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United Therapeutics Corporation Second Quarter 2026 Corporate Update August 5 , 2026 United Therapeutics A PUBLIC BENEFIT CORPORATION
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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 August 5, 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 Morgan Stanley Global Healthcare Conference Cantor Fitzgerald Global Healthcare Conference INTRODUCTION Upcoming Investor Events September 8, 2026 Wells Fargo Healthcare Conference September 9, 2026 September 14, 2026 September 23, 2026 Bernstein 3rd Annual Healthcare Forum
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6 INTRODUCTION Upcoming Medical Conference September 5-9, 2026 European Respiratory Society Congress October 18-21, 2026 American College of Chest Physicians CHEST 2026 Annual Meeting
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7 CHAIRPERSON AND CHIEF EXECUTIVE OFFICER Dr. Martine Rothblatt
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$1.7 B TTM Operating Cash Flow $3.8 B Cash, Cash Equivalents, & Marketable Investments Product Revenue Percent Change1Product Other + Adcirca® Total Revenue $453 M $126 M $126 M $65 M $13 M 4% 6% 1% 12% 2Q 2026 Performance Summary Tyvaso DPI®/ Nebulized Tyvaso® Remodulin® Orenitram® Unituxin® 1. Change vs. 2Q 2025. 2. NM = not meaningful Record Tyvaso DPI Referrals, Starts, Commercial & Total PatientsNM2 8 $783 M 2%
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CURRENT COMMERCIAL PORTFOLIO Tyvaso DPI (PAH1 & PH-ILD2) Nebulized Tyvaso (PAH & PH- ILD) Orenitram (PAH) Remodulin (PAH) Unituxin (Neuroblastoma) EVLP5 (Lung Transplant) DRUG/DEVICE PIPELINE Tyvaso DPI (IPF3 & PPF4) Treprostinil SMI6 (PAH, PH-ILD, PH-COPD7, IPF & PPF) Nebulized Tyvaso (IPF & PPF) Ralinepag Tablets (PAH) Ralinepag DPI (PAH, PH-ILD, IPF & PPF) Ralinepag Triple Combo (PAH) Treprostinil – Iloprost SMI PRN (PAH) ORGAN PIPELINE Xenotransplantation (UKidney, UThymoKidney, UHeart) Autologous Regenerative Medicine (ULung, IVIVA Kidney) Allogeneic Regenerative Medicine (miroliverELAP, miroliver, mirokidney, ULobe) Thymic Immune Restoration (THY-100) 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 SUMMIT – Pulmonary Hypertension Associated with COPD1 TETON-PPF – Nebulized Tyvaso® - Progressive Pulmonary Fibrosis ADVANCE OUTCOMES – Ralinepag Tablets – 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. 6. ELAP = external liver assist product. 7. Registrational status pending agreement with the FDA. 8. Triple combination consists of ralinepag + ERA + PDE5i 9. PRN = pro re nata (“as-needed”) Pre-clinical Programs THY-100 – Congenital Athymia miroliver® - End Stage Liver Disease ULobe - End Stage Lung Disease mirokidney® - End Stage Renal Disease IVIVA Kidney – End Stage Renal Disease ULung - End Stage Lung Disease miroliverELAP®6 - Acute Liver Failure EXPAND - UKidney - End Stage Renal Disease7 EXTEND - UThymoKidney - End Stage Renal Disease7 FILED Treprostinil SMI – PAH/PH-ILD2/PH-COPD/IPF/PPF Drugs & Devices TETON-1 & 2 – Nebulized Tyvaso® - Idiopathic Pulmonary Fibrosis Ralinepag DPI – PAH/PH-ILD/IPF/PPF Ralinepag Triple Combination Tablets8 – PAH Treprostinil-Iloprost SMI PRN9 – PAH EXPRESS - UHeart - Advanced Heart Failure7
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11 DRUG & DEVICE PIPELINE TETON-2: Groundbreaking IPF1 Results 1. IPF = idiopathic pulmonary fibrosis 2. Hodges-Lehmann 3. The use of Nebulized Tyvaso (inhaled treprostinil) for IPF is an investigational use and has not been approved by the FDA. 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, K-BILD and DLCO Nebulized Tyvaso 3 was well tolerated, and the safety profile was consistent with previous inhaled treprostinil studies and known prostacyclin-related adverse events Full TETON-2 results published in the New England Journal of Medicine H-L2 estimate: 95.6mL (95% CI, 52.2, 139.0) P<0.0001
