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Annual Report Ready. 2024
3 2 Readiness is not a milestone. It s not a moment. Readiness is a state of mind. It s built on cultural cohesion, adaptive thinking, and the willingness to fail. Readiness is fueled by intention. John, living with bronchiectasis At Insmed, we will always be ready to transform the lives of patients and families and change what it means to live with a serious disease. The success we anticipate in 2025 and beyond will never see us rest on our laurels. We have been at the edge of readiness for over a decade, and no matter how much we see our efforts come to fruition, we will always be ready for what s next.
4 LETTER FROM THE CHAIR & CEO 2024 ANNUAL REPORT To our shareholders: 2024 was the single most important year in Insmed s history truly one for the record books. This was the year did not happen overnight, nor did it happen by chance. It was the result of many years of hard work, of a dismal biotech market with deep investor skepticism, Insmed began 2025 with more than $1.4 billion in we brought renewed hope to patients and, in the process, showed that we have what it takes to become the next great biotechnology company. It s extraordinary to reflect on the organization we have become, and to know it s only the beginning. perseverance, and trust in both ourselves and the future. As I think about my early days at Insmed 12 years ago with just 30 colleagues, it s hard to believe that today we number over 1,300 people and are at the threshold of something so meaningful cash, continues to achieve doubledigit growth for our commercial product, expects a series of highly relevant clinical readouts over the next 12 months, and is preparing for one of the most eagerly anticipated drug launches in the industry later in terms of potential value creation and patient impact. We are in a rare and enviable position this year, pending U.S. Food and Drug Administration (FDA) approval. Behind these near-term milestones sits our pre-clinical research engine the in our industry, and it s one we don t take for granted. Against the backdrop answer to what s next for Insmed that has already been cultivated in house. Among many successes throughout the year, our defining moment was delivering positive topline results from the landmark Phase 3 ASPEN study of brensocatib in patients with bronchiectasis. These results were a win for the bronchiectasis community, heralding a potential new treatment paradigm for patients with this serious, chronic disease that to date has had no approved therapies. The study not only demonstrated that brensocatib worked in patients with bronchiectasis with a safety profile similar to placebo, but also unlocked an entirely new mechanism of action known as dipeptidyl peptidase 1 (DPP1) inhibition for the potential treatment of other neutrophil-mediated diseases. To the outside world, the ASPEN readout was the catalyst that put Insmed on the map. But for those of us at Insmed, we know our success This was the year we brought renewed hope to patients and, in the process, showed that we have what it takes to become the next great biotechnology company. 5 We have meticulously laid the groundwork for where we stand now, and we are more than ready for what s to come. But even more important than our many opportunities is the way in which has begun to carry some water in the industry. As just one example, we you to our Board of Directors for your invaluable guidance, to the physician we approach them. Our ambition goes beyond delivering critically needed first- or best-in-class medicines; it s to be a role model within our industry for building a place where people feel proud and inspired, and genuinely want to work. Culture is everything, and at Insmed, we re all authors of received more than 7,000 resumes for the 120 field sales positions we filled in the U.S. last year in preparation for the launch of brensocatib. This level of interest speaks not only to the strong excitement surrounding the upcoming launch, but also to the notion that we ve built something truly special. and research communities with whom we are proud to collaborate, and to the most passionate and dedicated group of employees I have been lucky enough to work with. our culture. We come to the table with different perspectives and experiences, but we share a common belief that our industry can do extraordinary things I am perhaps prouder of this than of anything else we ve achieved. are our why and the true North Star in every decision we make. and do them the right way. Above all, we believe that if people are given the space and trust to do their best work in the most authentic way, the clear consequence will be a benefit to patients. Now more than ever, this kind of example is needed. we never sit still. If 2024 was a pivotal year, 2025 has the potential to be even bigger, and the following year even bigger than that. We have meticulously laid the groundwork for where we stand now, and we are more than ready for what s to come. We ve set out to do something at Insmed that is bigger than any one of us individually, and that ambition Thank you to our shareholders who have patiently supported and believed in us throughout our journey. Thank Above all, my deepest thanks to the patients and families we serve. You While we celebrate our successes, Will Lewis Chair & Chief Executive Officer
