Insmed Incorporated

Hello, everyone. I'm Max Gore, a biotech analyst with Morgan Stanley. And before we get started, for important disclosures, please see the Morgan Stanley Research Disclosure website, www.morganstanley.com forward slash research disclosures. And with that, I'd like to welcome Will Lewis, the CEO of Inzimed. Thank you very much for joining us today. Thanks for having me here. All right, great. Maybe if we could start off, we're almost a year out from a little over a year from the approval of Rensupre. I was hoping you can just kind of step back, give us some key takeaways, learnings, anything that you would gleam as important from the launch so far.

Yeah, well, you know, I'll just start out by saying this launch has blown away all our expectations. We started out, I remember vividly describing that we were going to use a basket of other specialty respiratory launches. to help benchmark whether or not we thought the launch was going well. And we took from that basket of best performers a first-year revenue production of about $500 to $700 million. And at the time, I got a lot of heat for that because people thought, well, why would you set yourself against the best launches out there? You might not be able to achieve that, and you'd set yourself on your back heel. Today, as you know, we sit with an estimate for the first full year of $1.25 to $1.4 billion, which is just staggering. And it is now places us on track to be one of the top 20 launches, commercial launches of all time in any therapeutic category. So by all measures, this launch is outperformed. The team has just done an exceptional job. And I think that bodes well for the future. What we've learned from that, a number of things, actually. I think we know that this is now a highly promotion sensitive drug. That doesn't surprise us. That's what we expected. But to see that now play out with a year under our belt, we have really good understanding of how we can activate a patient and physician interest, what channels through a media perspective are most effective and most efficient, and we can pull those levers to the extent that we need to to help re-energize certain parts of the country as we move forward. But we've just upped our guidance. We think peak sales for this drug will be north of $7 billion U.S. dollars, and that does not include any contribution from the COPD or asthma comorbid populations. So this is going to be a very, very big drug, and we're super excited about the success that the team has produced to date. Great.

So what were you seeing in the launch that supported the raise in guidance? Any key elements or things that really kind of supported getting to the point and going above a billion at the end of the year?