Insmed's 2025 Q1 Earnings Call: Unpacking Contradictions in Brensocatib Pricing and TPIP Development

Market access and pricing strategy for brensocatib, pricing strategy and gross-to-net expectations, TPIP Phase III trial timeline, DPP1 inhibitor library expansion, and role of the 6-minute walk distance in the TPIP trial are the key contradictions discussed in Insmed's latest 2025Q1 earnings call.



Strong Financial Performance of ARIKAYCE:
- Insmed's ARIKAYCE showed remarkable year-over-year revenue growth, achieving double-digit increases in each geographic region for the sixth consecutive quarter.
- The growth was driven by strong volume trends due to increased new patient starts, particularly in Japan and Europe, where growth was around 50%.

Advancements in Clinical and Regulatory Milestones:
- Brensocatib, a key pipeline drug, made significant progress with its NDA filing for bronchiectasis, and the full results of the Phase 3 ASPEN trial were published in the New England Journal of Medicine.
- This progress was attributed to the clinical and regulatory team's efforts and the FDA's ongoing review process.

TPIP Program for PAH:
- The Phase 2 trial of TPIP in pulmonary arterial hypertension (PAH) is progressing, with the last patient's visit occurring in late March.
- The trial is expected to provide topline results in June, with significant excitement surrounding the potential impact on patient outcomes.

Launch Readiness for Brensocatib:
- Insmed's disease awareness website for bronchiectasis had over a million unique visits, and more than 53,000 self-identified patients engaged.
- These efforts are positioning Insmed for a frictionless launch of brensocatib in the U.S., with a focus on education and supporting patients through their healthcare journey.