6 NEWS & BUSINESS 2024 ANNUAL REPORT 2024 Year in review In an extraordinary year driven by key data milestones and strong commercial performance, we are equally proud of the unique culture we continue to uphold. Best Places to Work by BioSpace Speak Up In BE More than 10 new initiatives leveraging AI to transform drug discovery, development, and commercialization New Drug Application submitted to FDA for brensocatib in bronchiectasis for fourth year in a row 1 Expanded U.S. field force st patient The results are in: In the largest study ever conducted in patients with bronchiectasis, brensocatib met its primary endpoint and several key secondary endpoints, with a safety profile similar to placebo. The findings herald the potential for a new era in the clinical management of bronchiectasis. enrolled in Phase 2 study of brensocatib for hidradenitis suppurativa (HS) Enrollment complete Insmed announces positive topline data from Phase 2 study of TPIP in patients with PH-ILD ARIKAYCE delivers full-year 2024 revenues of $363.7 million, exceeding the upper end of guidance range A Phase 2 study of treprostinil palmitil inhalation powder (TPIP) in patients with pulmonary hypertension associated with In its seventh year post-launch, ARIKAYCE (amikacin liposome inhalation suspension) continues to deliver double-digit growth globally. interstitial lung disease (PH-ILD) showed positive safety data and a nominally statistically significant difference in clinical worsening of disease that favored patients treated with TPIP. IND cleared for INS1201 awareness campaign helps patients feel seen, understood, and supported Multiple accolades from Extel, formerly Institutional Investor No. 1 Science Top Employer Insmed announces positive results from landmark Phase 3 ASPEN study in Phase 2 study of TPIP in patients with pulmonary arterial 1,200+ employees as of the end of 2024 deployed to focus on bronchiectasis awareness while growing ARIKAYCE 2 U.S. Great Place to Work for fourth year in a row new employee resource groups hypertension (PAH) Insmed received clearance from the FDA for the investigational new drug (IND) application for INS1201, an intrathecally delivered gene therapy for patients with Duchenne muscular dystrophy (DMD). 7 Enrollment complete Best Places to Work in the UK by The Sunday Times in ENCORE trial of ARIKAYCE in patients with newly diagnosed or recurrent Mycobacterium avium complex (MAC) lung disease who had not been treated with antibiotics
8 SCIENCE & TECHNOLOGY 2024 ANNUAL REPORT Our defining clinical and commercial catalysts Critical successes in 2024 have set us up for a year of execution in 2025. ARIKAYCE Continuing to drive double-digit growth We saw strong global revenue performance for ARIKAYCE in 2024, with full-year revenues exceeding the upper end of our guidance range and reflecting double-digit growth over the prior year. ARIKAYCE is our first commercial product and is currently approved in the U.S., Europe, and Japan as the first and only therapy for adults with refractory MAC lung disease with limited treatment options, in combination with their multidrug regimen. Today, we are advancing the development of ARIKAYCE as a potential treatment for all patients with MAC lung disease, including those with newly diagnosed or recurrent infections who have not been treated with antibiotics. The ENCORE study, a postmarketing study in this patient population, is currently underway and completed enrollment in late 2024 with 425 patients, exceeding our target. We look forward to sharing topline results in the first quarter of 2026. In 2024, we delivered exceptional results across our business, with double-digit growth for our marketed product, ARIKAYCE, and critical achievements in our development programs. Anchored by the positive readout of the Phase 3 ASPEN study of brensocatib, which has the potential to transform the treatment landscape for bronchiectasis, 2024 proved to be the most critical year in Insmed s history. Today, we are more determined than ever to execute on the many opportunities in front of us and to redefine Insmed from a company that can serve approximately 30,000 patients to one able to reach more than 2.5 million patients by the end of the decade. Multiple catalysts fuel our next era MID 25 AUGUST 25 YE 25 LATE 25/ EARLY 26 TPIP Phase 2 topline data in PAH U.S. launch of brensocatib in bronchiectasis, if approved by PDUFA target action date Brensocatib Phase 2b topline data in chronic rhinosinusitis without nasal polyps (CRSsNP) Initial clinical data from DMD gene therapy as well as IND filings for additional gene therapies 1Q 26 ARIKAYCE ENCORE topline data 2024 Financial highlights Global annual net product revenues (in millions) 2022 $245.4 2023 $305.2 2024 $363.7 Cash, cash equivalents, and marketable securities (in millions) 2022 $1,148.3 2023 $780.4 2024 $1,433.8 In 2025, we anticipate global ARIKAYCE revenues to be between $405 million and $425 million. 9
 • shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
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 • Benford's Law Stocks icon INSM Benford's Law Stock Score = 84


