Insmed Incorporated · NASDAQ:INSM
Insmed — Q3 2026 Earnings Presentation
27 slides from Insmed's earnings presentation, Oct 29, 2026
Slide 1: Third-Quarter 2026 Earnings Presentation
Third-Quarter 2026 Earnings Presentation October 29, 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, candidates; risks that our clinical studies will be delayed, that serious side effects will be identified during drug and involve known and unknown risks, unc
Slide 3: Speakers Agenda Slides
Speakers Agenda Slides 1 Opening Remarks 5 Will Lewis Chair & CEO 2 Commercial Updates 7-12 3 Clinical Updates 14-15 Sara Bonstein Chief Financial Officer 4 Financial Results 18-21 3
Slide 4: Opening Remarks
Opening Remarks Will Lewis | Chair & CEO 4
Slide 5: Sustained Commercial Growth, Operational Excellence, and Scientific Innovation Position Insmed to Stand Apart
Sustained Commercial Growth, Operational Excellence, and Scientific Innovation Position Insmed to Stand Apart Three key ideas: Strong Revenue & Operational Robust Earnings Potential Excellence Research Engine • Three lead assets† forecasted to • Delivering strong revenue • Advancing therapies with f
Slide 6: BRINSUPRI Updates
BRINSUPRI Updates ® Will Lewis | Chair & CEO 6
Slide 7: BRINSUPRI Continues to Outperform Strong Launch Analogs; Full-Year 2026 Guidance Raised
BRINSUPRI® Continues to Outperform Strong Launch Analogs; Full-Year 2026 Guidance Raised to $1.35 to $1.4 Billion 1 2 3 4 5 6 7 BRINSUPRI ® WINREVAIR OHTUVAYRE DUPIXENT ® FASENRA® REZDIFFRA TEZSPIRE 450 400 400 BRINSUPRI achieves 350 blockbuster status in first four full quarters of launch 309 300 2
Slide 8: Only Approved Medicine for Patients with NCFB in Japan; BRINSUPRI Launches with Favorable Pricing
Only Approved Medicine for Patients with NCFB in Japan; BRINSUPRI Launches with Favorable Pricing • ASPEN: Japanese patients** on 25 mg brensocatib demonstrated substantially greater reduction in annualized PE rate (68%) vs. global study (19%)† ► FEV1: 97 mL Japanese cohort vs. 38 mL global study‡ ►
Slide 9: Strategic Collaborations Aimed at Building a Robust Body of Long-Term Evidence
Strategic Collaborations Aimed at Building a Robust Body of Long-Term Evidence Brensocatib Effectiveness, Safety, and Tolerability in European Multi-centre Bronchiectasis Audit Bronchiectasis (BEST-BE) Study in Collaboration with and Research Collaboration (EMBARC) the Bronchiectasis & NTM Associati
Slide 10: Multiple Initiatives Underway to Improve Bronchiectasis Detection & Diagnosis
Multiple Initiatives Underway to Improve Bronchiectasis Detection & Diagnosis Through Three Strategic Priorities EVIDENCE GENERATION STRATEGIC PARTNERSHIPS EDUCATION & AWARENESS Establish the prevalence and scale of Form strategic partnerships to explore Educate healthcare providers to improve undia
Slide 11: ARIKAYCE Updates
ARIKAYCE Updates ® Will Lewis | Chair & CEO 11
Slide 12: ARIKAYCE Continues to Execute Commercially; Full-Year 2026 Guidance Raised
ARIKAYCE® Continues to Execute Commercially; Full-Year 2026 Guidance Raised to $460 to $470 Million Q3 2026 Revenue† Potential Label Expansion* • sNDA granted priority review by FDA, with PDUFA target action date of January 28, 2027 • Intend to submit data to PMDA in Q4:26 to support potential Japan
Slide 13: Clinical Updates
Clinical Updates Will Lewis | Chair & CEO TPIP: treprostinil palmitil inhalation powder 13
Slide 14: TPIP: Phase 3 Studies Progress On Track
PALM Represents One of the Broadest Active Programs in the Pulmonary Space; Phase 3 Studies Progress On Track >35% enrolled and on First patient enrolled track for enrollment completion in 1H:28 TPIP Initiated first site and on track to start Initiation expected 1H:27 enrollment in Q4:26 TPIP: trepr
