INSM: One Week Later... Additional Thoughts on Insmed's 1Q 2026 and Our Expectations From Here After Catching Up With the Company and Numerous Investor Conversations

研报英文原文证据摘录

INSM: One Week Later... Additional Thoughts on Insmed's 1Q 2026 and Our Expectations From Here After Catching Up With the Company and Numerous Investor Conversations

BIOTECHNOLOGY

INSMED INCORPORATED May 13, 2026

• Company Expects to Provide Mid-Cycle Launch Updates and Symphony TRx

Tracking Suggests Strong Uptake Continues Into 2Q: The company also announced

that they now plan on providing mid-cycle directional updates at future banking conferences,

believing that this should help narrow the gap between market expectations and actual

results for future quarters. While we do not know exactly what metrics the company will

provide, we believe this is a good decision given the hyper-focus on the launch and the

arbitrary noise we observed leading into earnings last week, ultimately leading to unrealistic

investor expectations heading into the print. Despite previously stating that Symphony data

was likely not a reliable marker for Brinsupri uptake, the company now sees validated

Symphony TRx data as being a reliable directional indicator for the drug. What they are

seeing in the Symphony TRx data has been relatively aligned with the company's internal

tracking (although that has not been the case for Symphony NRx data), and they saw good

continued growth in Symphony TRx data through April (Figure 1). As such, we have also

now analyzed Symphony TRx data through April and, assuming net pricing is equal to the

average of the previous two quarters' non-stocking revenue per prescription, we believe

Brinsupri 2Q 2026 are currently tracking toward ~$271M (Table 2), which falls between our

current 2Q 2026 estimate of $265M and VisibleAlpha Consensus at $278M. We will continue

to track Brinsupri scripts closely through the launch, but remain encouraged with the uptake