INSM Shareholder/Stockholder Letter Transcript:

Annual Report
Ready.
2024

3
2
Readiness is not a
milestone. It   s not a
moment. Readiness
is a state of mind.
It   s built on cultural
cohesion, adaptive
thinking, and the
willingness to fail.
Readiness is fueled
by intention.
John, living with bronchiectasis
At Insmed, we will always be ready to transform
the lives of patients and families and change
what it means to live with a serious disease.
The success we anticipate in 2025 and beyond
will never see us rest on our laurels. We have
been at the edge of readiness for over a decade,
and no matter how much we see our efforts
come to fruition, we will always be ready for
what   s next.

4
LETTER FROM THE CHAIR & CEO
2024 ANNUAL REPORT
To our
shareholders:
2024 was the single most important
year in Insmed   s history   truly one for
the record books. This was the year
did not happen overnight, nor did
it happen by chance. It was the
result of many years of hard work,
of a dismal biotech market with deep
investor skepticism, Insmed began
2025 with more than $1.4 billion in
we brought renewed hope to patients
and, in the process, showed that we
have what it takes to become the
next great biotechnology company.
It   s extraordinary to reflect on the
organization we have become, and
to know it   s only the beginning.
perseverance, and trust in both
ourselves and the future. As I think
about my early days at Insmed 12
years ago with just 30 colleagues, it   s
hard to believe that today we number
over 1,300 people and are at the
threshold of something so meaningful
cash, continues to achieve doubledigit growth for our commercial
product, expects a series of highly
relevant clinical readouts over the
next 12 months, and is preparing for
one of the most eagerly anticipated
drug launches in the industry later
in terms of potential value creation
and patient impact.
We are in a rare and enviable position
this year, pending U.S. Food and Drug
Administration (FDA) approval. Behind
these near-term milestones sits our
pre-clinical research engine   the
in our industry, and it   s one we don   t
take for granted. Against the backdrop
answer to what   s next for Insmed that
has already been cultivated in house.
Among many successes throughout
the year, our defining moment was
delivering positive topline results
from the landmark Phase 3 ASPEN
study of brensocatib in patients with
bronchiectasis. These results were a
win for the bronchiectasis community,
heralding a potential new treatment
paradigm for patients with this serious,
chronic disease that to date has had
no approved therapies. The study not
only demonstrated that brensocatib
worked in patients with bronchiectasis
with a safety profile similar to placebo,
but also unlocked an entirely new
mechanism of action known as
dipeptidyl peptidase 1 (DPP1) inhibition
for the potential treatment of other
neutrophil-mediated diseases.
To the outside world, the ASPEN
readout was the catalyst that put
Insmed on the map. But for those of
us at Insmed, we know our success
   This was the year we brought
renewed hope to patients
and, in the process, showed
that we have what it takes
to become the next great
biotechnology company.   
5
   We have meticulously laid
the groundwork for where
we stand now, and we are
more than ready for what   s
to come.   
But even more important than our
many opportunities is the way in which
has begun to carry some water in
the industry. As just one example, we
you to our Board of Directors for your
invaluable guidance, to the physician
we approach them. Our ambition goes
beyond delivering critically needed
first- or best-in-class medicines; it   s
to be a role model within our industry
for building a place where people feel
proud and inspired, and genuinely
want to work. Culture is everything,
and at Insmed, we   re all authors of
received more than 7,000 resumes for
the 120 field sales positions we filled
in the U.S. last year in preparation for
the launch of brensocatib. This level of
interest speaks not only to the strong
excitement surrounding the upcoming
launch, but also to the notion that
we   ve built something truly special.
and research communities with whom
we are proud to collaborate, and to
the most passionate and dedicated
group of employees I have been lucky
enough to work with.
our culture. We come to the table with
different perspectives and experiences,
but we share a common belief that our
industry can do extraordinary things   
I am perhaps prouder of this than of
anything else we   ve achieved.
are our    why    and the true North Star
in every decision we make.
and do them the right way. Above all,
we believe that if people are given
the space and trust to do their best
work in the most authentic way, the
clear consequence will be a benefit to
patients. Now more than ever, this kind
of example is needed.
we never sit still. If 2024 was a pivotal
year, 2025 has the potential to be even
bigger, and the following year even
bigger than that. We have meticulously
laid the groundwork for where we
stand now, and we are more than
ready for what   s to come.
We   ve set out to do something at
Insmed that is bigger than any one
of us individually, and that ambition
Thank you to our shareholders who
have patiently supported and believed
in us throughout our journey. Thank
Above all, my deepest thanks to the
patients and families we serve. You
While we celebrate our successes,
Will Lewis
Chair & Chief Executive Officer

