Press release
Insmed Reports First Quarter 2020 Financial Results and Provides Business Update
--Company Supports Investigator-Initiated Study of Brensocatib (Formerly INS1007) in Severe COVID-19 and Continues to Advance Development in Bronchiectasis--
About this update from Insmed Incorporated
[{"type":"text","content":"--Company Supports Investigator-Initiated Study of Brensocatib (Formerly INS1007) in Severe COVID-19 and Continues to Advance Development in Bronchiectasis--\n --ARIKAYCE® (amikacin liposome inhalation suspension) Total Revenue of $36.9 Million for the First Quarter 2020; Global Growth and Label Expansion Efforts Advance--\n\n\nBRIDGEWATER, N.J., April 30, 2020 /PRNewswire/ -- Insmed Incorporated (Nasdaq:INSM), a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases, today reported financial results for the first quarter ended March 31, 2020, and provided a business update. \n\"The start of 2020 saw an unprecedented global event with the COVID-19 pandemic. We are proud to be fighting this disease alongside many in the biopharmaceutical industry by supporting an investigator-initiated study of brensocatib, formerly known as INS1007, in patients with severe COVID-19. While we continue to advance this novel treatment candidate in bronchiectasis, we are hopeful that Insmed can contribute in the fight against COVID-19,\" commented Will Lewis, Chairman and Chief Executive Officer of Insmed. \"I am also pleased that in an incredibly challenging environment, we have been able to support the NTM lung disease community remotely and provide an uninterrupted supply of ARIKAYCE while working to ensure the safety of all stakeholders, including our employees. With meaningful advances in our pipeline; important growth catalysts for ARIKAYCE; and a strong balance sheet, we believe we are well-positioned to stay the course through these challenging times and continue to serve patients in need.\"\nFirst Quarter 2020 Financial Results \nTotal revenue for the first quarter ended March 31, 2020, was $36.9 million, comprising U.S. net sales of $35.2 million and ex-U.S. net sales of $1.7 million. This compares to total revenue of $21.9 million for the first quarter of 2019. Cost of product revenues (excluding amortization of intangible assets) was $8.4 million for the first quarter of 2020, compared to $4.2 million for the first quarter of 2019. Research and development (R&D) expenses were $36.2 million for the first quarter of 2020, compared to $31.2 million for the first quarter of 2019. The increase in R&D expenses is primarily attributable to an increase in compensation and benefit-related e...