• Vertex Pharmaceuticals for pulmonary hypertension.
• An early Gilead Sciences, but for complex lung diseases like pulmonary hypertension.

• Remodulin: An injectable therapy used to treat pulmonary arterial hypertension (PAH) to diminish symptoms associated with exercise.
• Tyvaso: An inhaled formulation of treprostinil that enhances exercise ability in patients with PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
• Orenitram: An oral tablet dosage form of treprostinil designed to enhance exercise capacity in PAH patients.
• Unituxin: A monoclonal antibody approved for treating high-risk neuroblastoma.
• Adcirca: An oral PDE-5 inhibitor prescribed to enhance exercise ability in patients with PAH.
• Tyvaso DPI: A dry powder inhalation form of Tyvaso currently under development.
• Remunity Pump: A small, lightweight, and durable pump system being developed for the subcutaneous delivery of treprostinil.
• RemoPro: A developing treatment targeting pulmonary arterial hypertension (PAH).
• Ralinepag: A developing oral investigational drug for the treatment of pulmonary arterial hypertension (PAH).
• Aurora-GT: A gene therapy product in development aimed at rebuilding blood vessels in the lungs.

United Therapeutics (UTHR) sells primarily to individuals, specifically patients suffering from chronic and life-threatening diseases. While their products are distributed through healthcare channels such as hospitals, pharmacies, and specialty distributors, the ultimate beneficiaries and categories of customers they serve are patients.

The major categories of patients served by United Therapeutics are:

• Patients with Pulmonary Arterial Hypertension (PAH): This is a primary focus area, with multiple therapies (Remodulin, Tyvaso, Orenitram, Adcirca, RemoPro, Ralinepag) developed for this condition.
• Patients with other forms of Pulmonary Hypertension: This includes patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD) and those with World Health Organization (WHO) Group 3 pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD), for whom Tyvaso is either approved or under study.
• Patients with high-risk neuroblastoma: Unituxin is a specific therapy developed to treat this type of cancer.

DEKA Research & Development Corp.

MannKind Corporation (MNKD)

Arena Pharmaceuticals, Inc.

Martine Rothblatt, Founder, Chairperson, and Chief Executive Officer

Dr. Martine Rothblatt founded United Therapeutics in 1996 and has served as Chairperson and Chief Executive Officer since its inception. She was motivated to enter biotech after her daughter was diagnosed with pulmonary arterial hypertension. Previously, she created the satellite radio company SiriusXM (co-founded in 1990), serving as its Chairman and CEO. Rothblatt also served as President and CEO of GeoStar, a satellite navigation company, after graduating with law and MBA degrees from UCLA. She left Sirius in 1992 and WorldSpace (another company she created) in 1997 to become full-time Chairman and CEO of United Therapeutics. Forbes recognized Rothblatt in their "50 Over 50" and "America's Self-Made Women" lists in 2023.

James Edgemond, Chief Financial Officer and Treasurer

Mr. James Edgemond was promoted to Chief Financial Officer and Treasurer of United Therapeutics in March 2015. He joined the company in January 2013 as Treasurer and Vice President, Strategic Financial Planning. Before joining United Therapeutics, he was Vice President, Corporate Controller, and Treasurer of Clark Construction Group from 2008 through January 2013. He also held various roles at The Corporate Executive Board Company from 1998 to 2008, including Executive Director, Finance. Mr. Edgemond began his career in public accounting at KPMG Peat Marwick LLP, serving in various roles, including Senior Manager, from 1990 to 1998.

Michael Benkowitz, President and Chief Operating Officer

Mr. Michael Benkowitz joined United Therapeutics in 2011 as Executive Vice President, Organizational Development, and was promoted to President and Chief Operating Officer in 2016. In his current role, he is responsible for all commercial, medical affairs, and corporate compliance activities, most company-wide administrative functions (including human resources and information technology), many business development efforts, and several key business alliances and partnerships. Prior to United Therapeutics, his career included work as a consultant.

Paul A. Mahon, J.D., Executive Vice President, General Counsel, and Corporate Secretary

Paul A. Mahon serves as the Executive Vice President, General Counsel, and Corporate Secretary for United Therapeutics. He is a key member of the leadership team.

The key risks to United Therapeutics' business are its significant reliance on treprostinil-based therapies, the inherent risks associated with its pipeline development and regulatory approvals, and intense competition within the pulmonary arterial hypertension (PAH) market.

1. Reliance on Treprostinil-based Therapies and Generic Competition/Patent Expiration: United Therapeutics is heavily dependent on its treprostinil-based therapies, such as the Tyvaso franchise, which accounts for approximately 60% of the company's total revenue. The company faces significant threats from generic competition as patents on key products, including Remodulin and Tyvaso, expire. This generic competition can lead to price erosion and reduced market share, thereby weakening the company's competitive advantage. The company is also involved in litigation concerning generic competition and patent rights related to its treprostinil-based products.
2. Pipeline Development and Regulatory Risks: A significant portion of United Therapeutics' future growth hinges on the successful development and regulatory approval of its pipeline products, such as Tyvaso DPI, Remunity Pump, RemoPro, Ralinepag, Aurora-GT, and new indications for Tyvaso. Any setbacks in clinical trials, delays in regulatory timelines for products like Ralinepag, or challenges with the xenotransplantation pipeline could significantly impact the company's future revenue and growth prospects. Furthermore, expanding into complex areas like organ manufacturing technologies presents operational risks due to untested processes.
3. Intense Competition in the PAH Market: United Therapeutics operates in a highly competitive PAH treatment landscape, with numerous branded and generic drugs already on the market. New entrants, such as Winrevair and Yutrepia, are actively vying for market share, contributing to rising competitive pressures. This competitive environment, including various approved PAH therapies like oral ERAs, prostacyclin-class therapies, and PDE-5 inhibitors, poses a constant threat to United Therapeutics' market position and revenues.

