Core Insights - United Therapeutics Corporation released positive data from its TETON-2 study, showing that nebulized Tyvaso (treprostinil) significantly improved absolute forced vital capacity (FVC) in patients with idiopathic pulmonary fibrosis (IPF) compared to placebo [1] - The study demonstrated a change in absolute FVC of 95.6 mL from baseline to week 52, indicating the drug's efficacy [1] - The company plans to submit a supplemental New Drug Application to the FDA to include IPF in the labeled indications for nebulized Tyvaso, with data from the ongoing TETON-1 study expected in the first half of 2026 [5] Efficacy and Safety - Benefits of Tyvaso were consistent across various subgroups, including those on background therapy and differing smoking statuses [2] - Statistically significant improvements were noted in secondary endpoints such as time to first clinical worsening event and changes in percent predicted FVC, K-BILD quality of life questionnaire, and DLCO [3] - Treatment was well-tolerated, with no new safety signals reported, aligning with previous studies on Tyvaso [4] Financial Performance - United Therapeutics reported sales of $798.6 million, reflecting a 12% year-over-year increase, with Tyvaso DPI revenue rising 22% to $315 million [6] - Other products, including nebulized Tyvaso, Orenitram, and Unituxin, also experienced double-digit revenue growth year-over-year [6] - Following the positive study results, UTHR stock increased by 41.09% to $430 [6]

Liquidia Corporation 2Q2025 Financial Results & Corporate Update August 12, 2025 ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED Forward-looking statements ©2025 LIQUIDIA CORPORATION ALL RIGHTS RESERVED 3 Rapid adoption over last 11 weeks! As of August 8, 2025 This presentation includes, and our response to questions may include, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA"). All statements contained in this presentation other than statements ...

Core Viewpoint - 3D Systems Corporation reported a decline in revenue for Q2 2025, but improved profitability due to cost-saving initiatives and operational efficiencies despite challenging macroeconomic conditions [4][5][6]. Financial Performance - Revenue for Q2 2025 was $94.8 million, a decrease of 16% year-over-year from $113.3 million in Q2 2024 [2][7]. - Gross profit for the quarter was $36.2 million, with a gross profit margin of 38.1%, down from 41.6% in the same period last year [2][8]. - Operating expenses were $51.5 million, leading to an operating loss of $15.4 million, an improvement from a loss of $26.4 million in Q2 2024 [2][8]. - Net income attributable to 3D Systems was $104.4 million, a significant increase from a net loss of $27.3 million in the prior year [2][8]. Segment Performance - Healthcare Solutions revenue decreased by 8% to $45.0 million, while Industrial Solutions revenue fell by 23% to $49.8 million compared to the prior year [7][23]. - The Medical Technology sector showed resilience, with a 13% year-over-year growth in Personal Health Services, driven by increased orthopedic procedures using 3D printing technology [6][5]. - Aerospace & Defense revenues grew by 84% year-over-year, reaching over $30 million annually, highlighting strong demand in high-reliability industrial markets [6][5]. Cost Management and Efficiency - Cost reduction and efficiency programs resulted in over $20 million in savings in operating expenses during Q2 2025 [5][4]. - The company is on track to return to positive cash flow by 2026, supported by previously announced cost initiatives [5][4]. - The restructuring program includes workforce restructuring and consolidation of operational footprint, which are expected to continue through mid-2026 [4][5]. Balance Sheet and Liquidity - As of June 30, 2025, cash and cash equivalents totaled $116.4 million, a decrease of $55.0 million since December 31, 2024 [10]. - The company successfully retired $88 million in outstanding debt and extended maturities for the majority of remaining debt to 2030 [6][5]. - Total debt, net of deferred financing costs, stood at $122.6 million [10].

Core Insights - United Therapeutics reported Q2 2025 earnings of $6.41 per share, missing the Zacks Consensus Estimate of $6.80, but showing a 10% year-over-year increase due to higher product sales [1][6] - Revenues for the quarter reached $798.6 million, surpassing the Zacks Consensus Estimate of $796 million, and reflecting a 12% year-over-year growth driven by strong sales of Tyvaso and Orenitram [2][6] Financial Performance - Tyvaso sales amounted to $469.6 million, an 18% increase year-over-year, although it fell short of the Zacks Consensus Estimate of $473 million [3][6] - Tyvaso DPI generated $315.2 million in sales, up 22% year-over-year, supported by higher volumes and price increases [4][6] - Sales from nebulized Tyvaso were $154.4 million, reflecting a 10% increase, primarily due to volume growth [7] - Orenitram sales rose 16% year-over-year to $123.9 million, driven by increased volumes following the implementation of the Part D redesign under the Inflation Reduction Act [7][8] - Unituxin sales increased by 13% year-over-year to $58.4 million [8] Expenses and Cost Management - Research and development expenses decreased by 4% year-over-year to $134 million, attributed to lower costs for ongoing clinical development and reduced share-based compensation [8] - Selling, general, and administrative expenses surged by 20% to $212.5 million, driven by higher personnel costs and legal expenses [8] Pipeline Developments - Key phase III programs include Tyvaso for chronic fibrosing interstitial lung disease and oral ralinepag for PAH indications [9] - Enrollment for the TETON 1 and TETON 2 studies evaluating Tyvaso for idiopathic pulmonary fibrosis is complete, with top-line data expected in September 2025 and the first half of 2026, respectively [10] - The ADVANCE OUTCOMES study for ralinepag has also completed enrollment, with data expected in the first half of 2026 [11]

