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United Therapeutics Corporation Fourth Quarter 2025 Corporate Update February 25, 2026
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2 INTRODUCTION Safe Harbor Statement MIROKIDNEY, MIROLIVER, MIROLIVERELAP, ORENITRAM, REMODULIN, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation and/or its subsidiaries. UHEART, UKIDNEY, ULOBE, ULUNG, UTHYMOKIDNEY, and REMUNITYPRO are trademarks of United Therapeutics Corporation and/or its subsidiaries. ADCIRCA is a registered trademark of Eli Lilly and Company. 2 All statements in this presentation are made as of February 25, 2026. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise. Statements included in this presentation that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements related to our revenue growth expectations, the timing and success of our pipeline programs, our planned manufacturing and field force expansions, our organ manufacturing efforts, and similar statements concerning anticipated future events and expectations. We caution you that these statements are not guarantees of future performance and are subject to numerous evolving risks and uncertainties that we may not be able to accurately predict or assess, including the risk factors that we describe in our Securities and Exchange Commission filings, including our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this presentation. This presentation and any related discussions or statements are intended to educate investors about our company. Sometimes that process includes reporting on the progress and results of clinical trials or other developments with respect to our products. This presentation and any related discussions or statements are not intended to promote our products, to suggest that our products are safe and effective for any use other than what is consistent with their FDA-approved labeling, or to provide all available information regarding the products, their risks, or related clinical trial results. Anyone seeking information regarding the use of one of our products should consult the full prescribing information for the product available on our website at www.unither.com.
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3 INTRODUCTION Chairperson and Chief Executive Officer President and Chief Operating Officer Dr. Martine Rothblatt Michael Benkowitz Today’s Speakers
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4 INTRODUCTION Other Executives Present Today Chief Financial Officer and Treasurer Executive Vice President, Product Development and Xenotransplantation James Edgemond Dr. Leigh Peterson Executive Vice President, Strategic Development Pat Poisson
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5 INTRODUCTION Upcoming Investor Events March 2, 2026 TD Cowen 46th Annual Health Care Conference March 10, 2026 UBS Biotech Summit Miami March 9, 2026 Leerink Global Healthcare Conference
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6 INTRODUCTION Upcoming Medical Conferences March 13-14, 2026 21st Annual John Vane Memorial Symposia April 22-25, 2026 International Society for Heart & Lung Transplantation (ISHLT)
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7 CHAIRPERSON AND CHIEF EXECUTIVE OFFICER Dr. Martine Rothblatt
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$1.6 B TTM Operating Cash Flow $4.7 B Cash, Cash Equivalents, & Marketable Investments Product Revenue Percent Change1Product Other + Adcirca® Total Revenue $464 M $128 M $121 M $62 M $14 M 12% 5% 12% 8% 4Q 2025 Performance Summary Tyvaso DPI®/ Nebulized Tyvaso® Remodulin® Orenitram® Unituxin® 1. Change vs. 4Q 2024. Highest Quarterly Tyvaso DPI Revenue 41% 8 $790 M 7%
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CURRENT COMMERCIAL PORTFOLIO Tyvaso DPI Nebulized Tyvaso Orenitram Remodulin Unituxin PAH1 PH-ILD2 DRUG/DEVICE PIPELINE Tyvaso DPI Treprostinil SMI6 Nebulized Tyvaso Ralinepag EVLP5 PAH PH-ILD PH-COPD7 IPF3 PPF4 LUNG TRANSPLANT ORGAN PIPELINE Xenotransplantation Autologous Regenerative Medicine Allogeneic Regenerative Medicine XENO AND ORGAN ALTERNATIVES 1. PAH = pulmonary arterial hypertension. 2. PH-ILD = pulmonary hypertension associated with interstitial lung disease. 3. IPF = idiopathic pulmonary fibrosis. 4. PPF = progressive pulmonary fibrosis. 5. EVLP = ex-vivo lung perfusion. 6. SMI = soft mist inhaler. 7. PH-COPD = pulmonary hypertension associated with chronic obstructive pulmonary disease 9
