Stanley Druckenmiller is a Wall Street legend whose trades are truly worth tracking due to how consistently he has been winning. He has been piling into Natera (NASDAQ:NTRA), Insmed (NASDAQ:INSM), and Teva Pharmaceuticals (NYSE:TEVA) as of late, and we'll get into why. Druckenmiller first gained fame by managing George Soros's Quantum Fund, where he orchestrated the $10 billion currency bet that "broke the Bank of England†in 1992. Since founding Duquesne Capital Management in 1981, he's delivered annualized ...

PresentationAll right. Let's go ahead and get started. So thanks for joining us, everyone. Next up, we have Insmed's CFO, Sara Bonstein. Sara, over to you for an overview of the company, where things stand today on the back of a huge 2025 and another exciting '26. After that, we'll get into it.Sara BonsteinChief Financial Officer Great. Great. Thank you so much, Gavin, for having us, and thank you to Evercore for hosting this great conference. It's nice to be in some warm weather coming from an area where t ...

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Insmed (NasdaqGS:INSM) FY Conference December 02, 2025 11:15 AM ET Company ParticipantsSara Bonstein - CFOGavin Clark-Gartner - Managing DirectorGavin Clark-GartnerAll right. Let's go ahead and get started. Thanks for joining us, everyone. Next up, we have Insmed's CFO, Sara Bonstein. Sara, over to you for an overview of the company, where things stand today on the back of a huge 2025, another exciting 2026. After that, we'll get into it.Sara BonsteinGreat. Great. Thank you so much, Gavin, for having us. Th ...

Core Insights - Stanley Druckenmiller, a renowned investor, has a significant focus on biotech stocks, which make up 30% of his portfolio despite the popularity of AI stocks in the market [2][3]. Biotech Sector Overview - The biotech sector is challenging for retail investors due to its speculative nature and the need for scientific knowledge [2]. - Druckenmiller's private investment firm, Duquesne Family Office, has three major biotech holdings: Natera, Insmed, and Teva Pharmaceutical [3]. Natera - Natera represents 13% of Duquesne's portfolio, with over 3.2 million shares valued at approximately $517 million [4]. - The company utilizes AI to enhance disease detection, focusing on women's health, oncology, and organ health [5]. - Natera's stock has increased by 48% in 2023, with a 35% revenue growth year-over-year for the first nine months of 2025 [6]. - The company raised its annual revenue guidance for 2025 by $160 million, although it faces increased losses due to R&D and administrative expenses [6]. Insmed - Insmed accounts for 8.6% of the portfolio, with over 2.4 million shares valued at around $349 million [7]. - The company is focused on developing drugs for chronic diseases, with two drugs currently commercialized [8]. - Insmed's stock has surged nearly 200% year-to-date, driven by a 21% revenue growth from its drug Arikayce and the FDA approval of Brinsupri [9]. Teva Pharmaceutical - Teva Pharmaceutical comprises 8.3% of the portfolio, with approximately 16.6 million shares valued at about $335.2 million [10]. - The company manufactures a variety of drugs and has seen its stock rise over 17% this year [11]. - Teva reported a 3% year-over-year revenue growth to nearly $4.5 billion in the third quarter and has a strong pipeline of drugs nearing commercialization [12]. - The stock is trading at 1.7 times forward revenue and 9.5 times forward earnings, indicating a reasonable valuation [13].

Core Viewpoint - Carillon Tower Advisers' "Carillon Eagle Mid Cap Growth Fund" reported a continued rally in equity markets during Q3 2025, driven by enthusiasm for AI, limited inflationary effects from tariffs, and expectations for interest rate cuts by the U.S. Federal Reserve [1] Market Performance - The Russell Midcap Growth Index increased by 2.78%, while the Russell Midcap® Value Index outperformed with a gain of 6.16% during the same quarter [1] Sector Insights - The investor letter provided detailed insights on various sectors including Cyclicals, Healthcare, Information Technology, Financials, and Consumer sectors [1] Company Spotlight: Insmed Incorporated - Insmed Incorporated (NASDAQ:INSM) is highlighted as a key stock, with a one-month return of 25.19% and a remarkable 173.43% increase over the last 52 weeks [2] - As of November 24, 2025, Insmed's stock closed at $206.93 per share, with a market capitalization of $44.133 billion [2] Product Approval and Impact - Insmed received approval for its Brinsupri product to treat non-cystic fibrosis bronchiectasis, marking a significant milestone for a condition affecting up to 500,000 people [3] - The positive trial results for another treatment for pulmonary fibrosis contributed to the strong performance of Insmed's stock [3] Hedge Fund Interest - Insmed was held by 82 hedge fund portfolios at the end of Q2 2025, an increase from 64 in the previous quarter, indicating growing interest among institutional investors [4]