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12 DRUG & DEVICE PIPELINE TETON-1 Outperforms TETON-2 TETON-1 study met its primary endpoint of change from baseline in absolute FVC at week 52 and met statistical significance for secondary efficacy endpoints of time to first clinical worsening. Numerical improvement shown in other important secondary endpoints relative to placebo, including time to first acute exacerbation and changes in percent predicted FVC, K-BILD score, and DLCO Nebulized Tyvaso was well tolerated, and the safety profile was consistent with previous inhaled treprostinil studies and known prostacyclin-related adverse events Full TETON analyses results published in the New England Journal of Medicine UTHR: A Public Benefit Corporation H-L estimate: 130.1mL (95% CI, 82.2, 178.1) P<0.0001 H-L estimate: 111.8mL (95% CI, 79.7, 144.0) P<0.0001 TETON-1 Integrated Analysis H-L estimate: 130.1mL (95% CI, 82.2, 178.1) P<0.0001
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13 DRUG & DEVICE PIPELINE TETON-1&2 Integrated Analysis Combined analyses of TETON-1 and TETON-2 showed that nebulized Tyvaso achieved statistically significant treatment effects compared to placebo from baseline to week 52 for the primary endpoint and for most key secondary endpoints Nebulized Tyvaso reduced the risk of a clinical worsening event in the combined data set by 31% and the risk of acute IPF exacerbation by 48% relative to placebo. Nebulized Tyvaso also achieved statistically significant improvements in changes in percent predicted FVC, K-BILD score, and DLCO Integrated analyses published in the New England Journal of Medicine sNDA submitted to the FDA UTHR: A Public Benefit Corporation H-L estimate: 111.8mL (95% CI, 79.7, 144.0) P<0.0001
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14 DRUG & DEVICE PIPELINE 1. FVC = forced vital capacity 2. As of 7/15/2026 Tyvaso TETON PPF Study Currently Enrolling Patients Progressive pulmonary fibrosisIndication Study Geography Primary Endpoint Change in absolute FVC1 from baseline to week 52 Enrollment Progress2 Study Size 698 patients Global ~95%
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15 DRUG & DEVICE PIPELINE Ralinepag4: Potential First and Only Once- Daily Oral Prostacyclin 1. NT-proBNP=N-terminal pro-B-type natriuretic peptide 2. 6MWD=six-minute walk distance 3. NDA = New Drug Application 4. The use of ralinepag for PAH is an investigational use and has not been approved by the FDA ADVANCE OUTCOMES study of ralinepag met its primary endpoint of time to clinical worsening and met several important endpoints, such NT-proBNP1, 6MWD2 and clinical improvement Treatment with ralinepag was well- tolerated, and the safety profile was consistent with known prostacyclin- related adverse events. No new safety signals were observed NDA3 for ralinepag submitted to the FDA UTHR: A Public Benefit Corporation
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16 DRUG & DEVICE PIPELINE Ralinepag DPI 1. Illustrative purposes only; Assumes successful development and FDA approval for PAH, PH- ILD, IPF, and PPF. Ralinepag has not been approved by the FDA in any formulation for any indication UTHR: A Public Benefit Corporation Market Plateau (50k) TOTAL PATIENTS YEAR 2037 0 50,000 PAH Launch PH-ILD Launch IPF Launch PPF Launch
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17 ORGAN PIPELINE Four Platforms with Five Organs & Organ Alternatives 17 UHeartUKidney UThymoKidney XENOTRANSPLANTATION ALLOGENEIC REGENERATIVE MEDICINE AUTOLOGOUS REGENERATIVE MEDICINE mirokidney IVIVA Kidney miroliverELAP 1 miroliver ULung ULobe 1. ELAP = external liver assist product. EXPAND STUDY ONGOING EXTEND STUDY PHASE 1 STUDY COMPLETE EXPRESS STUDY THYMIC IMMUNE RESTORATION THY-100
