Financial Data and Key Metrics Changes - Insmed reported a strong performance in 2025, with revenue guidance for BRINSUPRI set at a minimum of $1 billion for 2026, reflecting confidence in market access and early launch performance [9][10] - The company anticipates total revenue in 2026 to be more than double that of 2025, driven by both BRINSUPRI and ARIKAYCE [10][37] - As of the end of 2025, Insmed had approximately $1.4 billion in cash, cash equivalents, and marketable securities, positioning the company well for future investments [40][41] Business Line Data and Key Metrics Changes - BRINSUPRI achieved $144.6 million in net revenue in its first full quarter, exceeding expectations and indicating a strong launch trajectory [12] - ARIKAYCE experienced significant growth, particularly in Japan with a 40% increase compared to 2024, contributing over a quarter of its global revenues [31] - The cost of product revenues for Q4 2025 was $44.2 million, or 16.8% of revenues, reflecting improved gross margin due to BRINSUPRI's contributions [45] Market Data and Key Metrics Changes - The total addressable market for BRINSUPRI in the U.S. is estimated at 500,000 diagnosed patients with non-CF bronchiectasis, with significant potential for expansion as more patients are identified [13][18] - The company is actively working to identify additional patients with undiagnosed bronchiectasis among the 32 million diagnosed with COPD or asthma in the U.S. [17][20] Company Strategy and Development Direction - Insmed aims to expand its leadership in bronchiectasis and NTM, with plans to accelerate the U.S. launch of BRINSUPRI while continuing to grow ARIKAYCE [7][8] - The company is pursuing additional DPP1 inhibitors for respiratory diseases, indicating a strategy to broaden its therapeutic offerings [48] - Insmed is focused on educating physicians about bronchiectasis to enhance patient identification and treatment [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity without needing to raise additional capital, although they may seek capital for strategic opportunities [11][43] - The positive early feedback from physicians and patients regarding BRINSUPRI is expected to drive increased prescribing behavior in the coming quarters [23][81] - Management highlighted the importance of market access dynamics, noting that over 90% of targeted patient lives have access to BRINSUPRI reimbursement [25][28] Other Important Information - The company received orphan drug designation for TPIP for the treatment of pulmonary arterial hypertension, which could enhance its market position [32] - Insmed is evaluating several business development opportunities to expand its pipeline and support future growth [11][76] Q&A Session Summary Question: Expansion of BRINSUPRI's Total Addressable Market - Management acknowledged the potential for expanding BRINSUPRI's market by identifying patients with COPD or asthma who may have undiagnosed bronchiectasis [47] Question: Guidance for BRINSUPRI and Patient Behavior - Management provided insights into patient compliance and prescription dynamics, indicating strong metrics that support their revenue guidance [51][52] Question: Trends in Prescription and Business Development - Management confirmed strong initial performance and expressed confidence in the ongoing launch, while also discussing potential business development opportunities [54][57] Question: Depth of Prescribing and Education Efforts - Management noted that many physicians are initially prescribing BRINSUPRI to one patient, with expectations that positive experiences will lead to increased prescribing [78][81] Question: Ex-U.S. Contribution to Revenue Guidance - Management indicated that contributions from ex-U.S. markets for BRINSUPRI in 2026 will be minimal, with a focus on U.S. sales [71][72]

