United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q4 2025 Earnings Presentation
26 slides from United Therapeutics's earnings presentation, Feb 25, 2026
Slide 1: United Therapeutics Corporation Fourth Quarter 2025 Corporate Update
United Therapeutics Corporation Fourth Quarter 2025 Corporate Update February 25, 2026
Slide 2: Safe Harbor Statement
INTRODUCTION 2 2 Safe Harbor Statement All statements in this presentation are made as of February 25, 2026. 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 ar
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 Strategic Development Xenotransplantation
Slide 5: Upcoming Investor Events
5 INTRODUCTION Upcoming Investor Events TD Cowen 46th Annual Leerink Global Healthcare UBS Biotech Summit Health Care Conference Conference Miami March 2, 2026 March 9, 2026 March 10, 2026
Slide 6: Upcoming Medical Conferences
6 INTRODUCTION Upcoming Medical Conferences 21st Annual John Vane International Society for Heart Memorial Symposia & Lung Transplantation (ISHLT) March 13-14, 2026 April 22-25, 2026
Slide 7: Dr. Martine Rothblatt
7 Dr. Martine Rothblatt CHAIRPERSON AND CHIEF EXECUTIVE OFFICER
Slide 8: 4Q 2025 Performance Summary
8 4Q 2025 Performance Summary Product Product Revenue Percent Change1 $1.6 B Tyvaso DPI®/ Nebulized Tyvaso® $464 M 12% TTM Operating Cash Flow Remodulin® $128 M 5% $4.7 B Cash, Cash Equivalents, & Orenitram® $121 M 12% Marketable Investments Unituxin® $62 M 8% Highest Quarterly Tyvaso DPI Revenue Ot
Slide 9: Current Commercial Portfolio Drug/Device Pipeline
9 CURRENT COMMERCIAL DRUG/DEVICE PIPELINE ORGAN PIPELINE PORTFOLIO Tyvaso DPI Xenotransplantation Tyvaso DPI Treprostinil SMI6 Autologous Nebulized Tyvaso Nebulized Tyvaso Regenerative Medicine Orenitram Ralinepag Remodulin EVLP5 Allogeneic Unituxin Regenerative Medicine PAH PAH1 PH-ILD XENO AND PH-
Slide 10: Development Engine Addressing Unmet Needs
01 10 PIPELINE Development Engine Addressing Unmet Needs Drugs & Devices NON-REGISTRATION REGISTRATION FILED APPROVED TETON 1 – Nebulized Tyvaso® - Idiopathic Pulmonary Fibrosis – U.S. and Canada TETON PPF – Nebulized Tyvaso® - Progressive Pulmonary Fibrosis SUMMIT – Pulmonary Hypertension Associate
Slide 11: TETON-2: Breakthrough IPF Results
11 DRUG & DEVICE PIPELINE TETON-2: Breakthrough IPF1 Results TETON-2 study met its primary endpoint of change from baseline in H-L2 estimate: 95.6mL (95% CI, 52.2, 139.0) P<0.0001 absolute FVC at week 52 and met statistical significance for several key secondary efficacy endpoints, such as time to f
Slide 12: Tyvaso TETON Study
12 DRUG & DEVICE PIPELINE Tyvaso TETON 1 Study TETON 1 Indication Idiopathic pulmonary fibrosis U.S. Addressable Population 100,000 patients Study Size 5982 TETON 1 data expected late U.S./Canada 1Q / early 2Q Study Geography Change in absolute FVC1 from Primary Endpoint baseline to week 52 Enrollme
Slide 13: Tyvaso TETON PPF Study
13 DRUG & DEVICE PIPELINE 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 capac
Slide 14: Ralinepag ADVANCE OUTCOMES Study
14 DRUG & DEVICE PIPELINE Ralinepag ADVANCE OUTCOMES Study Data expected late 1Q / Indication Group 1 PAH1 early 2Q One pill, once a day, with a ~24 -hour U.S. Addressable Population 50,000 patients half -life that can approximate IV prostacyclin blood levels 2 Study Size ~700 patients Potential to
Slide 15: Ralinepag for PAH
15 DRUG & DEVICE PIPELINE 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,
Slide 16: Three Platforms with Four Organs & Organ Alternatives
ORGAN PIPELINE 16 16 Three Platforms with Four Organs & Organ Alternatives XENOTRANSPLANTATION FIRST EXPAND STUDY TRANSPLANT EXPRESS STUDY ONGOING EXPECTED EXTEND STUDY UKidney UThymoKidney UHeart ALLOGENEIC REGENERATIVE MEDICINE PHASE 1 STUDY COMPLETE miroliverELAP 2 mirokidney miroliver ULobe AUTO
Slide 17: Michael Benkowitz
17 Michael Benkowitz PRESIDENT AND CHIEF OPERATING OFFICER
Slide 18: Continued Strong Revenue Growth in Q4/25
18 COMMERCIAL EXECUTION Continued Strong Revenue Growth in 4Q/25 Quarterly revenue, millions USD Tyvaso3, worldwide ▲ 12% y/y1 to $464M 800 700 Remodulin, worldwide 15% ▼ 5% y/y to $128M 600 CAGR2 500 Orenitram ▲ 12% y/y to $121M 400 Unituxin, worldwide 300 ▼ 8% y/y to $62M 200 Total Revenue 100 ▲ 7
Slide 19: Q&A
19 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, Strategic Development Harry Silve
Slide 20: Appendix
Appendix
Slide 21: Tyvaso
21 COMMERCIAL EXECUTION Tyvaso Quarterly revenue, millions USD W/W1 Combined Revenue▲12% y/y2 to $464M4 466 470 478 464 U.S. Combined Revenue ▲12% y/y to $457M4,5 434 416 398 373 • Highest DPI revenue quarter 28% 351 134 119 • Record DPI total patients during the quarter US CAGR3 319 326 141 139 • M
Slide 22: Orenitram
22 COMMERCIAL EXECUTION Orenitram Quarterly revenue, millions USD Revenue▲12% y/y1 to $121M 140 131 • Record commercial and total patients 10% 121 124 121 • 16th consecutive quarter of y/y quarterly 120 CAGR2 113 106 107 108 revenue growth 100 95 92 85 88 88 83 84 76 79 80 74 72 76 72 60 40 20 0 4Q/
Slide 23: Remodulin
23 COMMERCIAL EXECUTION Remodulin Quarterly revenue, millions USD 147 W/W1 revenue ▼ 5% y/y2 to $128M 140 135 138 135 132 132 131 128 130 U.S. revenue ▼12% y/y to $104M 127 128 128 126 128 125 123 121 118 114 115 123 • Most prescribed U.S. parenteral prostacyclin 118 120 115 114 111 111 112 111 • Re
Slide 24: Unituxin
24 COMMERCIAL EXECUTION Unituxin Quarterly revenue, millions USD W/W1 revenue▼8% y/y2 to $62M U.S. revenue ▼10% y/y to $56M4 U.S. Unituxin ex-U.S. Unituxin 68 62 58 61 58 58 • Most prescribed antibody therapy for 53 55 56 54 62 high-risk neuroblastoma in the U.S. 51 52 58 50 49 57 55 48 56 46 53 44
Slide 25: Record DPI patients Highest DPI revenue quarter Most prescribed U.S. prostacyclin
25 Most prescribed Record DPI patients parenteral prostacyclin in the U.S. Highest DPI revenue quarter Most prescribed U.S. prostacyclin 21st consecutive quarter of y/y1 revenue growth Most prescribed 16th consecutive quarter of antibody therapy for quarterly y/y revenue growth high-risk neuroblasto
Slide 26: Ics
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