Insmed Inc

BRINSUPRI launch is accelerating; guidance raised meaningfully (strongest “good” point). - Q2 2026 revenue: $309.2M, up 49% sequentially (vs already-strong Q1). - Drivers: strong new + existing patient demand; gross-to-net at low end of prior guidance range (GTN helped margins). - Full-year BRINSUPRI 2026 revenue guidance raised: from > $1.0B to $1.25B–$1.4B. - New patient starts: ~7,000 in Q2 (beat ~6,300 expectation). Company now expects ~7,000 new starts per quarter for the remaining quarters of 2026.

Peak sales outlook upgraded; portfolio upside is now much larger (big “opportunity/surprise”). - BRINSUPRI peak sales now > $7B (up from >$5B), attributed to earlier/more consistent diagnosis and continued scaling (explicitly notes upside not included from COPD/asthma comorbid bronchiectasis identification). - TPIP peak sales now > $6B (up from >$2B), assuming success in PH-ILD, PAH, PPF, IPF, and differentiated profile vs other inhaled prostanoids (comparable to sotatercept in efficacy while maintaining favorable tolerability enabling higher dosing). - With ARIKAYCE ~ $1B reiterated, combined peak sales for 3 lead assets > $14B (+75% vs prior >$8B).

ARIKAYCE is steady; label expansion is the key catalyst (outlook/forecast). - Q2 2026 revenue: $116.3M, +8% YoY. - Full-year 2026 guidance reiterated: $450M–$470M. - Next steps for growth: submitted supplemental NDA for newly diagnosed MAC in the U.S.; application to Japan planned 2H 2026 for possible 2027 launches, which could expand beyond refractory MAC and provide major additional TAM.