NASDAQ$INSM

Insmed Incorporated · Q4 2019 earnings

Q4 2019 earnings · · Investor relations

Briefing

Insmed reported Q4 2019 earnings, showcasing strong growth and pipeline advancement.

Insmed reported a transformative year in 2019, marked by the first full year of the ARIKAYCE U.S. launch and advancements in the global infrastructure. The company also announced positive top-line Phase 2 data for INS1007 in non-cystic fibrosis bronchiectasis.

  • Total revenue for ARIKAYCE was $45.7 million for the fourth quarter of 2019 and $136.5 million for the full year 2019.
  • The company anticipates a potential launch of ARIKAYCE in Germany by the end of 2020, followed shortly thereafter by the UK.
  • Insmed plans to file for approval of ARIKAYCE in Japan in the first quarter of 2020.
  • Phase 2 WILLOW study of INS1007 in patients with Non-Cystic Fibrosis Bronchiectasis Achieves Primary and Key Secondary Endpoint

Headline financials

Total Revenue

$45.7M

Previous: $9.84M+364.7%
EPS (adj)

-$0.59

Previous: -$1.19+50.4%
Capital Expenditures

$13M

No prior period
Free Cash Flow

-$57.4M

No prior period
Net Income

-$53M

No prior period
Operating Income

-$84.1M

No prior period
Gross Profit

$37M

No prior period
Cash & Equivalents

$487M

No prior period
Total Assets

$742M

No prior period
Stock-Based Comp

$5.89M

No prior period

Revenue & EPS history

Insmed · Revenue · Quarterly

$45.7M

Q4 2019+364.7%vs Q4 2018
Beat estimate in 7 of 12 quarters(58%)
ActualEstimate

Revenue by segment

Insmed · $73.3M total across 2 segments · Q2 2023

  • ARIKAYCE U.S.
    $57.7M
  • ARIKAYCE International
    $15.6M

Forward guidance

Insmed expects full-year 2020 revenues for ARIKAYCE to be in the range of $180 million to $220 million.

Tailwinds

  • The Company plans to advance INS1007 into a Phase 3 program in patients with bronchiectasis.
  • The Company plans to invest in the development of a PRO for NTM lung disease as well as the initiation of a study to validate the PRO and, in parallel, a confirmatory clinical study of ARIKAYCE
  • The Company plans to advance INS1009 and our earlier-stage research pipeline
  • The company expects adjusted operating expenses to be in the range of $340 million to $360 million for 2020.
  • Pending the approval of our marketing authorization application in Europe, Insmed anticipates a potential launch of ARIKAYCE in Germany by the end of 2020, followed shortly thereafter by the UK.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2019

Historical avgQ4 2019

-1.2%

Avg return

Earnings day

-0.2%

Avg return

5 days after

+1.8%

Avg return

30 days after

35%

23 / 65 earnings

Positive

+27.5%

Q2 2022

Best reaction

-23.3%

Q1 2026

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-23.3%-15.4%-31.3%
Q4 2025+6.3%+5.0%-10.0%
Q3 2025+16.3%+9.5%+24.5%
Q1 2025-4.0%-3.8%+7.8%
Q4 2024-0.3%-7.6%-4.7%
Q3 2024-2.8%-1.4%+6.9%
Q2 2024+4.2%+7.6%+0.1%
Q1 2024-0.1%-2.1%+118.7%
Q4 2023-3.4%+3.5%-6.4%
Q3 2023-6.2%-1.5%-5.6%
Q2 2023+1.0%+1.3%+4.0%
Q1 2023-2.0%-4.4%-1.3%
Q4 2022-3.9%-2.4%-21.2%
Q3 2022-1.1%-1.2%+4.0%
Q2 2022+27.5%+26.6%+12.8%
Q1 2022-9.9%-19.6%-14.5%
Q4 2021-5.2%-6.5%+0.9%
Q3 2021+14.2%+21.3%+9.6%
Q2 2021+3.4%-2.3%+15.1%
Q1 2021+6.7%-11.7%-17.0%
Q4 2020-10.6%-3.9%-13.4%
Q3 2020-6.4%-6.8%+13.1%
Q2 2020+14.8%+7.9%+2.5%
Q1 2020+6.5%+13.4%+15.4%
Q4 2019-11.8%-16.6%-38.0%
Q3 2019+10.4%+16.6%+36.9%
Q2 2019-20.7%-22.5%-25.1%
Q1 2019-11.7%-11.5%-27.8%
Q4 2018+14.3%+17.0%+10.3%
Q3 2018-4.2%+7.2%+15.0%
Q2 2018+5.6%-1.6%-19.5%
Q1 2018+3.9%+2.0%+13.9%
Q4 2017+8.1%-0.8%-11.1%
Q3 2017+10.3%+10.8%+13.9%
Q2 2017-8.6%-17.2%-20.7%
Q1 2017-3.2%-7.4%-15.6%
Q4 2016-1.1%+9.5%+8.7%
Q3 2016-6.7%+0.8%+4.7%
Q2 2016-0.2%+0.3%+13.4%
Q1 2016+0.4%
Q4 2015-2.3%
Q3 2015-20.0%
Q2 2015-2.4%
Q1 2015+5.6%
Q4 2014+3.4%
Q3 2014-0.4%
Q2 2014-9.3%
Q1 2014+5.2%
Q4 2013-7.8%
Q3 2013-1.8%
Q2 2013-2.8%
Q1 2013-5.0%
Q4 2012+5.5%
Q3 2012+4.8%
Q2 2012-6.8%
Q1 2012-19.5%
Q4 2009-0.3%
Q4 2011-0.3%
Q3 2011-3.7%
Q2 2011-4.7%
Q4 2010-4.7%
Q1 2011-6.4%
Q3 2010+4.1%
Q2 2010-1.9%
Q1 2010-12.7%

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