Third-Quarter 2025 Earnings Presentation October 30, 2025 1 Forward Looking Statements The forward-looking statements in this presentation are based upon the Company's current expectations and beliefs, and involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results, performance and achievements and the timing of certain events to differ materially from the results, performance, achievements or timings discussed, projected, anticipated or indicated in any fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-30739 (Exact name of registrant as specified in its charter) Virginia 54-1972729 (State or other jurisdiction of incorporati ...

Insmed Reports Third-Quarter 2025 Financial Results and Provides Business Update —BRINSUPRI™ (brensocatib) Approved by FDA as First and Only Treatment for Non-Cystic Fibrosis Bronchiectasis; Positive CHMP Opinion Adopted in the European Union and Application Accepted in Japan— Exhibit 99.1 —BRINSUPRI Total Revenue of $28.1 Million for the Third Quarter of 2025— —ARIKAYCE® (amikacin liposome inhalation suspension) Total Revenue of $114.3 Million for the Third Quarter of 2025, Reflecting 22% Growth Over the T ...

Analysts on Wall Street project that Insmed (INSM) will announce quarterly loss of -$1.32 per share in its forthcoming report, representing a decline of 3.9% year over year. Revenues are projected to reach $114.65 million, increasing 22.7% from the same quarter last year.The current level reflects a downward revision of 0.6% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over t ...

Performance Overview - Baron Health Care Fund increased 5.39% in Q3 2025, outperforming the Russell 3000 Health Care Index's 5.05% but underperforming the Russell 3000 Index's 8.18% [2][3] - Since inception on April 30, 2018, the Fund has achieved an annualized return of 9.30%, compared to 8.68% for the Benchmark and 14.48% for the Index [2][4] Key Contributors - Strong stock selection in biotechnology, particularly from argenx SE and Insmed Incorporated, contributed significantly to the Fund's performance [5] - Argenx's Vyvgart sales exceeded expectations, while Insmed's Brinsupri received U.S. approval, representing a $5 billion-plus opportunity [5][16] - Investments in health care services, particularly RadNet, Inc. and Heartflow, Inc., also added value, with RadNet's shares rising due to strong quarterly results and guidance [6][7][17] Key Detractors - Poor stock selection in health care equipment, particularly from Masimo Corporation and Boston Scientific Corporation, negatively impacted performance [8][9] - Eli Lilly's stock fell due to disappointing Phase 3 trial results for orforglipron, alongside broader regulatory uncertainties affecting the pharmaceutical sector [12][21] - The Fund's underweight position in Johnson & Johnson, which saw a 22.3% increase, also detracted from relative performance [12] Portfolio Structure - The Fund held 46 stocks, with a significant overweight in biotechnology (31.8%) and health care equipment (24.0%), while being underweight in pharmaceuticals (15.2%) [24][28] - The top 10 holdings represented 47.8% of net assets, with Eli Lilly and argenx being the largest positions [26] Recent Activity - The Fund added 16 new positions and exited five, maintaining a focus on attractive valuations in the health care sector [29] - Notable purchases included AbbVie Inc., UnitedHealth Group, and Roivant Sciences, while positions in argenx and Eli Lilly were reduced to manage risk [30][31][37] Market Outlook - The health care sector is expected to offer attractive investment opportunities driven by demographic trends, chronic disease prevalence, and technological advancements [14][40] - Recent agreements, such as Pfizer's MFN pricing deal, are seen as positive for the pharmaceutical sector, with limited financial impact anticipated [38]

Accessibility StatementSkip Navigation — If Approved, BRINSUPRI Would Be the First and Only Treatment in the European Union for Non-Cystic Fibrosis Bronchiectasis (NCFB) and the First-in-Class DPPI Inhibitor Targeting Neutrophilic Inflammation —Â Â BRINSUPRI Was Reviewed Under CHMP's Accelerated Assessment Pathway as It Is Considered of Major Interest for Public Health and Therapeutic Innovation — BRIDGEWATER, N.J., Oct. 17, 2025 /PRNewswire/ --Â Insmed Incorporated (Nasdaq: INSM), a people-first global bio ...

Accessibility StatementSkip Navigation —Data on Structural Lung Changes from a High-Resolution CT Substudy to be Presented as Late-Breaker— BRINSUPRIâ"¢ (brensocatib) is a small molecule, once-daily, oral, reversible inhibitor of dipeptidyl peptidase 1 (DPP1) indicated for the treatment of non-cystic fibrosis bronchiectasis (NCFB) in adult and pediatric patients 12 years of age or older. Brensocatib is designed to inhibit the activation of enzymes (neutrophil serine proteases) in neutrophils that are key dr ...

Group 1: Artisan Mid Cap Fund Performance - Artisan Mid Cap Fund's Investor Class fund ARTMX returned 8.80%, Advisor Class fund APDMX also posted a return of 8.80%, and Institutional Class fund APHMX returned 8.83% in Q3 2025, significantly outperforming the Russell Midcap Growth Index which returned 2.78% [1] - The strong performance was primarily driven by holdings in the health care sector [1] Group 2: Insmed Incorporated Overview - Insmed Incorporated (NASDAQ:INSM) is a biopharmaceutical company focused on developing therapeutic products for serious and rare diseases, with a one-month return of 11.47% and a 52-week gain of 110.54% [2] - As of October 14, 2025, Insmed's stock closed at $161.38 per share, with a market capitalization of $34.112 billion [2] Group 3: Insmed's Product Pipeline and Market Potential - Insmed's lead product, ARIKAYCE®, is an inhaled antibiotic for lung infections resistant to standard therapies, and the company recently received FDA approval for Brinsupri™, a once-daily oral treatment for non-cystic fibrosis bronchiectasis [3] - Brinsupri™ addresses a significant unmet need with over one million diagnosed patients in the US, Europe, and Japan, and is expected to see rapid adoption [3] - Insmed has a promising pipeline, including a third de-risked drug candidate with multibillion-dollar potential [3] Group 4: Hedge Fund Interest in Insmed - At the end of Q2 2025, 82 hedge fund portfolios held Insmed Incorporated (NASDAQ:INSM), an increase from 64 in the previous quarter [4]

