Insmed Incorporated · NASDAQ:INSM
Insmed — Q4 2025 Earnings Presentation
24 slides from Insmed's earnings presentation, Feb 19, 2026
Slide 1: Fourth-Quarter 2025 Earnings Presentation
Fourth-Quarter 2025 Earnings Presentation February 19, 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, with MAC lung disease, among other things; development of unexpected safety or efficacy concerns related to our and involve known and unknown risks, uncertain
Slide 3: Speakers Agenda Slides
Speakers Agenda Slides 1 Opening Remarks 5-6 Will Lewis Chair & CEO 2 Commercial Updates 8-13 3 TPIP Updates 15-16 Sara Bonstein Chief Financial Officer 4 Financial Results 19-21 3
Slide 4: Opening Remarks
Opening Remarks Will Lewis | Chair & CEO 4
Slide 5: 2025 Set the Commercial and Clinical Foundation Upon Which 2026 is Expected to Accelerate
2025 Set the Commercial and Clinical Foundation Upon Which 2026 is Expected to Accelerate 2025 Accomplishments 2026 Priorities Commercial Clinical Accelerate & Expand U.S. BRINSUPRI Launch FDA Approval of Positive Ph2 TPIP BRINSUPRI® Data in PAH Deliver Continued ARIKAYCE Growth U.S. BRINSUPRI GTx f
Slide 6: Anticipate Full-Year Total Company Revenues to More Than Double in 2026
Anticipate Full-Year Total Company Revenues to More Than Double in 20261 Confident that cash flow positivity can be achieved At Least $450 to $470 without raising capital $1 Billion Million May raise capital to support BD or other value-creating Full-Year 2026 Guidance Full-Year 2026 Guidance initia
Slide 7: Commercial Updates
Commercial Updates Will Lewis | Chair & CEO 7
Slide 8: Launch Trajectory Remains Encouraging Following Strong First Full Quarter Performance
Launch Trajectory Remains Encouraging Following Strong First Full Quarter Performance Revenue performance surpassed high bar set by comparable respiratory launches Q4 20251 Commercial team continues to execute at a very high level ~$ 144.6M BRINSUPRI on track to become one of the U.S. Net Revenues1
Slide 9: Multiple Opportunities to Potentially Expand Initial U.S. TAM
Multiple Opportunities to Potentially Expand Initial U.S. TAM DIAGNOSED NCFB PATIENTS COPD OR ASTHMA PATIENTS (U.S.) ON U.S. LABEL FOR BRINSUPRI (500K) POTENTIAL NCFB PATIENTS IF DIAGNOSED Initial U.S. TAM $5B+ Peak Sales 250K (2+ PE) 250K (<2 PE) 32M Within Currently Diagnosed Population Outside Cu
Slide 10: Positive Launch Feedback Positions BRINSUPRI for Broader Adoption Over Time
Positive Launch Feedback Positions BRINSUPRI for Broader Adoption Over Time Exploration Adoption Expansion Today Next Several Quarters Future Broad physician base Positive feedback from Potential for increased NCFB Physician Rx to limited patients early patients could screening of exacerbating Behav
Slide 11: Early Payor Contracting Success Supports Access for a Majority of BRINSUPRI Patients
Early Payor Contracting Success Supports Access for a Majority of BRINSUPRI Patients Have access to Offered to payors reimbursement for accepting simple BRINSUPRI1 authorization criteria Targeted Patient Lives Modest > 90% Rebates High Broad Approval Access Rate Among payors Aligned with requiring a
Slide 12: BRINSUPRI Positioned to Maximize its Commercial Potential
BRINSUPRI Positioned to Maximize its Commercial Potential Strong Commercial Opportunity to Conviction Expand TAM • Manageable market access • Potential to unlock upside in dynamics v v COPD & asthma populations • Expect at least $1B in revenues in 2026 • Intend to resource the launch • Clear path to
Slide 13: ARIKAYCE Demonstrates Continued Strength
ARIKAYCE Demonstrates Continued Strength FY 20251 ENCORE Topline readout expected March/April U.S. Worldwide Int’l Potential Label Expansion* $280.3M $433.8M $153.5M +10.0% +19.3% +40.9% • Current TAM 30K† (Refractory MAC) GTN: ~20% • ~+200K‡ Additional Patients* (All MAC LD) 1 Growth is vs. same pr
Slide 14: TPIP Updates
TPIP Updates Will Lewis | Chair & CEO TPIP: Treprostinil Palmitil Inhalation Powder 14
Slide 15: FDA Grants Treprostinil Palmitil Orphan Drug Designation
FDA Grants Treprostinil Palmitil Orphan Drug Designation Major Contribution Efficacy to Patient Care Placebo-Adjusted Improvement in 6MWD † at Week 161 TPIP Profile 35.5 * Potential + Clinical Once-daily therapy with: Superiority ✓ continuity of parenteral meters treatment ✓ localization of inhaled
Slide 16: Phase 3 PAH Trial Designed to Further Evaluate the Efficacy & Tolerability of Once-Daily TPIP
Phase 3 PAH Trial Designed to Further Evaluate the Efficacy & Tolerability of Once-Daily TPIP PALM-PAH (Week 24) Primary Endpoint • Change in baseline exercise capacity (6MWD) Treatment period at peak exposure (1-3 hours post-dose) 30 days 4 weeks 24 weeks Secondary Endpoints 4-week initial Dose inc
Slide 17: Let's Recap
Let’s Recap 1 BRINSUPRI launch on track and supports 2026 revenue guidance of at least $1B 2 Treprostinil palmitil received ODD in PAH; FDA has indicated a single Phase 3 TPIP trial would be sufficient to file, if successful 3 Robust pipeline of first- or best-in-class* clinical programs poised to c
Slide 18: Financial Results
Financial Results Sara Bonstein | Chief Financial Officer 18
Slide 19: Modest Gross-to-Net Impact Positions Commercial Products For Success In 2026
Modest Gross-to-Net Impact Positions Commercial Products For Success In 2026 Full-Year 2026 Revenue Gross-to-Net GUIDANCE GUIDANCE At Least Mid-20%s to $1B Low-30%s $450M to Low-20%s to $470M Mid-20%s B: billions | M: millions 19
Slide 20: Strong Capital Position to Support Upcoming Catalysts
Strong Capital Position to Support Upcoming Catalysts • Underlying cash burn1 was similar to prior quarter December 31, 2025† • Only a portion of BRINSUPRI revenues were ~$1.4B received in cash as of quarter close2 • Expect spending to increase alongside revenue as we resource launches and clinical
Slide 21: Advancing Commercial and Clinical Programs Through Investment
Advancing Commercial and Clinical Programs Through Investment Three Months Ended1 (in $ millions, except for percentages) 12/31/2025 12/31/2024 Total Revenues $263.8 $104.4 • Costs2 as % of sales decreased y/y, Cost of Product Revenues2 (44.2) (26.2) reflecting BRINSUPRI contribution As a % of Reven
Slide 22: Closing Remarks
Closing Remarks 1 Entering 2026 with a strong financial position, enabling the pursuit of our ambitious goals 2 Capacity to continue to invest in our commercial portfolio and clinical pipeline to enhance our impact on patients 3 Committed to utilizing our resources to pursue value-creating opportuni
Slide 23: Q&A Session
Q&A Session Will Lewis Sara Bonstein Martina Flammer Chair & CEO Chief Financial Officer Chief Medical Officer 23
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