United Therapeutics (UTHR) 30 Oct 242024 Q3 Earnings call transcript

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Strategy, specifically regarding our accelerated share repurchase program, or ASR, that was announced in late March 2024 earlier this year.

As you recall, we entered into an ASR agreement with Citi to repurchase $1 billion of UTHR common stock.

During the third quarter, Citi successfully completed the overall ASR program. having repurchased a total of approximately 3.5 million shares at an average repurchase price of approximately $282 which repurchased shares we are currently holding as treasury stock on our balance sheet. repurchased of approximately the million outstanding of X.X as shares program approximately shares X% represent our The initiation date. reduction has by of September. overall in highest level volume this in the share its outstanding Despite end through count, being our at stock average increased our reflected ever as daily trading UT's liquidity Since announcement March late through in the XX% XX. XXXX, September program's our stock appreciated priorities. the of The our program last over XX ASR commitment of months this completion capital our allocation all to demonstrates

innovative pipeline, our in facilities development as Xeno to our well through facility First, DPF manufacturing support clinical North CapEx as in and transplantation our clinical Minnesota. DPI Virginia and Carolina scale

finally, the agreement of this through as Second, of MiroMatrix, and ASR. an acquisition to as small in-licensing our well and successful through support completion IVivA business; molecule

to ahead, well X in invest P&L commercial clinical outlays commercial remain Looking priorities, are, and order which first, spend capital committed capital through all opportunities to we in our as and R&D our for as allocation facilities.

is priority business third to financial focus opportunities when enhance capital. organ to intelligent second to M&A our share in-license capital like our Our we'll And priority consider repurchases. to all development opportunities. alternative X disease return complement our and And our and like shareholders and that continue deploying bolt-on rare corporate initiatives pursue priorities

a of set us growth Our to long-term goals Moreover, healthy manner. position organ enable in pursue for mid- our ourselves continue and to balance a program. hypertension priorities thoughtful up future portfolio, Sandoz million pulmonary sheet in general and in commercial to in robust capital cash with the our by flow generation quarter, that fibrosis we recorded across the growing driven potential meet On strong these remain allocation administrative under litigation and Tyvaso a connection a with our [indiscernible] and pipeline accrual in note, a in in expenses, innovative and judgment we case. [indiscernible] selling, third separate pulmonary alternative revolutionary our

While future considered up progresses, or down adjusted the not this be recurring liability a in litigation the should as expense. could be it

to who Michael performance. Benkowitz, I'll turn give Michael? the overview call over our now an our commercial of President, will

billion Thank the Today, revenue, $X remarkable run of rate revenue hitting quarters beginning milestone surpassing and which growth quarter a is been our on everyone. the $XXX focused $X another morning, excited mark have represents a quarter rate, just and you, run this something we report from to record-breaking company, achieving since a after X pleased of for we million, of third significant really James, the XXXX. Achieving good XX% are year. the billion

congratulations overview, This the of Reduction continued under an growth and Tyvaso by by pricing implementation utilization Part provisions previous was for I was the driven enhanced Act. PH-ILD patients, success. Total the uptake express the a $XXX over marking my Before their my Tyvaso to the Unitarians performance thanks third provide usual incredible increase effort and to utilization following year. of increase million, commercial want redesign for XX% in product inflation DPI, D quarter and I revenue fellow the growth in

successful. with Tyvaso prostacyclin we the force our reinforcing Through remain third into at seeing the the patterns patients, Tyvaso and depth, year. has robust nebulizer saw patients. clinical more record X is are of in powder as market went of prescriber and and indications effect markets measured #X PH-ILD the almost eventually the the if prescribers prescribing base XX% that and quarter, ILD our are also beginning this commercial U.S. solidified these very dry physicians have PPF our to IPF the and benefit durability and still in while both Referral in expansion the start growth delivery by its new We're prescribed physicians total franchise XX%, and position systems. of important sales which profile. grown our of confidence grow maintaining inhaler realignment those the as the those treatment across trials or

We representing a quarter, period increase the higher also at for revenue for pricing same $XXX and Orenitram the driven year. record by million reported was from utilization XX% commercial third increased growth demand, last This adjustments.

