Insmed Incorporated · NASDAQ:INSM
Insmed — Q1 2026 Earnings Presentation
29 slides from Insmed's earnings presentation, May 7, 2026
Slide 1: First-Quarter 2026 Earnings Presentation
First-Quarter 2026 Earnings Presentation May 7, 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, identified during drug development, or that any protocol amendments submitted will be rejected; failure to successfully and involve known and unknown risks, u
Slide 3: Speakers and Agenda
Speakers Agenda Slides 1 Opening Remarks 5 Will Lewis Chair & CEO 2 Commercial Updates 7-17 3 TPIP Updates 19-21 Sara Bonstein Chief Financial Officer 4 Financial Results 24-26 TPIP: treprostinil palmitil inhalation powder 3
Slide 4: Opening Remarks
Opening Remarks Will Lewis | Chair & CEO 4
Slide 5: Q1 Performance Positions Insmed to Deliver on 2026 Priorities
Q1 Performance Positions Insmed to Deliver on 2026 Priorities Recent Accomplishments 2026 Priorities Commercial Clinical Maximize BRINSUPRI’s impact on currently diagnosed NCFB patients BRINSUPRI®: Positive Ph3b Strong sequential ENCORE results Unlock BRINSUPRI’s impact on NCFB Q1 revenue growth pat
Slide 6: BRINSUPRI Updates
BRINSUPRI Updates ® Will Lewis | Chair & CEO 6
Slide 7: Q1 Launch Performance Reinforces Confidence in Full-Year Revenue Guidance of At Least $1 Billion
Q1 Launch Performance Reinforces Confidence in Full-Year Revenue Guidance of At Least $1 Billion Q1 2026 vs. Q4 2025 $ 207.9M +44% Global Net Revenues1 Sequential Growth Sequential growth in first calendar Q1 True demand: No price increase in 2026 exceeded strong comparable launches… …including thos
Slide 8: Launch Dashboard: Key Indicators Underpin Our Confidence in BRINSUPRI's Launch Trajectory
Launch Dashboard: Key Indicators Underpin Our Confidence in BRINSUPRI’s Launch Trajectory PAT I E N T D E M A N D PAYOR ACCESS Healthy organic patient 7,800 new patients ~90% payor approval rate <1 week required for approval demand continues to build began therapy in Q1 for patients processed by for
Slide 9: Patient Demand: We Believe Organic Demand Has Increased Sequentially Since Launch
Patient Demand: We Believe Organic Demand Has Increased Sequentially Since Launch N E W PAT I E N T S TAR T S D E M AN D D Y N AM I C S ~9K (~3.5K est. R&W patients*) ~7.8K Q3:25 (~1.5K est. R&W patients*) Large institution EMR updates lagged approval ~2.55K Q4:25 (~0.75K est. R&W patients*) Data su
Slide 10: Payor Access: Strong Launch Supported by Consistently High Payor Approval Rates
Payor Access: Strong Launch Supported by Consistently High Payor Approval Rates Favorable Payor Frictionless Access Dynamics Patient Experience ~ 90% v < 1 v week approval rate for required for approval for a patients processed by majority of patients SPs since launch* SP: specialty pharmacy | *Appr
Slide 11: Compliance: Positive Patient Experience Reflected in High Continuation and Timely Refill Rates
Compliance: Positive Patient Experience Reflected in High Continuation and Timely Refill Rates We have observed BRINSUPRI patients to be: Highly Motivated to Less Likely to Compliant Remain on Therapy Discontinue On average, patients seek to refill Continuation rate tracking their 30-day Rx sooner t
Slide 12: Prescriber Behavior: Expect Positive Patient Feedback to Deepen Prescribing While Prescriber Base Broadens
Prescriber Behavior: Expect Positive Patient Feedback to Deepen Prescribing While Prescriber Base Broadens Cumulative Prescribers* >5,000 Of ~1,800 single-patient prescribers in 2025, more than half wrote at Represents >25% of all >20% of prescribers have written least one additional script in Q1 pu
Slide 13: Diagnosis-Focused Education Campaign Aims to Drive Proper NCFB Diagnosis
Diagnosis-Focused Education Campaign Aims to Drive Proper NCFB Diagnosis 13
Slide 14: ATS Initiates Effort to Enable Earlier and More Accurate NCFB Diagnosis
ATS Initiates Effort to Enable Earlier and More Accurate NCFB Diagnosis Across Large U.S. Medical Systems Four Key Goals Identify COPD or asthma patients that may also have bronchiectasis by leveraging EHR data Assess disease burden and characterize potential evaluation gaps among frequent exacerbat