Slide 15: Investing Behind Earlier-Stage Programs to Fuel Next Phase of Growth
Investing Behind Earlier-Stage Programs to Fuel Next Phase of Growth Key updates: INS1033 INS1148 INS1201 INS1202 • DPP1 candidate actively • Monoclonal antibody • Designed for intrathecal • Also designed for recruiting for Phase 1 designed to selectively delivery, with the goal of intrathecal deliv
Slide 16: Let's Recap
Let’s Recap 1 BRINSUPRI’s launch momentum supports upward revision of Full-Year 2026 revenue guidance to between $1.35 and $1.4B 2 ARIKAYCE continues to deliver steady growth while positioning for potential label expansion in the U.S. and Japan in 2027* 3 Phase 3 TPIP studies continue to progress on
Slide 17: Financial Results
Financial Results Sara Bonstein | Chief Financial Officer 17
Slide 18: Strong Third-Quarter Revenue Performance Across Both Commercial Products
Strong Third-Quarter Revenue Performance Across Both Commercial Products • $400.1M in revenue Total • $124.4M in revenue Revenues v v • +29% sequential growth $524.4M • +9% growth vs. Q3 2025 • GTN fell within annual • GTN fell within annual guidance range of mid- to guidance range of low- to high-2
Slide 19: Third-Quarter Performance Supports Raising Low End of Full-Year Guidance
Third-Quarter Performance Supports Raising Low End of Full-Year Guidance for Both Commercial Products Full-Year 2026 Revenue Gross-to-Net GUIDANCE GUIDANCE $1.35B to Mid-20%s to $1.4B† High-20%s Previously $1.25 to $1.4 Billion Unchanged $460M to Low-20%s to $470M‡ Mid-20%s Previously $450 to $470 M
Slide 20: Advancing Commercial and Clinical Programs Through Investment
Advancing Commercial and Clinical Programs Through Investment Three Months Ended* (in $ millions, except for percentages) 9/30/2026 9/30/2025 Total Revenues $524.4 $142.3 • Costs** as % of revenues decreased y/y, reflecting BRINSUPRI contribution Cost of Product Revenues** (78.2) (29.4) As a % of Re
Slide 21: 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* September 30, 2026† • Cash burn was lower than recent quarters, driven ~$1.1B by higher revenue generation and appropriate financial discipline • Expect increased investment in clinical programs, and Japa
Slide 22: Q&A Session
Q&A Session Will Lewis Sara Bonstein Martina Flammer Chair & CEO Chief Financial Officer Chief Medical Officer 22
Slide 23: Appendix
Appendix
Slide 24: Launch Analog Footnotes (1 of 3)
Launch Analog Footnotes (1 of 3) 1. BRINSUPRI | Launched in Q3 2025; Q4 2025 represents the first full quarter of sales a) BRINSUPRI generated US$144.6 million in net product sales during the fourth quarter of 2025 (Insmed Incorporated, 2026). Insmed Incorporated. Insmed Reports Fourth-Quarter and F
Slide 25: Launch Analog Footnotes (2 of 3)
Launch Analog Footnotes (2 of 3) 4. DUPIXENT | Launched in Q2 2017 a) Dupixent collaboration revenue was US$28.6 million during the second quarter of 2017 (Regeneron Pharmaceuticals, Inc., 2017). Regeneron Pharmaceuticals, Inc. (2017, August 3). Quarterly report (Form 10-Q) for the quarterly period
Slide 26: Launch Analog Footnotes (3 of 3)
Launch Analog Footnotes (3 of 3) 7. TEZSPIRE | Launched in Q1 2022 a) TEZSPIRE generated US$7 million in sales during the first quarter of 2022 (Amgen Inc., 2022). Amgen reports first quarter 2022 financial results. https://investors.amgen.com/news- releases/news-release-details/amgen-reports-first-
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