Stifel analyst Adam Walsh notes that Insmed received on-time FDA approval of Arikayce for the refractory NTM MAC population. Highlights included an unexpected black box warning on the label, the analyst notes, adding that he expects no impact on uptake. Additionally, Walsh points out that and WAC pricing of $132K far exceeded his prior $90K estimate. Near-term, he thinks deserved share upside on de-risking approval news may be partially offset by the unanticipated black box and cautious management tone on early launch. Regardless, the analyst sees solid value in the shares at current levels based on the Arikayce refractory opportunity alone, independent of planned future label-expansion possibilities. Walsh reiterates a Buy rating and $43 price target on the stock.