United Therapeutics 第二季度 EPS 电话会议及管理层回访要点

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

United Therapeutics

Tidbits Post-2Q EPS Call and Mgmt Callback

Overweight

UTHR, UTHR US

Price (04 Aug 26):$518.68

Biotechnology - Large Cap

We wanted to share our key takeaways from UTHR’s 2Q call and sell-side analyst

callback following our initial takeaways note here.

Jessica Fye AC

Jose Lora, Ph.D.

On the Tyvaso miss, mgmt acknowledged competitive headwinds for

Tyvaso in PAH/PH-ILD, but guided to a 2H26 stronger than 1H… While

acknowledging competitive headwinds, mgmt also sees UT exiting 2Q in a

stronger position than the topline results would suggest. Among the reasons to

expect a stronger back-half include that UT has roughly-doubled the sales force

as of July, and we think this could start to show through in the numbers starting

with 4Q. That said, on the call mgmt was clear that they are not updating or

reaffirming any prior guidance for 2026. We take this to suggest that 2H Tyvaso

sales will be stronger than the $910mm recorded in 1H, but we expect the 2H26

cons estimate of $1,047mm to be revised lower.

On the $4bn run-rate… On the callback, mgmt clarified that while they had

previously projected achieving a $4bn rev run-rate based on the existing

commercial portfolio (i.e., ex-IPF, ex-ralenipag), the path to achieving this has

narrowed. However, if they come up short against this target based on the

existing portfolio, mgmt still expects to get to this run-rate in 2027 if including

IPF and ranlenipag.

Stable GTN outlook in 2H26... While the press release notes GTN pressure

as a headwind to Tyvaso DPI, mgmt isn’t expecting any huge changes to GTN

or changes on the payor side for the remainder of the year.

Tyvaso IPF filing with FDA; watching for priority review, which could

mean approval in December. The sNDA for Tyvaso in IPF was submitted in

late June and mgmt commented that they expect to learn shortly whether

priority review will be granted. In the event of priority review, which we do

think is justified given the unmet need in IPF, we could see a Dec approval and

would expect an early 2027 launch. Recall that Jascayd (nerandomilast) got

…