Q4 2022 United Therapeutics Corp Earnings Call
Yeah.
Okay.
[music].
Good morning, and welcome to the United Therapeutics Corporation fourth quarter and full year 2022 earnings webcast. My name is Devin and I will be your conference operator today, all participants on the call portion of this webcast are in a listen only mode until the question and answer session.
<unk> of this call.
If you would like to ask a question. During this time press Star then the number one on your telephone keypad and if you would like to withdraw your question simply press Star then the number one on your telephone keypad.
I will now turn the webcast over to Dewey Steadman head of Investor Relations at United Therapeutics.
Thanks, Devin and good morning, and it's my pleasure to welcome you to the United Therapeutics Corporation fourth quarter and full year 2022 earnings webcast. Our company on today's webcast our Dr. Martine Rothblatt, our chairperson and Chief Executive Officer.
Michael <unk>, our President and Chief operating Officer, James <unk>, Our Chief Financial Officer, and Treasurer, Pat <unk>, Our executive Vice President of technical operations and Dr. Leigh Peterson, our senior Vice President of product development.
Remarks today will include forward looking statements, representing our expectations or beliefs regarding future events. These statements involve risks and uncertainties that may cause actual results to differ materially.
Our latest SEC filings, including forms 10-K, and 10-Q contain additional information on these risks and uncertainties.
We assume no obligation to update these forward looking statements. Today's remarks may also discuss the progress and results of clinical trials or other developments with respect to our products. These remarks are intended solely to educate investors and are not intended to serve as the basis for medical decision, making.
Yeah.
Or to suggest that any products are safe and effective for any unapproved or investigational use.
Full prescribing information for the products are available on our website.
And United Therapeutics executives or participate in three investor conferences in March.
Michael <unk> will participate in a fireside chat at the Cowen Healthcare conference on Tuesday March seven Dr. Martine Rothblatt will participate in a fireside chat at the Oppenheimer Healthcare conference on Monday March 13th and our Chief Medical Officer Gil Golden will participate in the Jpmorgan Napa Valley biotech form on Tuesday March 21.
Now I'll turn the call over to Dr. Rothblatt for an overview of the fourth quarter and full year 2022 financial results and business activities of United Therapeutics Dr. Rothblatt.
Thank you Julie and good morning, everyone.
I feel very excited to lead this call because we have so much positive news to report about 2022.
In fact I.
Reflecting back on the past few years. This is actually the best year, United Therapeutics has ever had and it.
Augers even.
More I think.
Positive leave for what we're going to see coming up in 2023, 2024 and 2025.
We hit a few highlights first.
2022 was our highest revenue year ever.
Second <unk>.
2022, what's our most profitable year.
However.
Third 2022 was our highest operational cash flow year.
Ever.
And fourth we ended 2022 with more patients on our trip profitable medicines than ever before.
I think you have to agree with me that these are fantastic results.
And now I'd like to give a few indications of why I think that.
As great. As these results are they are not laurels for us to rest upon but instead, a launching pad for yet greater results in 2023, 2024 and 2025.
In fact, the patient uptake of our new Taipei. So DPI medicine has been so rapid that we can project a doubling of our revenues by 2025.
This doubling of revenues is helped by the unique nature of each of our medicines, including <unk>. So DPI.
For example, Taipei. So DPI is the only inhaled for profitable product that enables deep lung penetration via a high resistance low flow device.
Another example of our modular product is the only parenteral prostacyclin delivered by the small easy Super accurate immunity device.
The differentiated aspects of our modulus has allowed us revenues to remain steady at about a half a billion dollars a year for the past three years running.
Yeah.
<unk> product is also very unique because it is the only titratable oral prostacyclin product.
We currently expect its third of $1 billion a year revenue to continue growing as physicians become aware of the results of our recently released expedite study.
That study showed <unk> patients can be switched directly to a rent a tram.
And the rent a tremble soon be joined by new products from our pipeline.
In the field of pulmonary arterial hypertension.
Expect to complete our phase III trials of <unk> by 2025.
