United Therapeutics(US:UTHR)2025-02-26 19:14Financial Data and Key Metrics Changes - United Therapeutics reported record revenue for 2024, marking the third consecutive year of record-setting revenue, with a nearly 24% growth over the full year 2023 and a 20% revenue growth in Q4 compared to Q4 2023 [9][21] - Total Tyvaso revenue for Q4 was $4 million, a 19% increase year-over-year, despite a slight sequential decline in net revenue due to contracting efforts [22][21] - Orenitram revenue grew by 28% in Q4 to $108 million, while Remodulin revenue reached $135 million, up 17% from the prior year [24][25] Business Line Data and Key Metrics Changes - Tyvaso experienced record patient shipments and near-record referrals, although the sequential decline in revenue was attributed to a larger gross-to-net ratio due to recent contracting efforts [22][23] - Orenitram saw record patient shipments, with close to 50% of new starts coming from transitions from Remodulin [24] - Unituxin achieved record revenue of $68 million in Q4, up 25% from the prior year, driven by both price and volume increases [27] Market Data and Key Metrics Changes - The company noted strong referral and start trends for Remodulin, with the new RemUnity Pro pump receiving FDA clearance, expected to launch later this year [26] - The expansion of the sales force in 2024 aimed to drive prescribing growth in the ILD treating community, resulting in significant prescriber growth [66][70] Company Strategy and Development Direction - The company is focused on a disciplined financial algorithm and capital allocation philosophy, having returned $1 billion to shareholders through an accelerated share repurchase program [18][19] - The development pipeline includes the uKidney clinical trial, which could potentially end dialysis for patients with end-stage renal disease, and the inhaled treprostinil for idiopathic pulmonary fibrosis [10][11] - The company is also excited about Ralinepag, which could change the treatment paradigm for pulmonary arterial hypertension [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continuing double-digit growth for the foundational business and anticipated growth inflection with expected approvals for Ralinepag and IPF indications for Tyvaso [35][36] - The management team emphasized the importance of executing commercially and maintaining strong dynamics in the business [28][29] Other Important Information - The company has made significant investments in capital expenditures to support new manufacturing facilities and has acquired companies to enhance organ alternative development expertise [17] - The company is committed to evaluating its capital allocation strategy continuously [19] Q&A Session Summary Question: Growth trajectory for 2025 and seasonality impacts - Management expects continued double-digit growth for the foundational business and does not foresee changes in growth projections despite recent contracting efforts [35][36] Question: uKidney clinical trial and investment in DPF facilities - The first transplant is expected mid-year, with a formal review of safety and patient survival data planned before proceeding with additional transplants [44][45] Question: Tyvaso's growth in the context of competitive dynamics - Management believes that Tyvaso can continue to grow despite competition, as it remains a critical part of the treatment for pulmonary arterial hypertension [50][51] Question: Baseline disease severity of the first patient in the xenotransplant study - The first patients will not have severe comorbidities but are not eligible for current kidney transplant waitlists due to medical reasons [58][59] Question: Tyvaso's intellectual property and contracting strategy - The company has implemented a strategy to lock in payers with additional rebates to maintain competitive parity and ensure continued growth [80]