TPIP OLE: Good Update, Dosing Debate NBD, Addl Thoughts Incl 1x1 w/ Mgmt

研报英文原文证据摘录

TPIP OLE: Good Update, Dosing Debate NBD, Addl Thoughts Incl 1x1 w/ Mgmt

USA | Biotechnology

Insmed Inc EquityJulyResearch16, 2026

COMPANY UPDATETPIP OLE: Good Update, Dosing Debate NBD,

RATING BUYAddl Thoughts Incl 1x1 w/ Mgmt

PRICE $109.81^

TPIP OLE data was solid, reinforcing strong profile of TPIP as a best-in-class

inhaled prostanoid w/ standout profile. 6MWD at higher end of our ingoing PRICE TARGET | % TO PT $160.00 | +46%

expectations + safety clean incl higher doses. Investors picking at lack of 52W HIGH-LOW $212.75 - $90.39

efficacy split by dose, which became an expectation after co disclosed % of pts FLOAT (%) | ADV MM (USD) 99.6% | 463.95

who dose-esc in OLE, but there are nuances on why this isn't medically relevant. MARKET CAP $23.7B

Big picture TPIP is the key pipeline oppy but stock trades on Brinsupri NT. TICKER INSM ^Prior trading day's closing price unless otherwise

noted.

Big picture >> OLE con't to support TPIP best-in-class pot'l w/ convenient 1x/day dosing vs SOC

4x/day

FY (Dec) CHANGE TO JEFe JEF vs CONS

Efficacy: Robust Wk52 6MWD +56m active / +54m pbo >> Clearly better vs Tyvaso at Wk52 2026 2027 2026 2027•

(+38m active / +28m pbo) REV NA NA +2% -15%

Safety: Supportive w/ higher doses not adding any issues and cough rates lower vs Tyvaso EPS NA NA -13% -482%•

Co clarified to us prior comments on % at higher doses were meant to highlight safety •

(i.e., docs feel good abt risk-benefit of updosing) 2026 ($) Q1A Q2 Q3 Q4 FY

We see TPIP taking meaningful share of inhaled prostacyclin class which we estimate has > EPS (0.76) (0.73) (0.53) (0.34) (2.35)•

$10B peak pot'l across PAH, PH-ILD, IPF/PPF PREV

Co. added that they think the asset is clearly better than Tyvaso and will compete •

effectively vs Winrevair as well