United Therapeutics Corporation

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

Thanks, Devin, and good morning. It is my pleasure to welcome you to the United Therapeutics Corporation fourth quarter and full year 2022 earnings webcast. Accompanying me on today's webcast are Dr. Martine Rothblatt, our Chairperson and Chief Executive Officer, Michael Binkowitz, our President and Chief Operating Officer, James Edgeman, our Chief Financial Officer and Treasurer, Pat Poisson, our Executive Vice President of Technical Operations, and Dr. Lee Peterson, our 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 SEC filings, including forms 10-K and 10-Q, contain additional information on these risks and uncertainties. We assume no obligation to update these forward-looking statements. Today's remarks may also discuss the progress and results of clinical trials or other developments with respect to our products. 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 unapproved or investigational use. Full prescribing information for the products are available on our website. And United Therapeutic Executives will participate in three investor conferences in March. First, Michael Binkowitz will participate in a fireside chat at the Cowan Healthcare Conference on Tuesday, March 7th. Dr. Martine Rothblatt will participate in a fireside chat at the Oppenheimer Healthcare Conference on Monday, March 13th. And our Chief Medical Officer, Gil Golden, will participate in the JPMorgan Napa Valley Biotech Forum on Tuesday, March 21st. Now I'll turn the call over to Dr. Rathlet for an overview of the fourth quarter and full year 2022 financial results and business activities of United Therapeutics. Dr. Rathlet.

Thank you, Dewey, and good morning, everyone. I feel very excited to lead this call because we have so much positive news to report about 2022. In fact, you know, reflecting back on the past few years, this is actually the best year United Therapeutics has ever had. And it augurs even more, I think, positively for what we're going to see coming up in 2023, 2024, and 2025. Let me hit a few highlights. First, 2022 was our highest revenue year. ever. Second, 2022 was our most profitable year ever. Third, 2022 was our highest operational cash flow year ever. And fourth, we ended 2022 with more patients on our troprosomal medicines than ever before. I think you'd have to agree with me that these are fantastic results. And now I'd like to give a few indications of why I think that as great as these results are, they are not laurels for us to rest upon, but instead a launching pad for yet greater results in 2023, 2024, and 2025. In fact, the patient uptake of our new Tyveso DPI medicine has been so rapid, that we can project a doubling of our revenues by 2025. This doubling of revenues is helped by the unique nature of each of our medicines, including Tyveso DPI. For example, Tyveso DPI is the only inhaled troprosinol product that enables deep lung penetration via a high-resistance, low-flow device. Another example, a remodulin product. is the only parenteral prostacyclin delivered by the small, easy, super accurate Remunity device. The differentiated aspects of Remodulin has allowed its revenues to remain steady at about a half a billion dollars a year for the past three years running. Our Arenatram product is also very unique because it is the only titratable oral prostacyclin product. We currently expect its third of a billion dollars a year revenue to continue growing as physicians become aware of the results of our recently released expedite study. That study showed remodulent patients can be switched directly to arenatram. And arenatram will soon be joined by new products from our pipeline. In the field of pulmonary arterial hypertension, we expect to complete our phase three trials of Relenapag by 2025. That will enable the first once-daily dosing of a prostacyclin pill in the pulmonary hypertension field. In the field of pulmonary fibrosis, we expect to complete our phase three trials of Tyveso by 2025 as well. That will, we hope, create the first disease-modifying treatment for pulmonary fibrosis. a true landmark in the field. And in the area of transplantation, we hope to commence clinical trials of manufactured organs within the next few years. That would be a major contribution to ending so many deaths on the organ transplant list, and unfortunately, even more deaths from end-stage organ disease off the transplant list. In summary, our business, our patient count, Our pipeline is growing longer and faster than ever before. 2022 marked the continuation of that growth factor into 2023. We have achieved a very nice balance of growth and strength. We intend to continue building on this platform in the years to come. To provide now some additional very meaty and I think extremely exciting details of how we are continuing to build on this platform, I'd like to introduce our President and Chief Operating Officer, Michael Benkiewicz. Mike?