United Therapeutics Corporation

Good morning and welcome to the United Therapeutics Corporation second quarter 2025 corporate update. My name is Steve and I will be your conference operator today. All participants on the call portion of this upcast will be in the listen only mode until the question and answer portion of this earnings call. If you would like to ask a question during this time simply press star then the number one on your telephone keypad. If you would like to withdraw a question simply press star then two on your telephone keypad. Please note this call is being recorded. I will now like to turn the upcast over to the US statement head of investor relations at United Therapeutics. Please go ahead.

Thank you Steve and good morning. It's my pleasure to welcome you to the United Therapeutics Corporation second quarter 2025 corporate update webcast. Remarks today will include forward looking statements representing our expectations or beliefs regarding future events. These statements will involve risks and uncertainties that may cause actual results to differ materially. Our latest SEC filings including forms 10K and 10Q contain additional information on these risks and uncertainties. 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. These remarks are intended solely to educate investors and are not intended to service the basis for medical decision making or to suggest that any products are safe and effective for any unapproved or investigational uses. Full prescribing information for our products are available on our website. Accompanying me today on today's call are Dr. Martine Rothlott our chairperson and chief executive officer, Michael Benkowitz our president and chief operating officer, James Edgemond our chief financial officer and treasurer, Dr. Lee Peterson our executive vice president of product development and xenotransplantation, Pat Poisson our executive vice president of technical operations, Dr. Gil Golden our executive vice president and chief medical officer, and CQ Ding our senior vice president of biostatistics, statistical programming and data management. Note that James Edgemond, my colleague, Kerry Silvers and I will participate in a fireside chat and -on-one meetings at the Morgan Stanley Global Healthcare Conference in New York on September 8th. Along with Martine Rothlott, Harry and I will be at the Bernstein's second annual healthcare forum in New York on September 23rd for fireside chat and -on-one meetings. Additionally, our scientific, commercial and medical affairs team will present at the World San Francisco August 2nd through 6th, the European Respiratory Society Congress in Amsterdam on September 27th through October 1st, the 18th Congress of the International Xenotransplantation Association in Geneva September 30th to October 3rd, and the American College of Chest Physicians meetings at CHESS 2025 in Chicago October 19th through 22nd. Now I'll turn the webcast over to Martine for an overview of our development pipeline and business activities. Martine?

Thank you, Dewey, and good morning, everyone. We have slides available for reference and I encourage you to review those at your leisure. Today we're proud to report that United Therapeutics has achieved another record quarter of earnings, marking 12 consecutive quarters of double-digit -over-year revenue growth. Our performance is a testament to our unwavering strategic approach, which has allowed us to consistently drive sustainable growth while improving the lives of the patients we serve. Our strong foundational business is supported by our robust Tyvaso franchise, which continues to achieve record results underpinned by our -in-class Tyvaso DPI device and enduring market fundamentals that we expect will propel future growth. Additionally, Arenatram, Remodulin, and Unituxen remain integral components of our commercial portfolio and continue to deliver strong performance. Our next wave of growth, which we call our innovation wave, consists of our Teton studies in idiopathic pulmonary fibrosis and our advanced outcome study in pulmonary arterial hypertension, which are on the cusp of reporting results, starting with Teton 2 in September of this year. Each of these catalysts has the potential to fundamentally change our revenue profile and deliver growth well into the next decade. Our largest potential wave of growth, our revolution wave, continues to make progress and we are on track to conduct the first transplant in our Expand-Hue Kidney Clinical Study shortly. Concurrently, with this first-ever phaseless study and as part of our multiple shots on goal approach, we're also proud to announce that we have filed an investigational new drug application for our Extend study evaluating our euthymokidney and we expect to file for our Express study evaluating our UHeart. Additionally, last month we announced that we enrolled and treated the first patient in our Mural Liver Elapsed study. Recently, our Investor Relations team launched a new pipeline website at .unifair.com that contains detailed information and links to publications about our pipeline candidates. I encourage you to take a look. Our ability to deliver such remarkable growth and pipeline innovation is matched only by our commitment to financial prudence. The exceptional operating efficiency that we have cultivated has allowed us to generate nearly $1.5 billion in annual operating cash flow. Our disciplined approach allows us to strategically allocate capital, ensuring that United Therapeutics remains flexible, resilient, and well positioned for sustained success in the years ahead. Given the strength of our commercial business, our robust balance sheet, and confidence in our upcoming catalysts, we believe that the recent dislocation in our share price presents a particularly compelling investment opportunity and as such, our Board of Directors has authorized the repurchase of up to $1 billion in our shares through March of next year. We will continue to regularly evaluate our capital needs and deploy cash for the highest and best uses. Even after the potential repurchase of shares as authorized by our Board, we remain well As we approach these meaningful and potentially value creating catalysts across pulmonary fibrosis and pulmonary arterial hypertension, we could not be more confident in the future of our business. To conclude, we expect to sustain growth in our foundational business, which continues to drive significant cash flow and opportunity while also progressing our innovative small molecule pipeline and our platform of organ alternative technologies. We're excited about our current business and our growth potential and we appreciate the feedback and support from our shareholders. We have a number of different presentations this morning with Michael Benkowitz addressing our commercial performance, Lee Peterson outlining our TITON2 study for which we expect to report data in September, CQ Deng, our chief biostatistician, to talk about the recent InSmed phase two data, and then Dr. Gil Golden, our chief medical officer, who will outline the expected limited impact we believe TPIP will have on the market if it is approved. Mike?