Core Insights - United Therapeutics reported record GAAP revenue of $798.6 million for Q2 2025, marking an 11.7% year-over-year increase, but fell short of Wall Street expectations by $3.3 million [1][2] - GAAP earnings per share reached $6.41, a 10% increase from the previous year, yet missed estimates by $0.88 [1][2] - The company experienced strong product growth, particularly in the Tyvaso franchise, but faced higher operating costs that impacted profits [1] Financial Performance - Q2 2025 GAAP revenue: $798.6 million, compared to $714.9 million in Q2 2024 [2] - GAAP EPS: $6.41, up from $5.85 in Q2 2024 [2] - Net income for Q2 2025 was $309.5 million, an 11.3% increase from $278.1 million in Q2 2024 [2] - Operating income rose to $364.5 million, reflecting a 13.9% increase year-over-year [2] - Total R&D expenses decreased by 4% to $134.0 million [2] Product and Market Dynamics - The Tyvaso product line generated $469.6 million in sales, accounting for 58.8% of total revenue, with Tyvaso DPI sales growing 22% year-over-year [5] - Orenitram sales increased by 16% to $123.9 million, while Unituxin sales rose 13% to $58.4 million [6] - Remodulin sales declined by 9% to $134.7 million due to competition from generics [6] - U.S. revenue was $759.8 million, up 12.5% from the previous year, while international revenue was $38.8 million [7] Cost Structure and Challenges - SG&A expenses surged 20% to $212.5 million, influenced by higher staffing and legal costs [8] - Research and development costs fell by 4% due to the absence of large up-front licensing payments from the previous year [8] - The company noted that the benefits from federal policy changes under the Inflation Reduction Act are diminishing, indicating potential future challenges [10] Strategic Initiatives - United Therapeutics is focusing on expanding its core product portfolio, particularly therapies based on treprostinil [4] - The company is investing in organ manufacturing technologies, including 3D bioprinting and xenotransplantation, viewing this as a long-term growth area [13] - Ongoing clinical trials, such as TETON 2 and ADVANCE OUTCOMES, are expected to yield results that could open new markets for Tyvaso products [12] Future Outlook - Management expressed confidence in sustaining double-digit revenue growth for the Tyvaso franchise and the broader business [14] - Investors are advised to monitor cost management, product concentration risks, competition, and regulatory milestones in the upcoming quarters [15] - The company has a strong balance sheet with nearly $5.0 billion in cash and a new $1 billion share buyback program, providing flexibility for future investments [15]

