Insmed Incorporated (NASDAQ:INSM) Q1 2023 Results Conference Call May 4, 2023 8:30 AM ET

Company Participants

Bryan Dunn - Head of Investor Relations

Will Lewis - Chair and Chief Executive Officer

Sara Bonstein - Chief Financial Officer

Martina Flammer - Chief Medical Officer

Conference Call Participants

Nick Lenard - JPMorgan

Andrea Tan - Goldman Sachs

Judah Frommer - Credit Suisse

Jennifer Kim - Cantor Fitzgerald

Leon Wang - Barclays

Stephen Willey - Stifel

Jason Zemansky - Bank of America

Liisa Bayko - Evercore

Michael Riad - Morgan Stanley

Operator

Good morning, and welcome to the Insmed First Quarter 2023 Financial Results. My name is Nandaja, and I will be your operator today. At the end of the presentation, there will be an opportunity to ask questions [Operator Instructions]

I shall now hand over to Bryan Dunn to begin.

Bryan Dunn

Thank you, Nandaja. Good day, everyone, and welcome to today's conference call to discuss Insmed's first quarter financial results for 2023 and provide a business update. I am joined today by Will Lewis, Chair and Chief Executive Officer; and Sara Bonstein, Chief Financial Officer, who will each provide some prepared remarks. Later, they will both be joined by Dr. Martina Flammer, Chief Medical Officer for the Q&A session. Before we start, please note that today's call will include forward-looking statements based on current expectations. These statements represent our judgment as of today and inherently involve risks and uncertainties that may cause actual results to differ materially from the results discussed. Please refer to our filings with the Securities and Exchange Commission, which are available at www.sec.gov and on our website for more information concerning the risk factors that could affect the company. The information on today's call is for the benefit of the investment community. It is not intended for promotional purposes and it is not sufficient for prescribing decisions.

With that, I will turn the call over to Will Lewis for prepared remarks.

Will Lewis

Thank you, Bryan, and good morning, everyone. I am pleased to report that Insmed began 2023 exactly how we hoped it would, with a strong quarter of commercial execution, which delivered 23% revenue growth, while also continuing to fulfill its promises from a research and development perspective. By nearly any measure, the most important pipeline milestone for Insmed in the first quarter was the completion of enrollment in the ASPEN study of brensocatib in adult patients with non-cystic fibrosis bronchiectasis. On last quarter's conference call, we reiterated our goal to enroll more than 1,600 adult patients in ASPEN by the end of March, which in itself would have been an unprecedented achievement for a study in this patient population, both in terms of overall patient numbers as well as the pace of enrollment. But in reality, we exceeded even that ambitious enrollment target. In total, the ASPEN study enrolled more than 1,700 adult patients at more than 460 sites in nearly 40 countries. To put that in context, that is more than 75% larger than any prior Phase III program in this indication and was achieved in a similar amount of time despite enrolling during the global respiratory pandemic.