Insmed: "Strong Buy" As Possible Label Expansion For ARIKAYCE Bodes Well

Insmed (INSM) remains a "Strong Buy", driven by positive phase 3b ENCORE results for ARIKAYCE in 1st-line MAC lung disease and robust pipeline progress. INSM is positioned to expand ARIKAYCE's label to 1st-line MAC patients [200k+], convert accelerated to full approval for refractory MAC, and pursue Japanese label expansion. BRINSUPRI is approved for non-cystic fibrosis bronchiectasis, with 2026 revenue guidance of at least $1 billion; ARIKAYCE 2025 sales reached $433.8 million, up 19% YoY.