United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q1 2025 Earnings Presentation
26 slides from United Therapeutics's earnings presentation, Apr 30, 2025
Slide 1: First Quarter 2025 Corporate Update
United Therapeutics Corporation First Quarter 2025 Corporate Update APRIL 30, 2025
Slide 2: Safe Harbor Statement
INTRODUCTION 2 2 Safe Harbor Statement All statements in this presentation are made as of April 30, 2025. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise. Statements included in this presentation that are n
Slide 3: Today's Speakers
3 INTRODUCTION Today’s Speakers Dr. Martine Rothblatt Michael Benkowitz Chairperson and Chief Executive Officer President and Chief Operating Officer
Slide 4: Other Executives Present Today
4 INTRODUCTION Other Executives Present Today James Edgemond Dr. Leigh Peterson Pat Poisson Chief Financial Officer and Treasurer Executive Vice President, Executive Vice President, Product Development and Technical Operations Xenotransplantation
Slide 5: Upcoming Medical Conference
5 INTRODUCTION Upcoming Medical Conference American Thoracic Society (ATS) 2025 International Conference May 16-21, 2025
Slide 6: Dr. Martine Rothblatt
6 Dr. Martine Rothblatt CHAIRPERSON AND CHIEF EXECUTIVE OFFICER
Slide 7: 1Q 2025 Performance Summary
7 1Q 2025 Performance Summary Product Product Revenue Percent Change1 $1.4 B Tyvaso DPI®/ Nebulized Tyvaso® $466 M 25% TTM Operating Cash Flow Remodulin® $138 M 8% $5.0 B Cash, Cash Equivalents, & Orenitram® $121 M 14% Marketable Investments Unituxin® $58 M 0% Highest Quarterly Tyvaso3, Orenitram, O
Slide 8: Positioned for Multiple Waves of Growth
8 HOW WE OPERATE Positioned for Multiple Waves of Growth1 Revenue $16B REVOLUTION Xeno and Organ Alternatives $8B INNOVATION Tyvaso IPF/PPF & Ralinepag PAH $4B FOUNDATION Current Commercial Portfolio $3B Today Future 1. Illustrative purposes only. Time
Slide 9: Development Engine Addressing Unmet Needs
9 01 INNOVATION Development Engine Addressing Unmet Needs NON-REGISTRATION REGISTRATION FILED APPROVED ® Tyvaso TETON 1 – Idiopathic Pulmonary Fibrosis – U.S. and Canada TETON 2 – Idiopathic Pulmonary Fibrosis – ROW1 TETON PPF – Progressive Pulmonary Fibrosis Ralinepag ADVANCE OUTCOMES – PAH2 Xeno,
Slide 10: Tyvaso TETON 1 and 2 Studies
10 INNOVATION Tyvaso TETON 1 and 2 Studies TETON 1 TETON 2 Indication Idiopathic pulmonary fibrosis U.S. Addressable Population 100,000 patients TETON 2 data expected 2H/25 Study Size 5983 5974 Study Geography U.S./Canada ROW1 TETON 1 data expected 1H/26 Change in absolute FVC2 from Primary Endpoint
Slide 11: Tyvaso TETON PPF Study
11 INNOVATION Tyvaso TETON PPF Study Indication Progressive pulmonary fibrosis Study Size 698 patients Currently Enrolling Study Geography Global Patients Change in absolute FVC1 from Primary Endpoint baseline to week 52 Enrollment Progress Currently enrolling 1. FVC = forced vital capacity, or the
Slide 12: Tyvaso for IPF
12 INNOVATION Tyvaso for IPF1,2 MEANINGFUL, SUSTAINED FVC IMPROVEMENT The TETON studies evolved from UT-sponsored in vitro studies and FVC3 observations in INCREASE4 and INCREASE OLE5 IPF subgroup showed meaningful and sustained FVC improvement, including when placebo patients were crossed over in t
Slide 13: Ralinepag ADVANCE OUTCOMES Study
13 INNOVATION Ralinepag ADVANCE OUTCOMES Study Indication Group 1 PAH1 Data expected in 20263 One pill, once a day, with a ~24-hour U.S. Addressable Population 50,000 patients half-life that can approximate IV prostacyclin blood levels4 Study Size ~700 patients Potential to develop a triple combo of
Slide 14: Ralinepag for PAH
