INSM - Insmed Incorporated (INSM) Q4 2023 Earnings Call Transcript
2024-02-22 13:00:04 ET
Insmed Incorporated (INSM)
Q4 2023 Earnings Conference Call
February 22, 2024 8:30 AM ET
Company Participants
Bryan Dunn – Head-Investor Relations
Will Lewis – Chairman and Chief Executive Officer
Sara Bonstein – Chief Financial Officer
Conference Call Participants
Nick Lenard – J.P. Morgan
Jennifer Kim – Cantor Fitzgerald
Tiago Fauth – Wells Fargo
Andrea Tan – Goldman Sachs
Joseph Schwartz – Leerink Partners
Ritu Baral – TD Cowen
Vamil Divan – Guggenheim Securities
Jeff Hung – Morgan Stanley
Liisa Bayko – Evercore
Stephen Willey – Stifel
Leiyang Wang – Barclays
Andy Chen – Wolfe Research
Jason Zemansky – Bank of America
Presentation
Operator
Good day, and welcome to the Insmed Incorporated Fourth Quarter and Full Year 2023 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] And finally, I would like to advise all participants this call is being recorded. Thank you.
I’d now like to welcome Bryan Dunn, Head of Investor Relations to begin the conference. Bryan, over to you.
Bryan Dunn
Thank you, Gavin. Good day, everyone, and welcome to today’s conference call to discuss Insmed’s fourth 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. 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 will now turn the call over to Will Lewis for prepared remarks.
Will Lewis
Thank you, Bryan. Good morning, everyone. I’m pleased to be speaking with you today at the start of what I believe will be a uniquely transformational year for Insmed. In just the next few months, we expect meaningful data readouts and other relevant updates from across our late-stage portfolio, the results of which could fundamentally change the trajectory for our company and the patients we serve.
We have been carefully preparing for this moment for a long time and we are ready for it. It is said that great drugs tend to announce themselves early. ARIKAYCE, brensocatib, TPIP have been showing us compelling signs of their potential from the earliest data points coming out of their respective programs, and I couldn’t be more excited to see what they will show us next.
If they are successful, we believe that they collectively represent more than $8 billion in peak sales potential, a staggering opportunity for any company but especially one our size. In fact, we believe that any one of these assets, even without the other two could form the basis of a successful biotech company. I have never been more confident in the future of Insmed than I am today.
But before I get to the future, let me spend just a moment on our fourth quarter performance. ARIKAYCE sales in the quarter once again set a new record and caused us to exceed our increased guidance range for 2023. Importantly, this result reflects not only the continued strong demand for ARIKAYCE, but also the effectiveness of our sales personnel and infrastructure in the U.S., Japan and Europe.
As I continue to see our commercial team outperform expectations, it gives me greater confidence in the ability to realize the commercial potential of brensocatib. These same colleagues will be leading that launch if the ASPEN results are positive, and they will be able to leverage many of the same call points and relationships that they have already spent years building with ARIKAYCE....
Insmed Incorporated (INSM) Q4 2023 Earnings Call Transcript