United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q1 2026 Earnings Presentation
26 slides from United Therapeutics's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Corporate Update
United Therapeutics Corporation First Quarter 2026 Corporate Update May 6, 2026
Slide 2: Safe Harbor Statement
INTRODUCTION 2 2 Safe Harbor Statement All statements in this presentation are made as of May 6, 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 not
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 RBC Capital Markets Global Jefferies Global Healthcare Healthcare Conference Conference May 19, 2026 June 3, 2026
Slide 6: Upcoming Medical Conference
6 INTRODUCTION Upcoming Medical Conference American Thoracic Society (ATS) 2026 International Conference May 15-20, 2026
Slide 7: Dr. Martine Rothblatt
7 Dr. Martine Rothblatt CHAIRPERSON AND CHIEF EXECUTIVE OFFICER
Slide 8: 1Q 2026 Performance Summary
8 1Q 2026 Performance Summary Product Product Revenue Percent Change1 $1.6 B Tyvaso DPI®/ Nebulized Tyvaso® $458 M 2% TTM Operating Cash Flow Remodulin® $127 M 8% $3.5 B Cash, Cash Equivalents, & Orenitram® $136 M 12% Marketable Investments Unituxin® $54 M 8% Highest Quarterly Orenitram Revenue Othe
Slide 9: Drug/Device Pipeline
9 DRUG/DEVICE PIPELINE CURRENT COMMERCIAL Tyvaso DPI ORGAN PIPELINE PORTFOLIO Treprostinil SMI6 Nebulized Tyvaso Xenotransplantation Tyvaso DPI Ralinepag Autologous Nebulized Tyvaso Ralinepag DPI Regenerative Medicine Orenitram Ralinepag Triple Combo Remodulin Allogeneic Treprostinil – Iloprost SMI
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-2 – Nebulized Tyvaso® - Idiopathic Pulmonary Fibrosis – ROW1 TETON-PPF – Nebulized Tyvaso® - Progr
Slide 11: TETON-2: Groundbreaking IPF Results
11 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 12: TETON-1 Outperforms TETON-2
12 DRUG & DEVICE PIPELINE TETON-1 Outperforms TETON-2 TETON-1 study met its primary endpoint of change 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 to first clinical worsening. Numerical improvement s
Slide 13: Currently Enrolling Patients
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 Progress2 ~75% 1. FVC = forced vital capacity 2. As of 4
Slide 14: Ralinepag: Potential First and Only Once-Daily Oral Prostacyclin
14 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 15: Ralinepag DPI
15 DRUG & DEVICE PIPELINE Ralinepag DPI 50,000 Market Plateau PPF (50k) Launch TO TA L PA TIEN TS IPF Launch PH-ILD Launch PAH Launch 0 2037 Y EA R 1. Illustrative purposes only; Assumes successful development and FDA approval for PAH, PH-ILD, IPF, and PPF. Ralinepag has not been approved by the FDA
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: Commercial Execution in 1Q/26
18 COMMERCIAL EXECUTION Commercial Execution in 1Q/26 Quarterly revenue, millions USD Tyvaso3, worldwide 800 ▼ 2% y/y1 to $458M 700 16% Remodulin, worldwide CAGR2 ▼ 8% y/y to $127M 600 500 Orenitram ▲ 12% y/y to $136M 400 Unituxin, worldwide 300 ▼ 8% y/y to $54M 200 Total Revenue 100 ▼ 2% y/y to $78
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▼2% y/y2 to $458M4 478 U.S. Combined Revenue ▲0% y/y to $443M4,5 434 466 470 464 458 416 • Most prescribed prostacyclin in the U.S.4 398 29% 351 373 US CAGR3 134 119 113 319 326 141 139 145 136 258 130 242 238 134 20
Slide 22: Orenitram
22 COMMERCIAL EXECUTION Orenitram Quarterly revenue, millions USD Revenue▲12% y/y1 to $136M 160 • Record revenue, commercial, and total 13% 136 patients 140 CAGR2 131 121 124 121 • 17th consecutive quarter of y/y quarterly 120 113 106 107 108 revenue growth 100 95 92 85 88 88 83 84 76 79 76 80 72 72
Slide 23: Remodulin
23 COMMERCIAL EXECUTION Remodulin Quarterly revenue, millions USD W/W1 revenue ▼ 8% y/y2 to $127M 147 140 U.S. revenue ▼9% y/y to $109M 130 132 132 131 128 135 138 135 125 127 128 126 128 127 123 121 118 • Most prescribed U.S. parenteral prostacyclin 114 115 123 120 115 118 114 111 112 111 107 107 1
Slide 24: Unituxin
24 COMMERCIAL EXECUTION Unituxin Quarterly revenue, millions USD W/W1 revenue▼8% y/y2 to $54M U.S. revenue ▼14% y/y to $49M4 U.S. Unituxin ex-U.S. Unituxin 68 61 62 • Most prescribed antibody therapy for 55 56 58 58 58 high-risk neuroblastoma in the U.S. 53 54 62 54 51 52 50 49 58 57 55 48 56 44 45
Slide 25: Most prescribed U.S. prostacyclin
25 Most prescribed Most prescribed U.S. prostacyclin parenteral prostacyclin in the U.S. Most prescribed 17th consecutive quarter of antibody therapy for quarterly y/y revenue growth high-risk neuroblastoma in the U.S. 1. y/y = year over year.
Slide 26: Ics
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