6
NEWS & BUSINESS
2024 ANNUAL REPORT
2024
Year in review
In an extraordinary year driven by key data
milestones and strong commercial performance,
we are equally proud of the unique culture we
continue to uphold.
Best
Places
to Work
by BioSpace
Speak Up In BE
More than 10
new initiatives
leveraging AI to transform
drug discovery, development,
and commercialization
New Drug
Application
submitted to FDA
for brensocatib
in bronchiectasis
for fourth year in a row
1
Expanded U.S.
field force
st patient
The results are in: In the largest study ever conducted in patients
with bronchiectasis, brensocatib met its primary endpoint and
several key secondary endpoints, with a safety profile similar to
placebo. The findings herald the potential for a new era in the
clinical management of bronchiectasis.
enrolled
in Phase 2 study of brensocatib
for hidradenitis suppurativa (HS)
Enrollment complete
Insmed announces positive
topline data from Phase 2
study of TPIP in patients
with PH-ILD
ARIKAYCE delivers full-year
2024 revenues of $363.7
million, exceeding the upper
end of guidance range
A Phase 2 study of treprostinil palmitil
inhalation powder (TPIP) in patients with
pulmonary hypertension associated with
In its seventh year post-launch,
ARIKAYCE   (amikacin liposome
inhalation suspension) continues to
deliver double-digit growth globally.
interstitial lung disease (PH-ILD) showed
positive safety data and a nominally
statistically significant difference in
clinical worsening of disease that
favored patients treated with TPIP.
IND cleared for INS1201
awareness campaign helps
patients feel seen, understood,
and supported
Multiple
accolades
from Extel, formerly
Institutional Investor
No. 1 Science
Top Employer
Insmed announces positive results from
landmark Phase 3 ASPEN study
in Phase 2 study of TPIP in
patients with pulmonary arterial
1,200+
employees as of the end of 2024
deployed to focus on
bronchiectasis awareness while
growing ARIKAYCE
2
U.S. Great
Place to Work
for fourth year in a row
new employee
resource groups
hypertension (PAH)
Insmed received clearance from the
FDA for the investigational new drug
(IND) application for INS1201, an
intrathecally delivered gene therapy
for patients with Duchenne muscular
dystrophy (DMD).
7
Enrollment complete
Best Places
to Work
in the UK
by The Sunday Times
in ENCORE trial of ARIKAYCE in
patients with newly diagnosed or
recurrent Mycobacterium avium
complex (MAC) lung disease who
had not been treated with antibiotics

8
SCIENCE & TECHNOLOGY
2024 ANNUAL REPORT
Our defining clinical
and commercial
catalysts
Critical successes in 2024 have set us up for a year
of execution in 2025.
ARIKAYCE  
Continuing to drive double-digit growth
We saw strong global revenue performance for ARIKAYCE
in 2024, with full-year revenues exceeding the upper end
of our guidance range and reflecting double-digit growth
over the prior year. ARIKAYCE is our first commercial
product and is currently approved in the U.S., Europe,
and Japan as the first and only therapy for adults with
refractory MAC lung disease with limited treatment
options, in combination with their multidrug regimen.
Today, we are advancing the development of ARIKAYCE
as a potential treatment for all patients with MAC lung
disease, including those with newly diagnosed or recurrent
infections who have not been treated with antibiotics.
The ENCORE study, a postmarketing study in this patient
population, is currently underway and completed
enrollment in late 2024 with 425 patients, exceeding our
target. We look forward to sharing topline results in the first
quarter of 2026.
In 2024, we delivered exceptional results across our
business, with double-digit growth for our marketed
product, ARIKAYCE, and critical achievements in our
development programs. Anchored by the positive
readout of the Phase 3 ASPEN study of brensocatib,
which has the potential to transform the treatment
landscape for bronchiectasis, 2024 proved to be the
most critical year in Insmed   s history.
Today, we are more determined than ever to
execute on the many opportunities in front of us
and to redefine Insmed from a company that can
serve approximately 30,000 patients to one able to
reach more than 2.5 million patients by the end of
the decade.
Multiple catalysts fuel our next era
MID    25
AUGUST    25
YE    25
LATE    25/
EARLY    26
TPIP Phase 2 topline
data in PAH
U.S. launch of
brensocatib in
bronchiectasis, if
approved by PDUFA
target action date
Brensocatib Phase
2b topline data in
chronic rhinosinusitis
without nasal polyps
(CRSsNP)
Initial clinical data
from DMD gene
therapy as well as IND
filings for additional
gene therapies
1Q    26
ARIKAYCE ENCORE
topline data
2024
Financial highlights
Global annual net
product revenues (in millions)
2022
$245.4
2023
$305.2
2024
$363.7
Cash, cash equivalents, and
marketable securities (in millions)
2022
$1,148.3
2023
$780.4
2024
$1,433.8
In 2025, we anticipate global
ARIKAYCE revenues to be between
$405 million and $425 million.
9



shareholder letter icon 4/4/2025 Letter Continued (Full PDF)
 

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