United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q2 2024 Earnings Presentation
30 slides from United Therapeutics's earnings presentation, Jul 31, 2024
Slide 1: Second Quarter 2024 Corporate Update
United Therapeutics Corporation Second Quarter 2024 Corporate Update J u ly 31, 2024
Slide 2: Safe Harbor Statement
2 I NT ROD UC TIO N Safe Harbor Statement All statements in this presentation are made as of July 31, 2024. 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 I NT ROD UC TIO N Today’s Speakers Dr. Martine Rothblatt Michael Benkowitz Chairperson & Chief Executive Officer President & Chief Operating Officer
Slide 4: Other Executives Present Today
4 I NT ROD UC TIO N Other Executives Present Today James Edgemond Dr. Leigh Peterson Pat Poisson Chief Financial Officer & Treasurer Executive Vice President, Executive Vice President, Product Development & Technical Operations Xenotransplantation
Slide 5: Upcoming Investor Events
5 I NT ROD UC TIO N Upcoming Investor Events Morgan Stanley 22nd Annual 2024 Wells Fargo Global Healthcare Conference Healthcare Conference Wednesday, September 4, 2024 Thursday, September 5, 2024
Slide 6: Upcoming Medical Conferences
6 I NT ROD UC TIO N Upcoming Medical Conferences PHA 2024 International European Respiratory American College of PH Conference and Society (ERS) Congress Chest Physicians CHEST Scientific Sessions 2024 2024 Annual Meeting August 15-18, 2024 September 7-11, 2024 October 6-9, 2024
Slide 7: Dr. Martine Rothblatt
7 Dr. Martine Rothblatt C HAI RPE RSO N & CH IE F E XE C UTI VE OFF IC E R
Slide 8: 2Q 2024 Performance Summary
8 2Q 2024 Performance Summary Product Product Revenue Percent Change1 $1.1 B Tyvaso DPI®/ Nebulized Tyvaso® $398 M 25% TTM Operating Cash Flow Remodulin® $147 M 16% $4.3 B Cash, Cash Equivalents, & Orenitram® $107 M 13% Marketable Investments Unituxin® $52 M 17% Highest Quarterly Tyvaso® 3, Orenitra
Slide 9: Positioned for Multiple Waves of Growth
9 HO W WE OPE RATE Positioned for Multiple Waves of Growth1 Revenue $16B REVOLUTION Organ Manufacturing $8B INNOVATION Tyvaso IPF/PPF & Ralinepag PAH $4B FOUNDATION Current Commercial Portfolio $2B Today Future 1. Illustrative purposes only. Time
Slide 10: Development Engine Addressing Unmet Needs
01 10 I NN OV ATI ON Development Engine Addressing Unmet Needs NON-REGISTRATION REGISTRATION APPROVED Tyvaso® TETON 1 – Idiopathic Pulmonary Fibrosis – U.S. and Canada TETON 2 – Idiopathic Pulmonary Fibrosis – ROW 1 TETON PPF – Progressive Pulmonary Fibrosis Ralinepag ADVANCE OUTCOMES – PAH2 Organ M
Slide 11: Tyvaso TETON 1 and 2 Studies
11 I NN OV ATI ON Tyvaso® TETON 1 and 2 Studies TETON 1 TETON 2 Indication Idiopathic pulmonary fibrosis U.S. Addressable Population 100,000 patients Complete Enrollment for TETON 1 Targeted Study Size 576 5975 for Year-End 20244 Study Geography U.S./Canada ROW1 TETON 2 Fully Enrolled Change in abso
Slide 12: Tyvaso TETON PPF Study
12 I NN OV ATI ON Tyvaso® TETON PPF Study Indication Progressive pulmonary fibrosis U.S. Addressable Population 60,000 patients1,2,3 First Patient Enrolled Study Size 698 patients in October 2023 Study Geography Global Change in absolute FVC4 from Primary Endpoint baseline to week 52 Enrollment Prog
Slide 13: Tyvaso for IPF
13 I NN OV ATI ON 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
Slide 14: Ralinepag ADVANCE OUTCOMES Study
14 I NN OV ATI ON Ralinepag ADVANCE OUTCOMES Study Indication Group 1 PAH1 Trial Completion Targeted in 20263 U.S. Addressable Population 50,000 patients One pill, once a day, with a ~24-hour half-life that can approximate IV prostacyclin blood Study Size ~700 to 1,000 patients levels4 Study Geograp
Slide 15: Ralinepag for PAH
15 I NN OV ATI ON 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
Slide 16: Ex-Vivo Lung Perfusion
16 I NN OV ATI ON Ex-Vivo Lung Perfusion • More than 780 lung evaluations, resulting in 475 successful transplants1 • Lungs transplanted through EVLP2 would have otherwise been discarded • Two methods used: • XPS3: Third-party supplied EVLP device • CLES4: Internally-developed device with a potentia