Core Viewpoint - United Therapeutics reported a revenue of $798.6 million for the quarter ended June 2025, reflecting an 11.7% increase year-over-year, and an EPS of $6.41, up from $5.85 in the previous year [1] Revenue Performance - U.S. revenues reached $759.8 million, exceeding the average estimate of $749.74 million by analysts, marking a 12.5% increase year-over-year [4] - Revenues from the Rest-of-World segment were $38.8 million, slightly above the average estimate of $33.98 million, but represented a 2.3% decline year-over-year [4] - Tyvaso generated $455.3 million in U.S. revenues, slightly above the average estimate of $452.61 million [4] - Unituxin in the U.S. brought in $55.4 million, surpassing the average estimate of $53.07 million [4] - Adcirca revenues were $6.5 million, exceeding the average estimate of $4.81 million, reflecting a 14% increase year-over-year [4] - Orenitram generated $123.9 million, above the average estimate of $118.65 million, with a 15.7% year-over-year increase [4] - Tyvaso reported $469.6 million, slightly below the average estimate of $473.16 million, but still a 17.9% increase year-over-year [4] - Remodulin revenues were $134.7 million, below the average estimate of $137.99 million, representing an 8.6% decline year-over-year [4] - Unituxin generated $58.4 million, exceeding the average estimate of $55.58 million, with a 13% year-over-year increase [4] - Tyvaso DPI revenues were $315.2 million, in line with the average estimate of $313.48 million [4] - Nebulized Tyvaso brought in $154.4 million, slightly below the average estimate of $154.53 million [4] - Other products generated $5.5 million, exceeding the average estimate of $4.95 million, reflecting a 12.2% year-over-year increase [4] Stock Performance - United Therapeutics shares returned +2.3% over the past month, compared to the Zacks S&P 500 composite's +3.4% 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 total revenue of $799 million, reflecting a 12% growth over 2024, marking the twelfth consecutive quarter of double-digit year-over-year revenue growth [12][10] - The Tyvaso DPI device achieved record total revenue of $315 million, representing a 22% growth over 2024, with record patient shipments for both Tyvaso DPI and the total Tyvaso franchise [12][13] Business Line Data and Key Metrics Changes - The Tyvaso franchise continues to perform strongly, with double-digit revenue growth for nebulized Tyvaso, Orenitram, and Unituxin [14] - Orenitram achieved record total revenue and patient shipments during the quarter, while Remodulin remains a top five product in total patient shipments [14] Market Data and Key Metrics Changes - The company noted strong underlying dynamics with record levels of referrals and starts for Tyvaso DPI during the quarter [14] - The competitive landscape includes a new treprostinil dry powder inhaler launched by Liquidia, prompting United Therapeutics to address misinformation regarding Tyvaso DPI's dosing and tolerability [15][16] Company Strategy and Development Direction - United Therapeutics is focused on sustaining growth in its foundational business while progressing its innovative small molecule pipeline and organ alternative technologies [11] - The company has authorized a share repurchase of up to $1 billion, reflecting confidence in its commercial business and upcoming catalysts [10][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of the business, anticipating sustained growth driven by the foundational business and upcoming clinical catalysts [11] - The company is optimistic about the potential of its TETON studies in idiopathic pulmonary fibrosis and advanced outcome studies in pulmonary arterial hypertension, with results expected to start reporting in September [8][30] Other Important Information - The company has launched a new pipeline website to provide detailed information about its pipeline candidates [9] - United Therapeutics is on track to conduct the first transplant in its EXPAND U kidney clinical study shortly [8] Q&A Session Summary Question: Comments on Utopia uptake in PH and ILD - Management indicated that the launch is proceeding as expected, with strong shipments and orders in June, and July looks promising [53] Question: Variability in FVC decline in IPF studies - Management has implemented central reading of SEC results and training at site levels to standardize measurements and reduce variability [62] Question: Reading across from IPF subgroup data - Treprostinil has multiple mechanisms of action that may benefit IPF patients, and management believes it can work on fibrosis, leading to efficacy in IPF [70] Question: Share repurchase authorization - The Board authorized a share repurchase due to the strength of the commercial business and confidence in upcoming catalysts, viewing the stock as an excellent investment opportunity [72] Question: Clinically meaningful FVC results from TETON trial - The study is powered to detect an 80 milliliter change in FVC, and management anticipates a clinically meaningful effect greater than this threshold [98] Question: Background therapy use in TETON studies - There is a higher background therapy use in TETON studies compared to previous studies, which may mute the efficacy of the investigational drug, but management remains optimistic [104]

Financial Data and Key Metrics Changes - United Therapeutics reported record total revenue of $799 million, reflecting a 12% growth over 2024, marking the twelfth consecutive quarter of double-digit year-over-year revenue growth [13][7] - The company generated nearly $1.5 billion in annual operating cash flow, demonstrating exceptional operating efficiency [10] Business Line Data and Key Metrics Changes - The Tyvaso DPI franchise achieved record revenue of $315 million, representing a 22% growth over 2024, with record patient shipments [13][14] - Orenitram, Remodulin, and Unituxin also showed strong performance, contributing to the overall commercial portfolio [8][14] Market Data and Key Metrics Changes - The underlying dynamics for Tyvaso DPI remain strong, with record levels of referrals and starts during the quarter [14] - The company is preparing for the launch of its next-generation pump for Immunity Pro later this year, which is expected to enhance its market position [14] Company Strategy and Development Direction - The company is focused on its innovation wave, including TETON studies in idiopathic pulmonary fibrosis and advanced outcome studies in pulmonary arterial hypertension, with results expected to start reporting in September [8][12] - United Therapeutics has authorized a share repurchase of up to $1 billion, reflecting confidence in its commercial business and upcoming catalysts [11][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth in its foundational business while progressing its innovative small molecule pipeline and organ alternative technologies [12] - The company believes the recent dislocation in its share price presents a compelling investment opportunity [11] Other Important Information - The company has filed an investigational new drug application for its EXTEND study evaluating U thymo kidney and expects to file for the EXPRESS study evaluating U Heart [9] - The TETON program consists of three studies, with TETON-two expected to report data in September and TETON-one in 2026 [25][30] Q&A Session Summary Question: Comments on Utopia uptake in PH and ILD - Management indicated that the launch is proceeding as expected, with strong shipments and orders in June, and July looks promising [52][53] Question: Variability in FVC decline in placebo arms of IPF studies - Management noted that they have implemented central reading of SEC results and training at site levels to reduce variability in FVC measures [60] Question: How to read across from IPF subgroup with pulmonary hypertension - Management explained that treprostinil has multiple mechanisms of action that may benefit IPF patients, and they believe it can work on fibrosis [68][69] Question: Circumstances for deploying share repurchase authorization - The Board authorized the share repurchase due to the strength of the commercial business and confidence in upcoming catalysts [71] Question: Clinically meaningful FVC results from TETON trial - Management stated that they anticipate a clinically meaningful effect greater than an 80 milliliter change in FVC [94] Question: Background therapy use in TETON studies - Management acknowledged that increased background therapy use could mute the efficacy of the investigational drug but expressed confidence in the upcoming results [101]

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 ...