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United Therapeutics CorporationJ.P . Morgan Healthcare ConferenceJANUARY 12, 2026
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2Safe Harbor Statement UTHR: A Public Benefit CorporationMIROKIDNEY, 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. All statements in this presentation are made as of January 12, 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 United Therapeutics: A Growth Story Unlike Any Other in Biotech UTHR: A Public Benefit Corporation
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4 0 500 1,00 0 1,50 0 2,00 0 2,50 0 3,00 0 12/3 1/200 212/3 1/200 312/3 1/200 412/3 1/200 512/3 1/200 612/3 1/200 712/3 1/200 812/3 1/200 912/3 1/201 012/3 1/201 112/3 1/201 212/3 1/201 312/3 1/201 412/3 1/201 512/3 1/201 612/3 1/201 712/3 1/201 812/3 1/201 912/3 1/202 012/3 1/202 112/3 1/202 212/3 1/202 312/3 1/202 4 Double-Digit Compound Growth Expected to Continue into Next Decade 1. CAGR = Compound Annual Growth Rate 2. Since Remodulin approval in 2002 23%CAGR1,2 UTHR: A Public Benefit Corporation
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5 RemunityPro – State-of-the-Art PAH Delivery Devices # UTHR: A Public Benefit Corporation 5
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6Advanced Therapeutics Addressing Rare Disease
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7Tyvaso DPI is the Best Positioned Inhaled Prostacyclin DOSING PARTICLEDEPOSITION EASE OF USE TOLERABILITY UTHR: A Public Benefit Corporation
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8Tyvaso DPI®:The first and only DPI device tailored for drug delivery to the distal lungs for PH1,2 low high Drug concentration Low flow, like Tyvaso DPI device Drug Drug High flow, like other devices 1. Colleen McEvoy, et al. Tyvaso DPI: Drug-device characteristics and patient clinical considerations, Pulmonary Pharmacology & Therapeutics, Volume 83, 2023, 102266, ISSN 1094-5539, https://doi.org/10.1016/j.pupt.2023.102266. 2. Lung deposition is not solely affected by flow and resistance. Other factors including technique and particle size also influence it UTHR: A Public Benefit Corporation
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9TETON-2: Overwhelmingly Positive Phase 3 Results for Idiopathic Pulmonary Fibrosis1,2 1. The use of Tyvaso (inhaled treprostinil) for IPF is an investigational use and has not been approved by the FDA. 2. The TETON-2 study evaluated nebulized Tyvaso for the treatment of IPF 3. Hodges-Lehmann H-L3 estimate: 95.6mL (95% CI, 52.2, 139.0) P<0.0001 TETON-1 Data Expected Late 1Q/Early 2Q 2026 UTHR: A Public Benefit Corporation
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10Ralinepag1: Potential First and Only Once-Daily Potent Prostacyclin Agonist 1. Ralinepag is not approved for pulmonary arterial hypertension or any other indication. 2. 6MWD = six-minute walk distance. 3. OLE = open label extension 4. 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. 5. Timing is based on our discontinued enrollment and event accrual for theADVANCE OUTCOMESstudy in 2025. Our expectations may change.UTHR: A Public Benefit Corporation ADVANCE OUTCOMES Data Expected Late 1Q/Early 2Q 20265 36.3m (p=0.004) mean 6MWD2 increase from OLE3 Baseline4
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11Three Platforms for Creating an Unlimited Supply of Transplantable Organs UTHR: A Public Benefit Corporation Allogeneic Regenerative Medicine Autologous Regenerative Medicine Xenotransplantation
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12 United Therapeutics: A Growth Story Unlike Any Other in BiotechPBC PHILOSOPHYWhen our patients succeed, we all succeed FINANCIAL FOUNDATIONUnparalleled combination of commercial execution and strong cash flow STRATEGIC GROWTH PIPELINERobust innovative pipeline with potential to deliver transformative growthUTHR: A Public Benefit Corporation
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13 Q&ADr. Martine RothblattChairperson & Chief Executive Officer Michael BenkowitzPresident & Chief Operating Officer James EdgemondChief Financial Officer & Treasurer FPO – clean up image