Slides
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United Therapeutics Corporation Third Quarter 2026 Corporate Update November 4, 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 November 4, 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 November 16, 2026 UBS Global Biopharma Conference January 11-14, 2027 45th Annual J.P . Morgan Healthcare Conference November 17, 2026 Jefferies Global Healthcare Conference
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6 INTRODUCTION Upcoming Medical Conferences December 4, 2026 PHenomenal Hope 2026 January 27-31, 2027 PVRI 2027 Annual Congress
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7 CHAIRPERSON AND CHIEF EXECUTIVE OFFICER Dr. Martine Rothblatt
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$1.4 B TTM Operating Cash Flow $3.5 B Cash, Cash Equivalents, & Marketable Investments Product Revenue Percent Change1Product Other + Adcirca® Total Revenue $504 M $122 M $145 M $52 M $9 M 5% 3% 11% 9% 3Q 2026 Performance Summary Tyvaso DPI®/ Nebulized Tyvaso® Remodulin® Orenitram® Unituxin® 1. Change vs. 3Q 2025. 2. NM = not meaningful 3. Tyvaso DPI + Nebulized Tyvaso Record Quarterly Tyvaso3, Orenitram, and Total RevenueNM2 8 $833 M 4%
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Corporate and Pipeline Highlights 9 Full Enrollment of the TETON-PPF Study of Inhaled Treprostinil for the Treatment of Progressive Pulmonary Fibrosis FDA Acceptance of New Drug Application for Ralinepag to Treat Pulmonary Arterial Hypertension; June 24, 2027 PDUFA Date Set FDA Acceptance of Supplemental New Drug Application for Nebulized Tyvaso to Treat Idiopathic Pulmonary Fibrosis; April 26, 2027 PDUFA Date Set Prevailed in Patent Litigation Against Liquidia; Settlement Agreement Reached FDA Clearance to Proceed with SUMMIT Clinical Trial for Treprostinil SMI in PH-COPD New $2b Share Repurchase Authorization FDA Clearance to Proceed with Clinical Trial for Treprostinil-Iloprost SMI in PAH Buydown of Ralinepag Royalty
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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 (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 10
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Development Engine Addressing Unmet Needs 01 NON-REGISTRATION REGISTRATION APPROVED PIPELINE 11 SUMMIT – Treprostinil SMI1 – PH-COPD2 TETON-PPF – Nebulized Tyvaso® - Progressive Pulmonary Fibrosis (PPF) ADVANCE OUTCOMES – Ralinepag Tablets – PAH5 Xeno, Organs, and Organ Alternatives 1. SMI = soft mist inhaler 2. PH-COPD = pulmonary hypertension associated with chronic obstructive pulmonary disease 3. PH-ILD = pulmonary hypertension associated with interstitial lung disease 4. PRN = pro re nata (“as-needed”) 5. PAH = pulmonary arterial hypertension 6. Triple combination consists of ralinepag + ERA + PDE5i 7. Registrational status pending agreement with the FDA. 8. ELAP = external liver assist product 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®8 - Acute Liver Failure EXPAND - UKidney - End Stage Renal Disease7 EXTEND - UThymoKidney - End Stage Renal Disease7 FILED Treprostinil SMI – PAH/PH-ILD3/IPF/PPF Drugs & Devices TETON-1 & 2 – Nebulized Tyvaso® - Idiopathic Pulmonary Fibrosis (IPF) Ralinepag DPI – PH-ILD/IPF/PPF Tyvaso DPI – IPF/PPF Treprostinil-Iloprost SMI PRN4 – PAH EXPRESS - UHeart - Advanced Heart Failure7 Ralinepag Triple Combination Tablets6 – PAH
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12 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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13 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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14 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 accepted with FDA; April 26, 2027 PDUFA UTHR: A Public Benefit Corporation H-L estimate: 111.8mL (95% CI, 79.7, 144.0) P<0.0001
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15 DRUG & DEVICE PIPELINE 1. FVC = forced vital capacity 2. TETON-PPF targeted 698 patients for full enrollment and ultimately enrolled 754 patients Tyvaso TETON-PPF Study TETON-PPF data expected 2H/27 Progressive pulmonary fibrosisIndication Study Geography Primary Endpoint Change in absolute FVC1 from baseline to week 52 Enrollment Progress Study Size 7542 Global 100% U.S. Addressable Population 200,000 patients
