INSM: Increasing 2Q26 Brinsupri Revenue Estimate to $280M on Encouraging Symphony Prescription Trends; 2Q26 Earnings Preview

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INSM: Increasing 2Q26 Brinsupri Revenue Estimate to $280M on Encouraging Symphony Prescription Trends; 2Q26 Earnings Preview

July 9, 2026

Vamil Divan, M.D. vamil.divan@guggenheimpartners.com INSM: Increasing 2Q26 Brinsupri Revenue Estimate

212 823 6543 to $280M on Encouraging Symphony Prescription

Daniel Krizay, Ph.D.

daniel.krizay@guggenheimpartners.com Trends; 2Q26 Earnings Preview

212 823 6561

Arseniy Shabashvili Key Message: We are moderately increasing our 2Q 2026 and FY 2026 Brinsupri arseniy.shabashvili@guggenheimpartners.com revenue estimates to $280M and $1.20B, respectively (from $265M and $1.18B) to 212 699 1971

account for what looks to be continued strong uptake of the product in the quarter, as

Edouard Mullarky, Ph.D. evidenced by our analysis of Bloomberg Symphony TRx data to date. Despite what

edouard.mullarky@guggenheimpartners.com we view as a very successful commercial launch for Brinsupri to date, INSM shares

212 518 9579 have significantly underperformed YTD (down 32.2% vs. XBI up 34.5%). We believe

investor focus remains squarely on the progress of this launch, and for 2Q 2026, we

think the buy-side is looking for Brinsupri to deliver sales of at least $280M-$290M, which

falls above the current Sell-side consensus estimate of ~$273M-$276M. INSM shares

have recovered modestly over the last month (up 25.2% vs. XBI up 27.7%), and believe INSM BUY this recovery momentum should continue if the company is able to report Brinsupri Insmed Incorporated

Sector: Biotechnology sales above the current buy-side expectations. However, management commentary on

launch metrics (e.g., new patient starts, discontinuations, ex-US launch plans) will likely

Company Update continue to play an equally large role in shaping investor sentiment in the stock going