United Therapeutics Corporation Q1 FY2026 earnings call

• Martine mentioned two therapeutics in IPF with Tyveso and PAH with Relenopeg having shown better clinical outcomes. • Michael talked about first quarter revenue, Kaideso revenue, Tyveso DPI growth, competitive landscape, underlying demand metrics, Salesforce investments, IPF regulatory filing plans, and commercial goals. • Pat and others discussed details on RALPi development, formulation, and regulatory aspects

For the first quarter of 2026, total revenue was $782 million. Kaideso total revenue was $458 million. Tyveso DPI contributed 9% year-over-year growth. Relenopeg and Tyveso for IPF are expected to drive revenue growth with revenue run rate going to $4 billion by end of 2027. The inhaled formulation of RALDPI is in stealth mode and foreseen to be a big product

• Relenopeg and IPF indication expected to put the company on path to more than double revenues over next few years. • Anticipated FDA approvals for Rolenapeg and IPF therapies with launch timelines mentioned. • Plan to double down on relentless innovation, proven experience, and patient obsession for growth

Q: On IPF regulatory filing and JASCADE, A: Lee discussed bridging strategy for IPF with Tyvesa BPI and Michael talked about JASCADE as proxy for pent-up demand in IPF.

Q: On commercial strategy and peak sales timing, A: Michael said will provide more granularity as they build out forecast.

Q: On Rwanda PEG DPI, A: Pat talked about RALPi development progress, re-IND engagement, and Phase 1 study plan.

Q: On REL-PAI development program, A: Pat talked about timing and pursuing approval with solid dose.

Q: On Rolano Peg BPI formulation, A: Pat talked about leveraging Mankind's Crystal Carrier IP.

Q: On IPF formulations and regulatory strategy, A: Michael talked about multiple shots on goal strategy and Lee/Pat talked about regulatory path.

Q: On PHCOPD study, A: Lee talked about PHCOPD study plans with tricosteal SMI and phases of study