Insmed (INSM) 51st Nasdaq London Investor Conference summary

Strategic overview and product pipeline

• Four-pillar strategy includes commercialized ARIKAYCE, late-stage brensocatib, TPIP for pulmonary hypertension, and a robust research platform.

• ARIKAYCE is approved in the US, Europe, and Japan for refractory NTM, with sustained double-digit growth since launch.

• Brensocatib's phase 3 ASPEN trial showed strong efficacy and safety in bronchiectasis, a disease with no approved treatments.

• TPIP targets PAH and PH-ILD, with phase 2 data expected next year and phase 3 trials planned to start by end of next year.

• Research platform aims to deliver 1–2 new INDs annually, with gene therapy for Duchenne Muscular Dystrophy entering patients next year.

Brensocatib clinical and commercial outlook

• Phase 3 ASPEN trial met primary endpoint, reducing pulmonary exacerbations and preserving lung function at 25mg dose.

• Filing for US approval is planned this quarter, with Day 74 Letter update expected in Q1 and potential mid-2025 launch.

• Priority review anticipated due to breakthrough designation; launch strategy leverages existing pulmonology-focused sales force.

• Peak sales projected north of $5 billion for diagnosed bronchiectasis patients, with additional upside from broader indications.

• BIRCH phase 2 data for chronic rhinosinusitis without nasal polyps expected before end of next year.

ARIKAYCE performance and expansion

• ARIKAYCE continues double-digit growth, driven by strong clinical data and international guideline recommendations.

• Expansion into first-line NTM treatment could increase addressable US market from 12–15k to 100k patients.

• ARISE trial showed >80% bacterial eradication in six months; peak sales could exceed $1 billion with label expansion.