Slide 1: Second-Quarter 2026 Earnings Presentation
Second-Quarter 2026 Earnings Presentation August 6, 2026 We’re in. For science.
Slide 2: Forward Looking Statements
Forward Looking Statements The forward-looking statements in this presentation are based upon the Company’s current expectations and beliefs, product candidates; risks that our clinical studies will be delayed, that serious side effects will be identified during drug and involve known and unknown ri
Slide 3: Speakers and Agenda
Speakers Agenda Slides 1 Opening Remarks 5-6 Will Lewis Chair & CEO 2 Commercial Updates 8-12 3 TPIP Updates 15-16 Sara Bonstein Chief Financial Officer 4 Financial Results 19-23 TPIP: treprostinil palmitil inhalation powder 3
Slide 4: Opening Remarks
Opening Remarks Will Lewis | Chair & CEO 4
Slide 5: Q2 Performance Positions Insmed for Potential Future Commercial and Clinical Success
Q2 Performance Positions Insmed for Potential Future Commercial and Clinical Success Key Accomplishments: Operational Excellence Future Positioning BRINSUPRI® ARIKAYCE® TPIP Pipeline Leadership Financials Strong revenue Continued revenue Reported positive INS1033 IND cleared in Welcomed Samuele Rema
Slide 6: Peak Revenue Estimate Raised to $14B+ for Three Lead Assets
Peak Revenue Estimate Raised to $14B+ for Three Lead Assets Across Their Respective Indications* Prior Updated $5B+ $7B+ Total Peak Bronchiectasis Bronchiectasis† Revenue Estimate* TPIP (Investigational Product) $2B+ PAH & PH-ILD Only $6B+ PAH, PH-ILD, PPF, IPF $14B+ $1B+ $1B+ All MACLD All MACLD B:
Slide 7: BRINSUPRI Updates
BRINSUPRI Updates ® Will Lewis | Chair & CEO 7
Slide 8: Strong Second-Quarter Revenue Results Increase Confidence to Raise Full-Year 2026 Guidance
Strong Second-Quarter Revenue Results Increase Confidence to Raise Full-Year 2026 Guidance Q2 2026 RESULTS GUIDANCE $1.25 $ 309.2M $1.4B to Global Net Revenues† Full-Year 2026 Revenues M: million | B: billion | Q: quarter | † Unaudited revenues for three months ended June 30, 2026 8
Slide 9: All Monitored Launch Metrics Continue to Track Ahead of Our Expectations
All Monitored Launch Metrics Continue to Track Ahead of Our Expectations Key Metric Updates: N E W P AT I E N T PRESCRIBER PRESCRIBER DEMAND BREADTH DEPTH ~7,000 new patients >6,300 cumulative ~30% of prescribers have began therapy in Q2 prescribers* since launch written scripts for at least 5 patie
Slide 10: Strategic Collaborations and Future Studies Aim to Expand Long-Term Evidence
Strategic Collaborations and Future Studies Aim to Expand Long-Term Evidence European Multi-centre Bronchiectasis Audit and Research Collaboration (EMBARC) 3-year open-label study Ongoing plans to Up to 3,000 patients demonstrate long-term evidence through Across six countries Phase 4 and v real-wor
Slide 11: Multiple Initiatives Underway to Improve NCFB Diagnosis and Enhance Patient Care
Multiple Initiatives Underway to Improve NCFB Diagnosis and Enhance Patient Care APRIL 2026 MAY 2026 JUNE 2026 2H:26+ American Thoracic Society Insmed and Ty Pennington Insmed hosts inaugural Insmed piloting initiatives to Announces Landmark Team Up to Drive Bronchiectasis and COPD advance efforts t
Slide 12: ARIKAYCE Updates
ARIKAYCE Updates ® Will Lewis | Chair & CEO 12
Slide 13: Executing Commercially While Preparing for Label Expansion in the U.S. & Japan
Executing Commercially While Preparing for Label Expansion in the U.S. & Japan* Q2 2026 Revenue† Preparing for Potential Label Expansion ✓ Filed sNDA with FDA in July in newly diagnosed MACLD patients ► U.S. label expansion would extend ARIKAYCE treatment to all MACLD patients, if approved U.S. Worl
Slide 14: TPIP Updates
