US Pharmaceuticals & Biotechnology "Drug patent cases: UTHR vs LQDA, HRM..."

Research evidence excerpt

US Pharmaceuticals & Biotechnology "Drug patent cases: UTHR vs LQDA, HRM..."

Global Research

28 May 2026ab

US Pharmaceuticals & Biotechnology Equities

AmericasDrug patent cases: UTHR vs LQDA, HRMY vs

AET, & CORT vs TEVA — IP expert call takeaways Pharmaceuticals

& replay Ashwani VermaAnalyst

ash.verma@ubs.com

+1-212-713 4059

Key takeaways (Replay of this KOL call; takeaways from prior call): Paritosh Gangaramani

Associate Analyst

1. United Therapeutics vs. Liquidia in PH-ILD paritosh.gangaramani@ubs.com

a. The expert believes LQDA (not covered) has a 60–65% probability of prevailing, +1-212-713 8073

and the asserted patent would then be invalidated (vs. 65% prob that UTHR So Youn Shim

will prevail per prior KOL). Analyst

so-youn.shim@ubs.com

b. He thinks the late-emerging ownership/admissibility issue around the prior-art +1-212-713 4331

patent is likely to hurt UTHR, and even if they prevail, a full market removal for

Di Zhao

Yutrepia is highly unlikely; the more plausible outcome would be a label carve- Analyst

out for PH-ILD or a forward-looking royalty. di.zhao@ubs.com

+1-212-713 5953

c. The delay in the ruling does not, in his view, signal anything definitive on the

merits, though it may reduce the likelihood that the Judge would order Natalie McArthur

Liquidia’s product off the market. Associate Analyst

natalie.mcarthur@ubs.com

d. The expert said that it is difficult to predict when this Judge will rule on the +1-212-882 5796

case, and that it should have no impact from the ongoing Supreme Court case

on "skinny labels".

2. Harmony Biosciences vs. AET : The expert believes there is <20% chance of HRMY

winning the ANDA litigation for patent '197 and '947, and that at-risk generic

launch possible if AET wins the litigation even with the new '920 lawsuit

a.