Investment Insights - Stanley Druckenmiller, a highly successful investor, is investing in Natera (NASDAQ:NTRA), Insmed (NASDAQ:INSM), and Teva Pharmaceutical (NYSE:TEVA) [1] - Druckenmiller has a long history of high returns in global macro investing, producing average annual returns of around 30% with no losing years at Duquesne Capital Management from 1981 to 2010 [5][8] Natera (NTRA) - Natera is a genetic testing company specializing in cell-free DNA (cfDNA) for diagnostic tests, including non-invasive prenatal tests [6] - NTRA stock has increased over 500% since its low in October 2023, with revenue rising 34.66% year-over-year in Q3 2025, beating analyst estimates by 13.9% [7] - Management has raised full-year revenue guidance to between $2.18 billion and $2.26 billion, following a previous increase in Q2 2025 [7] Insmed (INSM) - Insmed's stock price surged from below $26 in May 2024 to nearly $200, with revenue growing 52% year-over-year in Q3 2025 [8]

Core Insights - Stanley Druckenmiller is recognized as one of the most successful investors in the field of global macro investing, boasting a billionaire status and a long history of high returns [1] Group 1 - The article highlights Stanley Druckenmiller's reputation as a highly successful investor [1] - It emphasizes his expertise in global macro investing, which involves making investment decisions based on global economic trends [1] - The article notes his billionaire status, indicating significant financial success and influence in the investment community [1]

Core Insights - Insmed (INSM) received European Commission approval for Brinsupri (brensocatib) to treat non-cystic fibrosis bronchiectasis (NCFB), leading to a 2.1% increase in share price [1][6] - Brinsupri is the first and only approved treatment for NCFB in the EU, having undergone accelerated assessment by the European Medicines Agency (EMA) due to its public health significance [2][3] - Year-to-date, Insmed's shares have surged by 192%, significantly outperforming the industry average increase of 15.7% [2] Regulatory Approval - The approval of Brinsupri was based on comprehensive scientific reviews, including data from phase III ASPEN and phase II WILLOW studies [3] - The ASPEN study demonstrated that Brinsupri (25 mg) reduced the annual exacerbation rate by 19.4% compared to placebo, while also meeting key secondary goals [4][6] Commercial Performance - In the third quarter of 2025, Brinsupri generated sales of $28.1 million in the partial quarter following its U.S. approval and launch, indicating a promising commercial start [8] Future Developments - Insmed is also exploring Brinsupri in the phase IIb BiRCh study for chronic rhinosinusitis without nasal polyps (CRSsNP), with data expected in early 2026, and in the phase II CEDAR study for hidradenitis suppurativa, with top-line data anticipated in the first half of 2026 [9]

Core Insights - The European Commission has approved BRINSUPRI (brensocatib 25 mg tablets) for the treatment of non-cystic fibrosis bronchiectasis (NCFB) in patients aged 12 and older with two or more exacerbations in the prior 12 months, marking it as the first approved treatment for NCFB in the EU [1][4] - BRINSUPRI was reviewed under the EMA's Accelerated Assessment Pathway due to its significant public health interest [1] Company Overview - Insmed Incorporated is a global biopharmaceutical company focused on delivering first- and best-in-class therapies for serious diseases, with a commitment to underserved patient communities [14][15] - The company is advancing a diverse portfolio of approved and investigational medicines, particularly in pulmonary and inflammatory conditions [14] Product Details - BRINSUPRI is a small molecule, once-daily oral reversible inhibitor of dipeptidyl peptidase 1 (DPP1), indicated for the treatment of NCFB in patients aged 12 years and older [6] - The approval is based on data from the Phase 3 ASPEN and Phase 2 WILLOW studies, which demonstrated a 19.4% reduction in the annual rate of exacerbations for patients taking BRINSUPRI compared to placebo [3][8] Clinical Study Insights - The ASPEN study involved over 1,680 adult patients and 41 adolescent patients, showing significant improvements in exacerbation rates and lung function [8] - The WILLOW study included 256 adult patients and focused on the time to first pulmonary exacerbation, further supporting the efficacy of BRINSUPRI [9] Market Potential - An estimated 600,000 people in the EU are diagnosed with NCFB, with an additional two million potentially undiagnosed, indicating a substantial market opportunity for BRINSUPRI [2][10] - Insmed plans to engage with EU authorities to secure access to BRINSUPRI for eligible patients starting in early 2026 [4]