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, with expectations for continued momentum over the next 18 months.

• Positioned for significant growth through launches of Ralinepag for PAH and Tyvaso for IPF.

• Anticipates best-in-class drug delivery device for inhaled therapies across multiple indications.

• Strategic focus on expanding into new indications and geographies, including Europe.

• Ongoing capital allocation prioritizes internal R&D, corporate development, and shareholder returns.

Ralinepag clinical data and market potential

• Ralinepag showed a 55% reduction in risk of clinical worsening and threefold delay in disease progression versus placebo.

• Demonstrated about a 50% chance of clinical improvement and durable benefits up to four years.

• Expected to become the new standard of care for PAH, with blockbuster potential and projected $2 billion sales by 2030.

• Pricing anticipated to be comparable to existing prostacyclin therapies.

PAH and inhaled therapy market dynamics

• PAH market remains robust with double-digit growth, minimal impact from new entrants like Sotatercept and Liquidia.

• Physicians initially trialed new DPI products, but referrals and starts have returned to pre-launch levels.

• Soft mist inhaler (SMI) demonstrated up to 90% reduction in cough, expected to be preferred over nebulizer and DPI.

• SMI approval filing targeted by year-end, with healthy volunteer studies ongoing.