Slide 15: Encouraging Launch Fundamentals Support Promising Revenue Trajectory
Encouraging Launch Fundamentals Support Promising Revenue Trajectory Key launch observations: Strong & growing patient demand Favorable payor access High patient compliance and continuation rates Opportunity to further broaden & deepen physician prescribing 15
Slide 16: ARIKAYCE Updates
ARIKAYCE Updates ® Will Lewis | Chair & CEO 16
Slide 17: ARIKAYCE Demonstrates Revenue Growth in 8th Year of Launch
ARIKAYCE Demonstrates Revenue Growth in 8th Year of Launch Q1 2026 Revenues1 ENCORE Results Early treatment with ARIKAYCE + multidrug therapy can significantly improve outcomes for MACLD patients U.S. Worldwide Int’l RSS Improvement Greater Durable CC2 ARIKAYCE $62.9M $98.1M $35.2M at Month 13* at M
Slide 18: TPIP Updates
TPIP Updates Will Lewis | Chair & CEO TPIP: Treprostinil Palmitil Inhalation Powder 18
Slide 19: TPIP: Expansive Registrational Program Across Four Indications
TPIP: Focused on Designing and Conducting an Expansive Registrational Program Across Four Indications PAH PH-ILD TAM: ~90K TAM: ~135K TPIP PPF IPF TAM: ~255K TAM: ~220K TPIP: treprostinil palmitil inhalation powder | PAH: pulmonary arterial hypertension | PH-ILD: pulmonary hypertension due to inters
Slide 20: Phase 3 PAH Study Initiated; Phase 2b OLE Data Now Expected Q3:26
Study Initiated; Phase 3 PAH Data from Phase 2b OLE Now Expected Q3:26 Ph3 PALM-PAH Ph2b PAH OLE • First trial site opened in April • ~25% of patients have exceeded max randomized trial dose (640µg)3 • One trial required for regulatory approval, if successful − 7 patients have titrated to 1,280µg KE
Slide 21: Phase 3 PH-ILD Study Progressing On Track; Plans to Finalize PPF & IPF Studies
Phase 3 PH-ILD Study Progressing On Track Plans to Finalize PPF & IPF Studies Underway Ph3 PALM-ILD Ph3 PALM-PPF Ph3 PALM-IPF • PH-ILD patients now randomized in 7 countries • Expect study to initiate in 2H:26 • Expect study to initiate in 1H:27 • Recruiting in the U.S. despite existence of approved
Slide 22: Let's Recap
Let’s Recap 1 BRINSUPRI launch remains on track and supports ambitious 2026 revenue guidance of at least $1B 2 ARIKAYCE continues to grow in its current indication and is poised for an inflection if an expanded label is approved 3 First Phase 3 PAH trial site opened; PALM-ILD continues to enroll pat
Slide 23: Financial Results
Financial Results Sara Bonstein | Chief Financial Officer 23
Slide 24: First-Quarter Performance Supports Existing Full-Year Guidance Expectations
First-Quarter Performance Supports Existing Full-Year Guidance Expectations 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 24
Slide 25: Cash Flow Positivity in 2027 Can Be Achieved Without Additional Capital
We Believe Cash Flow Positivity in 2027 Can Be Achieved Without Additional Capital March 31, 2026† • Underlying cash burn1 was in-line with past year levels ~$1.2B • Cash burn expected to decline as revenue ramps faster than spend over time In Cash, Cash Equivalents, and Marketable Securities • Path
Slide 26: Advancing Commercial and Clinical Programs Through Investment
Advancing Commercial and Clinical Programs Through Investment Three Months Ended1 (in $ millions, except for percentages) 3/31/2026 3/31/2025 2 Total Revenues $306.0 $92.8 • Costs as % of revenues decreased y/y, Cost of Product Revenues2 (47.4) (21.3) reflecting BRINSUPRI contribution As a % of Reve
Slide 27: Closing Remarks
Closing Remarks 1 Strong execution across clinical and commercial priorities 2 Solid financial position supports continued investment in our commercial portfolio and clinical pipeline 3 Well-positioned to deliver for patients and drive long-term value creation 27
Slide 28: Q&A Session
Q&A Session Will Lewis Sara Bonstein Martina Flammer Chair & CEO Chief Financial Officer Chief Medical Officer 28
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