United Therapeutics (UTHR) TD Cowen 46th Annual Health Care Conference summary

Business highlights and growth outlook

• Achieved double-digit annual growth in the commercial business, expected to continue over the next 18 months.

• Poised to launch Ralinepag for PAH and Tyvaso for IPF, with both anticipated as best-in-class therapies.

• Announced development of a new, well-tolerated drug delivery device for inhaled therapies.

• Significant growth anticipated through the rest of the decade, driven by new product launches.

Ralinepag clinical data and market potential

• Ralinepag showed a 55% reduction in risk of clinical worsening in PAH, with robust durability up to four years.

• Patients on Ralinepag had a threefold delay in disease progression compared to placebo.

• About 50% of patients experienced clinical improvement, a notable result in pulmonary hypertension.

• Expected to become the new standard of care and first-line prostacyclin after AMBITION.

• Projected to reach up to $2 billion in annual sales by 2030, targeting 30,000 patients not on prostacyclin therapy.

PAH and inhaled therapy market dynamics

• Double-digit growth in PAH therapies continues, with minimal impact from new entrants like Sotatercept and Liquidia.

• Synergistic effects observed between prostacyclin and Sotatercept in clinical trials.

• Initial dip in referrals after Liquidia's launch has rebounded, with prescription levels returning to pre-launch rates.

• New soft mist inhaler (SMI) demonstrated up to 90% reduction in cough, with FDA filing expected by year-end.

• SMI anticipated to become the preferred inhaled delivery option, surpassing nebulizer and DPI.