Insmed (INSM) 2024 Cantor Fitzgerald Global Healthcare Conference summary

Key product updates and performance

• Arikayce achieved 15% year-over-year growth, with 2024 revenue guidance of $340–$360 million and potential for billion-dollar status pending label expansion.

• Brensocatib's ASPEN phase III trial in bronchiectasis met primary and secondary endpoints, showing significant reduction in exacerbations and improvements in lung function and quality of life.

• Brensocatib targets a $5 billion peak sales opportunity in bronchiectasis, with NDA submission on track for Q4 2024 and anticipated launch in mid-2025.

• TPIP, developed in-house, showed promising ILD data and is set for phase II PAH data in the second half of next year.

• ENCORE trial for Arikayce is on track, with data expected in Q1 2026 and alignment with FDA on endpoints.

Market opportunity and access strategy

• Brensocatib addresses a large unmet need in bronchiectasis, with 500,000 diagnosed U.S. patients and 1.2 million across the U.S., Europe, and Japan.

• Pricing research supports a $40,000–$96,000 annual range, with flexibility due to first-mover advantage and minimal near-term competition.

• Medicare is expected to cover 60–65% of the patient population, with payer strategies tailored for both Medicare and commercial segments.

• Anticipated simple pre-authorization process for brensocatib, leveraging experience from Arikayce.

• Expanded patient assistance program planned, scaling from 10 to 40–50 coordinators at launch.

Commercial readiness and execution

• U.S. sales force expanded from 65 to 185 reps, increasing physician reach from 5,500 to 20,000.

• Disease state awareness campaigns and payer engagement have been ongoing, with payer discussions covering 90% of patient lives.

• Commercial infrastructure is prepared to support both Arikayce and brensocatib launches, with sales force training and deployment set for October 1.

• Arikayce remains a growth brand, with continued global expansion and stable gross-to-net guidance in the mid to high teens for 2024.