United Therapeutics (UTHR) 12th Annual Cantor Fitzgerald Global Healthcare Conference summary

Strategic transformation and clinical momentum

• Transitioned from a pulmonary hypertension focus to a leading position in pulmonary fibrosis, driven by best-in-class results from TETON-1 and TETON-2 trials.

• Rapidly enrolled the TETON-PPF study, targeting a market over 10 times larger than previous indications, with a PDUFA date set for April 26th.

• Addressable patient population now exceeds 1 million across pulmonary fibrosis, PPF, and COPD with pulmonary hypertension.

• Projected revenue potential has increased from $10 billion to $100 billion, reflecting a 10x transformation in market opportunity.

• Fourteen product launches are planned for 2027–2029, supporting confidence in reaching $50–$100 billion in revenue by early 2030s.

Launch readiness and lifecycle management

• Sales force has doubled and is being trained for the upcoming IPF launch, with strong feedback from the medical community.

• Preparing for combination therapies, including open-label extension with Jascayd, to provide robust safety data for prescribers.

• Lifecycle management includes sequential launches of nebulized Tyvaso, Tyvaso DPI, coughless SMI, and once-daily Ralpi.

• Open-label extension studies are designed to support polypharmacy approaches, not immediate label changes.

• Pricing for Tyvaso in IPF is expected to remain consistent with current reimbursement levels.

Market dynamics and commercial strategy

• Polypharmacy is seen as the future for pulmonary fibrosis and hypertension, with plans for compounded products.

• Uptake for Nebulized Tyvaso is expected to be rapid, targeting 10,000 patients in the first year.

• Discontinuation rates in TETON studies are viewed as manageable, with net patient growth expected.

• PPF is considered a 3x larger commercial opportunity than IPF, with over 200,000 U.S. patients.

• Ralinepag will launch as a frontline therapy in pulmonary hypertension, with plans to expand into IPF and PPF.