US Biotechnology: One Interesting Nugget from Each Team in the Last Week & Looking Ahead

The J.P. Morgan biotech team provides one interesting nugget from each team's coverage universe over the last week and highlights upcoming calls. United Therapeutics (UTHR): the '327 patent ruling removed a key near-term competitive overhang on Tyvaso, yet shares have given back some of the initial upside; with the IPF launch ~6 months away, current levels represent an attractive entry point and IPF is a launch to own. Insmed (INSM): CFO Sara Bonstein will step down post-3Q26 earnings, but this does not change the fundamental outlook of a strong Brinsupri launch with a compelling TPIP asset behind it. Ascendis Pharma (ASND): a Citizen Petition asks the FDA to scrutinize infigratinib's NDA over potential CNS safety risk from inhibiting FGFR1/FGFR2 signaling; operating margins are seen growing from 34% in 2026 to 46% in 2028 and 52% in 2030, Reiterate Overweight. BridgeBio (BBIO): infigratinib was granted Priority Review with a February 4, 2027 PDUFA date and Breakthrough Designation;