Financial Performance - Total revenue increased by 12% year-over-year to $799 million in 2Q 2025[21, 35] - Tyvaso DPI®/ Nebulized Tyvaso® revenue increased by 18% year-over-year to $470 million in 2Q 2025[21, 35] - Remodulin® revenue decreased by 9% year-over-year to $135 million in 2Q 2025[21, 35] - Orenitram® revenue increased by 16% year-over-year to $124 million in 2Q 2025[21, 35] - Unituxin® revenue increased by 13% year-over-year to $58 million in 2Q 2025[21, 35] - The company has $50 billion in cash, cash equivalents, & marketable investments[22] - The company has $14 billion TTM operating cash flow[22] Pipeline and Clinical Trials - Tyvaso DPI has been studied and published at higher doses than Yutrepia[39] - The company has a $10 billion repurchase authorization through March 31, 2026[31] - TETON 1 and TETON 2 studies for Idiopathic Pulmonary Fibrosis (IPF) are fully enrolled with 598 and 597 patients respectively[73, 74, 127] - The ADVANCE OUTCOMES study for Ralinepag in Pulmonary Arterial Hypertension (PAH) is fully enrolled with approximately 700 patients[134] TPIP Concerns - TPIP phase 2b patients on active drug discontinued therapy 10% vs zero on placebo[98]

Exhibit 99.1 For Immediate Release United Therapeutics Corporation Reports Record Second Quarter 2025 Financial Results Record total revenue of $799 million, reflecting 12 percent growth over the second quarter of 2024 and 12 consecutive quarters of double-digit, year-over-year total revenue growth Share repurchase of up to $1 billion authorized by the Board of Directors, expiring March 31, 2026 Tyvaso DPI® record total revenue of $315 million, reflecting 22 percent growth over the second quarter of 2024; n ...

Part I Financial Information [Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The consolidated financial statements present the company's financial position, results of operations, and cash flows for the periods ended June 30, 2025 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $7.91 billion from $7.36 billion at year-end 2024, driven by growth in marketable investments and property, plant, and equipment Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$7,908.0** | **$7,364.0** | | Cash and cash equivalents | $1,593.1 | $1,697.2 | | Total marketable investments | $3,373.3 | $3,045.1 | | Property, plant, and equipment, net | $1,362.4 | $1,222.4 | | **Total Liabilities** | **$734.4** | **$920.0** | | Line of credit | $— | $300.0 | | **Total Stockholders' Equity** | **$7,173.6** | **$6,444.0** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, revenues grew 14.4% to $1.59 billion, with net income reaching $631.7 million and diluted EPS of $13.02 Statement of Operations Summary (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total revenues | $798.6 | $714.9 | +11.7% | $1,593.0 | $1,392.6 | +14.4% | | Operating income | $364.5 | $319.9 | +13.9% | $747.3 | $676.2 | +10.5% | | Net income | $309.5 | $278.1 | +11.3% | $631.7 | $584.7 | +8.0% | | Diluted EPS | $6.41 | $5.85 | +9.6% | $13.02 | $12.03 | +8.2% | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased 7% to $652.9 million for the six months ended June 30, 2025, while investing activities shifted to a net use of $464.6 million Six Months Ended June 30, Cash Flow Summary (in millions) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $652.9 | $608.7 | | Net cash (used in) provided by investing activities | $(464.6) | $655.3 | | Net cash used in financing activities | $(292.4) | $(1,116.0) | | **Net (decrease) increase in cash** | **$(104.1)** | **$148.0** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on revenues, share-based compensation, a new $2.5 billion credit facility, and ongoing litigation - In April 2025, the company entered into a new **$2.5 billion unsecured revolving credit facility**, maturing in 2030, with a zero outstanding balance as of June 30, 2025[37](index=37&type=chunk)[39](index=39&type=chunk)[43](index=43&type=chunk) - Total share-based compensation expense for the six months ended June 30, 2025 was **$69.6 million**, a decrease from $75.3 million in 2024 due to the exercise of remaining STAP awards[47](index=47&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The effective tax rate for the first six months of 2025 was **24%**, up from 22% in 2024, primarily due to decreased excess tax benefits from share-based compensation[66](index=66&type=chunk) Revenues by Product - Six Months Ended June 30 (in millions) | Product | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Tyvaso DPI | $617.7 | $485.8 | +27.2% | | Nebulized Tyvaso | $318.2 | $284.9 | +11.7% | | Remodulin | $272.9 | $275.3 | -0.9% | | Orenitram | $244.6 | $213.3 | +14.7% | | Unituxin | $116.6 | $110.1 | +5.9% | | **Total Revenues** | **$1,593.0** | **$1,392.6** | **+14.4%** | - The