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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.
- Tyvaso DPI - Provides inhalation powder therapy for pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease .
- Nebulized Tyvaso - Offers inhalation solution for treating pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease .
- Remodulin - Delivers treprostinil injection for pulmonary arterial hypertension management .
- Orenitram - Supplies extended-release tablets for pulmonary arterial hypertension treatment .
- Unituxin - Provides dinutuximab injection for high-risk neuroblastoma in pediatric patients .
- Adcirca - Offers tadalafil tablets for pulmonary arterial hypertension .
- Other - Includes various other products contributing to the company's therapeutic offerings .
| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
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.
| Company | Year | Details |
|---|---|---|
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.
- Q1 2025 achieved record product revenues of $794M (up 17%) and net income of $322.2M, driven by strong sales of treprostinil products including Tyvaso DPI, nebulized Tyvaso, and Orenitram .
- Robust liquidity with $1.4B TTM Operating Cash Flow and $5.0B in cash and investments .
- Accelerated pipeline progress with 5 registration studies, advancements in xenotransplantation and innovative device developments , plus full enrollment in TETON 1 and TETON 2 studies for idiopathic pulmonary fibrosis with data expected in 2H 2025 and 1H 2026 .
- Consistent record revenue performance over 9 of the past 12 quarters and sustained double-digit growth in key products .
- Significant capital allocation including investment in R&D, manufacturing expansion, and a $1 billion share repurchase, underscoring strong financial discipline .
- Effective expense management delivered solid operating income despite increased cost components .
- United Therapeutics Corporation entered into a Credit Agreement on April 25, 2025, establishing an unsecured revolving credit facility of up to $2.5 billion with an option to increase by up to $750 million.
- The company borrowed $200.0 million upon closing, using the proceeds to refinance prior indebtedness under its 2022 Credit Agreement, with Wells Fargo Bank serving as the administrative agent.
- 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.