United Therapeutics (UTHR) Morgan Stanley 24th Annual Global Healthcare Conference summary

Strategic transformation and market expansion

• Transitioning from an orphan drug focus in pulmonary hypertension to targeting broader pulmonary fibrosis markets, with ambitions to treat hundreds of thousands of patients and achieve significant revenue growth.

• Confident in near-term launches for idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF), supported by strong clinical trial data and FDA submissions.

• Projected revenue targets include $8 billion from core and new products, with a pathway to $40–100 billion as new indications are addressed.

• Intellectual property protections for fibrotic applications and ralinepag extend into the 2040s, supporting long-term market exclusivity.

Product pipeline and clinical development

• Nebulized Tyvaso for IPF demonstrated superior efficacy over existing treatments, with FDA review underway and anticipated launch mid-next year.

• PPF study fully enrolled with 700 patients; data expected in the second half of 2027, with high confidence in efficacy based on prior studies and biological rationale.

• Multiple product formulations (nebulized, DPI, soft mist, once-daily) are being developed to maximize patient adherence and minimize dropouts.

• Upcoming NDA filing for Tresmi (soft mist inhaler) by year-end, targeting PAH and PH-ILD, with plans to expand to IPF and PPF.

Commercialization and sales force expansion

• ILD Tyvaso sales force doubled, with plans to double again annually for IPF as market size grows; additional hiring planned for PPF, aiming for a 1,000-person sales force to cover 400,000 patients.

• Continued growth in ILD and PH markets, with Tyvaso as the most prescribed drug and record new patient starts.

• Focus shifting to much larger pulmonary fibrosis markets, which are 20 times the size of the ILD market.