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US Biopharmaceuticals: Vegas Healthcare Conference Takes for INSM, LGND, and EIKN

发布日期: 2026-05-13研究机构: BofA Global Research报告页数: 9原文语言: 英语证据页码: 1

研报英文原文证据摘录

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US Biopharmaceuticals

Vegas Healthcare Conference Takes for

INSM, LGND, and EIKN

Industry Overview

INSM: Concerns overdone, launch very much on track 13 May 2026

Insmed CEO Will Lewis continued to emphasize the strength of Brinsupri’s launch at our Equity

fireside chat (see our INSM investor dinner takes). Easily overlooked, we think, the early United States

trajectory positions Brinsupri among the top 25 biopharma launches of all time, Biopharmaceuticals

underscoring the magnitude of unmet need in NCFB and the degree to which the current Jason Zemansky

debate remains overly focused on durability. While management did not revisit launch Research Analyst

metrics, it reiterated discontinuation rates remain favorable vs. relevant comps, with BofAS+1 646 855 4280

patient loss addressable as prescriber experience builds and support improves. Perhaps jason.zemansky@bofa.com

more importantly, the market itself continues to expand, with prevalence “stacking” Jacqueline Plesset

Research Analyst

given the chronic nature of NCFB. Insmed also noted Symphony TRx continued to track BofAS

well with its internal prescription data through April, providing another external, positive +1 646 855 0014

jacqueline.plesset@bofa.com

check on the launch trajectory. Beyond Brinsupri, we think TPIP’s upside remains

underappreciated, with ~25% of patients in the phase 2 OLE up-titrating above 640ug,

creating potential for incremental efficacy upside. Ultimately, with shares, in our view,

still trading absent much credit for the commercial/late-stage pipeline opportunities,

we’d argue current levels remain an attractive entry point. Maintain Buy and $214 PO. Abbreviations:

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