United Therapeutics (UTHR) Goldman Sachs 45th Annual Global Healthcare Conference summary

Leadership and vision

• Technical operations leadership is driven by a passion for solving major healthcare challenges and advancing organ manufacturing, with a focus on patient impact and innovation.

• The company is preparing to embark on a clinical study in organ manufacturing, marking a transition from science fiction to reality.

Tyvaso and inhaled therapy updates

• Tyvaso is experiencing upward inflection in growth following the PH-ILD launch, supported by expanded sales and medical teams.

• The DPI device offers greater convenience and efficiency, requiring about 10% less API than the nebulizer, and is preferred by a growing share of patients.

• Revenue split is currently about 60/40 between DPI and nebulizer, with a trend toward greater DPI adoption.

• Reimbursement changes under Medicare Part D have reduced the rate of free drug distribution, with further improvements expected in 2025.

Manufacturing capacity and pipeline

• Capacity expansion with MannKind supports up to 25,000 patients, with a new facility in development to support up to 50,000, and plans to reach 75,000 patients.

• TETON 1 and 2 trials for IPF are on track for full enrollment by year-end 2024, with data expected in 2025.