Insmed (NasdaqGS:INSM) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsBryan Dunn - Head of Investor RelationsGraig Suvannavejh - Managing DirectorJason Zemansky - VPMartina Flammer - CMOSara Bonstein - CFOSteven Willey - Managing DirectorWill Lewis - Chair and CEOConference Call ParticipantsAdam Walsh - Managing Director and Senior Biotechnology Equity Research AnalystGavin Clark-Gartner - Managing Director and Biotechnology Equity Research AnalystJessica Fye - Managing Director and ...

Insmed (NasdaqGS:INSM) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsBryan Dunn - Head of Investor RelationsJason Zemansky - VPMartina Flammer - CMOSara Bonstein - CFOSteven Willey - Managing DirectorWill Lewis - Chair and CEOConference Call ParticipantsAdam Walsh - Managing Director and Senior Biotechnology Equity Research AnalystGavin Clark-Gartner - Managing Director and Biotechnology Equity Research AnalystGreg Silvanouve - VP and Equity Research AnalystJessica Fye - Managing D ...

Insmed (NasdaqGS:INSM) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Speaker17Thank you for standing by, and welcome to the Insmed fourth quarter and full year 2025 financial results conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your ques ...

February 19, 2026 Fourth-Quarter 2025 Earnings Presentation We're in. For science. 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 ...

INS1202INS1202 is an investigational adeno-associated virus (AAV9) short hairpin RNA (shRNA) construct targeting the human superoxide dismutase type 1 (SOD1) gene. Insmed is developing INS1202 as a potential treatment for patients with amyotrophic lateral sclerosis (ALS) who carry SOD1 mutations and those who do not have SOD1 mutations. INS1202 is administered intrathecally as a one-time fixed (non-weight-based) dose. INS1202 is an investigational drug product that has not been approved for any indication i ...

February 2026 Investor Presentation We're in. For patients. 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 ...

Core Insights - Insmed Inc. reported strong preliminary 2025 results with total revenue of approximately $606 million, a 67% year-over-year increase, driven by growth in ARIKAYCE and the first full year of BRINSUPRI [1] - ARIKAYCE generated about $434 million globally, while BRINSUPRI contributed roughly $173 million in U.S. sales, indicating solid adoption by medical professionals [2] - The company has a robust outlook for 2026, including an expected EU launch of BRINSUPRI and ARIKAYCE revenue guidance of $450-$470 million [2] Company Overview - Insmed Inc. is a biopharmaceutical company focused on developing and commercializing therapies for patients with serious and rare diseases, particularly in pulmonary and inflammatory conditions [4] Analyst Insights - Morgan Stanley analyst Maxwell Skor reviewed Insmed and slightly lowered the price target to $157, maintaining an Equal Weight rating, while expressing caution regarding large-cap biopharma due to potential patent cliffs [3] - Despite the caution on large-cap biopharma, the analyst remains favorable towards U.S. small- to mid-cap biotech, expecting this sector to outperform in 2026 [3]

Group 1: Debt Financing Trends - The increasing reliance on debt for financing multi-billion-dollar artificial intelligence and AI-infrastructure investments has raised concerns, with Oracle being a notable example, potentially raising $20-$30 billion in debt annually over the next three years for its AI initiatives [1][2] - Many large companies are accumulating debt to enhance their AI capabilities, with $37 billion in U.S. investment-grade bonds issued on the first Monday of 2026, and an estimated $215 billion of high-grade debt expected to be sold in January alone [3] Group 2: Corporate Debt Risks - Rising leverage poses risks, as increased debt levels may lead to higher corporate defaults, while companies with minimal or no debt generally have better financial flexibility and less operational volatility during downturns [4] - An optimal balance between leveraging debt for growth and maintaining financial stability is essential for companies to capitalize on investment opportunities [4] Group 3: Debt-Free Stock Selection - The article defines "debt-free" as companies with net cash positions where enterprise value is lower than market capitalization, indicating that cash and liquid investments exceed total debt [5] - A methodology was established to identify the best debt-free stocks, focusing on U.S. stocks with a market capitalization of at least $2 billion and an enterprise value-to-market cap ratio below 1.0, leading to a shortlist of stocks with a potential upside of at least 15% and high hedge fund ownership [7][8] Group 4: Company-Specific Insights - Coinbase Global Inc. (NASDAQ:COIN) is highlighted as a top debt-free stock with a potential upside of 48.4%, receiving an upgrade from BofA, which noted that the recent stock decline was unrelated to fundamentals [10][11] - Insmed Inc. (NASDAQ:INSM) reported strong preliminary 2025 results with total revenue of approximately $606 million, a 67% year-over-year increase, driven by its leading therapies [15][16] - Palo Alto Networks Inc. (NASDAQ:PANW) is recognized as a debt-free stock with a potential upside of 22.5%, although UBS has maintained a cautious stance due to softness in platformization deals and potential deceleration in service revenue growth [20][22]

