Here’s Why Insmed Fell Hard Today
Shares of Insmed (NASDAQ: INSM) were down 13% at 2:40 p.m. Thursday after the biopharmaceutical company reported second-quarter earnings and gave updated guidance for the year. It's the latter that seems to have investors fretting.
The company recently launched Arikayce, an antibiotic that treats Mycobacterium avium complex lung disease. The drug generated $29 million in the U.S. in Q2, producing solid growth of 38% quarter-over-quarter from its $21 million in sales in Q1.
Insmed also generated $1 million in revenue from Arikayce in France and Germany, where it's sold under compassionate-use programs; that wasn't much improved from the $900,000 it booked in those nations in Q1. The drug's marketing application in Europe was filed this month, which sets up a potential commercial launch for it in some European countries in the second half of next year. Others may follow in 2021, or perhaps later, depending on how reimbursement negotiations go.
Quelle Fool.com
