Insmed (INSM) Morgan Stanley’s 22nd Annual Global Healthcare Conference summary

Company transformation and strategic pillars

• Expanded from 50-60 to over 1,000 employees, operating in the US, Europe, and Japan, with global clinical trials.

• Organized around four pillars: ARIKAYCE, Brensocatib, TPIP, and early-stage research, each with planned data readouts.

• Achieved double-digit ARIKAYCE growth year over year, with a strong culture focused on patient impact.

ARIKAYCE performance and outlook

• ARIKAYCE launched in 2018, achieving a top 10 rare disease launch in its first year.

• Continued double-digit growth in the US, with strong performance in Japan and Europe.

• ARISE trial exceeded expectations, validating patient-reported outcomes and informing the ENCORE confirmatory trial.

• ENCORE data readout expected in early 2026, with potential to expand the addressable patient population by 3-5x and reach $1B in global sales.

Brensocatib development and launch strategy

• Brensocatib targets bronchiectasis, a disease with no approved therapies, aiming to reduce exacerbations and preserve lung function.

• ASPEN phase III trial showed both doses reduced exacerbations by ~20% and preserved lung function at the higher dose.

• NDA filing planned for Q4, with launch expected mid-next year; label expected to be broad for bronchiectasis diagnosis.

• Commercial launch preparations include disease education, payer engagement, and expansion of sales and support teams.

• Pricing guidance set between $40,000-$96,000, with focus on value and patient access.