That will enable the first once daily dosing of a prostacyclin pill in the pulmonary hypertension field.
In the field of pulmonary fibrosis, we expect to complete our phase III trials of <unk>, So by 2025 as well.
That will we hope Creek, the first disease modifying treatment for pulmonary fibrosis, a true landmark in the field.
And then in the area of transplantation, we hope to commence clinical trials of manufactured organs within the next few years that would be a major contribution to endings. So many deaths on the organ transplant list and unfortunately, even more deaths from end stage organ disease.
After the transplant list.
In summary, our business, our patient counts, our pipeline is growing longer and faster than ever before.
2020 to Mark the continuation of that growth factor into 2023.
We have achieved a very nice balance of growth and strength.
We intend to continue building on this platform in the years to come to.
To provide now some additional very median I think extra.
Extremely exciting details of how we are continuing to build on this platform I'd like to introduce our president and Chief operating officer, Michael banker with Mike.
Thanks, Mark and good morning, everyone from a commercial standpoint, as our team 2022 was a phenomenal year for US we're extremely pleased with the progress of the highway. So DPI launch as referrals starts inactive patients for both highway so anti based on epi.
Are among the best that we've seen to date.
We were also very excited to achieve our goal of doubling the number of <unk> patients following the ph ILD approval in early 2021.
This was a goal that unit's areas across the organization rallied around and supported so we're really proud and appreciative of everyone's hard work over the last couple of years to help us reach this milestone.
Importantly, reaching this goal reinforces to us the impact that <unk> DPI are having not only in helping patients with ph ILD treat this serious progressive disease for which there are no other available options, but also the impact of ACO DPA DPI will have in ph with.
With a simple convenience of a small inhaler that fits in the palm of the patient's hand, and an elegant ease of use following the simple mantra of open load and hail, we believe <unk> will meaningfully expand the use of inhaled <unk> in both indications.
<unk> inhaler device developed by our partner Mannkind is able to efficiently deliver <unk> deep into the lung and one breaths per cartridge using less active ingredient to nebulize reference the convenience and efficacy of our epi device, coupled with tight acos known Tolerability profile.
Has us well positioned to expand our reach in ph ILD and to move the use of Coprostanol therapies like <unk>, even earlier than IP receptor agonist like <unk>.
We're seeing this play out with our prescribers as evidenced by several positive trends since the ph ILD launch we've increased the total number of <unk> prescribers by about 70% in.
<unk> increased by almost 60% the number of prescribers with three or more patients in their practice. This last point is an internal marker we look at to gauge product support.
We have found that once a physician has at least three patients on one of our products. They tend to become what we call supporters and start using the product much more frequently and regularly.
We're also making headway with traditionally loyal <unk> prescribers of the top 100, <unk> prescribers, 70% have now written <unk> ACO DPI and 50% of those have written fiber more prescriptions.
From a revenue standpoint, we're very pleased with how the quarter and the year wrapped up for <unk>, but there are a few key points I want to highlight.
First and most relevant to the fourth quarter of 2022 is that we're still in a launch mode for <unk> epi.
And even for the ph ILD indication for that matter.
As such our specialty pharmacy distributors are still right sizing product orders.
Just on estimated underlying patient demand both in total and between tie based on annualized anti based DPI.
Therefore, our distributor distributors replacement orders more frequently than there once or twice a month historical cadence and these new ordering patterns did impact the timing and size of product orders unless our product revenues during the quarter.
Second we're also building Taipei, so DPI inventory as we're launching a product. So our distributors are not yet able to order sufficient product to reach contractual inventory levels per their usual practice.
We expect over the next several quarters. These two factors will normalize and our specialty pharmacy distributors will shift back to a more historical type cadence of product orders.
For these reasons and the usual usual historical seasonality to our business that we have discussed on prior calls we think annual revenue trends are a better lens through which to view and evaluate our business.
The last thing I want to touch on with today, So as our patient assistance program or Pat patient.
Patient utilization of our program of our Pap program franchises with Epi, which is covered under Medicare part D and has high patient co pays has been higher than anticipated, including by many ph ILD patients who were on an annualized <unk> and <unk> last year and have since transitioned to DPI.
