In 2025, Insmed demonstrated what’s possible when breakthrough science meets steadfast execution. As I look back on what we achieved last year, I feel a profound sense of gratitude for the remarkable progress our company has made and the positive impact we have had on patients.

The U.S. Food and Drug Administration (FDA) approval of BRINSUPRI^® (brensocatib) on August 12, 2025, for the treatment of non-cystic fibrosis bronchiectasis (NCFB) was one of the most highly anticipated drug approvals of the year. This medicine represents a first-in-class, first-in-disease therapy for a condition first identified more than 200 years ago, but for which no company had been able to deliver a dedicated, approved therapy until Insmed brought forward BRINSUPRI. The subsequent U.S. launch of BRINSUPRI has been exceptionally strong in just a few months’ time, owing to the focus and urgency of the Insmed team.

The early success of this launch, coupled with our highly encouraging treprostinil palmitil inhalation powder (TPIP) data readout in pulmonary arterial hypertension (PAH), strong global ARIKAYCE^® (amikacin liposome inhalation suspension) performance, and many other notable achievements, reinforces both the clinical potential of our growing portfolio and the remarkable discipline of our teams.

We had much to celebrate in 2025, but our greatest achievement is that we haven’t lost an ounce of our culture. In the last two years, Insmed has grown from a company worth $4B with 900 employees to a company worth more than eight times that with nearly double the number of people. Maintaining and nourishing a culture through this type of growth isn’t easy, but we firmly believe that nothing is more critical to the long-term success of Insmed than getting our culture right.

Importantly, that means bringing in individuals who embrace our patient-centered mission and feel a deep sense of accountability in what they do. We have assembled a highly capable group of people who are experts in their respective areas and are unafraid to challenge the status quo, and we empower them to make bold decisions and do their best work on behalf of patients. Our culture remains our greatest strength and differentiator and will propel Insmed’s bright future ahead.

2025 was also a year to step back and reflect. We’ve already made a profound impact on patients’ lives, but our ambition is to go well beyond where we stand today. Our vision for the future is not simply about getting bigger; it’s about creating an enterprise that can deliver first- or best-in-class medicines that transform patients’ lives while setting the standard for how to do business the right way. Delivering that kind of progress takes careful contemplation of what’s working well and how we need to evolve.

To support the growth of our commercial portfolio and clinical pipeline, we’ve reframed our business around three therapeutic areas: Respiratory, Immunology & Inflammation, and Neuro & Other Rare. While this structure is new, our strategy remains unchanged. We will continue to be guided by science, unmet need, and potential patient impact, while embracing a program-first mindset designed to empower decision-making closer to the programs, deepen cross-functional collaboration, and orient our collective expertise around what each program needs in order to advance.

We entered 2026 from a position of incredible strength, and over the next 12 to 18 months, we anticipate numerous catalysts across our three therapeutic areas. These include continuing to execute on the BRINSUPRI U.S. launch; reading out critical data milestones for ARIKAYCE in Mycobacterium avium complex lung disease (MAC) and brensocatib in hidradenitis suppurativa (HS); sharing updates on our gene therapy programs; and initiating pivotal studies across multiple indications.

Achieving this next level of growth will take relentless execution, both commercially and clinically. What keeps us focused is knowing that each potential milestone translates into a greater number of patients who are counting on us to succeed. It’s a weighty responsibility that we’re proud to carry. Last year was monumental for Insmed, but now we intend to go further—reaching more patients, advancing our cutting-edge science, evolving how we work, and continuing to support our people as we explore the possibilities ahead.