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- **BRINSUPRI Launch Momentum**: $28M in 6 weeks, 2,550 patients, and broad prescriber adoption, despite early-stage uncertainty.
- **Pipeline Progress**: EU brensocatib approval expected in 2025, BiRCh and CEDAR trials on track, and TPIP Phase III启动.
- **Financial Strength**: $1.7B cash, ARIKAYCE guidance raised to $420-430M, and robust pipeline funding.
- **Clinical Catalysts**: ENCORE readout in 2026, BiRCh results in early 2026, and multiple Phase III starts in 2026.


**【CEO Summary Section】**
- Launched BRINSUPRI in the U.S., achieving $28M in net sales in the first 6 weeks, with 2,550 patients and 1,700 prescribers. Emphasized cautious optimism due to early data complexity.
- Highlighted pipeline progress: EU CHMP positive opinion for brensocatib, Phase II BiRCh study in CRS without nasal polyps nearing completion, and CEDAR trial in hidradenitis suppurativa fully enrolled.
- ARIKAYCE revenue up 22% YoY, driven by U.S. and international growth, with potential for expansion into Japan and Europe.

**【CFO Financial Commentary】**
- Raised 2025 ARIKAYCE net revenue guidance to $420-430M (prev. $405-425M), reflecting strong commercial execution.
- Cash position of $1.7B supports BRINSUPRI launch and pipeline investments.
- Q3 2025 R&D and SG&A expenses increased due to BRINSUPRI launch and pipeline expansion.

**【Q&A Highlights】**
- **BRINSUPRI Market Access**: Early ease of access, with focus on 2+ exacerbations criteria; 40% of Q3 sales attributed to channel stocking.
- **BiRCh Study**: 80% powered to detect 0.97 placebo-adjusted treatment effect; data lock expected by early 2026.
- **TPIP Development**: Single Phase III trial for PAH aligned with FDA; Phase III starts in PPF and IPF planned for 2026.
- **HS Pipeline**: CEDAR trial fully enrolled, targeting 20% AN count reduction; 95% powered for 40% reduction.
- **Gene Therapies**: DMD and ALS programs advancing in Phase I, with promising safety profiles.


Insmed Incorporated (INSM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

INSM

INSM fundamentals

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