United Therapeutics Corporation · NASDAQ:UTHR
United Therapeutics — Q2 2026 Earnings Presentation
27 slides from United Therapeutics's earnings presentation, Aug 5, 2026
Slide 1: Second Quarter 2026 Corporate Update
United Therapeutics Corporation Second Quarter 2026 Corporate Update August 5, 2026
Slide 2: Safe Harbor Statement
INTRODUCTION 2 2 Safe Harbor Statement All statements in this presentation are made as of August 5, 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 n
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 Wells Fargo Morgan Stanley Healthcare Global Healthcare Conference Conference September 8, 2026 September 14, 2026 Cantor Fitzgerald Bernstein 3rd Global Healthcare Annual Healthcare Conference Forum September 9, 2026 September 23, 2026
Slide 6: Upcoming Medical Conference
6 INTRODUCTION Upcoming Medical Conference European Respiratory Society American College of Chest Physicians Congress CHEST 2026 Annual Meeting September 5-9, 2026 October 18-21, 2026
Slide 7: Dr. Martine Rothblatt
7 Dr. Martine Rothblatt CHAIRPERSON AND CHIEF EXECUTIVE OFFICER
Slide 8: 2Q 2026 Performance Summary
8 2Q 2026 Performance Summary Product Product Revenue Percent Change1 $1.7 B Tyvaso DPI®/ Nebulized Tyvaso® $453 M 4% TTM Operating Cash Flow Remodulin® $126 M 6% $3.8 B Cash, Cash Equivalents, & Orenitram® $126 M 1% Marketable Investments Unituxin® $65 M 12% Record Tyvaso DPI Referrals, Starts, Com
Slide 9: Current Commercial Portfolio and Drug/Device Pipeline
9 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) Regener
Slide 10: Development Engine Addressing Unmet Needs
01 10 PIPELINE Development Engine Addressing Unmet Needs Drugs & Devices NON-REGISTRATION REGISTRATION FILED APPROVED TETON-1 & 2 – Nebulized Tyvaso® - Idiopathic Pulmonary Fibrosis TETON-PPF – Nebulized Tyvaso® - Progressive Pulmonary Fibrosis SUMMIT – Pulmonary Hypertension Associated with COPD1 T
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 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 13: TETON-1&2 Integrated Analysis
13 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 14: Currently Enrolling Patients
14 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 ~95% 1. FVC = forced vital capacity 2. As of 7
Slide 15: Ralinepag: Potential First and Only Once-Daily Oral Prostacyclin
15 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 16: Ralinepag DPI
16 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 17: Four Platforms with Five Organs & Organ Alternatives
ORGAN PIPELINE 17 17 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 18: Michael Benkowitz
18 Michael Benkowitz PRESIDENT AND CHIEF OPERATING OFFICER
Slide 19: Commercial Execution in 2Q/26
19 COMMERCIAL EXECUTION Commercial Execution in 2Q/26 Quarterly revenue, millions USD Tyvaso3, worldwide ▼ 4% y/y1 to $453M 800 700 12% Remodulin, worldwide CAGR2 ▼ 6% y/y to $126M 600 500 Orenitram ▲ 1% y/y to $126M 400 300 Unituxin, worldwide ▲ 12% y/y to $65M 200 100 Total Revenue ▼ 2% y/y to $78
Slide 20: Q&A
20 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 21: Appendix
Appendix
Slide 22: Tyvaso
22 COMMERCIAL EXECUTION Tyvaso Quarterly revenue, millions USD W/W1 Combined Revenue▼4% y/y2 to $453M4 U.S. Combined Revenue ▼4% y/y to $436M4,5 466 470 478 464 458 453 434 • Record Tyvaso DPI starts, referrals, commercial and 398 416 total patients 373 • Most prescribed prostacyclin in the U.S.4 23
Slide 23: Orenitram
23 COMMERCIAL EXECUTION Orenitram Quarterly revenue, millions USD Revenue▲1% y/y1 to $126M 160 • Record total patients 11% 136 • 18th 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 76 79 76 80 72 60 40 20 0 2Q/21 3Q/21 4
Slide 24: Remodulin
24 COMMERCIAL EXECUTION Remodulin Quarterly revenue, millions USD W/W1 revenue ▼ 6% y/y2 to $126M 147 140 U.S. revenue ▼13% y/y to $99M 132 132 131 128 135 138 135 125 127 128 126 128 127 126 123 121 118 • Most prescribed U.S. parenteral prostacyclin 114 115 123 120 115 118 114 111 112 111 107 109 1
Slide 25: Unituxin
25 COMMERCIAL EXECUTION Unituxin Quarterly revenue, millions USD W/W1 revenue ▲12% y/y2 to $65M U.S. revenue ▲7% y/y to $59M4 U.S. Unituxin ex-U.S. Unituxin 68 65 62 58 61 58 58 • Most prescribed antibody therapy for 56 53 55 54 52 62 54 high-risk neuroblastoma in the U.S. 50 51 58 59 49 57 55 48 56
Slide 26: Record Tyvaso DPI starts and most prescribed therapies
26 Most prescribed Record Tyvaso DPI starts, referrals, parenteral prostacyclin in the U.S. commercial and total patients Most prescribed U.S. prostacyclin Most prescribed 18th consecutive quarter of antibody therapy for quarterly y/y revenue growth high-risk neuroblastoma in the U.S. 1. y/y = year
Slide 27: Ics
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