Aug. 20 at 7:58 PM
William Blair🏁
$INSM Outperform.
~Estimates Peak Sales in 2035 of Near
$15B &
Sees 2025 Sales of
$468M & 2026 of
$1B+
$LQDA $UTHR $AZN GSK
$XBI
William Blair said:
We are initiating coverage of Insmed [
$INSM ] with an Outperform rating, based on our belief that clinical and commercial execution with Brinsupri, Arikayce, and TPIP have the potential to significantly increase Insmed's valuation.
While acknowledging that shares of Insmed are up over 450% (versus a 2% increase for the
$XBI) since the positive Phase III results with Brinsupri in bronchiectasis, we believe the potential for a strong commercial launch of Brinsupri in the multi-blockbuster bronchiectasis indication will keep Insmed as a "must-own" name for investors.
Furthermore, there are near-term readouts that could drive market expansion across Brinsupri, Arikayce, and TPIP into additional indications, further increasing peak sales for Insmed, which we estimate at nearly
$15 billion in 2035.
William Blair additionally said:
