*SLIDES* TPIP Update Solid: See Our Belated Preview for Background / Context

Research evidence excerpt

*SLIDES* TPIP Update Solid: See Our Belated Preview for Background / Context

USA | Biotechnology

Insmed Inc EquityJulyResearch16, 2026

COMPANY UPDATE*SLIDES* TPIP Update Solid: See Our Belated

RATING BUYPreview for Background / Context

PRICE $109.81^

INSM announced encouraging Wk52 Ph2 OLE data for TPIP in PAH. The

data are encouraging and at the high end of our expectations. This is a pos PRICE TARGET | % TO PT $160.00 | +46%

development, but we expect stock reaction to be moderate (i.e., +10%) given 52W HIGH-LOW $212.75 - $90.39

strong Ph2b data last yr established TPIP as a major pipeline oppy, and the FLOAT (%) | ADV MM (USD) 99.6% | 463.95

stock today is primarily driven by Brinsupri revs/commentary the key driver for MARKET CAP $23.7B

INSM. Our benchmark going into this was +45-55m 6MWD benefit w/ clean TICKER INSM ^Prior trading day's closing price unless otherwise

safety (see slides) noted.

Big picture: 6MWD data are at the high end of what we would've expected based on our analysis FY (Dec) CHANGE TO JEFe JEF vs CONS

of Tyvaso data. Safety profile (notably cough) looks v supportive. Overall, the data supports TPIP 2026 2027 2026 2027

as a pot'l best-in-class inhaled prostacyclin, which is a drug class we see as having >$10B pot'l REV NA NA +2% -15%

at peak across PAH, PH-ILD, IPF/PPF. EPS NA NA -13% -482%

Content below is from our preview, and we will follow up with addl thoughts after INSM's call

at 8am. 2026 ($) Q1A Q2 Q3 Q4 FY

EPS (0.76) (0.73) (0.53) (0.34) (2.35)

Ingoing expectations on efficacy: PREV

Per mgmt, want sustained benefit at Wk52 on 6MWD vs Ph2b at Wk16 >> we thought data•

needs to show +45-55m absolute median improvement from pre-Ph2b baseline to Wk52 of

OLE to be considered a win

45m for prior pbo, 55m for prior TPIP •