ATS26: TETON-1 Detailed Data Reinforce Tyvaso as A New IPF SoC Potential

研报英文原文证据摘录

ATS26: TETON-1 Detailed Data Reinforce Tyvaso as A New IPF SoC Potential

USA | Biotechnology

United Therapeutics EquityMayResearch17, 2026

COMPANY UPDATEATS26: TETON-1 Detailed Data Reinforce

RATING BUYTyvaso as A New IPF SoC Potential

PRICE $568.58^

TETON-1 detailed data were selected as "breaking news" at ATS26, providing

holistic view of efficacy/ durability/ safety, and supporting Tyvaso's potential to PRICE TARGET | % TO PT $733.00 | +29%

become part of future IPF standard of care. 1EP was met w/ strong/ consistent 52W HIGH-LOW $609.35 - $272.12

signal regardless of background antifibrotic Tx. All 2EPs appeared directionally FLOAT (%) | ADV MM (USD) 99.6% | 255.01

supportive. We are not concerned about disconuation rate, and overall safety/ MARKET CAP $24.1B

tolerability remained manageable and consistent w/ prior experience. TICKER UTHR ^Prior trading day's closing price unless otherwise

noted.

Bottom line. TETON-1 detailed data did not have any surprises (some nuances/ details are discussed

below), and reaffirmed even stronger results (Topline, Mgmt Catch-up) vs. TETON-2 (Topline,

FY (Dec) CHANGE TO JEFe JEF vs CONS

Mgmt Catch-up, Details at ERS25), showing a sustained, clinically meaningful FVC benefit across

2026 2027 2026 2027

subgroups/ baseline, reassuring safety and supportive 2EP results. We like the overall consistency

between TETON-1 and TETON-2, suggesting Tyvaso's true anti-fibrotic benefit in IPF. From here, we REV NA NA NA NA

see Tyvaso in IPF has high probability of approval, rapid market uptake and ultimate sig market share to EPS NA NA NA NA

reach ~$5B+ opportunity as part of future IPF standard of care (SoC), supporting UTHR "soft guidance"

doubling targeted ~$4B run rate by YE27 in a few years (1Q26 EPS). 2026 ($) Q1A Q2 Q3 Q4 FY