This presentation contains forward-looking statements that involve substantial risks and uncertainties. "Forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, are s

This presentation contains forward-looking statements that involve substantial risks and

uncertainties. "Forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995, are statements that are not historical facts and involve a number of risks and uncertainties. Words herein such as

"may," "will," "should," "could," "would," "expects," "plans," "anticipates," "believes," "estimates," "projects," "predicts," "intends," "potential," "continues," and similar expressions (as well as other words or expressions referencing

future events, conditions or circumstances) may identify forward-looking statements.The forward-looking statements in this presentation are based upon the Company's current expectations and beliefs, and involve known and unknown risks,

uncertainties and other factors, which may cause the Company's actual results, performance and achievements and the timing of certain events to differ materially from the results, performance, achievements or timing discussed, projected,

anticipated or indicated in any forward-looking statements. Such risks, uncertainties and other factors include, among others, the following: failure to obtain, or delays in obtaining, regulatory approvals for ARIKAYCE outside the U.S.,

Europe or Japan, or for the Company's product candidates in the U.S., Europe, Japan or other markets; failure to successfully commercialize ARIKAYCE, the Company's only approved product, in the U.S., Europe or Japan (amikacin liposome

inhalation suspension, Liposomal 590 mg Nebuliser Dispersion, and amikacin sulfate inhalation drug product, respectively), or to maintain U.S., European or Japanese approval for ARIKAYCE; business or economic disruptions due to catastrophes

or other events, including natural disasters or public health crises; impact of the COVID-19 pandemic and efforts to reduce its spread on the Company's business, employees, including key personnel, patients, partners and suppliers; risk that

brensocatib does not prove effective or safe for patients in ongoing and future clinical studies, including the ASPEN study; risk that treprostinil palmitil inhalation powder (TPIP) does not prove to be effective or safe for patients in

ongoing and future clinical studies; uncertainties in the degree of market acceptance of ARIKAYCE by physicians, patients, third-party payors and others in the healthcare community; the Company's inability to obtain full approval of ARIKAYCE

from the U.S. Food and Drug Administration, including the risk that the Company will not successfully or in a timely manner complete the study to validate a PRO tool or the confirmatory post-marketing clinical trial required for full approval

of ARIKAYCE; inability of the Company, PARI or the Company's other third-party manufacturers to comply with regulatory requirements related to ARIKAYCE or the Lamira Nebulizer System; the Company's inability to obtain adequate reimbursement

from government or third-party payors for ARIKAYCE or acceptable prices for ARIKAYCE; development of unexpected safety or efficacy concerns related to ARIKAYCE or the Company's product candidates; inaccuracies in the Company's estimates of

the size of the potential markets for ARIKAYCE or its product candidates or in data the Company has used to identify physicians, expected rates of patient uptake, duration of expected treatment, or expected patient adherence or

discontinuation rates; the Company's inability to create an effective direct sales and marketing infrastructure or to partner with third parties that offer such an infrastructure for distribution of ARIKAYCE or any of the Company's product

candidates that are approved in the future; failure to obtain regulatory approval to expand ARIKAYCE's indication to a broader patient population; failure to successfully conduct future clinical trials for ARIKAYCE, brensocatib, TPIP and the

Company's other product candidates due to the Company's limited experience in conducting preclinical development activities and clinical trials necessary for regulatory approval and its potential inability to enroll or retain sufficient

patients to conduct and complete the trials or generate data necessary for regulatory approval, among other things; risks that our clinical studies will be delayed or that serious side effects will be identified during drug development;

failure of third parties on which the Company is dependent to manufacture sufficient quantities of ARIKAYCE or the Company's product candidates for commercial or clinical needs, to conduct the Company's clinical trials, or to comply with the

Company's agreements or laws and regulations that impact the Company's business or agreements with the Company; the Company's inability to attract and retain key personnel or to effectively manage the Company's growth; the Company's inability

to successfully integrate its recent acquisitions and appropriately manage the amount of management's time and attention devoted to integration activities; risks that the Company's acquired technologies, products and product candidates are

not commercially successful; the Company's inability to adapt to its highly competitive and changing environment; the Company's inability to adequately protect its intellectual property rights or prevent disclosure of its trade secrets and

other proprietary information and costs associated with litigation or other proceedings related to such matters; restrictions or other obligations imposed on the Company by agreements related to ARIKAYCE or the Company's product candidates,

including its license agreements with PARI and AstraZeneca AB, and failure of the Company to comply with its obligations under such agreements; the cost and potential reputational damage resulting from litigation to which the Company is or

may become a party, including product liability claims; the Company's limited experience operating internationally; changes in laws and regulations applicable to the Company's business, including any pricing reform, and failure to comply with

such laws and regulations; inability to repay the Company's existing indebtedness and uncertainties with respect to the Company's ability to access future capital; and delays in the execution of plans to build out an additional third-party

manufacturing facility approved by the appropriate regulatory authorities and unexpected expenses associated with those plans.The Company may not actually achieve the results, plans, intentions or expectations indicated by the Company's

forward-looking statements because, by their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. For additional information

about the risks and uncertainties that may affect the Company's business, please see the factors discussed in Item 1A, "Risk Factors," in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and any subsequent Company

filings with the Securities and Exchange Commission (SEC).The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date of this presentation. The Company disclaims any

obligation, except as specifically required by law and the rules of the SEC, to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be

based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

To transform the lives of patients with serious and rare diseases To be a globally recognized

leading biotech company that empowers great people to deliver, with a profound sense of urgency and compassion, life-altering therapies to small patient populations experiencing big health problems