company is involved in multiple legal proceedings, including patent and trade secret litigation with Liquidia, and accrued a **$72.6 million liability** from Sandoz litigation as of June 30, 2025[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) [Management's Discussion and Analysis (MD&A)](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance driven by Tyvaso DPI and Orenitram sales, competitive pressures, R&D pipeline progress, and capital expenditure plans [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, revenues increased 14% to $1.59 billion, with R&D and SG&A expenses rising due to milestone payments, organ manufacturing, and a PP&E impairment charge Six Months Ended June 30, 2025 vs 2024 (in millions) | Line Item | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $1,593.0 | $1,392.6 | $200.4 | 14% | | Cost of Sales | $180.1 | $150.7 | $29.4 | 20% | | Research & Development | $283.0 | $243.7 | $39.3 | 16% | | Selling, General, & Administrative | $382.6 | $322.0 | $60.6 | 19% | | Operating Income | $747.3 | $676.2 | $71.1 | 11% | - Tyvaso DPI net product sales increased by **$131.9 million (27%)** for the first six months of 2025, driven by patient growth and increased utilization following Medicare Part D redesign[167](index=167&type=chunk)[169](index=169&type=chunk) - R&D expense growth was driven by a **$35.0 million increase** in milestone payments for drug delivery technologies and increased spending on manufactured organ projects[182](index=182&type=chunk) - SG&A expenses included a **$21.7 million impairment charge** for certain property, plant, and equipment during the second quarter of 2025[183](index=183&type=chunk)[185](index=185&type=chunk) [Research and Development](index=29&type=section&id=Research%20and%20Development) R&D focuses on expanding existing product indications and advancing manufactured organs, with key milestones including TETON 2 data expected in September 2025 and FDA IND clearance for UKidney - Enrollment is complete for the TETON 1 and TETON 2 Phase 3 studies of Nebulized Tyvaso for Idiopathic Pulmonary Fibrosis (IPF), with topline data from TETON 2 expected in **September 2025**[130](index=130&type=chunk)[134](index=134&type=chunk) - The FDA cleared an Investigational New Drug (IND) application for the **UKidney xenotransplant product** in January 2025, allowing a clinical trial to commence[142](index=142&type=chunk)[143](index=143&type=chunk)[146](index=146&type=chunk) - Recent acquisitions of Miromatrix and IVIVA have expanded capabilities in regenerative medicine, with a Phase 1 study of miroliverELAP® initiated in **June 2025**[159](index=159&type=chunk) [Financial Condition, Liquidity, and Capital Resources](index=40&type=section&id=Financial%20Condition%2C%20Liquidity%2C%20and%20Capital%20Resources) The company maintains a strong liquidity position with $4.97 billion in cash and marketable investments, secured a new $2.5 billion credit facility, and authorized a $1.0 billion share repurchase program - Total cash, cash equivalents, and marketable investments stood at **$4.97 billion** as of June 30, 2025[193](index=193&type=chunk) - In April 2025, the company entered into a new five-year, **$2.5 billion unsecured revolving credit facility**, with a zero balance as of June 30, 2025[192](index=192&type=chunk)[199](index=199&type=chunk) - In July 2025, the board authorized a new share repurchase program for up to **$1.0 billion** of common stock, expiring March 31, 2026[191](index=191&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its exposure to market risk has not materially changed since December 31, 2024 - There have been no material changes in the company's exposure to market risk since the end of the previous fiscal year[202](index=202&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures are effective[203](index=203&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, such controls[203](index=203&type=chunk) Part II Other Information [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the detailed discussion of litigation from Note 12 of the financial statements, including disputes with Sandoz and Liquidia - The company refers to Note 12 of the consolidated financial statements for details on legal proceedings[205](index=205&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company outlines significant risks including reliance on treprostinil therapies, intense competition, IRA impact, manufacturing challenges, and unique litigation risks as a Public Benefit Corporation - The company relies heavily on sales of its **treprostinil-based therapies**, which comprise the vast majority of its revenues[206](index=206&type=chunk) - Competition is a major risk, with over fifteen competing PAH drugs and new entrants like