First Take: Brinsupri Delivers — Beat, Raise, and a Higher Peak Sales Estimate

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M

Update

August 6, 2026 12:17 PM GMT

Insmed Inc | North America

Morgan Stanley & Co. LLC

Maxwell Skor

Equity Analyst

First Take: Brinsupri Delivers —

Beat, Raise, and a Higher Peak

Sales Estimate

Key Takeaways

Brinsupri revenues were $309.2M (above cons. est. of $283.1M, MSe $292.2M).

Selena Zhang

Research Associate

Insmed Inc (INSM.O, INSM US)

Biotechnology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (May 6, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$212.00

$137.09

$29,369

$212.75-63.81

Arikayce revenues were $116.3M (above cons. est. of $114.1M, MSe $115.0M).

Raised FY26 Brinsupri revenue guidance to $1.25B-$1.4B (from at least $1B) and

reiterates Arikayce guidance of $450-470M.

Raised peak revenue estimate for three lead programs to >$14B total (>$7B

Brinsupri, >$6B TPIP, >$1B Arikayce)

Brinsupri revenues show increasing prescribing. Brinsupri revenues were $309.2M

above cons. est. of $283.1M. Mgt. noted ~7,000 patients started treatment as of 2Q

ahead of previous expectation of 6,300 (vs. ~7,800 new patient starts in 1Q26).

Mgt. now guides to ~7,000 new patient starts per quarter for the remainder of

2026 (vs. ~6,300 estimated as organic demand prior). >6,300 cumulative

prescribers (vs. >5,000 unique prescribers as of 1Q). All other previously disclosed

launch metrics (e.g. payor approval rates, patient compliance, continuation rates,

etc.) continue to track ahead of mgt.'s expectations. Gross-to-net came in at the

lower end of the previous guidance range (mid-20s to low-30s). We expect the ~9%

beat and ~33% raise from midpoint for Brinsupri to restore positive momentum

to the stock.

Brinsupri guidance raised to $1.25B-$1.4B and peak revenue estimate raised to >

$7B. Peak sales estimates for the 3 lead programs updated to $14B+ in total vs. $8B

+ previously. For Brinsupri, $7B+ vs. $5B+ previously, does not include potential

contributions from the under-diagnosed comorbid COPD/asthma population, the

opportunity for which is still being evaluated. For TPIP, $6B+ vs. $2B+ previously,

…