United Therapeutics Corporation

Good morning, everyone, and welcome to the United Therapeutics Corporation third quarter 2025 corporate update. My name is Jamie, 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'd like to ask a question during that time, please press star and the number one on your telephone keypads. If you'd like to withdraw your questions, you may press star and the number two on your telephone keypads. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Harry Silvers, Investor Relations Manager at United Therapeutics.

Thank you, Jamie. Good morning. It is my pleasure to welcome you to the United Therapeutics Corporation third quarter 2025 corporate update webcast. 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 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 serve as 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 the products is available on our website. Accompanying me on today's call are Dr. Martine Rothblatt, our chairperson and chief executive officer, Michael Benkowitz, our president and chief operating officer, James Edgman, our Chief Financial Officer and Treasurer, Dr. Lee Peterson, our Executive Vice President of Product Development and Xenotransplantation, and Pat Poisson, our Executive Vice President of Strategic Development. Note that Pat Poisson and I will participate in a fireside chat and one-on-one meetings at the UBS Global Healthcare Conference in Palm Beach on November 10th. Additionally, James and I will be at the Jeffries Global Healthcare Conference in London on November 18th for a fireside chat and one-on-one meetings. And finally, Martine Rocklatt will present at the 44th Annual JPMorgan Healthcare Conference in San Francisco in January of next year. Our scientific, commercial, and medical affairs teams will be present at Phenomenal Hope 2025 on December 5th in Boston and at the Pulmonary Vascular Research Institute Annual Congress in Dublin in late January next year. Now, I will turn the webcast over to Martine for an overview of our development pipeline and business activities. Martine?

Thank you, Harry, and good morning, everyone. United Therapeutics had a great quarter, helping more patients and earning more revenues than ever before. In addition, this past quarter, our pipeline made more progress than ever before. We've fully enrolled three phase three trials, and we've shared the unblinded results for pulmonary fibrosis. In fact, the best results for that condition ever reported by anyone, anywhere, anytime. We feel confident we'll be able to help tens of thousands of IPF patients live better lives. United Therapeutics is a public benefit company. And I'm sometimes asked, what exactly does that mean? Well, one thing that it means is to defy the odds and invest millions of dollars over several years to develop a historically unmatched product portfolio for pulmonary fibrosis. Being a public benefit company means providing a framework of trust for patients, doctors, payers, and employees. Being a public benefit company also means having shareholder interest as the hands on the helm. For example, we've repurchased millions of our shares, including quite a few this quarter at a bargain price. For example, we are now guiding that we'll be at a $4 billion revenue run rate not later than 2027. And finally, I'll point out that we are actively engaged in all manner of business development. In fact, I can predict that great companies such as Merck, J&J, or Novartis with strong pulmonary disease franchises will be very keen to partner with us given our best-in-class data released for IPF this quarter with long-lived IP, and also given the very near-term results of Relenopeg with its 2040 patent life. Indeed, I'd love to see a trial of Relenopeg combined with Wingovir, and I bet it would be super synergistic. Let's now give Mike Henkiewicz a chance at the microphone so he can give us a deep dive into our great and better-than-ever numbers this quarter. Michael?