Refractory MAC lung disease Front Line MAC lung

disease Bronchiectasis Cystic FibrosisOther neutrophil-mediated diseases Pulmonary arterial hypertensionPulmonary hypertension associated with interstitial lung diseaseOther rare pulmonary disorders Cell therapy technology

& capabilitiesProtein De-immunization | Gene Therapy | Breakthrough Manufacturing Not for promotional use

Refractory NTM: M. avium complex (MAC)Front Line Label Expansion * In the U.S., as a condition of

accelerated approval, Insmed is conducting an additional clinical study to support full approval.Full approval has been granted by the European Commission and Japan's Ministry of Health, Labour and Welfare. PRECLINICAL PHASE 1 PHASE

2 PHASE 3 APPROVED BronchiectasisCystic Fibrosis Pulmonary Arterial Hypertension (PAH)Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD) Brensocatib and TPIP are investigational drug

products that have not been approved for any indication in any jurisdiction. Not for promotional use

MAC lung disease is a rare, progressive, and chronic condition that can cause severe, permanent

damage to the lungs Symptoms often worsen over time, including chronic cough, dyspnea, fatigue, fever, weight loss, and chest pain Caused by bacteria in the environment and is more likely to affect thosewith a history of lung conditions,

like bronchiectasis or COPD Not for promotional use Prolongs release of amikacin in the lungs while limiting systemic exposure Novel, inhaled, once-daily formulation of liposomal amikacin taken with a nebulizer

ARIKAYCE was one of the U.S. Top 10 most successful non-oncology rare disease

launches Consistent pricing across three major territories: U.S., EU, and Japan Approval in Japan in March 2021 Approval in Europe in late 2020 International guideline inclusion with a strong recommendation for use (1) Not for

promotional use U.S. sNDA approval adding Culture Conversion Data Beyond 12 Months to Label(1) For adult patients with limited or no treatment options after six months of failed treatment. European Launch is Underway Product Now Available

and Reimbursed in Germany, the Netherlands, Wales, and Scotland Japan Launch is Underway

14K Diagnosed NTMPatients (2018E)1,400 refractory MAC patients (2018E) 125-145K Diagnosed NTM

Patients (2018E)15K-18K refractory MAC patients (2018E) 95-115K Diagnosed NTM Patients (2019E)12K-17K refractory MAC patients (2019E) *Source: Internal analysis of published NTM epidemiology, primary market research with

treating HCPs, and anonymized patient level claims data in US European 5 comprised of France, Germany, Italy, Spain and the United Kingdom Not for promotional use

*Azithromycin (AZI), Ethambutol (ETH)**Patients will be enrolled into separate open label extension

study Primary Endpoint Change from Baseline to Month 13 (one month off treatment) in respiratory symptom scoreKey Secondary Endpoint Proportion of subjects achieving durable culture conversion at Month 15 (3 months off treatment) Primary

Objective Demonstrate reliability, validity and responsiveness of the PRO/symptom scoresSecondary Objective Demonstrate effect of ARIKAYCE on culture conversion, time to culture conversion Key

Endpoints Screening Double-Blind Registration PMR Trial Key EndpointsMonth 13 Culture Negativity Endpoint Month 15 R Months 1-6 Months 1- 12 Adults with new MAC lung infection (n=250) Psychometric Validation

Study Month 7 Adults with new MAC lung infection (n=100) R 200-220 sites across ARISE and ENCORE Not for promotional use

Brensocatib is an investigational drug product that has not been approved for any indication in any

An environmentalinsult or disease process leads to bronchial wall destruction and

dilation Structural damage impairsprotective mucociliary clearance Increased susceptibility to chronic bacterial infection and colonization Persistent inflammatory response, causing lung damage All references to bronchiectasis

related to our WILLOW and ASPEN clinical studies, potential launch of brensocatib and global prevalence refer to non-cystic fibrosis bronchiectasis.

Positive Phase 2 Data in bronchiectasis underscore potential of brensocatib DPP1 is an enzyme

that catalyzes the activation of NSPs in neutrophils when they are formed in the bone marrow Neutrophils are the most common type of white blood cell and play an essential role in pathogen destruction and inflammatory mediation Strong

rationale for further development in neutrophil-driven inflammatory conditions Novel once-a-day pill, reversible inhibitor of dipeptidyl peptidase 1 (DPP1) Brensocatib is an investigational drug product that has not been approved for

any indication in any jurisdiction.

