Analysts lift Insmed revenue forecasts on TPIP after Phase 2 success

Shares in Insmed (NASDAQ: INSM) rallied nearly 30% in June after the US biopharmaceutical company reported promising Phase 2 trial results for its experimental pulmonary arterial hypertension (PAH) treatment, treprostinil palmitil inhalation powder (TPIP). Buoyed by the outcome, Insmed said it plans to begin discussions with the FDA on the design of a pivotal Phase 3 trial.

The data has prompted analysts to revise their expectations for the once-daily therapy. Visible Alpha consensus now shows a 71% probability of success for TPIP, up from 58.6% prior to the announcement. Risk-adjusted revenue forecasts for 2027 have climbed to $144 million from $102 million pre-trial data, while 2028 projections have risen 67% to $249 million. Analysts now forecast peak global sales of $3.1 billion by 2037, significantly higher than the previous estimate of $1.4 billion.

Beyond TPIP, Insmed’s total revenue is projected to rise 29% year-on-year in 2025 to $469 million, driven by continued expansion of Arikayce—its approved inhaled therapy for MAC (mycobacterium avium complex) lung disease. Analysts anticipate revenue could more than double in 2026 to $1 billion, driven by the expected approval of Brensocatib. The therapy, which could become the first approved treatment for bronchiectasis, is awaiting a regulatory decision in the FDA by August 12.