United Therapeutics Corporation Q2 FY2025 earnings call

• United Therapeutics achieved 12 consecutive quarters of double-digit year-over-year revenue growth. - Tyvaso DPI continues to perform strongly with record revenue and patient shipments. - TETON studies in idiopathic pulmonary fibrosis are ongoing, with TETON 2 expected to report data in September. - The company has a pipeline of innovation and organ alternative technologies. - Board of Directors authorized repurchase of up to $1 billion in shares through March of next year. - Scientific, commercial, and medical affairs teams will present at various conferences.

Total revenue for the second quarter was $799 million, representing 12% growth year-over-year. Tyvaso DPI achieved a record total revenue of $315 million, a 22% increase from the second quarter of 2024. This quarter also marked record patient shipments for Tyvaso DPI and the total Tyvaso franchise. Orenitram and Unituxin also saw double-digit year-over-year revenue growth. Remodulin had strong demand with a top 5 quarter in total patient shipments.

• Confidence in upcoming catalysts, including TETON 2 data in September. - Board authorized share repurchase of up to $1 billion to be implemented expeditiously. - Expectation to sustain growth in the foundational business while progressing innovative pipelines and organ alternative technologies.

• Concerns about potential overestimation of TPIP's treatment effect due to baseline imbalance, skewed data, and aggressive statistical analysis. - Unproven long-term safety of TPIP and potential delays in market entry. - TPIP may face competition from other therapies and evolving market dynamics.

Q: Any comments on Yutrepia uptake in PAH and ILD, ex U.S. nebulized Tyvaso decline?

A: Michael Benkowitz stated things are going as expected with Yutrepia launch, seeing some curiosity but confident in Tyvaso DPI's long-term growth. Ex U.S. nebulized Tyvaso decline is due to normal ordering patterns and physician curiosity about new products.

Q: How to read across IPF subgroup with pulmonary hypertension to general IPF population?

A: Leigh Peterson explained treprostinil has multiple mechanisms of action, working through multiple receptors, and its antifibrotic effects can be effective in IPF beyond PAH.

Q: Thoughts on ralinepag and dosing convenience in PAH?

A: Leigh Peterson mentioned ralinepag is on track with powering assumptions for its PAH study, targeting once-daily oral dosing for improved convenience.

Q: Design of TETON studies, imputation for discontinuation and deaths?

A: Leigh Peterson discussed central readers and standardized procedures to manage FVC variability, and C.Q. Deng addressed imputation methods for deaths and discontinuations, noting placebo patients also experience related AEs.