Insmed Don’t Stop Believin’ (the TRx): Brinsupri Symphony Data Continues to Track

Research evidence excerpt

Insmed Don’t Stop Believin’ (the TRx): Brinsupri Symphony Data Continues to Track

J P M O R G A N North America Equity Research

09 June 2026

Insmed Overweight

INSM, INSM US

Don’t Stop Believin’ (the TRx): Brinsupri Symphony Price (08 Jun 26):$94.17

Data Continue to Track

Biotechnology - Large Cap

Jessica Fye AC

(1-212) 622-4165

jessica.m.fye@jpmorgan.com

Abdul Tahlil

(1-212) 270-9644

abdul.tahlil@jpmorgan.com

Heading into INSM’s conference presentation today, we were especially focused

Jose Lora, Ph.D.

on any comments from the company with respect to the usability of the Symphony

(1-212) 270-4831

TRx data we have been tracking. Importantly, mgmt today confirmed that the jose.n.lora@jpmorgan.com

Symphony TRx data continue to track proportionally “right on top” of where they Adam Ferrari, Ph.D.

are internally. With strong Rx trends so far QTD, we expect the market will take (1-212) 622-1717

these comments as reassuring for volume trends/uptake. With all the caveats adam.ferrari@jpmorgan.com

around the sensitivity of these analyses to the Symphony capture rate and forward Silvia Luo

volume projections, we are refloating our Symphony scenario tables which flex (1-212) 622-0000

future volume, gross-to-net, and capture rate (see figs 1 and 2 below). Our longer silvia.luo@jpmorgan.com

note yesterday detailing this analysis can be found here. J.P. Morgan Securities LLC

More broadly on INSM, we think the path to upside includes: 1) reassuring

Brinsupri quarters, and, 2) in the meantime, continued solid script trends to the

extent they continue to track reality, as well as 3) potential for encouraging TPIP

ph IIb OLE data in 3Q to reinforce a competitive profile for that product. Stepping

back, we see the current pullback creating a unique opportunity to own a company