, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet these estimates again, it may raise concerns about its long-term viability and lead to further declines in stock price.

Key Metrics to Watch

EPS

$-0.99

Earnings per share is crucial for understanding the company's profitability and financial health.

Revenue

$302M

Revenue figures provide insight into the company's sales performance and market demand for its products.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Insmed's revenue meet or exceed the consensus estimate of $302 million?

Revenue performance is critical to assessing the company's market position and growth potential, especially after recent misses.

What specific strategies is management implementing to improve EPS from the expected $-0.99?

Understanding management's approach to addressing profitability will be key for investors concerned about ongoing losses.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate Insmed's potential for revenue growth due to recent product developments that have not been fully factored into estimates.

Supporting Evidence

The stock has shown resilience with positive reactions despite earnings misses, suggesting underlying strength.

Options pricing indicates a significant expected move, which could reflect investor sentiment that is more optimistic than consensus estimates.

Key Risk

If revenue comes in significantly above $302 million, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's results will be pivotal in determining whether Insmed can stabilize its financial performance after a series of misses.

Bull Confirmed If

Achieving an EPS of better than $-0.99 and revenue growth above $302 million would confirm the bull case.

Bear Confirmed If

An EPS worse than $-1.65 would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±16.34%

Historical Avg

±7.2%

Pricing rich

The options market is pricing in a significant potential movement in the stock, indicating that investors are anticipating volatility around the earnings report.

Options are pricing ±13.7% while INSM has averaged ±7.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.0%

30d HV

46.5%

Calls (44K)P/C Ratio: 0.99Puts (4K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$1.5M

10,699 sh

1 insider

Net

$1.5M

Net selling

Most Active Insiders· 4 open-market trades

Chair and CEOLewis William
$1.5M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Insmed beats expectations, history suggests a potential average one-day move of +1.46%, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations but management provides cautious commentary, the stock may see muted movement as investors reassess their outlook.

Miss

Should the company miss expectations again, history suggests an average one-day move of +1.98%, indicating that the market may react negatively.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new product launches or pipeline developments.
2Management's commentary on cost management strategies.
3Insights into market demand for Insmed's therapies.
4Details on partnerships or collaborations that may impact growth.
5Any guidance on future earnings expectations.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share is crucial for understanding the company's profitability and financial health.

$-0.99

Revenue

Revenue figures provide insight into the company's sales performance and market demand for its products.

$302M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-22.08%

Avg Stock Reaction

-1.20%

Last Quarter Recap

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If Insmed can exceed the EPS estimate and show strong revenue growth, it could signal a turnaround in its financial performance, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet these estimates again, it may raise concerns about its long-term viability and lead to further declines in stock price.

Key Metrics to Watch

EPS

$-0.99

Earnings per share is crucial for understanding the company's profitability and financial health.

Revenue

$302M

Revenue figures provide insight into the company's sales performance and market demand for its products.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will Insmed's revenue meet or exceed the consensus estimate of $302 million?

Revenue performance is critical to assessing the company's market position and growth potential, especially after recent misses.

What specific strategies is management implementing to improve EPS from the expected $-0.99?

Understanding management's approach to addressing profitability will be key for investors concerned about ongoing losses.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate Insmed's potential for revenue growth due to recent product developments that have not been fully factored into estimates.

Supporting Evidence

The stock has shown resilience with positive reactions despite earnings misses, suggesting underlying strength.

Options pricing indicates a significant expected move, which could reflect investor sentiment that is more optimistic than consensus estimates.

Key Risk

If revenue comes in significantly above $302 million, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's results will be pivotal in determining whether Insmed can stabilize its financial performance after a series of misses.

Bull Confirmed If

Achieving an EPS of better than $-0.99 and revenue growth above $302 million would confirm the bull case.

Bear Confirmed If

An EPS worse than $-1.65 would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±16.34%

Historical Avg

±7.2%

Pricing rich

The options market is pricing in a significant potential movement in the stock, indicating that investors are anticipating volatility around the earnings report.

Options are pricing ±13.7% while INSM has averaged ±7.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

1.0%

30d HV

46.5%

Calls (44K)P/C Ratio: 0.99Puts (4K)

Edge

Insider Activity

Open-market trades by officers, directors, and 10%+ holders over the trailing 90 days.

Bought

$0.00

0 sh

0 insiders

Sold

$1.5M

10,699 sh

1 insider

Net

$1.5M

Net selling

Most Active Insiders· 4 open-market trades

Chair and CEOLewis William
$1.5M
Net selling

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Insmed beats expectations, history suggests a potential average one-day move of +1.46%, confirming a positive outlook.

In-Line / Cautious

If results are in line with expectations but management provides cautious commentary, the stock may see muted movement as investors reassess their outlook.

Miss

Should the company miss expectations again, history suggests an average one-day move of +1.98%, indicating that the market may react negatively.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new product launches or pipeline developments.
2Management's commentary on cost management strategies.
3Insights into market demand for Insmed's therapies.
4Details on partnerships or collaborations that may impact growth.
5Any guidance on future earnings expectations.