United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q4 2024 Earnings Presentation
27 slides from United Therapeutics's earnings presentation, Feb 26, 2025
Slide 1: United Therapeutics Corporation Fourth Quarter 2024 Corporate Update
United Therapeutics Corporation Fourth Quarter 2024 Corporate Update February 26, 2025
Slide 2: Safe Harbor Statement
2 INTRODUCTION Safe Harbor Statement All statements in this presentation are made as of February 26, 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 Technical Operations Xenotransplantation
Slide 5: Upcoming Investor Events
5 INTRODUCTION Upcoming Investor Events TD Cowen 45th Annual UBS European Healthcare Leerink Global Health Care Conference Conference Healthcare Conference March 3, 2025 March 4, 2025 March 11, 2025
Slide 6: Upcoming Medical Conferences
6 INTRODUCTION Upcoming Medical Conferences 20th Annual John Vane International Society for Heart Memorial Symposia & Lung Transplantation (ISHLT) March 7-8, 2025 April 27-30, 2025
Slide 7: Dr. Martine Rothblatt
7 Dr. Martine Rothblatt CHAIRPERSON AND CHIEF EXECUTIVE OFFICER
Slide 8: 4Q 2024 Performance Summary
8 4Q 2024 Performance Summary Product Product Revenue Percent Change1 $1.3 B Tyvaso DPI®/ Nebulized Tyvaso® $416 M 19% TTM Operating Cash Flow Remodulin® $135 M 17% $4.7 B Cash, Cash Equivalents, & Orenitram® $108 M 28% Marketable Investments Unituxin® $68 M 25% Highest Quarterly Unituxin® Revenue a
Slide 9: Positioned for Multiple Waves of Growth
9 HOW WE OPERATE Positioned for Multiple Waves of Growth1 Revenue $16B REVOLUTION Xeno and Organ Alternatives $8B INNOVATION Tyvaso IPF/PPF & Ralinepag PAH $4B FOUNDATION Current Commercial Portfolio $3B Today Future 1. Illustrative purposes only. Time
Slide 10: Development Engine Addressing Unmet Needs
10 01 INNOVATION Development Engine Addressing Unmet Needs NON-REGISTRATION REGISTRATION FILED APPROVED ® Tyvaso 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,
Slide 11: Tyvaso TETON 1 and 2 Studies
11 INNOVATION Tyvaso TETON 1 and 2 Studies TETON 1 TETON 2 Indication Idiopathic pulmonary fibrosis U.S. Addressable Population 100,000 patients TETON 2 data expected 2H/25 Study Size 5983 5974 Study Geography U.S./Canada ROW1 TETON 1 data expected 1H/26 Change in absolute FVC2 from Primary Endpoint
Slide 12: Tyvaso TETON PPF Study
12 INNOVATION 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 capacity, or the
Slide 13: Tyvaso for IPF
13 INNOVATION 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 in t
Slide 14: Ralinepag ADVANCE OUTCOMES Study
14 INNOVATION Ralinepag ADVANCE OUTCOMES Study Indication Group 1 PAH1 Data expected in 20263 U.S. Addressable Population 50,000 patients One pill, once a day, with a ~24-hour half-life that can approximate IV Study Size ~700 patients prostacyclin blood levels4 Study Geography Global Time from rando
Slide 15: Ralinepag for PAH
15 INNOVATION 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.s/c
Slide 16: Four Platforms with Four Organs & Organ Alternatives
