Insmed: The Pipeline Is Catching Up To The Valuation

Insmed remains a Buy, with enterprise value near $30B and robust growth driven by Brinsupri and pipeline assets. Brinsupri's launch exceeded expectations, with Q4 revenues of $144.6M and management guiding for $1B in 2026 sales. TPIP offers differentiation in PAH/PH-ILD with once-daily dosing and encouraging Phase 2b data, supporting a $3B rNPV estimate.