Insmed Incorporated: Thoughts from our Vegas healthcare conference investor dinner

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Insmed Incorporated: Thoughts from our Vegas healthcare conference investor dinner

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Insmed Incorporated

Thoughts from our Vegas healthcare

conference investor dinner

Maintain Rating: BUY | PO: 214.00 USD | Price: 103.89 USD

Brinsupri launch momentum solid; pullback overdone 12 May 2026

We hosted Insmed at an investor dinner last night with discussion easily focused on Equity

Brinsupri’s launch. Overall, we thought the takeaways were clear: Brinsupri is tracking

Jason Zemansky

better than current sentiment implies given strong patient and physician feedback; Research Analyst

encouraging utilization trends; and early signs of market expansion potentially BofAS +1 646 855 4280

supporting meaningful runway beyond current forecasts. Admittedly, INSM shares have jason.zemansky@bofa.com

underperformed since 1Q earnings, largely, we think, following concerns over durability. Jacqueline Plesset

That said, Insmed was emphatic discontinuations rates were improved vs. appropriate Research Analyst BofAS

comps with room for further upside. Ultimately, with shares trading absent much credit +1 646 855 0014

for the combined opportunities of the commercial/ late-stage portfolios, we continue to jacqueline.plesset@bofa.com

view current levels as an especially attractive entry point. Maintain Buy and $214 PO.

Discontinuation concerns similarly overdone Stock Data

Discontinuation rates were admittedly a major discussion topic, though Insmed framed

Price 103.89 USD

patient loss as better than expected—consistent with broader launch metrics, which

Price Objective 214.00 USD

have far exceeded expectations. Admittedly, early launch data are noisy, particularly

Date Established 4-May-2026

given uncertainties around 1Q-related refill delays vs. true abandonment, with Insmed