OUR FUTURE 16 16 Four Platforms with Four Organs & Organ Alternatives XENOTRANSPLANTATION UKidney UThymoKidney UHeart BIO-ARTIFICIAL ORGAN ALTERNATIVES miroliverELAP1 mirokidney miroliver 3D AUTOLOGOUS PRINTING IVIVA Kidney ULung REGENERATIVE MEDICINE 1. ELAP = external liver assist product. ULobe
Slide 17: Rapidly Progressing Toward a Revolution
REVOLUTION 17 17 Rapidly Progressing Toward a Revolution UKIDNEY PRECLINICAL DATA RECENT NYU UKIDNEY TRANSPLANT Transplant completed November 25, 2024 Initial discharge December 6, 2024 NHP1 studies Interim NHP Xeno review Recipient doing well and heading home complete data available2 paper publishe
Slide 18: Foundation, Innovation, Revolution
18 FOUNDATION INNOVATION REVOLUTION Tyvaso DPI Tyvaso DPI Xenotransplantation Nebulized Tyvaso Nebulized Tyvaso Regenerative Medicine Orenitram Ralinepag 3D Printed Organ Remodulin EVLP5 Alternatives Unituxin Bio-Artificial Organ PAH Alternatives PAH1 PH-ILD PH-ILD2 IPF3 XENO AND PPF4 ORGAN ALTERNAT
Slide 19: Michael Benkowitz
19 Michael Benkowitz PRESIDENT AND CHIEF OPERATING OFFICER
Slide 20: Continued Strong Revenue Growth in 4Q/24
20 COMMERCIAL EXECUTION Continued Strong Revenue Growth in 4Q/24 Quarterly revenue, millions USD Tyvaso3, worldwide 700 ▲ 19% y/y1 to $416M 600 19% Remodulin, worldwide CAGR2 ▲ 17% y/y to $135M 500 400 Orenitram ▲ 28% y/y to $108M 300 Unituxin, worldwide 200 ▲ 25% y/y to $68M 100 Total Revenue 0 ▲ 2
Slide 21: Tyvaso
21 COMMERCIAL EXECUTION Tyvaso 434 416 W/W1 Combined Revenue▲19% y/y2 to $416M4 398 373 U.S. Combined Revenue ▲21% y/y to $409M4,5 351 35% 319 326 • Most prescribed prostacyclin in the U.S.4 US CAGR3 • Second highest revenue quarter4 258 130 145 136 • Record patient shipments during the quarter4 242
Slide 22: Orenitram
22 COMMERCIAL EXECUTION Orenitram Quarterly revenue, millions USD Revenue▲28% y/y1 to $108M 120 16% 113 108 • Record patient shipments CAGR2 106 107 100 95 • 12th sequential quarter of y/y quarterly 92 85 88 88 revenue growth 83 84 79 80 75 75 74 76 76 72 72 69 60 51 40 20 0 4Q/19 1Q/20 2Q/20 3Q/20
Slide 23: Remodulin
23 COMMERCIAL EXECUTION Remodulin Quarterly revenue, millions USD 145 147 140 W/W1 revenue ▲17% y/y2 to $135M 132 132 131 135 128 130 125 127 128 128 125 U.S. revenue ▲11% y/y to $118M 119 118 123 121 115 114 107 123 117 118 • Most prescribed U.S. parenteral prostacyclin 115 111 111 112 115 109 109
Slide 24: Unituxin
24 COMMERCIAL EXECUTION Unituxin Quarterly revenue, millions USD W/W1 revenue▲25% y/y2 to $68M U.S. Unituxin ex-U.S. Unituxin U.S. revenue ▲27% y/y to $62M4 68 61 55 56 58 • Record total and U.S. revenue 53 54 62 51 52 58 50 49 44 45 46 44 53 • The most prescribed antibody therapy 48 48 49 49 for hi
Slide 25: Record patient shipments and most prescribed products
25 Most prescribed Most prescribed U.S. prostacyclin parenteral prostacyclin in the U.S. Record patient shipments Record patient shipments 17th consecutive quarter of y/y1 revenue growth Record revenue 12th sequential quarter of The most prescribed quarterly y/y revenue growth antibody therapy for 1
Slide 26: Q&A
26 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, Technical Operations Dewey Steadm
Slide 27: United Therapeutics, A Public Benefit Corporation
Therapeutics A PUBLIC BENEFIT CORPORATION x) o = iS =)