14 INNOVATION DURABLE PVR IMPROVEMENT Ralinepag for PAH1,2 Phase 2 OLE3 data demonstrate long-term treatment with ralinepag produces durable and clinically-relevant responses for PVR4 and 6MWD6 with a manageable adverse event profile7 SUSTAINED 6MWD INCREASE In 24-month open-label data, a 52 dyn.s/c
Slide 15: Three Platforms with Four Organs & Organ Alternatives
OUR FUTURE 15 15 Three Platforms with Four Organs & Organ Alternatives XENOTRANSPLANTATION FIRST TRANSPLANT IND1 IND EXPECTED EXPECTED EXPECTED MID-2025 EXTEND STUDY EXPRESS STUDY EXPAND STUDY UKidney UThymoKidney UHeart ALLOGENEIC REGENERATIVE MEDICINE PHASE 1 STUDY OPEN miroliverELAP2 mirokidney m
Slide 16: Rapidly Progressing Toward a Revolution
REVOLUTION 16 16 Rapidly Progressing Toward a Revolution EXPAND UKIDNEY CLINCAL STUDY HIGHLIGHTS1 • ~50 patients: six in initial cohort; ~44 in expanded cohort2 • ESRD/dialysis patients age 55-70 • Ineligible for a kidney transplant or significantly waitlisted • Endpoints at 24 weeks: survival, func
Slide 17: Foundation Innovation Revolution
17 FOUNDATION INNOVATION REVOLUTION Tyvaso DPI Tyvaso DPI Xenotransplantation Nebulized Tyvaso Nebulized Tyvaso Autologous Orenitram Ralinepag Regenerative Medicine Remodulin EVLP5 Unituxin Allogeneic PAH Regenerative Medicine PAH1 PH-ILD PH-ILD2 IPF3 XENO AND PPF4 ORGAN ALTERNATIVES LUNG TRANSPLANT
Slide 18: Michael Benkowitz
18 Michael Benkowitz PRESIDENT AND CHIEF OPERATING OFFICER
Slide 19: Continued Strong Revenue Growth in Q1 2025
19 COMMERCIAL EXECUTION Continued Strong Revenue Growth in 1Q/25 Quarterly revenue, millions USD Tyvaso3, worldwide 800 ▲ 25% y/y1 to $466M 700 Remodulin, worldwide 600 17% CAGR2 ▲ 8% y/y to $138M 500 Orenitram 400 ▲ 14% y/y to $121M 300 Unituxin, worldwide 200 ▼ 0% y/y to $58M 100 Total Revenue ▲ 1
Slide 20: Tyvaso
20 COMMERCIAL EXECUTION Tyvaso 434 466 416 W/W1 Combined Revenue▲25% y/y2 to $466M4 373 398 U.S. Combined Revenue ▲22% y/y to $441M4,5 351 34% 319 326 US CAGR3 139 • Most prescribed prostacyclin in the U.S.4 145 136 • Highest revenue quarter4 258 130 242 238 • Record patient shipments during the qua
Slide 21: Orenitram
21 COMMERCIAL EXECUTION Orenitram Quarterly revenue, millions USD Revenue▲14% y/y1 to $121M 140 12% 121 • Record patient shipments 120 CAGR2 113 108 • Highest revenue quarter 106 107 • 13th sequential quarter of y/y quarterly 100 95 85 88 88 92 revenue growth 83 84 79 80 75 75 74 72 76 76 72 69 60 4
Slide 22: Remodulin Quarterly Revenue
22 COMMERCIAL EXECUTION Remodulin Quarterly revenue, millions USD 145 147 140 W/W1 revenue ▲8% y/y2 to $138M 132 132 131 135 138 128 130 125 127 128 128 125 U.S. revenue ▲11% y/y to $120M 119 118 123 121 115 114 123 117 118 120 • Most prescribed U.S. parenteral prostacyclin 115 111 111 112 115 109 1
Slide 23: Unituxin
23 COMMERCIAL EXECUTION Unituxin Quarterly revenue, millions USD W/W1 revenue▼0% y/y2 to $58M U.S. Unituxin ex-U.S. Unituxin 68 U.S. revenue ▲7% y/y to $57M4 61 55 56 58 58 • The most prescribed antibody therapy 54 62 53 50 51 52 58 57 for high-risk neuroblastoma in the U.S. 49 46 53 44 45 44 48 48
Slide 24: Most prescribed U.S. prostacyclin
24 Most prescribed Most prescribed U.S. prostacyclin parenteral prostacyclin in the U.S. Record patient shipments Record patients on therapy Highest revenue quarter 18th consecutive quarter of y/y1 revenue growth The most prescribed 13th sequential quarter of antibody therapy for quarterly y/y reven
Slide 25: Q&A
25 Q&A Dr. Martine Rothblatt Chairperson and Chief Executive Officer Michael Benkowitz President and Chief Operating Officer James Edgemond Chief Financial Officer and Treasurer Dr. Leigh Peterson EVP, Product Development and Xenotransplantation Patrick Poisson EVP, Technical Operations Dewey Steadm
Slide 26: Ics
Ics A PUBLIC BENEFIT CORPORATION Uni t=) 3 3a wo ® = a