Therapeutics at a Glance
United Therapeutics at a
WHAT IS UNITED THERAPEUTICS?
Therapeutics is a profitable, 25-year old, $9B+ market cap,
dare-to-be-different biotechnology company that is building on its
expertise and success developing therapies for PAH to address other
chronic, life-threatening medical conditions ranging from pulmonary
fibrosis, to pediatric cancer, to organ manufacturing and
transplantation. Our profit margins are among the strongest in the
entire biotechnology industry.
WHAT DID WE DO IN 2020?
continued to deliver strong operating results from our four PAH
therapies and our pediatric cancer treatment, yielding revenues of
~$1.5 billion and net income of over $500 million. But this solid
result was by no means a given.
companies, we felt the impact of the COVID-19 pandemic. It delayed
the launch of the Remunity® Pump for
Remodulin® until February 2021. Enrollment of our
clinical trials was temporarily paused as hospitals shut down. We
felt pressure on our revenues, as it became difficult for patients
to start advanced therapies, and our staff was limited to virtual
interactions with healthcare providers. Our product development
teams, however, quickly found ways to adapt clinical trial
protocols and expand clinical site activation efforts, and we
worked hard to ensure patients had uninterrupted access to our
approval of the Remunity Pump for Remodulin in 2020, and launched
the product in February 2021. We believe this product will help us
maintain and grow Remodulin revenues going forward. We submitted a
supplemental new drug application for Tyvaso® in
patients with pulmonary hypertension due to interstitial lung
disease (PH-ILD), which the
FDA approved in March 2021 following the results of an exciting
study published in the New England Journal of Medicine.
continued to listen to our shareholders — twice reaching out to
those representing over 70% of our shares to offer engagement with
our Board members — and steadily increased the detailed information
we provide on our sustainability efforts, Board refreshment, and
compensation practices. And we amended our certificate of
incorporation to begin the destaggering of our Board of
HOW DID WE DO IN 2020?
2020 results in the midst of a pandemic are a testament to the
value of our focus on being a built-to-last, long-focused, and
people-focused company. Successful R&D efforts led to a return
to revenue growth in 2020, and strong revenues coupled with
conservative budgeting generated substantial free cash flow. These
contributed to our strong financial condition, including $3.0
billion in cash, cash equivalents, and marketable securities as of
December 31, 2020 ($2.2 billion net of $800 million in
execution led to a significant rebound in our stock price. During
2020, our stock price grew by 72%, outperforming the 26% return
generated by the Nasdaq Biotechnology Index.
WHERE ARE WE HEADING?
to the already-launched label expansion for Tyvaso in PH-ILD and
the Remunity Pump for Remodulin, both in 2021, we are striving
toward additional potential product approvals/launches such as
Tyvaso DPI™ and the Implantable System for Remodulin.
to continue to grow revenue from our treprostinil-based therapies
through label expansions, new indications, new formulations, and
the introduction of new delivery devices. We are also working on a
number of entirely new therapies to treat PAH and other rare
diseases that we hope to launch over the next several years.
Longer-term, we have set the ambitious goal of solving the acute
shortage of transplantable organs through our innovative organ
manufacturing programs, including ex-vivo lung perfusion,
xenotransplantation, regenerative medicine, and organ
conservative balance sheet not only places our company in a very
strong position to weather successfully the continued economic
effects of the pandemic, but also gives us strategic flexibility to
continue to seek out and drive down "corridors of indifference" to
help patients with PAH and other orphan lung diseases in
started the process, which we hope our shareholders will approve
later in 2021, to amend our charter to become a Delaware public
benefit corporation, which is already the legal status of our
subsidiary Lung Biotechnology PBC. We believe this step will align
our charter with our existing values and operating