Press release
Insmed Reports Second Quarter 2020 Financial Results and Provides Business Update
--ARIKAYCE® (amikacin liposome inhalation suspension) Total Revenue of $42.5 Million for Second Quarter 2020-- --ARIKAYCE Included in New International
About this update from Insmed Incorporated
[{"type":"text","content":"--ARIKAYCE® (amikacin liposome inhalation suspension) Total Revenue of $42.5 Million for Second Quarter 2020--\n --ARIKAYCE Included in New International Treatment Guidelines for NTM Lung Disease; Positive CHMP Opinion in European Union to Advance Global Growth--\n --Brensocatib Receives FDA Breakthrough Therapy Designation in Patients with Non-Cystic Fibrosis Bronchiectasis--\n\n\nBRIDGEWATER, N.J., Aug. 6, 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 second quarter ended June 30, 2020, and provided a business update. \n\"I am incredibly proud of the Insmed team's performance in the second quarter of 2020, which saw significant progress across our programs even against the backdrop of the continued COVID-19 pandemic,\" commented Will Lewis, Chair and Chief Executive Officer of Insmed. \"ARIKAYCE U.S. sales showed strong sequential growth from the first quarter as we continued to support patients and physicians through both virtual and in-person efforts, and we are excited about its inclusion in the new international treatment guidelines as well as the recent positive CHMP opinion. At the same time, we continued to advance brensocatib, which we believe offers a significant opportunity to address unmet needs in bronchiectasis and other neutrophil-driven diseases, along with our earlier-stage clinical pipeline.\"\nSecond Quarter 2020 Financial Results \nTotal revenue for the second quarter ended June 30, 2020, was $42.5 million, comprising U.S. net sales of $41.0 million and ex-U.S. net sales of $1.5 million. This compares to total revenue of $30.0 million for the second quarter of 2019. Cost of product revenues (excluding amortization of intangible assets) was $10.0 million for the second quarter of 2020, compared to $4.9 million for the second quarter of 2019. Research and development (R&D) expenses were $35.7 million for the second quarter of 2020, compared to $33.5 million for the second quarter of 2019. Selling, general, and administrative (SG&A) expenses for the second quarter of 2020 were $49.7 million, compared to $52.4 million for the second quarter of 2019. For the second quarter of 2020, Insmed reported a GAAP net loss of $61.9 million, or $0.64 per share,...