United Therapeutics Corporation

Good morning and welcome to the United Therapeutics Corporation first quarter 2022 earnings webcast. My name is Abby and I will be your conference operator today. All participants on the call portion of this webcast will be in a listen-only mode until the question and answer portion of this earnings call. If you would like to ask a question during that time, simply press star and then number one on your telephone keypad. If you would like to withdraw your question, simply press the star then the number one again on your telephone keypad. And I will now turn the webcast over to Dewey Steadman, Head of Investor Relations at United Therapeutics.

Thanks, Abby, and good morning. It's my pleasure to welcome you to the United Therapeutics Corporation first quarter 2022 earnings webcast. Accompanying me on today's call are Dr. Martine Rothblatt, our Chairperson and Chief Executive Officer, Michael Bigowitz, our President and Chief Operating Officer, James Edgman, our Chief Financial Officer and Treasurer, and Pat Poisson, our Executive Vice President of Technical Operations, and Dr. Lee Peterson, Senior Vice President of Product Development. Remarks today will include forward-looking statements representing our expectations or beliefs regarding future events. These statements involve risks and uncertainties that may cause actual results to differ materially. Our latest FCC filings, including Forms 10-K and 10-Q, contain additional information on these risks and uncertainties, and we assume no obligation to update these forward-looking statements. Today's remarks may discuss the progress and results of clinical trials or other developments with respect to our products, and these remarks are intended solely to educate investors and are not intended to serve as the basis for medical decision-making or to suggest that any products are safe and effective for any unimproved or investigational uses. Full prescribing information for the products are available on our website. Now I'll turn the broadcast over to Dr. Rothbart for an overview of the first quarter 2022 financial results and business activities of United Therapeutics. Dr. Rothbart.

Thank you, Dewey, and good morning, everyone. Welcome to our first quarter 2022 financial results call. In my opinion, this is the best quarter we have ever reported, considering not only profits, patience, and our contributions to our planetary community. At $462 million in revenues, we are now on the cusp of a $2 billion revenue run rate. This is a major milestone achievement for us. This $2 billion revenue run rate is what we expect based on the strong trends that are evidenced in this quarter, as well as what we expect in coming quarters. Importantly, we see strength across our entire product portfolio. As a public benefit company, we focus on three P's, profitable cash flow, patient care, and planetary community. With respect to profits, that approximately $2 billion revenue run rate was accompanied by nearly a quarter billion dollars in quarterly profits. we are making more money than we spend, which is one of our key financial metrics. But with respect to patient care, we are spending a lot. Seven phase three studies are underway. A new phase one study in RemoPro is just starting, and an exciting phase four study called Artisan designed to prove that strong dosing on remodulin followed by a rapid switch to a Renitram allows patients long-term good results for their treatment of pulmonary hypertension. They will be able to live with pulmonary hypertension more than die from pulmonary hypertension. Finally, with respect to our planetary community, we continue to lead by example with zero carbon healthcare facilities that are amongst the best in our entire industry. For example, our clinical development operations work in the world's largest site zero carbon building in Silver Spring, Maryland. We are now building a first of its kind zero carbon footprint pharmaceutical inventory warehouse in North Carolina to store our ever expanding production of pharmaceutical intermediates and pharmaceutical products. Speaking of products, I think that is a good opportunity for me to pass the baton to our President and Chief Operating Officer, Michael Benkowitz.