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16 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 accepted with FDA; June 24, 2027 PDUFA UTHR: A Public Benefit Corporation
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17 DRUG & DEVICE PIPELINE 1. SMI = soft mist inhaler 2. PH-COPD = pulmonary hypertension associated with chronic obstructive pulmonary disease 3. 6MWD = s ix-minute walk distance 4. N-terminal pro-brain natriuretic peptide 5. IND = investigational new drug application Treprostinil SMI1 SUMMIT Study Phase 2 SUMMIT IND5 Cleared To Proceed PH-COPD2 Indication Study Geography Select Endpoints Primary: Safety Secondary: 6MWD3, NT-proBNP4 Study Size 40 United States U.S. Addressable Population 400,000 – 800,000 patients
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18 ORGAN PIPELINE Four Platforms with Five Organs & Organ Alternatives 18 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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19 PRESIDENT AND CHIEF OPERATING OFFICER Michael Benkowitz
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20 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 800 850 Tyvaso Remodulin Orenitram Unituxin Adcirca/Other COMMERCIAL EXECUTION Record Commercial Execution in 3Q/26 1. y/y = year over year. 2. CAGR = compound annual growth rate calculated from 3Q/21 to 3Q/26. 3. Tyvaso DPI + Nebulized Tyvaso. Tyvaso3, worldwide ▲ 5% y/y1 to $504M Remodulin, worldwide ▼ 3% y/y to $122M Orenitram ▲ 11% y/y to $145M Unituxin, worldwide ▲ 9% y/y to $52M Total Revenue ▲ 4% y/y to $833M Quarterly revenue, millions USD 13% CAGR2
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21 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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23 63 92 119 194 205 214 228 258 275 273 303 315 336 339 330 327 379 161 165 170 196 194 148 116 120 118 124 134 130 145 136 139 141 134 119 113 110 118 164 167 172 201 258 242 238 319 326 351 373 398 434 416 466 470 478 464 458 453 504 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 3Q/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 3Q/21 to 3Q/26. 4. Data reflective of combined Tyvaso DPI + Nebulized Tyvaso. 5. Totals may not add due to rounding. W/W1 Combined Revenue ▲5% y/y2 to $504M4 U.S. Combined Revenue ▲6% y/y to $496M4,5 • Record total Tyvaso & Tyvaso DPI revenue • Record Tyvaso DPI referrals, commercial and total patients • Most prescribed prostacyclin in the U.S.4 25% US CAGR3 Quarterly revenue, millions USD
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24 COMMERCIAL EXECUTION Orenitram 1. y/y = year over year. 2. CAGR = compound annual growth rate calculated from 3Q/21 to 3Q/26. 11% CAGR2 Revenue▲11% y/y1 to $145M • Record revenue and total patients • 19th consecutive quarter of y/y quarterly revenue growth Quarterly revenue, millions USD 85 72 83 79 88 76 88 95 92 84 106 107 113 108 121 124 131 121 136 126 145 0 20 40 60 80 100 120 140 160 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 3Q/26
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25 W/W1 revenue ▼ 3% y/y2 to $122M U.S. revenue ▼2% y/y to $109M • Most prescribed U.S. parenteral prostacyclin COMMERCIAL EXECUTION Remodulin 1. w/w = worldwide. 2. y/y = year over year. Quarterly revenue, millions USD 107 99 99 109 102 98 93 104 112 106 108 123 115 118 120 114 111 104 109 99 109 125 118 132 132 114 123 121 127 131 115 128 147 128 135 138 135 126 128 127 126 122 U.S. Remodulin ex-U.S. Remodulin
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26 45 42 48 43 43 36 44 40 49 49 53 47 58 62 57 55 47 56 49 59 50 55 50 56 45 46 37 49 44 51 54 58 52 61 68 58 58 48 62 54 65 52 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 3Q/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 3Q/21 to 3Q/26. 4. Percentages may not align due to rounding. W/W1 revenue ▲9% y/y2 to $52M U.S. revenue ▲7% y/y to $50M4 • Most prescribed antibody therapy for high-risk neuroblastoma in the U.S. 2% US CAGR3 Quarterly revenue, millions USD
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Record total Tyvaso & Tyvaso DPI revenue quarter Record DPI referrals and patients Most prescribed U.S. prostacyclin Most prescribed parenteral prostacyclin in the U.S. 19th consecutive quarter of quarterly y/y revenue growth Record revenue quarter Record patients Most prescribed antibody therapy for high-risk neuroblastoma in the U.S. 27 1. y/y = year over year. Record total revenue quarter