Insmed Incorporated · NASDAQ:INSM
Insmed — Q2 2025 Earnings Presentation
21 slides from Insmed's earnings presentation, Aug 7, 2025
Slide 1: Second-Quarter 2025 Earnings Presentation
Second-Quarter 2025 Earnings Presentation August 7, 2025 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. “Forward-looking statements,” any protocol amendments submitted will be rejected; failure to successfully predict the time and cost of development, regulatory as that te
Slide 3: Speakers and Agenda
Speakers Agenda Slides Will Lewis Chair & CEO 1 Opening Remarks 5-8 2 Brensocatib Updates 10-11 Roger Adsett Chief Operating Officer 3 TPIP Updates 13 Sara Bonstein 4 Financial Results 16-18 5 Chief Financial Officer Q&A Session 20 TPIP: Treprostinil Palmitil Inhalation Powder 3
Slide 4: Opening Remarks
Opening Remarks Will Lewis | Chair & CEO 4
Slide 5: First-Half 2025 Highlights
First-Half 2025 Highlights • Three for Three: All three late-stage assets have now demonstrated clinical success* • Recent successes reflect the hard work invested by teams across the organization over the last 18+ months • Position of strength reinforced by consistent ARIKAYCE® performance and capi
Slide 6: Shaping a Portfolio with Winning Potential Over the Next 12+ Months
Shaping a Portfolio with Winning Potential Over the Next 12+ Months 1 ARIKAYCE® FY:25 On track to achieve sales guidance in Refractory MAC 1H:26 Phase 3 ENCORE readout in all MAC LD Three Late-Stage Assets Brensocatib with the potential 2 3Q:25 U.S. launch in NCFB* 1Q:26 Phase 2 CEDAR futility analy
Slide 7: Multi-Dimensional Early-Stage Research Portfolio
Multi-Dimensional Early-Stage Research Portfolio 30 Synthetic Rescue Number of Active > Pre-Clinical Programs De-Immunized Therapeutic Proteins % of Overall Spend on Pre-Clinical Programs < 20% Gene Therapy Number of INDs Filed Per Year 1-2 Other Research IND: investigational new drug application 7
Slide 8: Early-Stage Programs Expected to Fuel the Next Wave of Growth
Early-Stage Programs Expected to Fuel the Next Wave of Growth In the Clinic Research Engine Business Development • INS1201: IT-delivered gene • Multiple INDs expected over • Targeted BD remains a priority therapy for patients with DMD the next 12+ months • Prioritize opportunities with • First patie
Slide 9: Brensocatib Updates
Brensocatib Updates Will Lewis | Chair & CEO Roger Adsett | Chief Operating Officer 9
Slide 10: COO Reflections: Brensocatib's U.S. Launch is Uniquely Positioned for Success
COO Reflections: Brensocatib’s U.S. Launch is Uniquely Positioned for Success Trained & deployed our expanded salesforce >10 months Brensocatib pre-approval has the potential to have one of the Launch Readiness best launches in the specialty respiratory space ~ 90% of surveyed physicians intend to p
Slide 11: Phase 2 Brensocatib Programs Progressing On Track
Phase 2 Brensocatib Programs Progressing On Track CRSsNP • BiRCh fully enrolled in April 2025 Follow-on • Safety monitoring committee found no safety signals Programs in blinded data have the potential to • BiRCh data expected YE:25 establish brensocatib as a mechanism that HS benefits patients acro
Slide 12: TPIP Updates
TPIP Updates Will Lewis | Chair & CEO TPIP: Treprostinil Palmitil Inhalation Powder 12
Slide 13: Phase 2b Study of TPIP in PAH Exceeded Expectations
Phase 2b Study of TPIP in PAH Exceeded Expectations PAH Once-Daily Therapy • 35% PVR reduction represents largest treatment effect in a well-controlled trial* Phase 2 results showcase • 35.5m 6MWD improvement achieves a strong treatment effect p-value of <0.05** when evaluated ~24-hrs after prior do
Slide 14: Let's Recap
Let’s Recap 1 Execution on near-term catalysts has the potential to create a profound difference in patient’s lives 2 Achievement of goals enabled by a corporate culture that supports and empowers people to do their best work 3 Well-positioned and motivated to deliver on clinical and commercial oppo
Slide 15: Financial Results
Financial Results Sara Bonstein | Chief Financial Officer 15
Slide 16: ARIKAYCE Continues to Grow Double-Digits
ARIKAYCE Continues to Grow Double-Digits Three Months Ended June 30, 20251 • Highest quarterly revenue ever Japan achieved in the U.S. United $30.7M, +45.3% States • Ex-U.S. strength driven by volumes, Worldwide $68.7M, supported by new targeting and +7.7% $107.4M GTN: ~20%2 +18.9% patient experienc
Slide 17: Strong Capital Position Ahead of Upcoming Catalysts
Strong Capital Position Ahead of Upcoming Catalysts June 30, 2025† • Includes ~$823M in net proceeds from equity offering1 ~$1.9B • Underlying cash burn2 was consistent with historical burn levels In Cash, Cash Equivalents, and Marketable Securities • Expect cash burn to decrease in coming quarters
Slide 18: Advancing Commercial and Clinical Programs Through Investment
Advancing Commercial and Clinical Programs Through Investment Three Months Ended* (in $ millions, except for percentages) 6/30/2025 6/30/2024 Product Revenues $107.4 $90.3 Cost of Product Revenues** (28.1) (21.0) • R&D and SG&A increased y/y As a % of Revenues 26.1% 23.2% reflecting investments in g
Slide 19: Closing Remarks
Closing Remarks 1 Next 12+ Months: Anticipate multiple commercial, clinical, and regulatory milestones with the potential to drive value 2 Strong cash position to execute on upcoming catalysts and maintain line-of-sight to profitability 3 Remain committed to thoughtfully deploying capital to maximiz
Slide 20: Q&A Session
Q&A Session Will Lewis Roger Adsett Dr. Martina Flammer Sara Bonstein Chair & CEO Chief Operating Officer Chief Medical Officer Chief Financial Officer 20
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