Financial Data and Key Metrics Changes - Insmed reported a strong performance in 2025, with revenue guidance for BRINSUPRI of at least $1 billion in 2026, reflecting confidence in market access and early launch performance [7][8][28] - The company anticipates total revenue in 2026 to be more than double that of 2025, indicating significant growth potential [8][28] - Cash position at the end of 2025 was approximately $1.4 billion, with a cash burn in Q4 including $70 million of one-time items [31][32] Business Line Data and Key Metrics Changes - BRINSUPRI launched with $144.6 million in net revenue in its first full quarter, exceeding expectations [9] - ARIKAYCE showed strong growth, particularly in Japan with a 40% increase compared to 2024, contributing over a quarter of its global revenues [23] - The company is pursuing four Phase III clinical programs for TPIP, which received orphan drug designation for pulmonary arterial hypertension [24][25] Market Data and Key Metrics Changes - The total addressable market for BRINSUPRI in the U.S. is estimated at 500,000 diagnosed patients with non-CF bronchiectasis, with significant room for expansion as only 11,550 new patients started treatment in 2025 [10][11] - The company is focusing on identifying undiagnosed bronchiectasis patients among the 32 million diagnosed with COPD or asthma, which could significantly increase the patient base for BRINSUPRI [14][15][16] Company Strategy and Development Direction - Insmed aims to expand its leadership in bronchiectasis and NTM, with plans to accelerate the U.S. launch of BRINSUPRI while continuing to grow ARIKAYCE [6][7] - The company is also exploring additional DPP-1 inhibitors for respiratory diseases and other indications, indicating a broader strategy for pipeline expansion [38] - Insmed is actively working on outreach and education initiatives to identify potential patients who could benefit from BRINSUPRI [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity without needing to raise additional capital, although they may seek capital for business development opportunities [8][33] - Positive early feedback from physicians and patients regarding BRINSUPRI is expected to drive additional prescribing behavior [19][70] - The market access landscape for BRINSUPRI is progressing well, with over 90% of targeted patient lives having access to reimbursement [20][21] Other Important Information - The gross-to-net guidance for BRINSUPRI in 2026 is expected to be in the mid-20s to low 30s percentage range, reflecting good visibility into payer contracting [30][31] - The company is evaluating several business development opportunities to expand its pipeline and support future growth [8][33] Q&A Session Summary Question: Plans to develop other DPP-1 inhibitors within respiratory disease - Insmed intends to bring other DPP-1 inhibitors forward, including INS1033 for rheumatoid arthritis and inflammatory bowel disease, and is also advancing other DPP-1s for respiratory conditions [38] Question: Guidance for BRINSUPRI and patient behavior dynamics - Management is seeing positive metrics across various patient behavior indicators, which supports their confidence in achieving at least $1 billion in revenue for BRINSUPRI [41][42] Question: Trends in scrip data and interest in business development - The launch is performing strongly, and while management does not track Symphony data, they are confident in the trajectory based on internal metrics [45][46] Question: Depth of prescribing and physician behavior - Many physicians are initially prescribing BRINSUPRI to one or two patients, and positive experiences are expected to lead to increased prescribing [68][70] Question: Ex-U.S. contribution to BRINSUPRI guidance - Ex-U.S. contributions for BRINSUPRI in 2026 are expected to be very small, with the majority of revenue coming from the U.S. market [61] Question: Additional capital for business development - Insmed sees a clear path to cash flow positivity based on existing programs, with business development being a separate consideration for potential capital sourcing [63][65]

