Insmed Model Update

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

07 August 2026

Insmed

Overweight

INSM, INSM US

Price (06 Aug 26):$132.55

Model Update

▼Price Target (Dec-27):$175.00

Prior (Dec-26):$179.00

We are updating our INSM model on the back of a strong 2Q beat and guidance

raise. Our 2026/2027/2028 total revs move to $1,810mm/$2,978mm/$4,140mm

from $1,666mm/$2,882mm/$3,964mm and our new 2026/2027/2028 Brinsupri

revs are $1,342mm/$2,412mm/$3,444mm. Our opex assumptions also move

higher to $1,913mm/$2,366mm/$2,555mm, up 4%/15%/18%. Please see changes

below.

Biotechnology - Large Cap

Jessica Fye AC

(1-212) 622-4165

Abdul Tahlil

(1-212) 270-9644

Jose Lora, Ph.D.

(1-212) 270-4831

Silvia Luo

(1-212) 622-0000

Adam Ferrari, Ph.D.

(1-212) 622-1717

J.P. Morgan Securities LLC

Key Changes (FYE Dec)

Prev

(2.26)

1.28

Adj. EPS - 26E ($)

Adj. EPS - 27E ($)

Cur Δ

(2.01) 10.7%

0.36 -71.5%

Quarterly Forecasts (FYE Dec)

Adj. EPS ($)

Q1

Q2

Q3

Q4

FY

2025A

(1.42)

(1.70)

(1.75)

(1.54)

(6.42)

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.