Press release
Insmed Reports Fourth Quarter and Full Year 2019 Financial Results and Provides Business Update
--ARIKAYCE® (amikacin liposome inhalation suspension) Total Revenue of $45.7 Million for the Fourth Quarter 2019 and $136.5 Million for the Full Year 2019--
About this update from Insmed Incorporated
[{"type":"text","content":"--ARIKAYCE® (amikacin liposome inhalation suspension) Total Revenue of $45.7 Million for the Fourth Quarter 2019 and $136.5 Million for the Full Year 2019--\n --Company Provides Full-Year 2020 ARIKAYCE Revenue Guidance of $180 Million to $220 Million--\n --Phase 2 WILLOW Study of INS1007 in Patients with Non-Cystic Fibrosis Bronchiectasis Achieves Primary and Key Secondary Endpoint--\n\n\nBRIDGEWATER, N.J., Feb. 25, 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 fourth quarter and full year ended December 31, 2019 and provided a business update. \n\"2019 was a transformative year for Insmed as we evolved into a commercial-stage organization and advanced our global infrastructure. I am incredibly proud of our team's performance in the first full year of the ARIKAYCE U.S. launch, and we look forward to serving even more patients with the same level of dedication as we prepare for a potential approval and commercial launch in Europe and regulatory filings in Japan,\" commented Will Lewis, Chairman and Chief Executive Officer of Insmed. \"With our recent announcement of positive top-line Phase 2 data for INS1007 in non-cystic fibrosis bronchiectasis, in addition to other meaningful advancements in our pipeline, we are well on our way toward building a robust portfolio of therapies that address the unmet needs of small patient populations experiencing big health problems.\"\nFourth Quarter and Full-Year 2019 Financial Results \nTotal revenue for the fourth quarter ended December 31, 2019 was $45.7 million, comprising U.S. net sales of $44.3 million and ex-U.S. net sales of $1.4 million. Total revenue for the full year 2019 was $136.5 million, comprising U.S. net sales of $132.1 million and ex-U.S. net sales of $4.4 million. This compares to total revenue of $9.8 million for the fourth quarter and full year 2018. Cost of product revenues (excluding amortization of intangible assets) was $8.7 million for the fourth quarter of 2019, compared to $2.4 million for the fourth quarter of 2018. For the full year 2019, cost of product revenues was $24.2 million compared to $2.4 million in 2018. The increase in cost of product revenues is attributable to the increase in revenues. R...