• Vertex Pharmaceuticals for rare lung diseases. (Like Vertex's dominance in cystic fibrosis, Insmed targets rare, severe lung conditions such as non-tuberculous mycobacterial (NTM) lung disease and pulmonary arterial hypertension).

• A specialized rare disease company, similar to Alexion (pre-acquisition). (Both focus on orphan drugs, but Insmed has a strong emphasis on pulmonary conditions).

• BioMarin Pharmaceutical, but with a sharper focus on respiratory and pulmonary conditions. (BioMarin is known for a diverse rare disease portfolio; Insmed is similarly focused on rare diseases but with a predominant lung/pulmonary emphasis).

• ARIKAYCE: A drug approved for the treatment of refractory *Mycobacterium avium* complex (MAC) lung disease in adults who have limited or no alternative treatment options.
• Brensocatib: An investigational oral medication in late-stage development for the treatment of non-cystic fibrosis bronchiectasis (NCFBE), a chronic inflammatory lung condition.
• Treprostinil Palmitil Inhalation Powder (TPIP): An investigational inhaled therapy being developed for the treatment of pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).

Insmed (INSM) primarily sells its products to other companies, specifically pharmaceutical wholesalers and distributors, rather than directly to individuals.

Based on their latest public filings (10-K for the fiscal year ended December 31, 2023), Insmed reported significant revenue concentration with the following major customers, which are distributors:

• AmerisourceBergen Corporation (ABC) - (represented 53% of gross product sales for the year ended December 31, 2023)
• McKesson Corporation (MCK) - (represented 29% of gross product sales for the year ended December 31, 2023)

• Lonza Ltd. (LONN)
• Catalent, Inc. (CTLT)
• Thermo Fisher Scientific Inc. (TMO)

William H. Lewis

Chair and Chief Executive Officer

Will Lewis joined Insmed in 2012 as President and Chief Executive Officer and became Chair of the Board of Directors in November 2018. He is the former Co-Founder, President, and Chief Financial Officer of Aegerion Pharmaceuticals, Inc. (Nasdaq: AEGR). Prior to that, he spent more than 10 years working in investment banking in the U.S. and Europe, and also worked for the U.S. government.

Sara M. Bonstein

Chief Financial Officer

Ms. Bonstein has been the Chief Financial Officer of Insmed since 2020. She has over 15 years of operational and financial leadership experience in the life sciences industry. Previously, she served as the Chief Financial Officer, Chief Operating Officer, and Corporate Secretary of OncoSec Medical. Ms. Bonstein also held roles as Chief Financial Officer, Secretary, Treasurer, and Executive Vice President of Advaxis Inc., and was a Director of Finance at Eli Lilly and ImClone, and a Financial Analyst at Johnson & Johnson.

Roger Adsett

Chief Operating Officer

Mr. Adsett has served as the Chief Operating Officer of Insmed since 2019.

Martina Flammer, M.D., MBA

Chief Medical Officer

Dr. Flammer has been the Chief Medical Officer of Insmed since 2019. She is an experienced and visionary healthcare executive leader with a track record for developing successful global strategies and building high-performing organizations in Rare Disease and Specialty Therapeutic areas.

Michael A. Smith

Chief Legal Officer

Mr. Smith has been the Chief Legal Officer of Insmed since 2024, having previously served as Senior Vice President and General Counsel for the company. His prior experience includes serving as Associate General Counsel at ViroPharma Inc. and Counsel at ConvaTec.

The recent approval and launch of Merck's sotatercept (Winrevair) for pulmonary arterial hypertension (PAH) represents a clear emerging threat to Insmed's pipeline asset, bepirovirsen, which is currently in Phase 3 development for the same indication. Sotatercept, a first-in-class activin receptor type IIA-Fc fusion protein, has demonstrated significant efficacy in improving clinical outcomes for PAH patients, setting a new and higher standard for treatment in a competitive market. This potentially raises the bar for bepirovirsen's eventual market entry and adoption, making it more challenging for Insmed to capture significant market share if bepirovirsen does not demonstrate a compelling differentiated profile compared to this established breakthrough therapy.

Insmed (INSM) has several main products and services with the following addressable market sizes:

Arikayce (Amikacin Liposome Inhalation Suspension)

• Refractory Mycobacterium avium complex (MAC) lung disease:
  • United States: 12,000-17,000 patients.
  • Japan: 15,000-18,000 patients.
  • Total MAC Lung Patients (U.S.): 95,000-115,000 patients.
  • Total MAC Lung Patients (Japan): 125,000-145,000 patients.
  • Total MAC Lung Patients (EU): 14,000 patients.
• Global Revenue Guidance: Insmed anticipates 2025 global Arikayce revenues to be between $405 million and $425 million.

