Insmed (INSM) Morgan Stanley 24th Annual Global Healthcare Conference summary

Launch performance and commercial outlook

• BRINSUPRI's first-year revenue is estimated at $1.25–$1.4 billion, surpassing initial benchmarks and ranking among the top 20 commercial launches in any therapeutic category.

• Peak sales guidance was raised to over $7 billion, excluding potential from COPD or asthma comorbid populations.

• Market access remains strong, with approval rates exceeding 90% and gross-to-net expected to stay in the low to high 20% range for the year.

• Prescriber base is expanding, with positive feedback loops driving increased adoption and no new safety concerns emerging.

• International revenue is expected to contribute 10–15%, with Japan as the primary driver; EU launch is on hold pending reimbursement clarity.

Strategic growth drivers and future opportunities

• Significant opportunity exists in targeting COPD and asthma comorbid populations, potentially adding millions of patients to the addressable market.

• Data from studies on COPD-bronchiectasis comorbidity and high-res CT scan rates are expected by mid-next year, informing future growth.

• Updated GOLD guidelines now recommend high-res CT scans for certain COPD patients, supporting broader BRINSUPRI adoption.

• Competition and copycats are anticipated, but peak sales estimates already factor in market share loss and price renegotiation.

• Expansion in Japan is progressing, with a growing sales force and high expectations for performance; Japanese pricing is expected by year-end.

Pipeline and innovation

• Second-generation DPP-1 inhibitor INS1033 has cleared IND for RA, with UC and COPD to follow, supported by robust preclinical models.

• TPIP peak sales guidance increased from $2 billion to over $6 billion across four indications, driven by strong phase II and open-label data.

• TPIP trials are advancing, with PH-ILD and PAH underway, PPF phase III starting by year-end, and IPF early next year; higher dosing offers efficacy advantages.

• Gene therapy programs for DMD and ALS are progressing, with first data expected next year and a focus on first or best-in-class outcomes.

• AI is integrated across research, commercial, and clinical operations, including proprietary AI engines for strategic decision-making.