with referral number record patients. strong, ended patterns total Tyvaso, remained with we As start commercial a and and and of the quarter

revenue therapy treprostinil then we could increased more therapeutic quickly to as dose and Worldwide seeing Orenitram. able are was transition from international X% reach Over last are patient induction year $XXX the slight PAH protocol decline to timing. increase patients of approach. see with average utilization Remodulin the of where this to We for order patients on a dose due a expedite per initiate million, time, Remodulin Orenitram

about XXXX revenue in the And for revenue grew X continued a strength competition XX% same U.S. the setting year-over-year, U.S. fronts. of X% despite therapy. However, first for of record total reflecting up patients the by multiple new the period year, from Remodulin on U.S. brand the was on months

patterns in of sustained referral demand both intravenous for of remain the U.S. Remodulin most and subcutaneous the after the first Remodulin. U.S. launch remains a comes very generic prescribed And years with and start strong. deeper, X administration. Looking Remodulin version this parental prostacyclin

products. commercial our To of presence strong the year record third effectiveness $XX performance the product's million, was each demonstrates prior Unituxin achievements revenue of achieved quarter. increases. driven quarter, by proud revenue extremely also are price million of the this growth for $XX our the up This up, for strong strategies. volume market we quarter and by our XX% U.S. driven from Unituxin of Finally, wrap both commercial and from

positioned Q&A. I'll to and have our patients turn to value important continue back these run to our delivering well to providing you? you shareholders. Martine, Martine, are still medicines we We to things do the

connection have We lost with Martine.

the Q&A. have can run first our please? I'll we question, Yes, Operator,

[Operator Instructions]

comes TD question Cowen. first Thome Our Joseph from with

question. to the expedite on bit of a Congrats the progress. little Maybe follow-up a

higher launch this something seeing, in is And guess, were Orenitram. patients you deescalate to Orenitram, were [indiscernible] maybe onto since seeing revenue impact would you titrate heard to that doses the forward? the of line how And to to oral we this Remodulin going able kind obviously, off are going in maybe Orenitram have I quarter. you expedite. in the expect are down patients what that Remodulin was strong some of We like do that from

go that one. Yes. Yes, and I'll ahead take

So I for think Thanks that a key question, Joe. question. parts of the

point Remodulin -- that terms patients some or mean, say at heard practice. I -- whether PAH. we back to that. jury going first -- to trend do I like the think kind is there's trend. down kind and is I I in a guess, widely place performance therapy become that and still certainly I wouldn't that's parental Remodulin out the able brand on part for to I during of would this think how showing Orenitram, quarter, continuing used of offer still is titration Remodulin have I are to yet the a a to a the which grow, guess, to the But certainly on widespread there the margins in of is of prostacyclin

result is, a able and higher Orenitram, Remodulin doses idea transition Because then could answer with kind them Orenitram take on you're to is as up. up of of protocol. it I expedite then patient say, a continue month, of to the range a to therapeutic right? get and that starting there, from the say, normally that up a I'd able dose, in to transition a as Regarding to to to short the you're them seeing, novo, doing, we And expect months. how expedite would you're paying in the de cases We're range, started average yes, to the to you can some X you would Remodulin, do from X patients Orenitram dose dose X but on over you titrate the a and which titrate up as if to soon is higher take, them and to depending in

patients time. a dose that going as continue we're of to Remodulin, to to Orenitram that, tick see from to So Orenitram more coming over up see result average for we

Great Michael. answer. you, Thank

please. Next question

comes Ruiz Partners. next the with Roanna And from question Leerink

along on was you I there the Tyvaso that Did you're patient nebulizer robust drivers observing, that? a behind new the transitioning just had So where DPI. piece of curious are noticed elaborate the more some there quarter with in And eventually? from starts? of growth was include if could if some that nebulized patients pretty DPI I that to

definitely Michael, Thanks, most you have that. Roanna. on of us the knowledge

could So answer. if you

year-over-year Sure. -- saw of growth in of the some some a Tyvaso the the that we of the nebulized function think destocking last of as Well, year. I some growth

state not in to back out. X/X, think we reached DPI when may mean, largely some starting delta. of see would standpoint, DPI DPI. obviously, of DPI, so that's some at are to that, nebulization seeing products, a mix trending X/X transitions the would really say steady in kind both It's DPI. And from a generally, favor roughly those I I be and I that we're the And nice of nebulizer. we've say, really of kind growing. of of it's significant and launched I I we nebulizer marginal But a think But the forth transition lot. did we of or I terms in over to point. -- DPI the see, mean, a this between played nebulizer, of of we pretty number but to saw explained

the is other. doing I can our So one is more as the patient doctors versus the then delivery by how back on depending is how portfolio on nice need and case, forth And they doing. it's think, to, the patient the system thing about really, case toggle

Michael. so much next you Thank Perfect. Operator question.

