Insmed's (INSM) Q4 update supports confidence in the launch trajectory of Brinsupri and provides greater visibility into payer dynamics that have weighed on investor sentiment, RBC said in a note to clients.

"We think today's updates were an incremental positive, helping set a floor around 2026 Brinsupri revenues and providing additional comfort around payer dynamics," the analysts said.

RBC said guidance for more than $1 billion in 2026 Brinsupri revenue appears achievable and potentially conservative given the drug is addressing less than 5% of its estimated addressable market, with growing prescriber adoption expected to drive patient starts through 2026.

The firm also highlighted favorable reimbursement trends, noting coverage across more than 90% of targeted patient lives and modest rebating, while adding that expanding prescribing breadth and positive physician feedback should support sustained growth.

"We think increasing breadth and depth of prescribing and positive feedback should secure near and long-term growth," RBC said.

RBC rates Insmed outperform with a $200 price target.

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