United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q3 2026 Earnings Presentation
28 slides from United Therapeutics's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Corporate Update
United Therapeutics Corporation Third Quarter 2026 Corporate Update November 4, 2026
Slide 2: Safe Harbor Statement
INTRODUCTION 2 2 Safe Harbor Statement All statements in this presentation are made as of November 4, 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 are
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 UBS Global Biopharma Jefferies Global 45th Annual J.P. Morgan Conference Healthcare Conference Healthcare Conference November 16, 2026 November 17, 2026 January 11-14, 2027
Slide 6: Upcoming Medical Conferences
6 INTRODUCTION Upcoming Medical Conferences PHenomenal Hope 2026 PVRI 2027 Annual Congress December 4, 2026 January 27-31, 2027
Slide 7: Dr. Martine Rothblatt
7 Dr. Martine Rothblatt CHAIRPERSON AND CHIEF EXECUTIVE OFFICER
Slide 8: 3Q 2026 Performance Summary
8 3Q 2026 Performance Summary Product Product Revenue Percent Change1 $1.4 B Tyvaso DPI®/ Nebulized Tyvaso® $504 M 5% TTM Operating Cash Flow Remodulin® $122 M 3% $3.5 B Cash, Cash Equivalents, & Orenitram® $145 M 11% Marketable Investments Unituxin® $52 M 9% Record Quarterly Tyvaso3, Orenitram, $9
Slide 9: Corporate and Pipeline Highlights
9 Corporate and Pipeline Highlights Full Enrollment of the TETON-PPF Study of Inhaled Treprostinil for the Treatment of Progressive Pulmonary Fibrosis FDA Acceptance of New Drug Application for Ralinepag to Treat Pulmonary Arterial Hypertension; June 24, 2027 PDUFA Date Set FDA Acceptance of S
Slide 10: Commercial Portfolio and Drug/Device Pipeline
10 DRUG/DEVICE PIPELINE CURRENT COMMERCIAL ORGAN PIPELINE PORTFOLIO Tyvaso DPI (IPF3 & PPF4) Xenotransplantation (UKidney, Treprostinil SMI6 (PAH, PH-ILD, UThymoKidney, UHeart) Tyvaso DPI (PAH1 & PH-ILD2) PH-COPD7, IPF & PPF) Nebulized Tyvaso (PAH & PH- Autologous Nebulized Tyvaso (IPF & PPF) Regene
Slide 11: Development Engine Addressing Unmet Needs
01 11 PIPELINE Development Engine Addressing Unmet Needs Drugs & Devices NON-REGISTRATION REGISTRATION FILED APPROVED TETON-1 & 2 – Nebulized Tyvaso® - Idiopathic Pulmonary Fibrosis (IPF) TETON-PPF – Nebulized Tyvaso® - Progressive Pulmonary Fibrosis (PPF) SUMMIT – Treprostinil SMI1 – PH-COPD2 Trepr
Slide 12: TETON-2: Groundbreaking IPF Results
12 DRUG & DEVICE PIPELINE TETON-2: Groundbreaking 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
Slide 13: TETON-1 Outperforms TETON-2
13 DRUG & DEVICE PIPELINE TETON-1 Outperforms TETON-2 TETON-1 study met its primary endpoint of change H-L estimate: 130.1mL (95% CI, 82.2, 178.1) P<0.0001 from baseline in absolute FVC at week 52 and met TETON-1 statistical significance for secondary efficacy H-L estimate: 130.1mL endpoints of time
Slide 14: TETON-1&2 Integrated Analysis
14 DRUG & DEVICE PIPELINE TETON-1&2 Integrated Analysis Combined analyses of TETON-1 and TETON-2 H-L estimate: 111.8mL (95% CI, 79.7, 144.0) P<0.0001 showed that nebulized Tyvaso achieved statistically significant treatment effects compared to placebo from baseline to week 52 for the primary endpoin
Slide 15: Tyvaso TETON-PPF Study
15 DRUG & DEVICE PIPELINE Tyvaso TETON-PPF Study Indication Progressive pulmonary fibrosis U.S. Addressable Population 200,000 patients Study Size 7542 TETON-PPF data expected 2H/27 Study Geography Global Change in absolute FVC1 from Primary Endpoint baseline to week 52 Enrollment Progress 100% 1. F