Argyrides question next comes the And Oppenheimer. with from Andreas

Congrats quarter. on solid another

X are capacity IPF? questions, IPF? the about thinking have another Tyvaso run to given support allocation talk a investment the up some Tyvaso program, just especially can capital How you and about need couple potential additional DPI take of lead here. place? parts then And to manufacturing you [indiscernible] repurchase or program. But share Will into X to We

rare for Thanks present questions. but continuing thanks very be Oppenheimer Okay. day, to to And for well proud the a disease we'll those way, as at. by

appreciates are Our by Those that. questions addressed James. whole community X best

take here? you can James, it So from

Martine. Thanks, Yes.

to or we say hear voice expect And So allocation, DPI. your of to this we I first IPF. do -- expect DPI Andreas, ICF think in not good differently, relative which related was able be capital On it approval approval morning. support with an and have your question, production me let to really to to of to but

manufacturing strong North in that we position would investment previously, population about the manufacturing to use be So but new capacity talked not to of DPI in a million that was a and only our patient DPI production $XXX indications in existing a going facility new expanding which facility thinking for Tyvaso Carolina, support continue serving the forward.

shortages any going So we -- anything to be all. any expect like at we to expect that support expect that. don't or able don't I forward

The second share respect with the repurchase. to question

all I I opening September. As in XX completed did billion we deployment of we're the our continue months, various ASR capital through opportunities. And the commitment forward. which mentioned my capital mentioned, priorities also actually remarks, in capital in to as we've allocation priorities demonstrated going allocation to the going last And to going our evaluate in XXXX, forward, over thoughtfully X was $X do all

facilities specifically in all our a So we're capital look be out as ASRs. but also going in again, calling point, in our not catalyst to deployment. corporate our it's through we going investing ASR But development, at potentially forward, through but forward at in this thoughtful going ourselves,

So back you. Martine, to

of how I that you Okay. James. all covered Thank degrees question, love excellent. question. XXX Operator, you, -- next That's

next the comes Jefferies. from Roger And Song with question

about quarter. Great. your slight regrowth here? between the sales should of IV nuance to state Congrats the generic? Maybe the since we kind growth some good see And with a from question pretty steady margin. is a And the versus curious relates a subcu reaching against just for then

order you your and in patients. thank on Thank for growth the also [indiscernible] Roger. complement Okay, recognizing you the question the the Remodulin for and Yes,

the think I Mike? to have the of Mike his tips would questions as answers all asked. finger you

Roger. Yes. Thanks, the Thanks question, Martine. for

been launch, the the to think through we our were modular, the generic and since confident brand So I durability even I ever cusp we -- of the a with on of very have of in medicines generic introduction other about then resilience and mean competition PAH. respect through

to we hypertension at pulmonary drugs the doctors think talk I treat is that to of that of disposal you think the go-to one still that, they one drugs, have patients. best today, our if

bit limitation I being on is is are a more patients reluctant used to. available. little they widely before a other And it think of there options have the one go to are pump

progressive to less before So There a disease. module. moving is naturally, or want to and options But we're PAH going try a experiment use cure. is to these invasive no

so to all going we almost [indiscernible]. believe really need some parental And at are that patients point

the time, the we've going And why, the durability be really I to in we forward. that think, feel confident case product. that's of continue will been very, that, over So Remodulin

out And believe perform current so future, as that we it will we into continue at to look continue levels. to the

mean, up As to patients we to forth those some point and and to Joe's Orenitram. question, talked on there toggling Remodulin, about with could Orenitram, may back be I Orenitram, Remodulin. moving I think at starting going need between some even But go on Remodulin

So you there the approach continues as may next take years some see the hold. over variability few expedite to

hemodynamics the patients maintenance to on is level. starting of to similar longer study a to on drug. patient we're idea ARTISAN time the about and to keeping that a We're called as that trial that another normal for those transition we're where complete a return to period Orenitram have and it's and the actually over a Remodulin. them then is We expedite able

