Insmed shares fall 20% after higher quarterly operating expenses
Updated
Updated · MarketWatch · May 7
Insmed shares fall 20% after higher quarterly operating expenses
9 articles · Updated · MarketWatch · May 7
The stock dropped to $109.19 after first-quarter SG&A rose to $247.3 million and R&D to $209.5 million, while Arikayce revenue missed expectations and Brinsupri patient starts weakened.
Insmed posted a loss of $163.6 million, or 76 cents a share, better than analysts' expected 96-cent loss, as revenue jumped to $306 million from $92.8 million.
Arikayce treatment revenue rose 6% year on year but still disappointed analysts, and Insmed shares are now down 37% so far this year.
Can Insmed's new blockbuster drug justify its massive launch costs despite a slow start with new patients?
Insmed beat earnings forecasts, so why did soaring expenses cause its stock to plummet 20%?