Insmed Inc "Brinsupri beat/raise and consistent execution can revive the..."

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Insmed Inc "Brinsupri beat/raise and consistent execution can revive the..."

Global Research

14 July 2026ab

Insmed Inc Equities

United StatesBrinsupri beat/raise and consistent execution can

revive the stock: 2Q Preview Biotechnology

12-month rating Buy

12m price target US$166.00Consistency in messaging and launch execution could drive stock upside

We are buyers of INSM ahead of 2Q as we see favorable risk/ reward from current

valuation. Stock equity has compressed meaningfully post pipeline set-back and 1Q Price (13 Jul 2026) US$109.14

miss, but we believe consistency in Brinsupri launch metrics and continued execution RIC: INSM.O BBG: INSM US

can drive the stock higher. Despite fundamentals looking attractive, we believe there has

been a hesitancy among investors in buying shares in a meaningful way due to the Trading data and key metrics

"recency effect" from 1Q miss. However, we believe the stock sentiment should improve 52-wk range US$211.41-91.88

as Brinsupri shows strong continued adoption. Although the stock may not react Market cap. US$23.6b

significantly positive on 2Q print itself, consistent messaging on launch execution Shares o/s 217m (COM)

through 2H26 could restore investor confidence. Slides from recent Bull / Bear debate. Free float 98%

Avg. daily volume ('000) 3,785

2Q Preview: Pot'l beat on Brinsupri and FY26 guide likely revised to >$1.2bn Avg. daily value (m) US$409.7

For 2Q we model topline close to current cons at $398m vs. $393m, which represents a Common s/h equity (12/26E) US$0.04b

30% Q/Q increase from 1Q. P/BV (12/26E) >100

Net debt to EBITDA (12/26E) NM

We model Brinsupri unchanged at $284m, which is a touch above cons at

$280m. Our Brinsupri 2Q math indicates very conservative patient adds. For EPS (UBS, diluted) (USD)