UTHR: Highlights from the RBC Healthcare Conference

Research evidence excerpt

UTHR: Highlights from the RBC Healthcare Conference

ed IPF drug Jascayd

(nerandomilast), but think physicians may try to use this combo as well.

• Mgmt attributed the Q1 Tyvaso franchise shortfall to weather-related anomalies and specialty pharmacy issues, both of which

have been "addressed internally," and reiterated conviction in long-term Tyvaso DPI growth on the basis of device simplicity,

unlimited dosing, and deep lung penetration; PH-ILD remains the primary commercial driver until new indications like IPF are

approved. Mgmt noted a salesforce expansion is planned for this summer (focused specifically on PH-ILD awareness) and should

provide incremental commercial support ahead of an IPF launch.

• On the $4b run rate guided for 2027, Mgmt noted this will be driven by mainly the existing commercial business, and growth

here includes Tyvaso DPI in the PH-ILD indication. To get to the $8b run rate, this will mainly be driven by expansion to IPF, plus

ralinepag, and could possibly include contributions from other new products.

• On competition, mgmt characterized the inhaled treprostinil landscape as "a long game," expressing confidence that device

superiority and product profile will ultimately resonate with physicians and patients, even as a competitor has captured

meaningful market share. Mgmt continues to see the Tyvaso DPI product profile as durable and thinks the incremental

commercial investment ahead of IPF approval adds optionality to the base business.

• Mgmt confirmed the treprostinil SMI NDA filing for PAH and PH-ILD indications remains on track for later this year; on expanding

SMI into IPF, mgmt noted there are some additional nuances to consider here, including that IPF is under the pulmonary division