We anticipate that this will be a short term phenomenon and that many of these patients will be covered under their Medicare part D plan, starting in 2024 and continuing into 2025 once changes to the part D provisions of the inflation reduction began to go into effect.
Turning to our rental SRAM, we see continued momentum for our <unk> as we ended the fourth quarter with the highest number of patients on therapy such as launch. We're also excited about the recent topline expedite data. We press released in October of last year that demonstrated that prostacyclin induction with remodeling can lead to double the average of Renner <unk> dose.
<unk> when patients shift to oral therapy compared to patients who do not have a remodeling induction.
Following up on this topline data we plan to present additional details on expedite at scientific meetings. This year, along with a peer reviewed manuscript detailing the study in the second quarter.
And finally, we continue to be pleased with the performance of our module and in the U S. As the fourth quarter was one of our highest referral quarters ever.
There are immunity for remodeling is gaining momentum with approximately one third of subcutaneous patients now on her immunity.
Especially as as <unk> is the only sub Q comp widely available for any patients <unk> therapy.
So to wrap up after reaching our goal of doubling the number of <unk> patients were confident in our ability to double our annual revenue are double our annual revenue run rate for approximately 2 billion today to $4 billion by the end of 2025, we expect continued <unk> uptake in both ph in ph ILD to drive.
Most of our near term revenue growth supplemented by our rental term growth through the expedite protocol and other research and supported by continued remarks on resilience with that I'll turn the call back over to Martine.
Michael Thank you so much.
Providing that wealth of detailed information supporting this great growth sector, we have going here from 2022 into 2023, 24, 25, operator feel free to open up the lines to any questions now.
At this time I would like to remind everyone in order to ask a question press star one on your telephone keypad.
Our first question comes from Jessica Fye with Jpmorgan.
Okay.
Great. Good morning, Thanks for taking my questions.
I have two if that's okay. First can you provide some of the assumptions specifically around Toby Televisa DPI.
Underpinning your target to roughly double your revenue run rate.
Overall company by the end of 2025, and then second just following up on Michaels comments and prepared remarks.
I was hoping you could elaborate a little bit more on that comment about the utilization of the Pap program for DPI being higher than anticipated.
Lung ph ILD patients, who transitioned to TPI is that to say that because of the higher out of pocket in part D. In the short term that they're receiving free drug and how should we reconcile that with I think what was anticipated to be a bit of a tailwind in 2023 from Pat patients transitioning onto reimbursed product.
This year. Thank you.
Yes, Thank you, Jeff and good morning, good to hear your voice.
Generally we tried to like limit of one question per questioner because theres. So many people in queue, but because your two questions are in a sense kind of like a tag team question one.
And the next Mike I'll kind of task if you can handle both questions.
Okay.
Yes so.
Yes, just to your first question around the assumption that the underlying assumptions for our confidence in the growth.
So in both ph in ph ILD.
As in some ways it.
It's a little bit of a mask.
Kind of a math exercise, but also just I think the I think.
Just the excitement and enthusiasm we're seeing our DPI. So if you think about.
And the PAA to the group, one who group one market there is about I mean, roughly 50000 patients.
In the U S.
<unk> with PIH.
Still and shockingly and sadly.
It's probably only about I would say about 30% to 35% of those patients are on a prostacyclin.
And there's a lot of reasons for that and a lot of it comes down to the fact that the.
The delivery mechanisms for prostacyclin.
Are they are not terribly.
Convenient, but I think that that is changing with <unk>.
We feel very confident that we will be able to with.
With the convenience of the DPI inhaler to be able to expand the use of prostacyclin.
And the ph market.
Meaningfully so I think we feel like even though it's a crowded market even though.
<unk> been out there, we still think that Theres a lot of opportunity within the who group one market to grow the use of prostacyclin, particularly today. So and then a similar story, but maybe a little bit easier on the ph ILD sides. Because there you have a market that's conservatively conservatively 30000 patients with no other approved therapy and so we have roughly tapped into about 10.