Brensocatib

• Non-cystic fibrosis (non-CF) bronchiectasis:
  • United States: Approximately 450,000 patients.
  • Europe and Japan: Approximately 550,000 patients.
  • Global (8 major pharmaceutical markets including US, France, Germany, Italy, Spain, UK, Japan, and China): The market reached USD 459.4 million in 2024 and is expected to reach USD 766.7 million by 2035.
  • GlobalData forecasts that global sales could reach $1.2 billion in 2030 if approved. An analyst at Stifel projected potential for $5 billion or more in peak annual revenues.
  • United States: Revenue for Brensocatib is expected to reach an annual total of $624 million by 2034.

Treprostinil Palmitil Inhalation Powder (TPIP)

• Pulmonary Arterial Hypertension (PAH):
  • United States: Approximately 35,000 patients.
  • EU5 (France, Germany, Italy, Spain, and the UK): Approximately 40,000 patients.
  • Japan: Approximately 15,000 patients.

Insmed (INSM) is poised for future revenue growth over the next two to three years, driven by the continued strong performance of its existing product, the successful launch and international expansion of its new therapeutic, and the advancement of its pipeline into new indications and markets.

Here are 3-5 expected drivers of Insmed's future revenue growth:

1. Continued Growth of ARIKAYCE: ARIKAYCE, Insmed's flagship product for refractory Mycobacterium avium complex (MAC) lung disease, has consistently demonstrated double-digit revenue growth across all marketed regions. The company has raised its 2025 global ARIKAYCE revenue guidance to between $420 million and $430 million, reflecting projected year-over-year growth of 15% to 18%. Further, the Phase 3 ENCORE trial, with top-line data expected in the first half of 2026, aims to expand ARIKAYCE's label to include newly diagnosed or recurrent MAC lung disease patients, which would significantly enlarge its addressable market.
2. Successful Launch and Global Expansion of BRINSUPRI (brensocatib): BRINSUPRI (brensocatib) received FDA approval for bronchiectasis and commenced its U.S. launch in Q3 2025, generating $28.1 million in sales during its first partial quarter and attracting 2,550 new patient starts. This strong initial uptake has led analysts to significantly increase their global peak sales projections for brensocatib in non-cystic fibrosis bronchiectasis (NCFBE), with some estimates reaching up to $8.5 billion. Planned international launches in Europe, the UK, and Japan in 2026, following positive regulatory progress, are expected to further fuel revenue growth by opening up substantial new markets.
3. Pipeline Expansion into New Indications and Markets: Insmed's pipeline holds additional revenue growth potential. Brensocatib is also being investigated for chronic rhinosinusitis without nasal polyps (CRSsNP), with topline data from the Phase 2b BiRCh trial anticipated by the end of 2025. Furthermore, the company is advancing Treprostinil Palmitil Inhalation Powder (TPIP), with Phase 3 studies planned to initiate for pulmonary hypertension associated with interstitial lung disease (PH-ILD) in the second half of 2025 and for pulmonary arterial hypertension (PAH) in early 2026, following positive Phase 2b results. These pipeline advancements could lead to the launch of new products and expansion into additional therapeutic areas.

Share Repurchases

• In May 2021, Insmed repurchased $225 million in aggregate principal amount of its 1.75% Convertible Senior Notes due 2025 for an approximate repurchase price of $237 million plus accrued interest.

Share Issuance

• In May 2020, Insmed completed a public offering of 11,155,000 shares of common stock, generating gross proceeds of approximately $259.4 million.
• In May 2021, Insmed completed public offerings that included 11,500,000 shares of common stock for gross proceeds of approximately $287.5 million, and $575 million in 0.75% convertible senior notes due 2028.
• In June 2025, Insmed closed a public offering of 8,984,375 shares of common stock, including the full exercise of underwriters' options, resulting in gross proceeds of approximately $750 million.
• In August 2025, Insmed issued 17,756,196 shares of common stock in connection with the conversions of its 2028 Convertible Notes.

Capital Expenditures

• Insmed's capital allocation has focused on funding ongoing research and development for key product candidates like brensocatib, ARIKAYCE, and treprostinil palmitil inhalation powder (TPIP), as well as pre-clinical research programs.
• The company also invests in commercialization activities for its products, including expanding its field force and building out market access teams for new drug launches like Brensocatib.
• Insmed anticipates that its pre-clinical research programs will comprise less than 20% of its overall expenditures.