Merck's Winrevair and Liquidia's Yutrepia, approved in **May 2025**[210](index=210&type=chunk) - The Inflation Reduction Act (IRA) is expected to significantly impact revenues, particularly the Medicare Part D manufacturer discounting program affecting Tyvaso DPI and Orenitram starting in **2025**[244](index=244&type=chunk)[246](index=246&type=chunk) - Significant manufacturing risks exist, including reliance on third-party manufacturers like MannKind for Tyvaso DPI and complex processes for manufactured organ programs[214](index=214&type=chunk)[215](index=215&type=chunk)[225](index=225&type=chunk) - The company's status as a Public Benefit Corporation (PBC) requires balancing shareholder interests with its public benefit purpose, exposing it to unique litigation risks[293](index=293&type=chunk)[294](index=294&type=chunk)[296](index=296&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or repurchases of its outstanding equity securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, the company did not repurchase any of its equity securities or sell any unregistered equity securities[297](index=297&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) In Q2 2025, Chairperson and CEO Dr. Martine Rothblatt and officer Michael Benkowitz adopted Rule 10b5-1(c) trading plans to exercise stock options and sell shares - On May 2, 2025, Chairperson and CEO Dr. Martine Rothblatt adopted a Rule 10b5-1(c) trading plan to exercise up to **294,000 stock options**[298](index=298&type=chunk) - On June 3, 2025, trusts beneficially owned by officer Michael Benkowitz adopted a Rule 10b5-1(c) trading plan to exercise up to **576,940 stock options**[299](index=299&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the new Credit Agreement from April 2025 and amended Stock Incentive Plan - Key exhibits filed include the Credit Agreement dated **April 25, 2025**, and the Amended and Restated 2015 Stock Incentive Plan[301](index=301&type=chunk)

Technical Analysis - United Therapeutics (UTHR) has recently reached a key level of support and has overtaken the 50-day moving average, indicating a short-term bullish trend [1] - The 50-day simple moving average is considered important as it helps establish support and resistance levels, and UTHR shares have increased by 6.9% over the past four weeks [2] Earnings Estimates - Positive earnings estimate revisions for UTHR strengthen the bullish case, with no estimates decreasing in the past two months and two estimates increasing, leading to a rise in the consensus estimate [3] - The current Zacks Rank for UTHR is 3 (Hold), suggesting potential for continued gains [2][3]

Company Overview - United Therapeutics (UTHR) shares increased by 3.5% to close at $286.14, following a period of decline where the stock lost 7.7% over the past four weeks [1] - The rise in share price is linked to a recovery after a decline due to positive results from a pulmonary arterial hypertension (PAH) study conducted by Insmed, which evaluated a prodrug formulation of UTHR's treprostinil [2] Financial Performance - United Therapeutics is expected to report quarterly earnings of $6.87 per share, reflecting a year-over-year increase of 17.4% [3] - Revenue projections for the upcoming quarter stand at $796.42 million, which is an 11.4% increase compared to the same quarter last year [3] Earnings Estimates and Market Sentiment - The consensus EPS estimate for United Therapeutics has been revised 0.7% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] - The company currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook in the market [4] Industry Context - United Therapeutics operates within the Zacks Medical - Drugs industry, where BioCryst Pharmaceuticals (BCRX) is another player, having closed 2% lower at $10.40 [4] - BioCryst's consensus EPS estimate remains unchanged at $0.02, representing a significant year-over-year change of 133.3% [5]

Core Viewpoint - United Therapeutics has seen a 9% increase in share price over the past month, outperforming the S&P 500, but estimates have trended downward recently, raising questions about future performance leading up to the next earnings report [1][2]. Group 1: Earnings Performance - The last earnings report for United Therapeutics was about a month ago, and the stock has performed positively since then [1]. - The stock has a Zacks Rank of 3 (Hold), indicating an expectation of in-line returns in the coming months [4]. Group 2: Estimates and Scores - Estimates for United Therapeutics have been revised downward over the past month, suggesting a cautious outlook [2][4]. - The company has a Growth Score of B, a Momentum Score of F, and a Value Score of B, resulting in an aggregate VGM Score of B, placing it in the second quintile for investment strategy [3].