Exacerbation-related hospitalizationrates was higher & duration of hospitalization

was longer in the placebo arm Both 10 mg & 25 mg group met primary endpoint with statistical significance Risk of exacerbation over six months reduced by 42% for 10 mg group, 38% for 25 mg group

256 Pts(~85 pts/arm) 1,620 Pts(540 pts/arm) 80% for a 40%

reduction 90% for a 30% reduction 1.37 (actual)1.2 (planned) 1.2 Consistent Consistent 6 months 12 months Time to first exacerbation Rate of pulmonary exacerbation Rate of pulmonary exacerbation Time to first

Clinic visits week 4, 16, 28, 40, 52(EOT) and 56 (EOS)Phone visits week 10, 22, 34 and 46 Stratified

by:Geographic regionPseudomonas aeruginosa on sputum cultureNumber of prior PEs (2, or 3) in previous 12 months Off treatment 4 weeks 25 mg 10 mg Treatment period 52 weeks Baselineday 1randomization EOTday

364 EOSday 392 Up to 6 weeks 1:1:1 EOS, end of study; EOT, end of treatment; QD, once daily; PE, pulmonary exacerbation 40 Countries ~460 sites Patient Enrollment Initiated December 2020

Between 450K - 675K asthma patients in the US (2%-3%3)may also

havebronchiectasis Between 650K -9M COPDpatients in theUS (4%1-54%2)may also have bronchiectasis *Weycker, et al. Prevalence and incidence of NCFBE among US adults in 2013. Chronic Respiratory Disease. 2017;**Estimates suggest broadly

similar per capita prevalence in European 5 as in US; Studies indicate lack of consensus on prevalence rates. Asia-Pacific rates 3X to ~10X higher than those in the US; Zhou, YM et al. Theprevalence and risk factors of bronchiectasis in

residents aged 40 years old and above in seven cities in China. 2013 European 5 comprised of France, Germany, Italy, Spain and the United Kingdom Agusti, A., Calverley, P.M., Celli, B. et al. Characterisation of COPD heterogenecity in the

ECLIPSE cohort. Respir Res. 2010; 11: 122Ni, Y., Shi, G., Yu, Y. et al. Clinical characteristics of patients with chronic obstructive pulmonary disease with co-morbid bronchiectasis: a systematic review and meta-analysis. Int J Chron

Obstruct Pulmon Dis. 2015; 10: 1465-1475 3. Kang HR, Choi GS, Park SJ, et al. The effects of bronchiectasis on asthma exacerbation. Tuberc Respir Dis (Seoul). 2014;77(5):209 214.

Bronchiectasis to Potentially Serve as Launch Pad' for Neutrophil-mediated

Portfolio Additional indications identified, to be announced in 1Q 2022 On track to release data in 2022

TPIP is an investigational drug product that has not been approved for any indication in any

Prostanoidshave long beena cornerstone therapy for PAH, but clinical use has faced challenges related

to rapid metabolism anddose-limiting tolerability issues TPIP could address the shortcomings of existing prostanoid therapies by potentially:Providing prolonged, localized pulmonary vasodilationOffering improved tolerability, with

fewerprostanoid-related side effectsEnabling higher dosing for superior efficacy with the potential for disease- modifying effectSimplifying dosing with once daily administration

TPIP* is a dry powder formulation of treprostinil palmitil, a prodrug of the prostacyclin

vasodilator treprostinilOnce delivered to the lung, treprostinil palmitil is hydrolyzed by endogenous esterases to active treprostinilThe inhalation device is a simple capsule-based dry powder inhaler (DPI) device manufactured by Plastiape

and used with several approved products *Previously, treprostinil palmitil was formulated as a nebulized suspension (treprostinil palmitil inhalation suspension, or TPIS) TPIP is an investigational drug product that has not been approved

for any indication in any jurisdiction.

Fulton Index = weight rationRight Ventricle / (Left Ventricle + Septum)Pulmonary Pressuremean

Pulmonary Arterial PressureObliteration% of non-obliterated vesselsWall thicknessSmall vessel wall thicknessMuscularization% of muscularized vesselsCardiac Outputamount of blood pumped by the heartper minute

Supports the potential for improved tolerability,efficacy and

convenience Safety profile was generally well tolerated, AEs were mild and consistent with inhaled prostanoidTolerability was improved with an up-titration approachFindings suggest TPIP may be safely dosed at nominal doses far in excess of

TyvasoPK supports development of TPIP with once daily dosingTPIP showed substantially lower Cmax and longer half-lifethan that of TyvasoFuture studies would use an up-titration dosing schedule to the maximum individual tolerated dose

exceeding 600 g once daily from TPIP Phase 1 study

Phase 2aData expected in 1H 2022 Phase 2bSite initiation complete (late

2021) PAH PH-ILD Phase 2Study initiation expected early 2022

IV or Subcutaneous Inhaled (nebulized) Oral Oral Inhaled(dry powder) Continuous 4x per

day 2x or 3x per day 2x per day Once daily Yes Yes Yes Yes To be evaluated in Phase 2 (encouraging preclinical & P1 data) Yes Yes Yes Yes No No Yes(but only as add-onto monotherapy) Yes To be evaluated in Phase 3

(encouraging Preclinical & P1 data) No data Yes No data No data To be evaluatedin Phase 2

Therapeutic proteinsViral capsids Transgenes Enzymes Targeting 1 new IND / YearPlans