United Therapeutics Corporation (UTHR) operates in the biotechnology sector, focusing on therapies for chronic and life-threatening diseases, including pulmonary arterial hypertension (PAH), pulmonary hypertension associated with interstitial lung disease (PH-ILD), and neuroblastoma. The addressable markets for its main products are substantial, spanning both global and U.S. regions.

Pulmonary Arterial Hypertension (PAH) Market

United Therapeutics' products such as Remodulin, Tyvaso, Orenitram, and Adcirca address the Pulmonary Arterial Hypertension (PAH) market.

• The global PAH market was valued at approximately USD 8.3 billion in 2024 and is projected to grow to about USD 13.9 billion by 2034.
• In the U.S., the PAH market was valued at approximately USD 4 billion in 2024.

Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD) Market

Tyvaso (including Tyvaso DPI) is approved for Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD).

• The total market size for PH-ILD across the 7 Major Markets (7MM), which include the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, was approximately USD 3 billion in 2024.
• Specifically, the PH-ILD market in the U.S. was valued at approximately USD 2 billion in 2024.

Neuroblastoma Treatment Market

Unituxin is a monoclonal antibody for treating high-risk neuroblastoma.

• The global neuroblastoma treatment market was estimated at around USD 1.2 billion in 2024, with projections to reach approximately USD 2.1 billion by 2030.
• North America is a leading region in the neuroblastoma market, holding over a 40% share in 2024.

Idiopathic Pulmonary Fibrosis (IPF) Market (Potential for Tyvaso)

United Therapeutics is developing Tyvaso for Idiopathic Pulmonary Fibrosis (IPF), with positive phase III results reported.

• The U.S. IPF market is estimated to comprise more than 100,000 patients and could represent a market opportunity of over USD 4 billion if Tyvaso is approved for this indication.

United Therapeutics Corporation (UTHR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and product advancements:

1. Continued Growth of Tyvaso and Tyvaso DPI: The company anticipates sustained double-digit revenue growth from its Tyvaso franchise, particularly Tyvaso DPI (dry powder inhaler). This growth is attributed to increasing patient adoption in both pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) markets, as well as the introduction of higher-dose cartridges for enhanced patient convenience.
2. Launch of New Inhaled Treprostinil Products: United Therapeutics plans to file for regulatory approval of Tresmi, a soft mist inhaler, and a "super prostacyclin" in 2026, with commercial launches targeted for 2027. Tresmi aims to address and significantly reduce cough, a common side effect of dry powder inhalers. The "super prostacyclin" is designed to usher in a new era of once-a-day treatments for pulmonary hypertension.
3. Commercialization of Ralinepag: The positive results from the ADVANCE OUTCOMES study for ralinepag, an investigational once-daily oral dosing therapy, are expected to significantly contribute to the company's PAH franchise. Analysts believe these results support approval, with ralinepag offering a projected patent life through approximately 2040 and the potential for once-daily dosing.
4. Introduction of a New Idiopathic Pulmonary Fibrosis (IPF) Treatment: Building on the "unprecedented treatment benefit" observed in the TETON-2 study for idiopathic pulmonary fibrosis, United Therapeutics is optimistic about similar positive outcomes from its TETON-1 study. The company expects to launch a new IPF treatment by June 2027, positioning it as a major long-term revenue driver.
5. Expansion through RemunityPRO Pump: The recent launch of the RemunityPRO pump for subcutaneous delivery of Remodulin is expected to support revenue growth. This new device offers automated priming and lower flow rates, facilitating at-home initiation of Remodulin therapy.

Share Repurchases

• In March 2026, United Therapeutics' Board of Directors authorized a new stock repurchase program of up to $2 billion over the next year, with an initial $1.5 billion Accelerated Share Repurchase (ASR) program executed with Citibank.
• In March 2024, the company's Board authorized a $1 billion share repurchase program, entering into a $1 billion Accelerated Share Repurchase (ASR) agreement with Citibank.
• In July/August 2025, a $1 billion repurchase program was authorized and subsequently implemented through Accelerated Share Repurchase agreements with Citi.

Share Issuance

• United Therapeutics' shares outstanding increased by 2.47% in 2023, reaching 0.05 billion.
• Shares outstanding subsequently decreased by 2.41% in 2024 to 0.049 billion.
• In 2025, shares outstanding further declined by 1.24% to 0.048 billion.

Outbound Investments

• In October 2023, United Therapeutics acquired Miromatrix, a company developing biologic human organs for transplantation, for $91 million.
• Over the last five years (2020-2025), the company has made an average of 0.4 acquisitions per year.

Capital Expenditures

• Capital expenditures were $230 million in 2023 and $247 million in 2024.
• Expected capital expenditures are $246.5 million for 2025 and $120 million for 2026.
• Significant capital investments have been directed towards supporting a new Tyvaso DPI manufacturing facility in North Carolina and acquiring additional real estate for future commercial manufacturing needs.