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18 PRESIDENT AND CHIEF OPERATING OFFICER Michael Benkowitz
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19 0 100 200 300 400 500 600 700 800 Tyvaso Remodulin Orenitram Unituxin Adcirca/Other COMMERCIAL EXECUTION Commercial Execution in 2Q/26 1. y/y = year over year. 2. CAGR = compound annual growth rate calculated from 2Q/21 to 2Q/26. 3. Tyvaso DPI + Nebulized Tyvaso. Tyvaso3, worldwide ▼ 4% y/y1 to $453M Remodulin, worldwide ▼ 6% y/y to $126M Orenitram ▲ 1% y/y to $126M Unituxin, worldwide ▲ 12% y/y to $65M Total Revenue ▼ 2% y/y to $783M Quarterly revenue, millions USD 12% CAGR2
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20 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 Head of Investor Relations
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Appendix
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22 63 92 119 194 205 214 228 258 275 273 303 315 336 339 330 327 153 161 165 170 196 194 148 116 120 118 124 134 130 145 136 139 141 134 119 113 110 154 164 167 172 201 258 242 238 319 326 351 373 398 434 416 466 470 478 464 458 453 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 1Q/26 2Q/26 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 2Q/21 to 2Q/26. 4. Data reflective of combined Tyvaso DPI + Nebulized Tyvaso. 5. Totals may not add due to rounding. W/W1 Combined Revenue▼4% y/y2 to $453M4 U.S. Combined Revenue ▼4% y/y to $436M4,5 • Record Tyvaso DPI starts, referrals, commercial and total patients • Most prescribed prostacyclin in the U.S.4 23% US CAGR3 Quarterly revenue, millions USD
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23 76 85 72 83 79 88 76 88 95 92 84 106 107 113 108 121 124 131 121 136 126 0 20 40 60 80 100 120 140 160 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 1Q/26 2Q/26 COMMERCIAL EXECUTION Orenitram 1. y/y = year over year. 2. CAGR = compound annual growth rate calculated from 2Q/21 to 2Q/26. 11% CAGR2 Revenue▲1% y/y1 to $126M • Record total patients • 18th consecutive quarter of y/y quarterly revenue growth Quarterly revenue, millions USD
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24 111 107 99 99 109 102 98 93 104 112 106 108 123 115 118 120 114 111 104 109 99 140 125 118 132 132 114 123 121 127 131 115 128 147 128 135 138 135 126 128 127 126 U.S. Remodulin ex-U.S. Remodulin W/W1 revenue ▼ 6% y/y2 to $126M U.S. revenue ▼13% y/y to $99M • Most prescribed U.S. parenteral prostacyclin COMMERCIAL EXECUTION Remodulin 1. w/w = worldwide. 2. y/y = year over year. 3. SQ = subcutaneous. Quarterly revenue, millions USD Generic SQ3 launch
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25 48 45 42 48 43 43 36 44 40 49 49 53 47 58 62 57 55 47 56 49 5953 55 50 56 45 46 37 49 44 51 54 58 52 61 68 58 58 48 62 54 65 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 1Q/26 2Q/26 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 2Q/21 to 2Q/26. 4. Percentages may not align due to rounding. W/W1 revenue ▲12% y/y2 to $65M U.S. revenue ▲7% y/y to $59M4 • Most prescribed antibody therapy for high-risk neuroblastoma in the U.S. 4% US CAGR3 Quarterly revenue, millions USD
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Record Tyvaso DPI starts, referrals, commercial and total patients Most prescribed U.S. prostacyclin Most prescribed parenteral prostacyclin in the U.S. 18th consecutive quarter of quarterly y/y revenue growth Most prescribed antibody therapy for high-risk neuroblastoma in the U.S. 26 1. y/y = year over year.