Of that over the last couple of years and we think we have another the other 90%.
Available to us so we still feel like we have a lot of runway there to grow.
To grow with <unk> and again I think just with convenience of DPI is considering making it easier for doctors.
Prescribed that drug for those patients that have ph ILD.
And then shifting to your second point on.
Pap. So so yes. So the issue is that we had patient and.
Ph ILD patients on Medicare and our Pap program for 2021 2022.
Expected a lot of those to rollover starting in 2023 and a lot of US have started to rollover in 2023, it's not as high as it is not as high the number that are rolled over it's not as high as we expected for a couple of reasons one is.
I think at the end of the third quarter I think we reported that there were about 700 ish patients.
And the Pap program, so some of those discontinued which we expected.
Some of those even after becoming eligible even with the CMS coverage still qualified FERC for Pap and so they stayed in path and then as I said in my prepared remarks.
We did have.
A number of patients that transitioned to DPI between the end of the third quarter and the beginning of the first quarter and so with the higher co pays and part D.
We are then eligible to remain in path. So I think we still had about.
Half slightly more than half of those patients.
Convert over I think they are still there are kind of working through the system.
It's a little bit less than we were expecting and I think when we were when we had the call in the third quarter.
Thanks, Mike.
Dancers on Caf one.
Additional shade of color.
Add on top of Mike's remarks, with regard to your question as to what kind of platform.
Parameters can I provide.
To provide greater assurance about the doubling of revenues by the end of 'twenty five.
The uptake of Taipei, So GPI has been dramatic and as.
Mike mentioned he provided some metrics for example, the very high number of <unk> prescribers, who have not previously prescribed.
<unk> now prescribing I think so DPI.
So when we achieve the doubling of our patients.
Tavy, so over a period of just <unk>.
18 months.
Can't really overemphasize, what an important metric that is.
To give you kind of a high base.
<unk> was approved 10 years ago.
So it took quite 10 years to get up to a certain level of patient penetration for this drug and then in under two years doubles.
That's it's an unmistakable sign in addition to the steps that Mike shared with you.
This product is going to penetrate very very rapidly.
Now, while one might think.
And in areas, such as ph group III.
Which has been penetrated by no pulmonary hypertension medicine like Oh. These are all just like people dying of thirst and just kind of just.
Slop up this new medicine right away.
Reality in a disease like pulmonary hypertension is that it just doesn't happen like that instead its a very.
Kind of blocking and tackling exercise.
Physician by physician Center by Center.
Working through all of the rig moroz of talking to the right payers and getting the payers to understand the right procedures and going through all the procedures and the preapproval.
Diagnoses requirements, the catheters patients and all of these things so while we did create like special teams focused on ph group III before we launched.
And to that indication.
In the field of pulmonary hypertension, one year of.
Of kind of preparation is sort of like nothing compared to how much activity is needed to build a bulk of patients.
<unk> now.
One year is more than two years behind us. We've now had a year of actual practice. Okay. You can actually put these patients on medicine as Mike referred to the the payer.
Payer aspects, especially with regard to Medicare, we're just very very recently.
Resolved favorably.
Our direction.
And so.
The U S tissue.
Have to like first half not just one year and not just like there wasn't like a waiting bolus of patients in group III just waiting.
<unk> launch you have to develop this market and <unk>.
<unk> kind of till the soil for a number of years, we've now done that.
And we are experienced in those clinics and this reason why we think out of those 30000.
Please stay tuned.
None of whom have been touched by pulmonary hypertension treatment that we can rapidly grow our numbers of patients at the same rate that we've been growing for the past year with this doubling up the number of patients on <unk> and thereby reached the number of total coprostanol pace.
<unk>.
Something that would be in the 20000 that would correlate when you multiply that times the reimbursement per patient to the $4 billion per year and of course, it's in the it's important in addition to this not to be losing revenue from modular or <unk>, but not only are we not losing <unk>.
Avenue.
Solidifying our hold on the modular revenues as Mike referred to the very rapid penetration vector immunity pump has made and were growing our revenues in remodel in our revenue trend as a result of the expedite study that Mike described so we feel we feel that doubling revenues.
