Insmed Incorporated (NASDAQ:INSM) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 08:30 am ET


Insmed Incorporated (NASDAQ:INSM) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Insmed Second Quarter Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Stacey Jurchison. Please go ahead.

Stacey Jurchison

Thank you, Debbie. Good morning, and welcome to today's conference call to discuss our Second Quarter 2020 Financial Results and provide a business update.

Before we start, let me remind you that today's call will include forward-looking statements based on current expectations. Such statements represent our judgment as of today and may involve risks and uncertainties that may cause actual results to differ materially from the results discussed in the forward-looking statements.

Please refer to our filings with the SEC, which are available through the SEC's website at or from our website for information concerning the risk factors that could affect the company.

We plan to reference a non-GAAP financial measure during today's call. For a reconciliation of that measure to our GAAP results, please refer to the earnings release we issued earlier today. Additionally, this information on today's call is not intended for promotional purposes and not sufficient for prescribing decisions.

Joining me on today's call are members of the Insmed executive management team, including Will Lewis, Chair and Chief Executive Officer; Sara Bonstein, Chief Financial Officer; Roger Adsett, Chief Operating Officer; and Dr. Martina Flammer, Chief Medical Officer.

Let me now turn the call over to Will Lewis for prepared remarks. Upon completion of those remarks, we will open up the call for your questions. Will?

William Lewis

Thank you, Stacey. Good morning, everyone, and thank you for joining us. We hope you and your families continue to remain safe and healthy. On behalf of Insmed in the midst of unprecedented challenges, I'm pleased to report a strong second quarter.

Starting with the ARIKAYCE franchise, there were several noteworthy accomplishments. First, we were included in the updated international treatment guidelines with a strong recommendation for use.

Second, we received a positive opinion from the European Committee for Medicinal Products for Human Use, or CHMP. We, therefore, anticipate approval by the European Commission by the end of September. This will enable us to add Europe as a commercial territory before the end of 2020 right on schedule.

Third, we were able to increase revenue quarter-over-quarter despite the presence of COVID-19 and established a stable base from which to try to return to growth.

Fourth, we made final preparations for our confirmatory study, evaluating the potential of ARIKAYCE to become the new standard of care in the front-line treatment setting around the world.

For brensocatib, our novel potential first-in-class DPP1 inhibitor, we made significant strides advancing our understanding of this unique molecule's potential. As a first-in-kind neutrophil immunomodulator, we believe this has potential in a wide range of diseases.

Initially, our focus will be on the longstanding unmet need for patients suffering from bronchiectasis. Driven by both