INSM: 2Q26 EPS Preview - TRx Trends Encouraging; Diligence Includes Physician & PBM Checks

研报英文原文证据摘录

INSM: 2Q26 EPS Preview - TRx Trends Encouraging; Diligence Includes Physician & PBM Checks

Equity Research

Earnings Revised — July 15, 2026

Biotechnology

Insmed Incorporated

2Q26 EPS Preview - TRx Trends Encouraging; Diligence Overweight

Includes Physician & PBM Checks Price Target: $161.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

We think the stock is oversold on discontinuation rate concerns, and see a potential Price Target $161.00 $160.00 0.6%

for a Brinsupri beat to improve sentiment, as we don't think consensus assumes a high EPS 2026 (2.95) (2.91) -1.4%

discontinuation rate. TRx data have us more upbeat; raising 2Q26 est. to $287M. EPS 2027 0.64 0.45 43.6%

Rev. (MM) 2026 1.82B 1.65B 10.1%

Stock setup. INSM declined post 1Q EPS, we think due to the Brinsupri discontinuation Rev. (MM) 2027 2.80B 2.33B 20.4%

rate manifesting lower than clinical trials, corroborating bearish sentiment speculating

as much ahead of the quarter. Shares have rebounded some, but not more than the XBI Ticker INSM

(+19% since 6/11/2026), thus we think sentiment remains neg. Achieving (or beating)

Upside/(Downside) to Target 46.2%consensus, which we think doesn't contemplate a high discontinuation rate, should help

sentiment. Price (07/14/2026) $110.11

52 Week Range $90.39 - 212.75

Takes from our longitudinal KOL calls. We checked in with 3 early adopters of Brinsupri; Market Cap (MM) $23,725

adoption during 2Q26 was mixed, with only 2 adding new patients during the quarter. Enterprise Value (MM) $24,865

We think this speaks to a bolus effect, and expect growth from early adopters to begin Average Daily Value (MM) $411

to slow. That said, Symphony data would suggest that TRx is growing roughly linearly, Dividend Yield 0.0%

suggesting the commercial footprint is expanding.