Core Insights - Renaissance Technologies is recognized as one of the world's most successful hedge funds, primarily due to its Medallion Fund, which achieved an annualized return of 39% after fees from 1988 to 2021 [1] - The firm has notable long equity holdings, including significant positions in Novo Nordisk, United Therapeutics, and Palantir Technologies, reflecting its investment strategies and market outlook [2][14] Group 1: Novo Nordisk - At the end of 2024, Renaissance's third-largest long equity holding was Novo Nordisk, with a stake valued at $715 million, indicating strong conviction in the company [3][5] - Novo Nordisk's stock generated a total return of approximately 480% from the end of 2017 to its peak in June 2024, but has since declined by 56% as of April 29 [4] - Renaissance reduced its holdings in Novo by around 9% from Q2 2024 to Q4 2024, while the stock is currently trading at levels similar to the end of 2022 [5] Group 2: United Therapeutics - Renaissance maintained a significant position in United Therapeutics, valued at around $737 million at the end of 2024, with a total return of approximately 285% since Q2 2019 [7][8] - The company has six FDA-approved medications, with its leading product, Tyvaso, generating over $1.6 billion in sales in 2024, reflecting a 31% growth from 2023 [9] - The continued large position in United Therapeutics suggests confidence in the company's ability to grow sales and develop new treatments for rare conditions [9] Group 3: Palantir Technologies - As of Q4 2024, Palantir Technologies became Renaissance's largest holding, with a position valued at over $1.7 billion, having increased by over 1,700% since the end of 2022 [11] - Renaissance reduced its stake in Palantir by over 40% from Q3 2024, which may have been a strategic move given the stock's significant rise of over 200% since that time [12] - Analysts have expressed concerns about Palantir's high forward price-to-earnings multiple, indicating potential downside risks [13]

Core Insights - United Therapeutics reported $794.4 million in revenue for Q1 2025, a 17.2% increase year-over-year, with an EPS of $6.63 compared to $6.17 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $726.19 million by 9.39%, and the EPS also surpassed the consensus estimate of $6.29 by 5.41% [1] Revenue Breakdown - U.S. Revenues: $749.60 million, exceeding the average estimate of $695.02 million, representing a 16.9% year-over-year increase [4] - Rest-of-World Revenues: $44.80 million, surpassing the average estimate of $27.05 million, reflecting a 23.8% year-over-year increase [4] - Tyvaso Revenue in the U.S.: $441.10 million, compared to the average estimate of $405.30 million [4] - Remodulin Revenue in the U.S.: $120.20 million, exceeding the average estimate of $113.15 million [4] - Adcirca Revenue: $6 million, below the average estimate of $4.77 million, showing a 6.3% decrease year-over-year [4] - Orenitram Revenue: $120.70 million, surpassing the average estimate of $111.47 million, with a 13.7% year-over-year increase [4] - Tyvaso Revenue: $466.30 million, exceeding the average estimate of $413.63 million, with a remarkable 105% year-over-year increase [4] - Remodulin Revenue: $138.20 million, above the average estimate of $126.42 million, reflecting an 8% year-over-year increase [4] - Unituxin Revenue: $58.20 million, below the average estimate of $62.95 million, showing a 0.3% decrease year-over-year [4] - Tyvaso DPI Revenue: $302.50 million, exceeding the average estimate of $271.57 million [4] - Nebulized Tyvaso Revenue: $163.80 million, surpassing the average estimate of $137.44 million [4] - Other Products Revenue: $5 million, below the average estimate of $5.68 million, reflecting a 19.4% decrease year-over-year [4] Stock Performance - Shares of United Therapeutics have returned -2% over the past month, compared to the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - United Therapeutics reported record revenue of $794 million for Q1 2025, representing a 17% increase from Q1 2024, driven by strong performance across treprostinil products [11][12][50] - The company has achieved double-digit revenue growth for eleven consecutive quarters, indicating a solid foundation built by its key products [7][10] Business Line Data and Key Metrics Changes - The growth in revenue was primarily attributed to robust results from treprostinil products, including Tyvaso, Orenitram, Remodulin, and Unituxin, with consistent patient demand and increased prescriber activity [11][12] - Tyvaso DPI is expected to sustain long-term growth due to its convenience and the absence of payer incentives for alternative products [12][50] Market Data and Key Metrics Changes - The company continues to see growth in the number of treprostinil prescribers and the depth of prescribing, with a significant number of prescribers treating three or more patients [11] - Despite increased competition in the pulmonary arterial hypertension (PAH) market, the company believes there is still substantial room for growth, as only about 40% of PAH patients are currently on any prostacyclin therapy [50][51] Company Strategy and Development Direction - United Therapeutics aims to be a leader in biotech by delivering solutions for rare and underserved diseases, with a focus on expanding its product pipeline and maintaining financial discipline [7][9] - The company has five registration phase studies underway and plans to submit investigational new drug applications for new products within the next year [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue its record revenue performance, supported by a strong pipeline