Slide 16: Ralinepag: Potential First and Only Once-Daily Oral Prostacyclin
16 DRUG & DEVICE PIPELINE Ralinepag4: Potential First and Only Once- Daily Oral Prostacyclin ADVANCE OUTCOMES study of ralinepag met its primary endpoint of time to clinical worsening and met several important endpoints, such NT-proBNP1, 6MWD2 and clinical improvement Treatment with ralinepag was we
Slide 17: Treprostinil SMI SUMMIT Study
17 DRUG & DEVICE PIPELINE Treprostinil SMI1 SUMMIT Study Indication PH-COPD2 U.S. Addressable Population 400,000 – 800,000 patients Phase 2 SUMMIT IND5 Study Size 40 Cleared To Proceed Study Geography United States Primary: Safety Select Endpoints Secondary: 6MWD3, NT-proBNP4 1. SMI = soft mist inha
Slide 18: Four Platforms with Five Organs & Organ Alternatives
ORGAN PIPELINE 18 18 Four Platforms with Five Organs & Organ Alternatives XENOTRANSPLANTATION EXPAND STUDY EXTEND STUDY EXPRESS STUDY ONGOING UKidney UThymoKidney UHeart ALLOGENEIC REGENERATIVE MEDICINE PHASE 1 STUDY COMPLETE miroliverELAP 1 mirokidney miroliver ULobe AUTOLOGOUS REGENERATIVE MEDICIN
Slide 19: Michael Benkowitz
19 Michael Benkowitz PRESIDENT AND CHIEF OPERATING OFFICER
Slide 20: Record Commercial Execution in 3Q/26
20 COMMERCIAL EXECUTION Record Commercial Execution in 3Q/26 Quarterly revenue, millions USD Tyvaso3, worldwide ▲ 5% y/y1 to $504M 850 800 750 13% Remodulin, worldwide 700 CAGR2 650 ▼ 3% y/y to $122M 600 550 500 Orenitram 450 ▲ 11% y/y to $145M 400 350 300 Unituxin, worldwide 250 ▲ 9% y/y to $52M 20
Slide 21: Q&A
21 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 22: Appendix
Appendix
Slide 23: Tyvaso
23 COMMERCIAL EXECUTION Tyvaso Quarterly revenue, millions USD W/W1 Combined Revenue ▲5% y/y2 to $504M4 U.S. Combined Revenue ▲6% y/y to $496M4,5 478 504 466 470 464 458 453 • Record total Tyvaso & Tyvaso DPI revenue 434 416 • Record Tyvaso DPI referrals, commercial and 398 total patients 25% 373 11
Slide 24: Orenitram
24 COMMERCIAL EXECUTION Orenitram Quarterly revenue, millions USD Revenue▲11% y/y1 to $145M 160 • Record revenue and total patients 11% 136 145 • 19th consecutive quarter of y/y quarterly 140 CAGR2 131 126 121 124 121 revenue growth 120 113 106 107 108 100 95 92 85 88 88 83 84 79 76 80 72 60 40 20 0
Slide 25: Remodulin
25 COMMERCIAL EXECUTION Remodulin Quarterly revenue, millions USD W/W1 revenue ▼ 3% y/y2 to $122M 147 138 U.S. revenue ▼2% y/y to $109M 132 132 127 131 128 128 135 135 126 128 127 126 125 123 121 122 118 115 • Most prescribed U.S. parenteral prostacyclin 114 123 120 115 118 114 112 111 107 109 106 1
Slide 26: Unituxin
26 COMMERCIAL EXECUTION Unituxin Quarterly revenue, millions USD W/W1 revenue ▲9% y/y2 to $52M U.S. revenue ▲7% y/y to $50M4 U.S. Unituxin ex-U.S. Unituxin 68 65 62 58 61 58 58 • Most prescribed antibody therapy for 55 56 51 54 52 62 54 59 52 high-risk neuroblastoma in the U.S. 50 49 58 57 55 48 56
Slide 27: Record Tyvaso & Tyvaso DPI Revenue and Patients
27 Record total Tyvaso & Tyvaso DPI Most prescribed revenue quarter parenteral prostacyclin in the U.S. Record DPI referrals and patients Most prescribed U.S. prostacyclin Record total revenue quarter 19th consecutive quarter of Most prescribed quarterly y/y revenue growth antibody therapy for Recor
Slide 28: Ics
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