So we the a strongly the and there continue for that future. Remodulin feel place in momentarium PHM to very now be will in

Excellent, the Mike. question. when use I'd hits word Operator, Yes. armamentarium. Well, like it's describes -- UT love next perfect. [indiscernible] That you

from next Jessica JPMorgan. question comes the with And Fye

of some initial should what from on XX elaborate think clinical got And design how you feedback kidney. some edit the talk gene you trial. maybe Congrats like about the Can about we favorable for pre-IND and pre-IND FDA? feedback for goals on sounds that

Sure, so hear this your nice well. morning Jessica, and to it's voice as

in Leigh Xenotransplantation. Peterson. on is charge have our We call, all of Dr. She

you question. could So address Leigh, Jessica's

question. the for sure. Thanks Yes,

officially some Xeno a we You're proposals receive porcine unfortunately, clinical from to that right. hard is pre-IND very IND We had We I did it's few But which FDA, we IND is share cleared the details -- did until to the design. by want our which the kidney, haven't of clearance. there. U-kidney, and all feedback really FDA mean, we're tangent working propose study don't on shortly. the We submit

forward you looking to first. get we're we So but design to need really later, cleared with sharing that IND that

question much so Operator, next you please. Thank Leigh. answer. Great

And from the Ash next comes with question UBS. Verma

has see you previously Just know run to of to reaching billion annualized on you there? in the this then And I track of have rate. I revenue good May goal next outlined last your Are $X secondly, made quarter, the been competitor in since out book the some potential then contracting you know get to you a business run get $X still rebated pushed a already mention to launch billion preemptively? had but you rate rebating year, XXXX.

Okay.

So regard about doubled maybe amazing we best quite rapidly. revenue to Mike talk from And $X.X is it would $X be so revenue the billion that rate competitor to the environment. to rate, billion actually run have with have run

our have revenue As and that and forecasting portfolio then X actually, the that very past with about. we've the in mentioned talk in double-digit the the And several we throughout earnings been then and feel approved continuing in we annual the products call our release. we of quarters, we've waves for on as pipeline growth all and the based comfortable already

Mike, if question? can and that's So quickly, and it $X keep math, you be revenue you get and billion, able billion take what targeting. $X the do you run a double-digit the billion rate you rate to we're you competitor very about billion growing $X rates, to revenue at beyond or $X talk a a just environment run will

specifically I Sure. we've in into of of And process the area. contracts was the around or that payer think entered your question some

have where on started. the This did is not D with D So Part we side we contracted. payers haven't have historically Part the some mainly where we

couple a that X. had effective July we went So

kick that X. in one X. kicks have a couple, January think October in I that then And think, We I

they be So will by in January X, place. all

our a see, and little So point, we flowing to comes at through did through the in see kit rebate we and competitor already for think into now us gross contracts very dollars when language. clearly a to we on will, parity grow particularly these favorably have because have We QX. bit DPI nondisadvantaged positions can that. payers, But higher that to net, able kind you as of entering we're

So to I to turn off reluctant those overnight. be going think just they're

important those contracts shout Therapeutics. job phenomenal really we just and out And was think, and a on so I to did [indiscernible] place, and them negotiating market our a big have it that thought be of They very in get to contracts access favorable kind negotiating these to I really, team. are terms

for last Thanks, Perfect. time Michael. question. have one we Operator,

any showing at questions time. this not are We further

momentum we strong Excellent. blow away. United a up beginning, We Therapeutics at as them the just wrap very story. Well, Fantastic. to here, is mentioned

out science is velocity. a I've And our formidable. a truly of bit As point times nerve, mass momentum mass is to got that

intellectual over have professionals balance and and their pointed that a fortress We property. we have marketing X,XXX We've others among huge top a fault health science, of sheet. game allied employee our base got of out have

as that and moving back of ever prides the velocity, products. organ moving today, in would and of ultimately, entrepreneurial for turn the revolution So Michael much evasion And of UT an I'll direction call terms then math. speed to armamentarium all in at the the of then that is at up. operator Thank a in you participating say, it and greater speed itself is wrap to in really we're an manufactured so it alternative in really,

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