Core Insights - The article highlights stocks reaching new 52-week highs, indicating market recognition of strong fundamentals and potential catalysts for growth [1][2]. Company Summaries Cogent Biosciences Inc. (COGT) - Cogent Biosciences plans to file its first New Drug Application for Bezuclastinib by the end of 2025, targeting non-advanced systemic mastocytosis [3]. - A phase III trial comparing Bezuclastinib with Sutent is ongoing, with results expected in the second half of 2025 [4]. - The stock reached a 52-week high of $16.99, up from $7.25 when last featured [5]. Assembly Biosciences Inc. (ASMB) - Assembly Biosciences is advancing four key development programs, with ABI-5366 expected to enter phase 2 studies in mid-2026 [6]. - Interim data for ABI-1179 is anticipated this fall, while ABI-6250 is in a phase 1a trial [7]. - The stock hit a 52-week high of $28, up from $14.53 when last featured [8]. Compass Therapeutics Inc. (CMPX) - Compass Therapeutics is conducting a phase 2/3 study of Tovecimig for advanced biliary tract cancer, with analyses of secondary endpoints expected in Q1 2026 [9][10]. - The stock reached a 52-week high of $4.39, up from $2.91 when last featured [11]. NewAmsterdam Pharma Company N.V. (NAMS) - NewAmsterdam Pharma is developing Obicetrapib as a cholesterol-lowering therapy, with positive data from the BROADWAY trial [12][13]. - The company has completed two additional phase III trials and submitted marketing applications to the EMA [16]. - The stock reached a 52-week high of $39.76, up from $21.56 when last featured [17]. Mineralys Therapeutics Inc. (MLYS) - Mineralys is developing Lorundrostat for uncontrolled hypertension, with a pivotal phase III trial achieving its primary endpoint [19]. - A phase II trial for overweight participants with OSA is ongoing, with topline results expected in 1H 2026 [20]. - The stock hit a 52-week high of $43.88, up from $10.34 when last featured [20]. Kymera Therapeutics Inc. (KYMR) - Kymera is set to report data from its phase I trial of KT-621 this quarter, with phase 2b studies planned for late 2025 and early 2026 [21][22]. - The stock reached a 52-week high of $60, up from $40 when last featured [22]. Insmed Inc. (INSM) - Insmed has two approved drugs and is conducting a phase 3 trial of Arikayce, with topline results expected in 1H 2026 [24][25]. - The stock hit a high of $166.54, up from $76.54 when last featured [26]. Adaptive Biotechnologies Corp. (ADPT) - Adaptive Biotechnologies expects MRD revenue between $190 million and $200 million for 2025, up from $145.5 million in 2024 [28][29]. - The stock reached a 52-week high of $15.94, up from $9.80 when last featured [29]. BridgeBio Pharma Inc. (BBIO) - BridgeBio has upcoming topline results from the FORTIFY and CALIBRATE studies expected in Fall 2025 [30]. - The stock reached a 3-year high of $56.24, up from $25.10 when last featured [31]. Tarsus Pharmaceuticals Inc. (TARS) - Tarsus reported strong sales for Xdemvy, with Q2 2025 sales of $102.7 million, compared to $40.8 million in Q2 2024 [32]. - The stock hit an all-time high of $70.15, up from $25.01 when last featured [34]. Palvella Therapeutics Inc. (PVLA) - Palvella's QTORIN is under development for various skin diseases, with a phase 2 trial expected to report data in mid-December 2025 [35][36]. - The stock reached a 52-week high of $76.76, up from $25 when last featured [36]. Merus N.V. (MRUS) - Merus agreed to be acquired by Genmab for $97 per share, with the deal expected to close in early Q1 2026 [37]. - The stock was at $39.71 when last featured [39]. Nephros Inc. (NEPH) - Nephros reported net revenue of $4.4 million for Q2 2025, marking its third consecutive quarter of profitability [40][41]. - The stock hit a 52-week high of $5.98, up from $2.93 when last featured [42].

Core Insights - Insmed (INSM) is valued at $34.3 billion and focuses on developing ARIKAYCE for rare lung conditions and INS1009 for pulmonary arterial hypertension (PAH) [1][6] - The stock has shown strong momentum, gaining 128% over the past year and reaching a 20-year high of $162.80 on October 8 [4][6] - Analysts project significant revenue growth of 29.95% this year and 124.91% next year, with earnings expected to increase by 0.62% this year and 34.92% next year [7][8] Technical Analysis - Insmed has a Weighted Alpha of +126.78 and a 100% "Buy" opinion from Barchart [7] - The stock has made 6 new highs and gained 10.59% in the last month, with a Relative Strength Index (RSI) at 76.32 [7] - A technical support level is identified around $158.60 [7] Market Performance - Since the Trend Seeker signaled a new "Buy" on October 1, the stock has gained 10.12% [2] - The stock has shown consistent price appreciation, supported by strong technical buy signals [2]