United Therapeutics Corporation (UTHR) Presents at Morgan Stanley 24th Annual Global Healthcare Conference Transcript

United Therapeutics Corporation ( UTHR ) Morgan Stanley 24th Annual Global Healthcare Conference September 14, 2026 4:50 PM EDT

Terence Flynn Morgan Stanley, Research Division All right. Well, thanks so much for joining us, everybody. I'm Terence Flynn, Morgan Stanley's U.S. Biopharma Analyst. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. I'm very pleased to be hosting United Therapeutics this afternoon. Joining us from the company, we have Martine Rothblatt, who is the company's Chairperson and CEO; and Pat Poisson, who is EVP, Strategic Development. Thank you both so much for taking time on your day to join us. Really appreciate it and looking forward to the conversation. Maybe, Martine, first, I'll just turn it over to you to maybe make some framing comments before I launch into my questions, but thanks so much.

Martine Rothblatt Founder, Chairman & CEO Sure, Terence. Thank you so much for inviting us here. We appreciate it. It's great to have the opportunity to give some framing comments because this is a very unique point -- it's -- you need down to the -- no other point is like this quarter in United Therapeutics' entire history because this is the quarter that we have gone ahead and inflected ourselves from being an orphan drug pulmonary hypertension company. Which was our history, developing great medicines, multiple great medicines for pulmonary hypertension and building ourselves up to a few billion dollars a year in recurring revenue and inflecting ourselves into a pulmonary fibrosis company that will be treating hundreds of thousands of