Financial Data and Key Metrics Changes - Insmed reported a strong performance in 2025, with revenue guidance for BRINSUPRI of at least $1 billion in 2026, reflecting confidence in market access and early launch performance [5][6][25] - The company anticipates total revenue in 2026 to be more than double that of 2025, indicating a significant growth trajectory [6][25] - As of the end of 2025, Insmed had approximately $1.4 billion in cash, cash equivalents, and marketable securities, positioning the company well for future investments [29][31] Business Line Data and Key Metrics Changes - BRINSUPRI launched in the U.S. with net revenue of $144.6 million in its first full quarter, exceeding expectations [7][20] - ARIKAYCE showed strong growth, particularly in Japan with a 40% increase compared to 2024, contributing significantly to global revenues [21][25] - The company is pursuing additional DPP1 inhibitors for respiratory diseases, indicating a strategy to expand its product portfolio [35] Market Data and Key Metrics Changes - The total addressable market for BRINSUPRI in the U.S. is estimated at 500,000 diagnosed patients with non-CF bronchiectasis, with significant potential for expansion as more patients are identified [8][10] - The company is actively working to identify additional patients with undiagnosed bronchiectasis among those with COPD and asthma, which could significantly increase the patient base for BRINSUPRI [12][13] Company Strategy and Development Direction - Insmed aims to accelerate the U.S. launch of BRINSUPRI while continuing to grow ARIKAYCE, focusing on expanding its clinical pipeline in respiratory, inflammation, immunology, and neurology [4][5] - The company is committed to pursuing first or best-in-class therapies within its target therapeutic areas, indicating a proactive approach to pipeline development [5][6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow positivity without needing to raise additional capital, although they may seek capital for strategic opportunities [6][31] - The positive early feedback from physicians and patients regarding BRINSUPRI is expected to drive further prescribing behavior, enhancing the launch's momentum [17][66] Other Important Information - The gross-to-net guidance for BRINSUPRI in 2026 is expected to be in the mid-20s to low 30s percentage range, reflecting favorable payer contracting dynamics [27][28] - The company is evaluating several business development opportunities to support pipeline expansion and value creation [6][31] Q&A Session Summary Question: Plans to develop other DPP1 inhibitors - Insmed intends to bring other DPP1s forward, including INS1033 for rheumatoid arthritis and inflammatory bowel disease, and is also advancing DPP1s for respiratory conditions [35] Question: Guidance for BRINSUPRI and patient behavior - Management is seeing metrics at or above targets, contributing to confidence in achieving at least $1 billion in revenue for BRINSUPRI [39] Question: Trends in scrip data and interest in business development - Management noted strong initial performance and is open to pursuing first or best-in-class compounds for business development [42][45] Question: Depth of prescribing and physician behavior - Physicians are initially prescribing BRINSUPRI to one or two patients, with expectations that positive experiences will lead to increased prescribing [66] Question: Ex-U.S. contribution to BRINSUPRI guidance - Ex-U.S. contributions for BRINSUPRI in 2026 are expected to be very small, with a focus on U.S. market dynamics [58]

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 ...

Core Insights - Insmed reported total revenues of $606.4 million for the full year 2025, with significant contributions from its products BRINSUPRI and ARIKAYCE [1][2] - The company anticipates full-year 2026 revenues for BRINSUPRI to be at least $1 billion and for ARIKAYCE to be between $450 million and $470 million [1][2] - Insmed's net loss for the fourth quarter of 2025 was $328.5 million, compared to a net loss of $235.5 million in the same quarter of 2024 [2][3] Financial Performance - Total revenues for the fourth quarter of 2025 were $263.8 million, a 153% increase compared to $104.4 million in the fourth quarter of 2024 [2] - ARIKAYCE revenues for the fourth quarter of 2025 were $119.2 million, reflecting a 14% growth year-over-year, while full-year revenues reached $433.8 million, a 19% increase from 2024 [2] - BRINSUPRI generated $144.6 million in the fourth quarter and $172.7 million for the full year 2025, marking its successful U.S. commercial launch [1][2] Research and Development Updates - Insmed is advancing its clinical programs, including the Phase 3 ENCORE trial for ARIKAYCE and additional Phase 3 studies for TPIP in patients with pulmonary conditions [1][2] - The company plans to submit a supplementary new drug application for ARIKAYCE in the second half of 2026, pending positive topline data from the ENCORE trial [1][2] - Insmed is also developing INS1148 and INS1201, targeting various respiratory and genetic diseases, with IND filings expected in 2026 [1][2] Cash Position and Future Guidance - As of December 31, 2025, Insmed had approximately $1.4 billion in cash, cash equivalents, and marketable securities, positioning the company for continued investment in its pipeline [1][2] - The company expects to maintain a focus on commercialization and expansion of its product offerings, particularly BRINSUPRI and ARIKAYCE, throughout 2026 [1][2] - Insmed anticipates that pre-clinical research programs will comprise less than 20% of overall expenditures, indicating a strategic focus on advancing clinical development [2]

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]

Core Insights - Insmed is focused on the impact of its products on patients, particularly highlighting the positive outcomes from its BRINSUPRI product for non-cystic fibrosis bronchiectasis [2] Company Overview - The presentation was led by the CEO, Will Lewis, who emphasized the importance of patient impact in the company's mission [2] - A testimonial from a physician illustrated the significant improvement in a patient's quality of life after using BRINSUPRI, showcasing a reduction in the CAT score from 32 to 6 and a 15% increase in FEV1 [2]

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]