TPIP Updates Will Lewis | Chair & CEO TPIP: treprostinil palmitil inhalation powder 14
Slide 15: Positive OLE Study Results in PAH Reinforce TPIP's Potential to Become the Prostanoid of Choice
Positive OLE Study Results in PAH Reinforce TPIP’s Potential to Become the Prostanoid of Choice 12-Month Data from Phase 2b Study Results Ongoing OLE Study‡ 55 † PVR Reduction1 ~ 35% * 6MWD Improvement4 (meters) + 60% † NT-proBNP Reduction5 ~ 35.5 s 6MWD Improvement2 ^ (meters) + ~80% WHO FC I or II
Slide 16: Expansive Registrational Program Across Four Indications Progressing on Track
Expansive Registrational Program Across Four Indications Progressing on Track PH-ILD PAH • TPIP's broad dosing range could provide PALM-ILD study PALM-PAH study actively enrolling actively enrolling physicians with the flexibility to optimize the balance between efficacy and tolerability TPIP • The
Slide 17: Let's Recap
Let’s Recap 1 BRINSUPRI’s launch momentum supports upward revision of Full-Year 2026 revenue guidance to between $1.25 and $1.4B 2 ARIKAYCE continues to deliver steady growth while positioning for potential label expansion in the U.S. and Japan 3 Positive OLE data in PAH and once-daily dosing profil
Slide 18: Financial Results
Financial Results Sara Bonstein | Chief Financial Officer 18
Slide 19: Strong Second-Quarter Revenue Performance Across Both Commercial Products
Strong Second-Quarter Revenue Performance Across Both Commercial Products Total • $116.3M in revenue • $309.2M in revenue Revenues v v • +49% sequential growth $425.5M • +8% growth vs. Q2 2025 • Strength primarily driven by • GTN fell within annual new & existing patient guidance range of low- to de
Slide 20: Second-Quarter Performance Supports Updated Full-Year Guidance for BRINSUPRI
Second-Quarter Performance Supports Updated Full-Year Guidance for BRINSUPRI Full-Year 2026 Revenue Gross-to-Net GUIDANCE GUIDANCE $1.25B to Mid-20%s to $1.4B† High-20%s Previously Previously “Greater than $1B” “Mid-20%s to Low-30%s” $450M to Low-20%s to $470M‡ Mid-20%s Unchanged Unchanged B: billio
Slide 21: Advancing Commercial and Clinical Programs Through Investment
Advancing Commercial and Clinical Programs Through Investment Three Months Ended1 (in $ millions, except for percentages) 6/30/2026 6/30/2025 Total Revenues $425.5 $107.4 • Costs2 as % of revenues decreased y/y, reflecting BRINSUPRI contribution Cost of Product Revenues2 (67.2) (28.1) As a % of Reve
Slide 22: Cash Flow Positivity in 2027 Can Be Achieved Without Additional Capital
We Continue to Believe Cash Flow Positivity in 2027 Can Be Achieved Without Additional Capital • Cash burn was meaningfully lower than in recent June 30, 2026† quarters, driven by higher revenue generation and appropriate financial discipline ~$1.2B • Expect increased investment in clinical programs
Slide 23: Long-Term Financial Profile: Positioned for Attractive Future Revenue and Earnings Growth
Long-Term Financial Profile: Positioned for Attractive Future Revenue and Earnings Growth 1 2 3 Multiple commercial Synergistic respiratory Strong revenue growth and pipeline value portfolio and shared expected to translate drivers expected to infrastructure expected into durable earnings support su
Slide 24: Q&A Session
Q&A Session Will Lewis Sara Bonstein Martina Flammer Chair & CEO Chief Financial Officer Chief Medical Officer 24
Slide 25: Appendix
Appendix
Slide 26: Footnotes
Footnotes 1. Insmed Phase 2b Study of TPIP in PAH; Placebo-Adjusted Reduction from Baseline PVR at Week 16; Analysis performed using an ANCOVA model, adjusting for treatment group, baseline pulmonary vascular resistance (PVR), and randomization stratification factors. The model was applied to log-tr
Slide 27: 27
27