Insmed, Inc. (NASDAQ:INSM) Q3 2023 Earnings Conference Call October 26, 2023 8:30 AM ET

Company Participants

Bryan Dunn - IR

William Lewis - President, CEO & Chairman

Sara Bonstein - CFO

Conference Call Participants

Andrea Tan - Goldman Sachs Group

Jennifer Kim - Cantor Fitzgerald & Co.

Vamil Divan - Guggenheim Securities

Ritu Baral - TD Cowen

Liisa Bayko - Evercore ISI

Joseph Schwartz - Leerink Partners

Jason Zemansky – Bank of America Merrill Lynch

Graig Suvannavejh - Mizuho Securities

Leiyang Wang - Barclays Bank

Jeff Hung - Morgan Stanley

Operator

Thank you for standing by. My name is Caleb Baker and I will be your conference operator today. At this time, I would like to welcome everyone to the Insmed Third Quarter 2023 Financial Results. [Operator Instructions].

I would now like to turn the call over to Bryan Dunn. You may begin.

Bryan Dunn

Thank you, Caleb. Good day everyone and welcome to today's conference call to discuss Insmed's third quarter 2023 financial results and provide a business update.

I'm joined today by Will Lewis, Chair and Chief Executive Officer; and Sara Bonstein, Chief Financial Officer, who will each provide prepared remarks before we open it up for your questions.

Before we start, please note that today's call will include forward-looking statements based on our 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 for more information concerning the risk factors that could affect the company.

Our call today will also include blinded observations from our ongoing Phase II studies of TPIP. These observations may not be representative of results once the studies are completed, and all data is collected and analyzed. As a result later interim data readouts and final data from these studies may be materially different than the observations described today, including with respect to efficacy, safety and tolerability of TPIP.

Finally, 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.

I'll now turn the call over to Will Lewis for prepared remarks.

William Lewis

Thank you, Bryan. Good morning, everyone. What a quarter this has been for Insmed. Starting with our commercial performance. We have now posted our second quarter in a row of record-setting revenues for ARIKAYCE with sequential growth coming from both the U.S. and Japan. On a year-over-year basis, revenues grew 17% compared to the third quarter last year and 19% for the first 9 months of 2023 compared to the same period last year. It is impressive to recognize that this drug after posting one of the top 10 rare disease launches in history continues to deliver this level of year-over-year growth as we cross the 5-year anniversary of its original launch.