Three years is really a very doable too.
Thanks, Jeff Operator next question please.
Our next question comes from Terence Flynn with Morgan Stanley .
Hi, Good morning. This is Justin Phillips on for Terence just one question from me I was wondering if you could provide any details today on the <unk> trends for January and February . Thank you.
Sure Mike would you like to take that.
Sure I am not going to get into too much detail in terms of preview in the quarter I mean, I think what I can tell you is.
And really I've got.
About a month of data behind us, but I can tell you that.
The trends in terms of referrals thats, what we call prescriptions for.
For <unk> in January are.
Very strong.
Got it.
Like record level four for January so and at least what I'm seeing through kind of.
There's a lag on our February data, but February is continuing in that so I think.
Again, I think we're we're really pleased.
To Echo what <unk> said I think we're really pleased with the uptake.
So.
Generally and specifically with with CPI.
Thank you Mike.
Nice to hear you know record January referrals after a record year Fantastic next question. Please.
Our next question comes from our Taj Singh with Oppenheimer <unk> company.
Yes.
Okay.
Great. Thank you and good morning, everyone, Hey, just a quick question on slightly different topic.
With your plan to to potentially double revenues by 2025, you've still got the <unk> IPF phase III trial reading out around then which are positive martine.
Another nice little.
Run way there could you maybe just go over remind US again it goes on the call.
The data behind that.
Certainty around that project and then just some basic sizing up the market. Thank you.
Sure Dr thing.
So happy to hear your voice this morning, and thank you for asking a science question. We love those questions first of all we have on our call Dr. Leigh Peterson and she is our chief scientist.
For the program.
And she is also running the Teton clinical trials people often wonder why they are named Teton and it's because Dr. Peterson is from Wyoming. So it makes perfect sense and.
Lee if you could provide heart pause with some of the scientific.
Reasons, why we feel very confident that.
The phase III trials of <unk>.
<unk> and IPF are rightly sized and that the endpoints are rightfully chosen.
Okay.
Yes, Sir thank you.
The question.
As you know from the result of our increased study.
We had an exploratory endpoint, which was forced vital capacity.
And that was really.
Ph ILD population it was really a safety assessments.
Study, but it turned out we actually saw an improvement of that endpoint.
In patients on <unk>, though.
And so relative to placebo.
And so.
Between the results of this study increase in ph ILD patients as well as as it can.
Quite a few quite a bit of evidence.
In the literature.
In vitro and non clinical studies.
So it.
It does have an impact on fibrosis.
It's very reasonable that.
We would be able to have a positive impact.
The impact and in IPF population.
And so using the.
The statistics and the B.
Yeah.
Treatment effect that we saw an increase in specifically IPF patient.
<unk> able to do San Francis calculations.
In order to predict that we would have a successful study.
With sufficient value to to get approval and.
Actually doing two studies one two ton one study in the U S.
In Canada, as well as pecan too.
And.
Outside of <unk> in Canada in order to an internal studies about 400 patients.
Almost 400 patients.
And enrollment is going well as expected and as Martin.
And we expect to read out in and around the 2025 timeframe both of our steady state. They both have an SBC endpoint again same as what we saw a positive increase and.
We have a year long follow up period. We've also had some published results of the increase.
Remember that.
Randomized part of the study and increase was 16 weeks continues.
Continue to follow patients.
Those patients in an <unk>.
A long term open label extension study and so we've been collecting long term efficacy data as well.
Which looks promising and also.
Given this confidence.
I think the two studies will be successful but to be determined in 2025 timeframe.
Well thank you so much.
Just want to Toot your horn just for a moment to the one hundreds of people on the call that there was similar skepticism as to whether or not <unk> could work in.
In group III patients and you proved that it could and I believe your results were published in the New England Journal of Medicine. So congratulations again next caller. Please.
They were.
Yeah.
Our next question comes from Ash Verma with UBS.
Hi, Good morning. Thank you for taking my question, how long until what time, they so well that any inventory buildup and CQ <unk> binding down mostly in <unk>.
