Shares of Insmed surged 31.70% in intraday trading on Thursday, extending a powerful rally that began in the pre-market session. The dramatic move was fueled by the company’s second-quarter financial results, which comprehensively beat Wall Street expectations and included a significant upward revision to its full-year revenue outlook for its key lung disease treatment, Brinsupri.

The drugmaker reported Q2 revenue of $425.5 million, a 296% increase from the prior year and well above the consensus estimate of $392.8 million. The company also posted a net loss of just $0.06 per share, dramatically narrower than the $1.70 loss a year ago and far better than the analyst consensus of a $0.69 to $0.73 loss per share. The outperformance was driven by strong sales of Brinsupri, which generated $309.2 million in its second full quarter on the market, reflecting a 49% sequential increase.

Further boosting investor sentiment, Insmed raised its 2026 Brinsupri revenue guidance to a range of $1.25 billion to $1.40 billion, up from its prior outlook of at least $1 billion. The company also raised its peak revenue estimate for its three lead programs to more than $14 billion. The accelerating commercial uptake of Brinsupri and the improved profitability trajectory underpinned the stock's sharp intraday advance.