Slide 17: Four Platforms with Four Organs; Multiple Shots on Goal
RE V OL UTI ON 17 Four Platforms with Four Organs; Multiple Shots on Goal 1. 3DAP = 3D autologous printed. 2. Bio-Art = Bioartificial. 3. ELAP = external l iver assist prod Xeno Regen Med 3DAP1 Bio-Art2 Kidney UKidney IVIVA Kidney UThymoKidney mirokidney® Heart UHeart ULobe ULung Lung miroliverELAP®
Slide 18: miroliverELAP: First Bioengineered Organ to Enter Human Clinical Trials
18 RE V OL UTI ON miroliverELAP®: the First Bioengineered Organ to Enter Human Clinical Trials • External liver assist product (ELAP) intended to provide liver support in the critical care setting • Acute liver failure is a devastating condition with no approved drug or medical device interventions:
Slide 19: Xenotransplants March Toward the Clinic
RE V OL UTI ON 19 Xenotransplants March Toward the Clinic CLINICAL DPF NOW OPERATIONAL 125-organ annual capacity ~$75 million investment Christiansburg, VA
Slide 20: Xenotransplants March Toward the Clinic
RE V OL UTI ON 20 Xenotransplants March Toward the Clinic XENO REVIEW MANUSCRIPT 10-GENE PRECLINICAL MANUSCRIPT First comprehensive review publication on First documented use of standard, FDA- xenotransplantation approved, immunosuppression with long-term survival in preclinical xenotransplantation
Slide 21: Foundation, Innovation, Revolution
21 FOUNDATION INNOVATION REVOLUTION Tyvaso DPI® Tyvaso DPI Xenotransplantation Nebulized Tyvaso® Nebulized Tyvaso Regenerative Medicine Orenitram® Ralinepag 3D Organ Printing Remodulin® EVLP5 Bio-Artificial Organs Unituxin® PAH ORGAN PAH 1 PH-ILD MANUFACTURING PH-ILD2 IPF3 PPF4 LUNG TRANSPLANT 1. PA
Slide 22: Michael Benkowitz
22 Michael Benkowitz PRE S ID EN T & CH IE F OPE RAT IN G OF FI CE R
Slide 23: Continued Strong Revenue Growth in 2Q/24
23 C OM ME RC IAL E XE C UTI ON Continued Strong Revenue Growth in 2Q/24 Quarterly revenue, millions USD Tyvaso3, worldwide 700 Tyvaso Remodulin Orenitram Unituxin Adcirca/Other ▲ 25% y/y1 to $398M 600 14% Remodulin, worldwide CAGR2 ▲ 16% y/y to $147M 500 Orenitram 400 ▲ 13% y/y to $107M 300 Unituxi
Slide 24: Tyvaso
24 C OM ME RC IAL E XE C UTI ON Tyvaso® 398 373 351 W/W1 Combined Revenue▲25% y/y2 to $398M4 319 326 U.S. Combined Revenue ▲24% y/y to $389M4,6 130 29% 134 • Most prescribed prostacyclin in the U.S.4 US CAGR3 258 118 124 242 238 120 • Highest revenue quarter ever 4 • Highest referrals and starts4 20
Slide 25: Orenitram
25 C OM ME RC IAL E XE C UTI ON Orenitram® 106 107 Quarterly revenue, millions USD 15% Revenue▲13% y/y1 to $107M CAGR2 95 92 85 88 88 • Highest revenue quarter 84 83 79 • Tenth sequential quarter of y/y 75 75 74 72 76 72 76 quarterly revenue growth 69 62 54 51 1. y/y = year over y ear. 2. CAGR = com
Slide 26: Remodulin
26 C OM ME RC IAL E XE C UTI ON Remodulin® Quarterly revenue, millions USD 168 W/W1 revenue ▲16% y/y2 to $147M 156 145 147 U.S. revenue ▲18% y/y to $123M 140 132 132 131 128 130 125 127 128 125 123 121 • Most prescribed U.S. parenteral prostacyclin 127 119 118 114 115 123 107 123 117 115 109 111 111
Slide 27: Unituxin
27 C OM ME RC IAL E XE C UTI ON Unituxin® Quarterly revenue, millions USD W/W1 revenue▲17% y/y2 to $52M U.S. Unituxin ex-U.S. Unituxin 55 56 58 U.S. revenue ▲18% y/y to $47M 4 54 53 51 52 50 49 46 53 • The most prescribed antibody therapy 45 44 44 48 48 49 49 47 for high-risk neuroblastoma in the U.
Slide 28: Commercial Highlights by Product
28 Most prescribed U.S. prostacyclin Most prescribed Highest revenue quarter ever parenteral prostacyclin in the U.S. Highest level of referrals and starts Highest patients on therapy Record total revenue 15th consecutive quarter of y/y1 revenue growth The most prescribed Tenth sequential quarter of
Slide 29: Q&A
29 Q&A Dr. Martine Rothblatt Chairperson & Chief Executive Officer Michael Benkowitz President & Chief Operating Officer James Edgemond Chief Financial Officer & Treasurer Dr. Leigh Peterson EVP, Product Development & Xenotransplantation Patrick Poisson EVP, Technical Operations Dewey Steadman Head
Slide 30: Therapeutics
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