United Therapeutics (UTHR) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic transformation and market expansion

• Transitioning from an orphan drug focus in pulmonary hypertension to targeting broader pulmonary fibrosis markets, aiming to treat hundreds of thousands of patients with best-in-class therapies.

• Projected revenue growth from legacy products and new launches, with expectations to reach $8 billion in the near term and up to $40–100 billion as new indications are approved and commercialized.

• Intellectual property protections for key drugs and devices extend into the 2040s, supporting long-term market exclusivity.

• Expansion of the sales force is underway, with plans to double annually for IPF and additional hiring for PPF, targeting a 1,000-person team to cover a 400,000-patient market.

• Focus on maintaining leadership in existing markets while aggressively pursuing larger, non-orphan indications.

Product pipeline and clinical progress

• Nebulized Tyvaso for IPF has shown superior clinical results compared to existing therapies, with FDA approval anticipated and launch preparations in progress.

• Multiple product formulations (nebulized, DPI, coughless Tresmi, once-daily Ralpi) are being developed to maximize patient adherence and minimize dropouts.

• PPF clinical trial fully enrolled with 700 patients; data expected next year, with strong confidence in efficacy based on prior studies and physician demand.

• NDA for Tresmi soft mist inhaler targeted by year-end, with plans to expand indications to IPF, PPF, and PH-COPD.

• PH-COPD represents a major future opportunity, with phase II and III trials planned and a potential $60 billion total addressable market.

Commercialization and competitive positioning

• Tyvaso is already the most prescribed drug in ILD and PH markets, with record new patient starts and continued growth expected.

• New product launches are designed to address tolerability and convenience, aiming to further reduce therapy discontinuation rates.

• Ralinepag (JENRALDI®) is positioned as a superior alternative to existing oral prostacyclins, expected to drive strong uptake without a significant price premium.

• Strategic partnerships support device development, with undisclosed partners and robust IP/trade secret protections.

• Physician-driven innovation and rapid clinical trial enrollment underscore strong market demand and clinical relevance.