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    United Therapeutics Corp (UTHR)

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    United Therapeutics Corporation (UTHR) is a biotechnology company dedicated to developing and commercializing innovative products for chronic and life-threatening conditions. The company focuses on addressing unmet medical needs through pharmaceutical therapies and technologies, particularly in the areas of pulmonary arterial hypertension (PAH) and oncology. UTHR also explores organ manufacturing technologies to expand the availability of transplantable organs.

    1. Tyvaso DPI - Provides inhalation powder therapy for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease .
    2. Nebulized Tyvaso - Offers inhalation solution for treating pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease .
    3. Remodulin - Delivers treprostinil injection for pulmonary arterial hypertension management .
    4. Orenitram - Supplies extended-release tablets for pulmonary arterial hypertension treatment .
    5. Unituxin - Provides dinutuximab injection for high-risk neuroblastoma in pediatric patients .
    6. Adcirca - Offers tadalafil tablets for pulmonary arterial hypertension .
    7. Other - Includes various other products contributing to the company's therapeutic offerings .
    NamePositionExternal RolesShort Bio

    Martine Rothblatt

    ExecutiveBoard

    Chairperson and CEO

    Principal Researcher and AI Visionary at Google LLC

    Founder of UTHR (1996), inventor/co-inventor on nine U.S. patents, and author of Your Life or Mine. Leads UTHR's strategic vision and innovation.

    View Report →

    James C. Edgemond

    Executive

    CFO and Treasurer

    None

    Joined UTHR in 2013, promoted to CFO and Treasurer in 2015. Oversees financial planning, treasury, and compliance.

    Michael Benkowitz

    Executive

    President and COO

    None

    Joined UTHR in 2011, promoted to President and COO in 2016. Oversees commercial, medical affairs, compliance, HR, IT, and business development.

    Paul A. Mahon

    Executive

    EVP, General Counsel, and Corporate Secretary

    None

    Joined UTHR in 2001, promoted to EVP in 2003. Guides legal and corporate governance strategies.

    Christopher Causey

    Board

    Director

    Board of Trustees at The College of Wooster

    Director since 2003. Nearly 30 years of experience in healthcare strategy and marketing. Meets Nasdaq financial sophistication requirements.

    Christopher Patusky

    Board

    Director

    Founding Principal of Patusky Associates, LLC; Executive Manager of Slater Run Vineyards, LLC

    Director since 2002. Legal, regulatory, and financial expert. Operates personal investment vehicle and family vineyard.

    Judy D. Olian

    Board

    Director

    President of Quinnipiac University; Board Member at Ares Management, L.P., and Mattel, Inc.

    Director since 2015. Former Dean of UCLA Anderson School of Management. Expertise in organizational strategy and human resource systems.

    Linda Maxwell

    Board

    Director

    Operating Partner at DCVC; Board Member at ImmunityBio, Inc.

    Director since 2020. Physician-surgeon, educator, and health tech entrepreneur. Founding Executive Director of the Biomedical Zone.

    Louis Sullivan

    Board

    Director

    Board Member at Emergent BioSolutions, Inc.; Co-Chair of Henry Schein Cares Foundation

    Director since 2002. Former U.S. Secretary of Health and Human Services and President of Morehouse School of Medicine.

    Nilda Mesa

    Board

    Director

    Adjunct Professor at Columbia University

    Director since 2018. Expert in sustainability and climate resilience. Former Director of NYC Mayor’s Office of Sustainability.

    Raymond Dwek

    Board

    Director

    Emeritus Director at Glycobiology Institute, University of Oxford

    Director since 2002. Renowned scientist and Fellow of the Royal Society. Founder of glycobiology.

    Richard Giltner

    Board

    Director

    None

    Director since 2009. Extensive experience in financial markets, derivatives, and asset management. Meets Nasdaq financial sophistication requirements.

    Tommy Thompson

    Board

    Director

    Director at Healthpeak Properties, Inc.; Non-Executive Chair at TherapeuticsMD, Inc.

    Director since 2010. Former U.S. Secretary of Health and Human Services and Governor of Wisconsin. Extensive healthcare and governance expertise.

    1. Given the critical importance of the TETON trials for Tyvaso in pulmonary fibrosis, can you explain whether both ongoing studies need to succeed for FDA approval, or if one positive study could be sufficient?
    2. With the entrance of competitors like Merck into the PAH market, have you observed any changes in patient referrals or market dynamics that might affect your growth projections?
    3. Regarding capital allocation, how do you assess the potential for additional share buybacks or accelerated share repurchases in light of your investments in the xenotransplantation program?
    4. Can you elaborate on the drivers behind Tyvaso DPI's performance compared to Nebulized Tyvaso this quarter, and what factors are influencing patient and physician preference?
    5. While you've expressed confidence in the sustainability of your foundational products like Remodulin, Tyvaso, and Orenitram, what potential risks do you see that could impact their vitality, and how are you addressing them?
    CustomerRelationshipSegmentDetails

    Accredo Health Group, Inc. (Distributor 1)

    Non-exclusive distribution for Tyvaso DPI, nebulized Tyvaso, Remodulin, Remunity Pump, and Orenitram in the U.S.

    All

    51% of total revenues in 2024, 2023, and 2022

    CVS Specialty (Distributor 2)

    Non-exclusive distribution for Tyvaso DPI, nebulized Tyvaso, Remodulin, Remunity Pump, and Orenitram in the U.S.

    All

    35% of total revenues in 2024, 34% in 2023, and 32% in 2022

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Miromatrix Medical Inc.

    2023

    United Therapeutics acquired Miromatrix Medical Inc. in a deal announced on October 30, 2023 and completed on December 13, 2023, paying $3.25 per share in cash at closing with an additional contingent $1.75 per share upon a clinical milestone, bringing the total to $5.00 per share and a transaction value of approximately $91 million. The acquisition, which brought Miromatrix’s bioengineered organ technology (including products like mirokidney and miroliver) under United Therapeutics, strategically enhances its organ manufacturing and regenerative medicine capabilities.

    IVIVA Medical, Inc.

    2023

    United Therapeutics acquired IVIVA Medical, Inc. in October 2023 with an upfront cash payment of approximately $50.0 million and potential earn-out payments via a 2% royalty on net sales of its manufactured kidney products. The acquisition, treated as an asset acquisition with a major allocation to research and development, aligns with United Therapeutics’ strategy to expand its engineered kidney implant technologies and overall product portfolio.

    Recent press releases and 8-K filings for UTHR.

    United Therapeutics Corp Outlines Strategic Investments and Clinical Advancements
    UTHR
    New Projects/Investments
    Guidance Update
    • Capital allocation strategy focuses on investing in research & development, expanding manufacturing facilities—including a new plant in North Carolina—and returning capital to shareholders through actions like the $1 billion ASR.
    • The company is advancing its clinical pipeline for Tyvaso with the TETON studies in IPF, aiming to demonstrate improvements in forced vital capacity (FVC) and potential combination use with approved agents.
    • A significant highlight is the clearance of the IND for its xeno kidney program, with plans to begin dosing in the middle of the year and evaluate key endpoints, such as graft survival and kidney function.
    • Management also addressed adjustments under the IRA pricing provisions for 2025, noting a muted impact compared to the substantial benefit seen in Q1 2024.
    Mar 11, 2025, 2:01 PM