Insmed: Expensive Stock, But Discount To Recent Highs Makes Bull Case

Summary Insmed is rated Buy, driven by Brinsupri’s blockbuster launch and strong TPIP Phase 2b data. Brinsupri generated $517m in 1H 2026, faces minimal competition, and targets $7bn+ peak sales with COPD/asthma comorbidity upside. TPIP’s Phase 2b results exceeded expectations; four Phase 3 indications could yield $6bn+ peak sales if approved. Despite a ~15x 2026 price-to-sales ratio and competitive risks, early sales and pipeline progress support a bullish long-term thesis. Looking for a helping hand in the market? Members of Haggerston BioHealth get exclusive ideas and guidance to navigate any climate. Learn More » Klaus Vedfelt/DigitalVision via Getty Images Investment Overview: Updates Since My Last Note I gave Insmed Incorporated ( INSM ) stock a Buy rating the last time I covered the company in a note for Seeking Alpha, in February 2025. Eighteen months This article was written by Edmund Ingham 15.19K Followers Follow Edmund Ingham is a biotech consultant. He has been covering biotech, healthcare, and pharma for over 5 years, and has put together detailed reports of over 1,000 companies. He leads the investing group Haggerston BioHealth. The group is for both novice and experienced biotech investors. It provides catalysts to look out for and buy and sell ratings. It also provides product sales and forecasts for all the Big Pharmas, forecasting, integrated financial statements, discounted cash flow analysis and market by market analysis. Learn more. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in INSM over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.