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Development Engine Addressing Unmet Needs 01 NON-REGISTRATION REGISTRATION APPROVED PIPELINE 10 TETON 1 – Nebulized Tyvaso® - Idiopathic Pulmonary Fibrosis – U.S. and Canada SUMMIT – Pulmonary Hypertension Associated with COPD1 TETON PPF – Nebulized Tyvaso® - Progressive Pulmonary Fibrosis ADVANCE OUTCOMES – Ralinepag – PAH3 Xeno, Organs, and Organ Alternatives EVLP4/CLES5 – Lung Transplant 1. COPD = chronic obstructive pulmonary disease 2. PH-ILD = pulmonary hypertension associated with interstitial lung disease 3. PAH = pulmonary arterial hypertension. 4. EVLP = ex-vivo lung perfusion. 5. CLES = centralized lung evaluation system. 5. ELAP = external liver assist product. 6. Registrational status pending agreement with the FDA. Pre-clinical Xeno and Organ Alternative Programs ULobe ULung IVIVA Kidney miroliver® mirokidney® EXPRESS - UHeart miroliverELAP®5 - Acute Liver Failure EXPAND - UKidney - End Stage Renal Disease6 EXTEND - UThymoKidney - End Stage Renal Disease6 FILED Treprostinil Soft Mist Inhaler – PAH/PH-ILD2/PH-COPD/IPF/PPF Drugs & Devices
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11 DRUG & DEVICE PIPELINE TETON-2: Breakthrough IPF1 Results 1. IPF = idiopathic pulmonary fibrosis 2. Hodges-Lehmann TETON-2 study met its primary endpoint of change from baseline in absolute FVC at week 52 and met statistical significance for several key secondary efficacy endpoints, such as time to first clinical worsening, percent predicted FVC, KBILD and DLCO Nebulized Tyvaso was well tolerated, and the safety profile was consistent with previous inhaled treprostinil studies and known prostacyclin-related adverse events Data for the TETON-1 U.S. and Canada study expected in the first half of 2026 H-L2 estimate: 95.6mL (95% CI, 52.2, 139.0) P<0.0001
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12 DRUG & DEVICE PIPELINE 1. FVC = forced vital capacity, or the amount of air that can be forcibly exhaled from your lungs after taking the deepest breath possible. 2. TETON 1 targeted 576 patients for full enrollment and ultimately enrolled 598 patients. Tyvaso TETON 1 Study TETON 1 Idiopathic pulmonary fibrosisIndication U.S. Addressable Population 100,000 patients Study Geography U.S./Canada Primary Endpoint Change in absolute FVC1 from baseline to week 52 Enrollment Progress 100% Study Size 5982 TETON 1 data expected late 1Q / early 2Q
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13 DRUG & DEVICE PIPELINE 1. FVC = forced vital capacity, or the amount of air that can be forcibly exhaled from your lungs after taking the deepest breath possible. Tyvaso TETON PPF Study Currently Enrolling Patients Progressive pulmonary fibrosisIndication Study Geography Primary Endpoint Change in absolute FVC1 from baseline to week 52 Enrollment Progress Study Size 698 patients Global Currently enrolling
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14 DRUG & DEVICE PIPELINE 1. PAH = pulmonary arterial hypertension 2. https://posters.unithermedaffairs.com/ralinepag_XRIR_ISHLT2019.pdf. Ralinepag ADVANCE OUTCOMES Study Data expected late 1Q / early 2Q One pill, once a day, with a ~24 -hour half -life that can approximate IV prostacyclin blood levels 2 Potential to develop a triple combo of ralinepag , an ERA, and a PDE -5 inhibitor, bringing a once -a-day oral option to PAH patients Group 1 PAH1Indication U.S. Addressable Population 50,000 patients Study Geography Primary Endpoint Time from randomization to the first adjudicated protocol-defined clinical worsening event Enrollment Progress Study Size ~700 patients Global Fully enrolled; 728 patients
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Ralinepag for PAH1,2 Phase 2 OLE3 data demonstrate long-term treatment with ralinepag produces durable and clinically-relevant responses for PVR4 and 6MWD6 with a manageable adverse event profile7 1. PAH = pulmonary arterial hypertension. 2. Ralinepag is an investigational drug and is not approved to treat PAH. 3. OLE = open label extension. 4. PVR = pulmonary vascular resistance. 6. 6MWD = six-minute walk distance. 7. Barberà, et al. Ralinepag Phase II Open- Label Extension Study in Patients with Pulmonary Arterial Hypertension. J. Adv Ther. 2023. https://doi.org/10.1007/s12325-023-02769-7. In 24-month open-label data, a 52 dyn.s/cm5 reduction in PVR and a 36m 6MWD increase was observed on top of improvements from the blinded phase of the study. DRUG & DEVICE PIPELINE 15 DURABLE PVR IMPROVEMENT SUSTAINED 6MWD INCREASE