Financial Performance & Guidance - BRINSUPRI achieved preliminary unaudited U S net revenues of approximately $144 6 million in Q4 2025 and $172 7 million for the full year 2025[23] - ARIKAYCE generated worldwide revenue of approximately $433 8 million in FY 2025, representing a 19 3% increase year-over-year[27] - The company anticipates ARIKAYCE revenue to be between $450 million and $470 million for the full year 2026[28] Clinical Development Programs - The company expects topline data readout from the Phase 3 ENCORE trial for ARIKAYCE in March/April 2026, potentially leading to label expansion[30, 31] - Phase 3 trials for TPIP in PAH, PPF, and IPF are expected to initiate in early and the second half of 2026 respectively[13, 38] - Topline data readout from the Phase 2 CEDAR trial for brensocatib in Hidradenitis Suppurativa is expected in Q2 2026[46, 50] Pipeline Expansion - The company plans to file Investigational New Drug (IND) applications for RA and IBD in the second half of 2026[13, 50] - IND filing for Stargardt is anticipated in 2026[13, 59] - Phase 2 programs in ILD and moderate to severe asthma are planned for INS1148[13, 40] Commercial Expansion - BRINSUPRI is expected to launch in the EU and UK, pending regulatory approval[13, 44] - BRINSUPRI is also anticipated to launch in Japan, pending regulatory approval[13, 44] Cash Position - The company reported a cash position of $1 7 billion as of September 30, 2025[62]

Core Insights - Stanley Druckenmiller, a renowned Wall Street investor, has recently increased his investments in Natera, Insmed, and Teva Pharmaceuticals, indicating strong confidence in these companies' growth potential [1] Natera (NTRA) - Natera is a clinical genetic testing company specializing in non-invasive, cell-free DNA testing technology, and it constitutes 12.74% of Druckenmiller's portfolio, valued at $517.4 million [4][6] - The stock has gained over 500% since its low in October 2023, with a nearly 70% increase following a dip in Q3 2025 [4][5] - Revenue for Natera grew 34.66% year-over-year in Q3 2025, surpassing analyst expectations, although the company remains loss-making with projections for positive EPS by 2028 [6] Insmed (INSM) - Insmed focuses on biopharmaceuticals for pulmonary conditions, with its flagship product ARIKAYCE being the only FDA-approved therapy for refractory Mycobacterium avium complex [7] - Druckenmiller first invested in Insmed in Q2 2020 and has been consistently increasing his stake since Q4 2024, with current holdings representing 8.59% of his portfolio, valued at $349 million [8][9] - The company reported a revenue growth of 52.36% year-over-year in Q3 2025, indicating strong market traction [7] Teva Pharmaceuticals (TEVA) - Teva is the largest producer of generic medicines globally and is transitioning to high-growth specialty treatments, recovering from a 90% decline since its peak in 2015 [10] - The stock has rallied over 300% since June 2023, with Druckenmiller starting to accumulate shares from Q3 2024 to Q3 2025, representing 8.25% of his portfolio, valued at $335.2 million [11] - The investment reflects a belief that the market has undervalued Teva's potential to overcome historical debt and legal challenges [11]