• Vertex Pharmaceuticals for rare cardiopulmonary diseases.
• Amgen for rare lung and heart conditions.

• Tyvaso: An inhaled prostacyclin analogue used to improve exercise ability in patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
• Orenitram: An extended-release oral prostacyclin analogue used to improve exercise capacity in patients with pulmonary arterial hypertension (PAH).
• Remodulin: A prostacyclin analogue administered subcutaneously or intravenously for the treatment of pulmonary arterial hypertension (PAH) to improve exercise capacity.
• Unituxin: A monoclonal antibody used in combination therapy for the treatment of high-risk neuroblastoma in pediatric patients.

United Therapeutics (UTHR) sells primarily to other companies, specifically pharmaceutical wholesalers and specialty distributors, which then supply hospitals, pharmacies, and other healthcare providers.

Its major customers, each accounting for at least 10% of its total revenues, are:

• Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
• Cardinal Health, Inc. (Symbol: CAH)
• McKesson Corporation (Symbol: MCK)

Major Suppliers for United Therapeutics (UTHR):

• Lonza Group Ltd. (LONN.SW)
• MannKind Corporation (MNKD)

Martine Rothblatt, Ph.D., J.D., M.B.A. - 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. Prior to United Therapeutics, she founded the satellite radio company SiriusXM in 1990 and served as its Chairman & CEO, leaving after its 1993 IPO. She also founded WorldSpace and was CEO of Geostar Corporation, a satellite navigation company. Her patented inventions span satellite communication, medicinal biochemistry, and cognitive software. She graduated from UCLA with J.D. and M.B.A. degrees in 1981. There is no information indicating a pattern of managing companies backed by private equity firms or that she sold companies to an acquirer, beyond SiriusXM's IPO.

James C. Edgemond - Chief Financial Officer and Treasurer

Mr. James C. Edgemond has been the Chief Financial Officer and Treasurer of United Therapeutics Corporation since 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 to 2013. He also held various roles at The Corporate Executive Board Company (CEB Inc.) from 1998 to 2008, including Executive Director of Finance. Mr. Edgemond began his career as a public accountant at KPMG Peat Marwick LLP, serving in various roles, including Senior Manager, from 1990 to 1998. There is no information indicating he founded or sold other companies or has a pattern of managing companies backed by private equity firms.

Michael Benkowitz - President and Chief Operating Officer

Mr. Michael Benkowitz was promoted to President and Chief Operating Officer in June 2016. He joined United Therapeutics in 2011 as Executive Vice President, Organizational Development, responsible for administrative functions, business development, and key collaborations. In his current role, he oversees commercial, medical affairs, and corporate compliance activities. Prior to United Therapeutics, he was a Principal at Compensia, where he advised on executive compensation. He holds a JD from the University of Kansas School of Law and a BBA in Finance from The University of Texas at Austin.

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

Paul A. Mahon has served as Executive Vice President, General Counsel, and Secretary for United Therapeutics since 2003. He has a tenure of 22 years within the company.

Dewey Steadman, C.F.A. - Head of Investor Relations and Public Relations

Dewey Steadman serves as the Head of Investor Relations and Public Relations at United Therapeutics. In this role, he is the primary spokesperson for the company and is responsible for communicating the company's story to outside stakeholders, including investors and media, and overseeing ESG initiatives. His background includes experience from Wall Street before transitioning to his current role.

• Patent expirations on key products, such as Remodulin and Tyvaso, pose a significant risk, as it weakens the company's competitive advantage and could lead to the emergence of generic alternatives and increased competition. This could negatively impact sales and revenue.
• The company's reliance on a limited number of key products, primarily in the pulmonary arterial hypertension (PAH) treatment market, makes it vulnerable to market shifts, competitive advancements, and regulatory or reimbursement challenges. The entry of new competitors and competing drugs, such as Winrevair and Yutrepia, could impact UTHR's revenues and market position.
• Risks associated with its product pipeline, including the lengthy and expensive clinical trial and FDA approval processes for new products, could hinder future revenue streams. Specifically, ambitious investments in organ manufacturing technology and xenotransplantation carry high execution risk and long timelines. Furthermore, the outcome of ongoing clinical trials, such as the Phase III data for idiopathic pulmonary fibrosis (IPF) therapy, also presents a risk.

• Liquidia Corporation's YUTREPIA (treprostinil): This inhaled dry powder formulation of treprostinil represents a direct emerging threat to United Therapeutics' Tyvaso DPI. YUTREPIA has received FDA approval, and recent legal developments, specifically a March 2024 appellate court decision largely overturning injunctions, have significantly cleared its path to market. This could lead to the imminent launch of a competing treprostinil product, potentially at a more competitive price, directly challenging UTHR's market share and pricing power in the inhaled treprostinil segment, a key growth driver for the company.
• Aerovate Therapeutics' AV-101 (inhaled imatinib): AV-101 is a novel inhaled dry powder therapy for Pulmonary Arterial Hypertension (PAH) with a different mechanism of action (imatinib). Having demonstrated positive results in Phase 2b clinical trials, AV-101 is progressing to Phase 3 development. If successful, this drug could offer a differentiated therapeutic option with potentially superior efficacy or safety profiles for certain PAH patient populations. This could challenge United Therapeutics' established inhaled treprostinil franchise (Tyvaso and Tyvaso DPI) by introducing a new, potentially more effective, treatment paradigm.

