2024 was the single most important year in Insmed’s history—truly one for the record books. This was the year we brought renewed hope to patients and, in the process, showed that we have what it takes to become the next great biotechnology company. It’s extraordinary to reflect on the organization we have become, and to know it’s only the beginning.

Among many successes throughout the year, our defining moment was delivering positive topline results from the landmark Phase 3 ASPEN study of brensocatib in patients with bronchiectasis. These results were a win for the bronchiectasis community, heralding a potential new treatment paradigm for patients with this serious, chronic disease that to date has had no approved therapies. The study not only demonstrated that brensocatib worked in patients with bronchiectasis with a safety profile similar to placebo, but also unlocked an entirely new mechanism of action known as dipeptidyl peptidase 1 (DPP1) inhibition for the potential treatment of other neutrophil-mediated diseases.

To the outside world, the ASPEN readout was the catalyst that put Insmed on the map. But for those of us at Insmed, we know our success did not happen overnight, nor did it happen by chance. It was the result of many years of hard work, perseverance, and trust in both ourselves and the future. As I think about my early days at Insmed 12 years ago with just 30 colleagues, it’s hard to believe that today we number over 1,300 people and are at the threshold of something so meaningful in terms of potential value creation and patient impact.

We are in a rare and enviable position in our industry, and it’s one we don’t take for granted. Against the backdrop of a dismal biotech market with deep investor skepticism, Insmed began 2025 with more than $1.4 billion in cash, continues to achieve double-digit growth for our commercial product, expects a series of highly relevant clinical readouts over the next 12 months, and is preparing for one of the most eagerly anticipated drug launches in the industry later this year, pending U.S. Food and Drug Administration (FDA) approval. Behind these near-term milestones sits our pre-clinical research engine—the answer to what’s next for Insmed that has already been cultivated in house.

But even more important than our many opportunities is the way in which we approach them. Our ambition goes beyond delivering critically needed first- or best-in-class medicines; it’s to be a role model within our industry for building a place where people feel proud and inspired, and genuinely want to work. Culture is everything, and at Insmed, we’re all authors of our culture. We come to the table with different perspectives and experiences, but we share a common belief that our industry can do extraordinary things—and do them the right way. Above all, we believe that if people are given the space and trust to do their best work in the most authentic way, the clear consequence will be a benefit to patients. Now more than ever, this kind of example is needed.