United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q3 2025 Earnings Presentation
26 slides from United Therapeutics's earnings presentation, Oct 29, 2025
Slide 1: United Therapeutics Corporation Third Quarter 2025 Corporate Update
United Therapeutics Corporation Third Quarter 2025 Corporate Update October 29, 2025
Slide 2: Safe Harbor Statement
INTRODUCTION 2 2 Safe Harbor Statement All statements in this presentation are made as of October 29, 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
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 Healthcare Jefferies Global 44th Annual J.P. Morgan Conference Healthcare Conference Healthcare Conference November 10-12, 2025 November 17-20, 2025 January 12-15, 2025
Slide 6: Upcoming Medical Conferences
6 INTRODUCTION Upcoming Medical Conferences PHenomenal Hope 2025 PVRI 2026 Annual Congress December 5, 2025 January 28 – February 1, 2025
Slide 7: Dr. Martine Rothblatt
7 Dr. Martine Rothblatt CHAIRPERSON AND CHIEF EXECUTIVE OFFICER
Slide 8: 3Q 2025 Performance Summary
8 3Q 2025 Performance Summary Product Product Revenue Percent Change1 $1.6 B Tyvaso DPI®/ Nebulized Tyvaso® $478 M 10% TTM Operating Cash Flow Remodulin® $126 M 2% $4.3 B Cash, Cash Equivalents, & Orenitram® $131 M 16% Marketable Investments Unituxin® $48 M 22% Highest Quarterly Tyvaso3, Orenitram,
Slide 9: Current Commercial Portfolio, Drug/Device Pipeline, Organ Pipeline
9 CURRENT COMMERCIAL DRUG/DEVICE PIPELINE ORGAN PIPELINE PORTFOLIO Tyvaso DPI Xenotransplantation Tyvaso DPI Nebulized Tyvaso Autologous Nebulized Tyvaso Ralinepag Regenerative Medicine Orenitram EVLP5 Remodulin Allogeneic Unituxin PAH Regenerative Medicine PH-ILD PAH1 IPF3 XENO AND PH-ILD2 PPF4 ORG
Slide 10: Development Engine Addressing Unmet Needs
01 10 PIPELINE Development Engine Addressing Unmet Needs Tyvaso® NON-REGISTRATION REGISTRATION FILED APPROVED 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, Or
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 U.S./Canada 1H/26 Study Geography Change in absolute FVC1 from Primary Endpoint baseline to week 52 Enrollment Progress 1
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 Indication Group 1 PAH1 Data expected in 1H26 3 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 4 Study Size ~700 patients Potential to develop a
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 IND1 IND TRANSPLANT CLEARED EXPECTED IMMINENTLY EXTEND STUDY EXPRESS STUDY EXPAND STUDY UKidney UThymoKidney UHeart ALLOGENEIC REGENERATIVE MEDICINE PHASE 1 STUDY OPEN miroliverELAP 2 mirokidney miro
Slide 17: Michael Benkowitz
17 Michael Benkowitz PRESIDENT AND CHIEF OPERATING OFFICER
Slide 18: Continued Strong Revenue Growth in 3Q/25
18 COMMERCIAL EXECUTION Continued Strong Revenue Growth in 3Q/25 Quarterly revenue, millions USD Tyvaso3, worldwide 800 ▲ 10% y/y1 to $478M 700 Remodulin, worldwide 16% 600 CAGR2 ▼ 2% y/y to $126M 500 Orenitram ▲ 16% y/y to $131M 400 300 Unituxin, worldwide ▼ 22% y/y to $48M 200 100 Total Revenue ▲
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 W/W1 Combined Revenue▲10% y/y2 to $478M4 466 470 478 U.S. Combined Revenue ▲12% y/y to $470M4,5 434 416 30% 373 398 • Highest revenue quarter4 US CAGR3 351 134 • Record DPI patient shipments during the quarter 319 326 139 141 • Most prescribed prostacyclin in the U.S.4
Slide 22: Orenitram
22 COMMERCIAL EXECUTION Orenitram Quarterly revenue, millions USD Revenue▲16% y/y1 to $131M 140 131 12% 121 124 • Record patient shipments 120 CAGR2 113 108 • Highest revenue quarter 106 107 • 15th sequential quarter of y/y quarterly 100 95 92 85 88 88 revenue growth 83 84 76 79 80 75 74 72 76 72 60
Slide 23: Remodulin
23 COMMERCIAL EXECUTION Remodulin Quarterly revenue, millions USD 147 W/W1 revenue ▼ 2% y/y2 to $126M 140 138 135 135 132 132 131 128 130 125 127 128 128 126 U.S. revenue ▼4% y/y to $111M 125 118 123 121 115 114 123 118 120 • Most prescribed U.S. parenteral prostacyclin 115 111 111 112 115 114 111 1
Slide 24: Unituxin
24 COMMERCIAL EXECUTION Unituxin Quarterly revenue, millions USD W/W1 revenue▼22% y/y2 to $48M U.S. Unituxin ex-U.S. Unituxin U.S. revenue ▼19% y/y to $47M4 68 61 55 56 58 58 58 • The most prescribed antibody therapy 53 54 62 50 51 52 58 57 55 for high-risk neuroblastoma in the U.S. 49 48 46 53 44 4
Slide 25: Record DPI Patient Shipments
25 Most prescribed Record DPI patient shipments parenteral prostacyclin in the U.S. Highest revenue quarter Most prescribed U.S. prostacyclin 20th consecutive quarter of y/y1 revenue growth The most prescribed 15th sequential quarter of antibody therapy for quarterly y/y revenue growth high-risk neu
Slide 26: Ics
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