United Therapeutics Corp 12th Annual Cantor Fitzgerald Global Healthcare Conference

Thank you. Thank you, Olivia, and also, I am happy to mention that Harrison Silvers, our head of investor relations, is right there in the front row and available to field questions afterwards.

Olivia, you are so right that we are in the absolute best position we have ever been in the company. It's very rare in a company's life that you get to be present when it kind of inflects from say, like, a kid to an adult type of company, that sort of thing. That's where we are with United Therapeutics. We started off as a pulmonary hypertension company, and now because of the amazing results that we had from the TETON-1 and TETON-2 trials in pulmonary fibrosis, it's very, very clear that we have now inflected over to become a pulmonary fibrosis company. Those, not like within a half year after we fully enrolled those studies and reported the results, by far are the best results ever reported from any drug from any company in 30 years in pulmonary fibrosis. I mean, really making a difference.

Then we very rapidly, almost overnight, enroll in another study, TETON-PPF, in progressive pulmonary fibrosis, which is something like a three times larger indication. This amazing indication of pulmonary fibrosis, where we had the best results, now we rapidly enrolled this other one, and we're looking at now a capturable market that is in the neighborhood of north of a quarter of a million U.S. patients, compared to the maximum capturable market that we ever had in pulmonary hypertension of 25,000 patients. So a 10x jump based on solid data. NDA is now in the hopper, accepted by the FDA. PDUFA date issued, April 26th, so it's super awesome.

That's the PDUFA date. Okay.

Sure, Olivia. Fortunately, in these type of indications, it's possible to do that because the prices of the therapies for treating patients in these indications are well established and have been reimbursed by both public and private payers for many years. All of these therapies are, by their nature, chronic therapies that patients take to extend their lives. It makes sizing the opportunity a little bit easier because you don't have to make a lot of assumptions about how many new patients are going to be captured to replace patients that have already been successfully fully treated by your therapy. In our case, if you take a look at the combination of the pulmonary fibrosis and progressive pulmonary fibrosis markets, by most conservative estimates, you're looking at 400,000 patients.

Another indication, which we've announced that we will now be commencing enrollment in our clinical trials next year for, is the indication called COPD with pulmonary hypertension that is dominant in these COPD patients. That's an indication of 400,000 to 800,000 U.S. patients, so on average about 600,000 in the middle. Now having nothing to do with pulmonary hypertension at all, where we started as our youth growing up, now as adults, we find ourselves in a 1 million patient population, and that's the addressable market. Our drugs, fortunately, have shown that they are best in class for pulmonary fibrosis, best in class for pulmonary hypertension.

You're looking at, even if it is a 50% capture against these numbers, times something like $200,000 per patient per year for the normal reimbursed amount, you're looking at United Therapeutics now as a $100 billion pharma revenue company. Compared to just last year when we were only pulmonary hypertension, maybe the maximum potential would be around $10 billion. Again, a 10x transformation during the past year. Everybody in this company, we're just going full speed out for it.