Insmed Incorporated · NASDAQ:INSM
Insmed — Q3 2025 Earnings Presentation
31 slides from Insmed's earnings presentation, Oct 30, 2025
Slide 1: Third-Quarter 2025 Earnings Presentation
Third-Quarter 2025 Earnings Presentation October 30, 2025 1
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, things; development of unexpected safety or efficacy concerns related to our marketed products or our product and involve known and unknown risks, uncertainti
Slide 3: Speakers and Agenda
Speakers Agenda Slides Will Lewis Chair & CEO 1 Opening Remarks 4-6 2 Clinical Updates 7-14 Roger Adsett Chief Operating Officer 3 Early-Stage Updates 15-17 Sara Bonstein 4 Commercial Updates 19-24 5 Chief Financial Officer Financial Results 25-28 3
Slide 4: Opening Remarks
Opening Remarks Will Lewis | Chair & CEO 4
Slide 5: Third-Quarter Highlights
Third-Quarter Highlights • Received U.S. approval and launched BRINSUPRI • Positive reception to BRINSUPRI supports potential for large commercial opportunity • Expect first full quarter of BRINSUPRI sales to illustrate clearer picture of underlying dynamics • Ambition for BRINSUPRI sales to perform
Slide 6: Next 18 Months Poised to Deliver Multiple Commercial and Clinical Catalysts
Next 18 Months Poised to Deliver Multiple Commercial and Clinical Catalysts TODAY Commercial U.S. Approval EU, UK and Japan Catalysts: & Launch Approval & Launch* Label Expansion* …Previous 18 months Next 18+ months… PH-ILD PAH PALM-ILD PAH Next-Gen DPP1s Ph2 Readout Ph2 Readout Ph3 Kickoff Ph3 Kick
Slide 7: Brensocatib Updates
Brensocatib Updates Will Lewis | Chair & CEO 7
Slide 8: International Filings for Brensocatib Are Progressing On Track
International Filings for Brensocatib Are Progressing On Track Bronchiectasis Europe • CHMP positive opinion recommending approval If approved, • On track for EMA decision in next several months we anticipate that • Approval could expand TAM by ~600K1 patients* each of these filings • Expect to laun
Slide 9: BiRCh: On Schedule For Topline Readout by Early January 2026
BiRCh: On Schedule For Topline Readout by Early January 2026 CRSsNP Defining Success Key Trial Details Clear Win: sTSS improvement • Primary: Change in baseline daily sinus Total matches historically approved level (0.7)* Symptom Score (sTSS) • A treatment effect would be additive to effect of Homer
Slide 10: CEDAR: Enrollment Completed Ahead of Schedule; Eliminates Need for Interim Futility Analysis
CEDAR: CEDAR: Enrollment Completed Ahead of Schedule; Eliminates Need for Interim Futility Analysis HS Defining Success Key Trial Details Clear Win: ~20% reduction in AN count vs. baseline • Primary: Percent reduction in abscess and inflammatory nodule (AN) count vs. baseline • CEDAR Powering: alpha
Slide 11: TPIP Updates
TPIP Updates Will Lewis | Chair & CEO TPIP: Treprostinil Palmitil Inhalation Powder 11
Slide 12: TPIP: Focused On Designing and Conducting An Expansive Registrational Program
TPIP: Focused On Designing and Conducting An Expansive Registrational Program 1PH-ILD 2 PAH 3 PPF 4 IPF DMC recommends to continue Phase 2 OLEs and advance into Phase 3 • Expect Phase 3 studies to initiate in 2H:26 • PALM-ILD: Expect first site • EOP2: Aligned with FDA on a • Increasing TPIP manufac
Slide 13: ARIKAYCE Clinical Updates
ARIKAYCE Clinical Updates ® Will Lewis | Chair & CEO 13
Slide 14: ENCORE: Progressing On Schedule Toward 1H:26 Readout
ENCORE: Progressing On Schedule Toward 1H:26 Readout MAC LD Takeaways From ARISE1 Blockbuster Potential* • ENCORE could expand ARIKAYCE’s label in ✓ ARIKAYCE patients showed faster, greater, and more durable culture conversion2 the U.S. & Japan to address an additional 100K+ patients in each* ✓ High
Slide 15: Early-Stage Updates
Early-Stage Updates Will Lewis | Chair & CEO 15
Slide 16: ASCEND: First Gene Therapy Program Completes Cohort Dosing
ASCEND: First Gene Therapy Program Completes Cohort 1 Dosing DMD INS1201 Cohort 2 3 - <5 years old • No concerning safety signals observed to date Higher Dose (~3 patients) • Intrathecally delivered • Dosing not weight-based Cohort 1 Cohort 3 Cohort 4 3 - <5 years old 2 years old 2 years old Screeni