United Therapeutics (UTHR) develops and commercializes products primarily for Pulmonary Arterial Hypertension (PAH), Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD), and high-risk neuroblastoma.

Pulmonary Arterial Hypertension (PAH)

• The global pulmonary arterial hypertension market was valued at approximately $8.06 billion in 2024 and is projected to reach around $13.50 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 5.30% between 2025 and 2034.
• Across the seven major markets (7MM: U.S., France, Germany, Italy, Spain, U.K., and Japan), the PAH market is forecast to reach $9.35 billion by 2034.
• The U.S. pulmonary arterial hypertension market was valued at approximately $2.31 billion in 2024 and is expected to reach around $3.90 billion by 2034, growing at a CAGR of 5.37% from 2025 to 2034.
• North America holds the largest share of the PAH market, accounting for 41% in 2024.

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

• The PH-ILD market across the seven major markets (U.S., EU4: Germany, Spain, Italy, France; U.K., and Japan) was valued at approximately $1.14 billion in 2024 and is expected to reach $1.74 billion by 2035, exhibiting a CAGR of 3.87% during 2025-2035.
• Another estimate indicates the PH-ILD market was valued at around $3 billion in 2024 and is expected to expand through 2034.
• In the U.S., the PH-ILD market was valued at approximately $2 billion in 2024.

Neuroblastoma

• The global neuroblastoma drugs market size was valued at approximately $1.87 billion in 2024 and is projected to reach $3.74 billion by 2032, with a CAGR of 8.90% during the forecast period of 2025 to 2032.
• The global pediatric neuroblastoma treatment market was valued at US$ 2.1 billion in 2023 and is forecasted to reach US$ 5.3 billion by 2033, exhibiting an expansion at a CAGR of 9.7% over the next ten years.
• North America dominated the neuroblastoma drugs market in 2023.

United Therapeutics (UTHR) is poised for future revenue growth over the next two to three years, driven by several key factors:

1. Continued Growth of Tyvaso (especially Tyvaso DPI) and Orenitram: The company has consistently reported year-over-year revenue growth for its treprostinil products, particularly Tyvaso and Orenitram, attributed to sustained patient demand and effective commercial strategies. Tyvaso DPI, in particular, is highlighted for its convenience, unlimited dosing potential, and strong market positioning, with the recent launch of higher-dose cartridges expected to further enhance its competitive edge and capture greater market share.

2. Expansion into the Idiopathic Pulmonary Fibrosis (IPF) Market with Tyvaso: Positive results from the TETON-2 study, described as "the best results for that condition ever reported," position Tyvaso for a significant market expansion into the IPF segment. The anticipation of TETON-1 study results in the first half of 2026 further underscores the potential to broaden United Therapeutics' therapeutic reach and serve a large patient population with unmet medical needs.

3. Advancement and Potential Commercialization of Ralinepag: Ralinepag, a pipeline asset for pulmonary arterial hypertension (PAH), is a key growth driver. The outcomes study for ralinepag is expected in the first half of 2026, and its potential commercialization around the same timeframe as the TETON data readout is anticipated to significantly contribute to revenue growth in the PAH market.

4. Progress in Xenotransplantation Programs: United Therapeutics is actively pursuing xenotransplantation, with recent milestones such as the first transplant in its EXPAND UKidney clinical study. While the full revenue impact may extend beyond the immediate 2-3 year horizon, continued advancements in this "revolution wave" of growth are expected to address critical unmet medical needs and fundamentally reshape the company's long-term revenue profile by expanding the availability of transplantable organs.

Share Repurchases

• United Therapeutics completed an accelerated share repurchase (ASR) program totaling $1 billion, announced in March 2024.
• The company initiated a new $1 billion share repurchase program on July 30, 2025, entering into two Accelerated Share Repurchase agreements on August 1, 2025.
• Approximately $2.0 billion in aggregate accelerated share repurchases were completed, with about 2.64 million shares delivered in the third quarter of 2025.

Share Issuance

• As of July 23, 2025, United Therapeutics had approximately 45.2 million shares outstanding.
• The company's diluted earnings per common share account for the potential dilutive effect of outstanding stock options, restricted stock units (RSUs), and shares issuable under the Employee Stock Purchase Plan (ESPP).
• Ordinary Share Capital was reported at $42.9 million for the fiscal quarter ending September 2025.

Outbound Investments

• United Therapeutics' acquisition activity peaked in 2023 with two acquisitions, contributing to a total of four acquisitions historically.
• The company acquired Miromatrix in October 2023 for $91 million, which focuses on developing biologic human organs for transplantation.
• United Therapeutics made a later-stage venture capital investment in BETA Technologies on August 26, 2025.

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.