United Therapeutics (UTHR) 2024 Wells Fargo Healthcare Conference summary

Business performance and growth drivers

• Achieved 20% year-over-year commercial growth last quarter, with TYVASO growing 25%.

• Focused on innovation through clinical trials like TETON and Ralinepag ADVANCE OUTCOMES.

• Pursuing revolutionary opportunities in organ transplantation to address shortages.

• Commercial success driven by PH-ILD, with about 15% market penetration and significant room for growth.

• Expanding commercial teams to increase both depth and breadth of physician engagement.

Market opportunity and strategy

• PH-ILD market estimated at 30,000 core patients in the U.S., with potential to expand through education and awareness.

• Initial focus on high-prescribing centers, now shifting to broader community outreach.

• Investments in sales, medical, and reimbursement teams to support continued growth.

• Execution and education are key to capturing a $3–$5 billion opportunity, with limited current competition.

Competitive landscape and product differentiation

• TYVASO DPI device offers advantages for patients with compromised lung function, including low-flow design and efficient drug delivery.

• Device requires less treprostinil and dry powder than competitors, potentially reducing side effects.

• Confident in ability to compete with new entrants like Liquidia and Insmed, with exclusivity on DPI until at least May 2025.

• Incumbency, established relationships, and product attributes seen as strong defenses against competition.