Slide 17: Anticipate Second Gene Therapy and First Next-Gen DPP1 to Enter Clinic in 2026
Anticipate Second Gene Therapy and First Next-Gen DPP1 to Enter Clinic in 2026 ALS INS1202 Next-Gen DPP1s • IND cleared to move into clinic • Expect first DPP1 candidate (INS1033) to • Intrathecally delivered enter clinic in 2026 targeting RA & IBD • Studying both SOD1 and sporadic ALS • Future cand
Slide 18: Let's Recap
Let’s Recap 1 Recent achievements have unlocked additional opportunities to deliver on behalf of patients 2 Well-positioned to deliver innovative, first- or best- in-class therapies to patients with serious diseases 3 Recipient of Science’s Top Employer recognition for fifth consecutive year 18
Slide 19: Commercial Updates: BRINSUPRI & ARIKAYCE
Commercial Updates: BRINSUPRI & ARIKAYCE ® Roger Adsett| Chief Operating Officer 19
Slide 20: Demonstrating Strength in First Partial-Quarter
Demonstrating Strength in First Partial-Quarter Period Ended September 30, 2025 ~2,550 patients started treatment $28.1M ~1,700 physicians wrote ≥ 1 script2 Unaudited Net Sales1 • Includes COEs & community centers • Majority have written 1-2 scripts each 1 Period ended September 30, 2025 | 2 Additio
Slide 21: Expect Greater Insight into Underlying Launch Dynamics Next Quarter
Expect Greater Insight into Underlying Launch Dynamics Next Quarter Drivers to consider in Q4… Path to Prescription U.S. Guideline Updates • BRINSUPRI now available in all • Preliminary U.S. guidelines EMR systems recommend BRINSUPRI for exacerbating NCFB patients • More standardized prior authoriza
Slide 22: Today's Results Are Promising But Do Not Represent Final Contracting & Access Dynamics
Today’s Results Are Promising But Do Not Represent Final Contracting & Access Dynamics When interpreting Q3 results… Encouraging Signs Reasons for Caution Broad access from ‘Day 1’ as only Payor discussions are still ongoing approved therapy for NCFB Slowdowns often occur once Vast majority of presc
Slide 23: Remain Focused On Exceptional Future Launch Execution
Remain Focused On Exceptional Future Launch Execution Q3 benefited from more weeks of revenue and patient starts than initially expected While early days fuel our excitement, work remains to Inventory stocking accounted for achieve our ambition ~40% of Q3 sales of positioning BRINSUPRI among other h
Slide 24: ARIKAYCE Demonstrates Continued Strength
ARIKAYCE Demonstrates Continued Strength Three Months Ended September 30, 20251 • Record quarterly revenue in the U.S. and internationally United International States Worldwide $40.3M • Strength in U.S. demonstrates $74.0M ARIKAYCE +51.8% commercial ability to execute +10.6% $114.3M across multiple
Slide 25: Financial Results
Financial Results Sara Bonstein | Chief Financial Officer 25
Slide 26: Increasing 2025 ARIKAYCE Revenue Guidance
Increasing 2025 ARIKAYCE Revenue Guidance ARIKAYCE Revenue Guidance $420 to $430M Full-Year 2025 +15% to 18%* 2025 vs. 2024 * 2025 ARIKAYCE revenue guidance vs. 2024 ARIKAYCE revenue 26
Slide 27: Strong Capital Position Ahead of Upcoming Catalysts
Strong Capital Position Ahead of Upcoming Catalysts • Underlying cash burn1 was relatively September 30, 2025† consistent with historical burn levels ~$1.7B • Only a portion of BRINSUPRI revenues were recognized in cash this quarter2 In Cash, Cash Equivalents, • Expect spending to increase alongside
Slide 28: Advancing Commercial and Clinical Programs Through Investment
Advancing Commercial and Clinical Programs Through Investment Three Months Ended1 (in $ millions, except for percentages) 9/30/2025 9/30/2024 Total Revenues $142.3 $93.4 • Revenues2 as % of sales decreased Cost of Product Revenues2 (29.4) (21.2) y/y, reflecting BRINSUPRI contribution As a % of Reven
Slide 29: Closing Remarks
Closing Remarks 1 Past 18 Months: Clinical and commercial achievements created new opportunities to serve patients 2 Next 18+ Months: Plan to invest behind multiple commercial & clinical catalysts with the potential to change patient lives 3 We believe we are in a strong financial position to execut
Slide 30: 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 30
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