United Therapeutics (UTHR) UBS Global Healthcare Conference 2024 summary

Growth outlook and revenue dynamics

• Achieved $3 billion annualized revenue run rate, targeting $4 billion by mid-decade, driven by Tyvaso and current portfolio.

• Double-digit revenue growth expected to continue through the decade, supported by product expansion and sales force deployment.

• Sales force expansion completed in early 2024, with full deployment after January national meeting.

• Prescriber base grew 15% in 2024, with 40% of new prescribers in ILD; penetration in PH-ILD market at mid-teens.

• Community physician education is ongoing to drive further adoption, with anticipated additional waves of ILD prescribers.

Product and market strategy

• Tyvaso, Orenitram, Remodulin, and Unituxin form the foundation, with Tyvaso expansion into IPF and ralinepag in PAH as next growth phase.

• 60% of Tyvaso patients are PAH, 40% PH-ILD; 60% use DPI, 40% nebulizer, with flexibility for patient needs.

• DPI expected to become more prevalent, but nebulizer will remain important, especially as ILD patient base grows.

• Platform approach with both DPI and nebulizer seen as a competitive advantage over single-format competitors.

Pricing, reimbursement, and contracting

• Medicare Part D redesign in 2025 will further reduce out-of-pocket costs, with manufacturer cost sharing starting at 1% due to small manufacturer status.

• About half of business is Medicare, higher in PH-ILD; proactive PBM contracting to ensure competitive parity and pricing clarity.