美国生物科技：各团队上周亮点与后市展望

This weekly piece from the J.P. Morgan Biotech Team highlights one interesting nugget from each team's coverage universe over the past week and previews upcoming calls. Insmed (INSM, Overweight): Brinsupri is officially a blockbuster in its first four full quarters of launch; following strong 3Q26 results and a guidance raise, the midpoint of 2026 guidance implies a >$1.8bn run rate in 4Q, and we see a smooth path to comfortably exceeding $2bn next year (JPMe: $2.4bn). Vera (VERA): ahead of its first earnings call, initial patient start form (PSF) update in mid-September showed ~350 PSFs in the first seven weeks; a Vertex patient survey at ASN (small sample) showed 96% preference for an autoinjector and an 80%/20% split favoring monthly over weekly dosing;