and ongoing clinical and regulatory events [7][10] - The management team highlighted the importance of maintaining a strong commercialization strategy and specialized sales teams to navigate the competitive landscape effectively [46][50] Other Important Information - The company has committed to returning $1 billion to shareholders through an accelerated share repurchase program and continues to evaluate capital allocation strategies [10][41] - United Therapeutics is actively investing in manufacturing facilities and corporate development to enhance its capabilities and product offerings [9][41] Q&A Session Summary Question: Will the Euthymo kidney program enroll the same target population as the 10 gene kidney program? - Management confirmed that the Euthymo kidney study will likely enroll a similar patient population and emphasized the learnings from previous trials to improve immunosuppression management [15][18] Question: Can you elaborate on Tyvaso's sales contribution from the Part D redesign? - Management indicated that while there is a modest benefit from the Part D redesign, the overall impact on sales this quarter was minimal due to obligations under the redesign [22][24] Question: What is the split of prescriber and patient demand driving Tyvaso DPI revenue growth? - The company reported a consistent split of about two-thirds new patient starts for Tyvaso DPI compared to nebulizer, with a price increase implemented at the beginning of the year [27][28] Question: How does the company view capital allocation in light of competition in the PAH space? - Management outlined a commitment to prioritize internal R&D and commercial initiatives while also exploring external corporate development opportunities [39][41] Question: What is the expected growth trajectory for the company given emerging competitors? - Management expressed confidence in achieving double-digit revenue growth despite increased competition, citing under-prescription of prostacyclins as an opportunity for expansion [50][51]

Financial Data and Key Metrics Changes - The company reported record revenue of $794 million for Q1 2025, representing a 17% growth compared to Q1 2024, driven by strong performance across treprostinil products [11][12] - The company has maintained double-digit revenue growth for eleven consecutive quarters [6] Business Line Data and Key Metrics Changes - Treprostinil products, including Tyvaso (both DPI and nebulizer), Orenitram, Remodulin, and Unituxin, showed robust results with consistent patient demand and increased prescriber depth [11][12] - Tyvaso DPI is expected to sustain long-term growth due to its convenience and unlimited dosing potential, with positive data from the TETON study potentially expanding its market [12] Market Data and Key Metrics Changes - The company continues to see growth in the number of treprostinil prescribers and the depth of prescribing within practices [11] - Approximately 40% of PAH patients are currently on prostacyclin therapies, indicating significant room for growth in the market [56] Company Strategy and Development Direction - The company aims to be a biotech leader focused on delivering solutions for patients with rare diseases, with a strong pipeline including five registration phase studies and several preclinical candidates [6][10] - The company has a disciplined capital allocation strategy, investing in manufacturing facilities and corporate development while returning $1 billion to shareholders through a share repurchase program [10][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth driven by existing products and upcoming clinical data, particularly from the TETON study and Ralinepag [56] - The competitive landscape in PAH is becoming increasingly dynamic, but the company believes it is well-positioned to maintain growth despite new entrants [56] Other Important Information - The company is preparing for the first transplant in its uKidney clinical study, with plans for investigational new drug applications for related studies within the next year [7][8] - The company has received positive feedback from the FDA regarding its Euthymo Kidney program, enhancing confidence in upcoming IND submissions [8] Q&A Session Summary Question: Will the Euthymo kidney program enroll the same target population as the 10 gene kidney program? - The company plans to enroll a similar patient population in the Euthymo kidney study and has learned valuable lessons from previous experiences that will inform the upcoming trial [15][16][18] Question: Can you elaborate on Tyvaso's contribution to sales from the Part D redesign? - The company noted a modest benefit from the Part D redesign in Q1, with some obligations due to the redesign offsetting gains [21][24] Question: What drove Tyvaso DPI revenue growth in Q1? - The growth was driven by a consistent split of prescriber and patient demand, with a price increase implemented at the beginning of the year [27][29] Question: How does the company consider deploying capital in the competitive PAH space? - The company prioritizes internal R&D and commercial initiatives, with ongoing efforts in pulmonary hypertension and interstitial lung disease [36][44] Question: What is the expected growth trajectory for the company given emerging competitors? - The company expects to continue double-digit revenue growth, emphasizing that there is still significant room for growth in the PAH market [56][58] Question: How many patient adds have there been for Tyvaso in recent quarters? - The company has moved away from disclosing specific patient adds but indicated that revenue trends align with underlying demand [61][63]