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16 ORGAN PIPELINE Three Platforms with Four Organs & Organ Alternatives 16 UHeartUKidney UThymoKidney XENOTRANSPLANTATION ALLOGENEIC REGENERATIVE MEDICINE AUTOLOGOUS REGENERATIVE MEDICINE mirokidney IVIVA Kidney miroliverELAP 2 miroliver ULung ULobe 1. ELAP = external liver assist product. EXPAND STUDY ONGOING FIRST TRANSPLANT EXPECTED EXTEND STUDY PHASE 1 STUDY COMPLETE EXPRESS STUDY
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17 PRESIDENT AND CHIEF OPERATING OFFICER Michael Benkowitz
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18 0 100 200 300 400 500 600 700 800 Tyvaso Remodulin Orenitram Unituxin Adcirca/Other COMMERCIAL EXECUTION Continued Strong Revenue Growth in 4Q/25 1. y/y = year over year. 2. CAGR = compound annual growth rate calculated from 4Q/20 to 4Q/25. 3. Tyvaso DPI + Nebulized Tyvaso. Tyvaso3, worldwide ▲ 12% y/y1 to $464M Remodulin, worldwide ▼ 5% y/y to $128M Orenitram ▲ 12% y/y to $121M Unituxin, worldwide ▼ 8% y/y to $62M Total Revenue ▲ 7% y/y to $790M Quarterly revenue, millions USD 15% CAGR2
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19 Q&A Dr. Martine Rothblatt Chairperson and Chief Executive Officer Michael Benkowitz President and Chief Operating Officer James Edgemond Chief Financial Officer and Treasurer Dr. Leigh Peterson EVP, Product Development and Xenotransplantation Patrick Poisson EVP, Strategic Development Harry Silvers Investor Relations
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Appendix
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21 63 92 119 194 205 214 228 258 275 273 303 315 336 339 131 122 153 161 165 170 196 194 148 116 120 118 124 134 130 145 136 139 141 134 119 132 123 154 164 167 172 201 258 242 238 319 326 351 373 398 434 416 466 470 478 464 4Q/20 1Q/21 2Q/21 3Q/21 4Q/21 1Q/22 2Q/22 3Q/22 4Q/22 1Q/23 2Q/23 3Q/23 4Q/23 1Q/24 2Q/24 3Q/24 4Q/24 1Q/25 2Q/25 3Q/25 4Q/25 Tyvaso DPI U.S. Nebulized Tyvaso ex-U.S. Nebulized Tyvaso COMMERCIAL EXECUTION Tyvaso 1. w/w = worldwide. 2. y/y = year over year. 3. CAGR = compound annual growth rate calculated from 4Q/20 to 4Q/25. 4. Data reflective of combined Tyvaso DPI + Nebulized Tyvaso. 5. Totals may not add due to rounding. W/W1 Combined Revenue▲12% y/y2 to $464M4 U.S. Combined Revenue ▲12% y/y to $457M4,5 • Highest DPI revenue quarter • Record DPI total patients during the quarter • Most prescribed prostacyclin in the U.S.4 28% US CAGR3 Quarterly revenue, millions USD
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22 74 72 76 85 72 83 79 88 76 88 95 92 84 106 107 113 108 121 124 131 121 0 20 40 60 80 100 120 140 4Q/20 1Q/21 2Q/21 3Q/21 4Q/21 1Q/22 2Q/22 3Q/22 4Q/22 1Q/23 2Q/23 3Q/23 4Q/23 1Q/24 2Q/24 3Q/24 4Q/24 1Q/25 2Q/25 3Q/25 4Q/25 COMMERCIAL EXECUTION Orenitram 1. y/y = year over year. 2. CAGR = compound annual growth rate calculated from 4Q/20 to 4Q/25. 10% CAGR2 Revenue▲12% y/y1 to $121M • Record commercial and total patients • 16th consecutive quarter of y/y quarterly revenue growth Quarterly revenue, millions USD
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23 111 107 111 107 99 99 109 102 98 93 104 112 106 108 123 115 118 120 114 111 104 128 130 140 125 118 132 132 114 123 121 127 131 115 128 147 128 135 138 135 126 128 U.S. Remodulin ex-U.S. Remodulin W/W1 revenue ▼ 5% y/y2 to $128M U.S. revenue ▼12% y/y to $104M • Most prescribed U.S. parenteral prostacyclin • RemunityPRO next-gen subcutaneous pump recently launched COMMERCIAL EXECUTION Remodulin 1. w/w = worldwide. 2. y/y = year over year. 3. CAGR = compound annual growth rate calculated from 4Q/23 to 4Q/25. 4. SQ = subcutaneous. -1% US CAGR3 Quarterly revenue, millions USD Generic SQ4 launch
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24 29 43 48 45 42 48 43 43 36 44 40 49 49 53 47 58 62 57 55 47 56 30 44 53 55 50 56 45 46 37 49 44 51 54 58 52 61 68 58 58 48 62 4Q/20 1Q/21 2Q/21 3Q/21 4Q/21 1Q/22 2Q/22 3Q/22 4Q/22 1Q/23 2Q/23 3Q/23 4Q/23 1Q/24 2Q/24 3Q/24 4Q/24 1Q/25 2Q/25 3Q/25 4Q/25 U.S. Unituxin ex-U.S. Unituxin COMMERCIAL EXECUTION Unituxin 1. w/w = worldwide. 2. y/y = year over year. 3. CAGR = compound annual growth rate calculated from 4Q/20 to 4Q/25. 4. Percentages may not align due to rounding. W/W1 revenue▼8% y/y2 to $62M U.S. revenue ▼10% y/y to $56M4 • Most prescribed antibody therapy for high-risk neuroblastoma in the U.S. 14% US CAGR3 Quarterly revenue, millions USD
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21st consecutive quarter of y/y1 revenue growth Record DPI patients Highest DPI revenue quarter Most prescribed U.S. prostacyclin Most prescribed parenteral prostacyclin in the U.S. 16th consecutive quarter of quarterly y/y revenue growth Most prescribed antibody therapy for high-risk neuroblastoma in the U.S. 25 1. y/y = year over year.