United Therapeutics Corp

Q2 2026 performance: $783M revenue, essentially flat; miss vs expectations but confidence intact - Company reported ~$783 million total revenue in Q2 2026, essentially flat vs Q1 and below expectations. - Management explicitly said this does not change confidence in the business fundamentals; they attribute the quarter to timing/competitive pressure rather than structural weakness. - Outlook (no numbers updated): they expect 2H 2026 to be stronger than 1H 2026, but did not reaffirm/update any specific full-year revenue guidance today.

Tyvaso (existing franchise): competitive pressure hurt nebulized; DPI shows strong “underlying momentum” - Tyvaso Q2 revenue: ~$453M. - Nebulized Tyvaso remains pressured due to increasing competition in inhaled prostacyclin (patients/providers evaluating more options). - Tyvaso DPI continued to grow and—most importantly—exited the quarter with “significant underlying momentum.” - Supporting momentum indicators mentioned: record starts, referrals, total patients, and commercial patients exiting Q2. - Commercial execution lever: they doubled the sales force (entered field early July) to improve reach/frequency with physicians; management expects this to take time to crystallize but is designed to accelerate performance in 2H.

Major catalysts (regulatory filings already submitted): two key applications targeting 2027 approvals - Management highlighted the first half of 2026 as “most consequential” due to strong clinical readouts: - ADVANCE OUTCOMES: ralinepag oral once-daily candidate shows major efficacy signal for PAH. - TETON-1 unblinded results: surpassed TETON-2. - Regulatory actions: - Submitted sNDA for nebulized Tyvaso in IPF and NDA for ralinepag in PAH (announced by CEO as “recently submitted”). - Additional filings planned later in 2026: IND for ralinepag DPI and NDA for treprostinil SMI. - Forecast/expectations: potential approvals in 2027 for: - Nebulized Tyvaso in IPF - Ralinepag in PAH (once-daily oral prostacyclin) - SMI device in PAH and PH-ILD - CEO framed these as “multibillion-dollar catalysts” with potential to redefine growth trajectory and treatment paradigms.