Do you think in medallion is still not an elevated level. During Q I think you mentioned that the specialty distributors are still prioritizing the auditors.
Thank you ash. Thank you for that question I'll. Fortunately, we have our chief financial officer on the phone James edge month, and James If you could perhaps help ash with the inventory question.
Yes, Thank you Martin and good morning Ash. Thank you for your question I think there's kind of two ways.
Ways to answer one is Michael address and talked about the <unk> ACO.
<unk> ACO DPI.
Ordering patterns in his prepared remarks, and I think if you look at <unk> as part of the answer the other products.
There was no unusual ordering or inventory activity and our specialty pharmaceutical distributors.
We're in line with their contractual requirement on inventory. So hopefully that provides you insight in terms of your question.
This morning, so thank you and back to you Marty.
Thank you James Operator next question please.
Our next question comes from Joseph Thome with Cowen <unk> Company.
Hi, there good morning, and thank you for taking my question.
We're going to be seeing the full marks with phase III data at ACC.
Dave.
I'm just curious how you see a potential features that counterpart launch impacting BPH market broadly.
And maybe how this is reflected in that 2025 revenue run rate guidance.
Thank you.
Yeah. Thanks for the question. So it's really like a super speculative to provide any kind of a meaningful answer to the question because we don't know what the regulatory timeframe is going to be for <unk>.
So it's all but it's all but impossible to give you any kind of.
Accurate sense I will say that our revenue forecast is agnostic with regard to weather.
Whether or not said, how receptive is approved or not in other words, we will.
We remain confident about achieving the doubling of our revenues by 2025 without regard to its launch.
It's a very.
Large and diversely treated patient population.
Changes in treatment patterns are.
Relatively slow and cautious.
Especially other.
Other than frontline treatments such as like.
Yeah.
<unk>, our PDE five's.
So he is very very skeptical that you would see an impact of <unk>.
<unk>.
<unk>.
United Therapeutics revenue profile or.
Product uptake across the board whether it's for.
We're module in Taipei, so typing, so DPI or run the tram.
More broadly.
Experience has been.
When new agents have been introduced into the market. It has grown the market for all of the <unk>.
Existing patients, it's kind of like a market growth.
Good thing you solve this with for example.
Back in the day, when we launched <unk>.
<unk>.
And changes precursor.
<unk> launched <unk>.
<unk>.
T D.
Profitable revenues did not shrink the impacts a group.
And then later on when PD fives were introduced.
The market for <unk>, and <unk> did not shrink and Hackett group grew quite a bit.
And this has been just a continuous process and this harkens back to the the landmark number that you should keep in your mind that Michael Baker.
And in his remarks was 55.
<unk> five zero thousand that's the number of patients prescribed diagnosed with pulmonary hypertension and all of these drugs have just scratched the surface of.
Being able to really treat the patient can get them back to New York Heart Association functional class, one or even functional class II level.
So there is there is so much robust room for growth and improvement in pulmonary hypertension.
We at United Therapeutics, Welcome any new agent that can help the health of the.
The pulmonary hypertension patient population and by the way all of that is with respect to function.
<unk> group, one pulmonary hypertension. So everything I've. Just said then you've got this other huge pool that Dr. Peterson opened up with her new England Journal article.
<unk> group 330003 zero.
<unk> patients.
Which the only approved treatment right now is our Taipei, so drug and I.
I think so <unk>.
I would love to see another good drug to help people with pulmonary hypertension I don't think its going to have any effect on our revenue growth.
Next question, operator, and we'll have to cut it after that due to coming to the end of time.
Our final question comes from Andreas <unk> with Wedbush Securities.
Hey, good morning, Thanks for taking my question and congrats on a great year, just a quick one here on <unk> ACO DPI or are you still seeing more rapid uptick in new patients versus transition and what is the split between new and transition patients. Thanks.
Very good question. Thank you for the congratulations Mike can you give us our final answer on the call.
Sure Yes.
I think I.
I have to go back and look I havent looked at it.
I had a couple of weeks, but I think it's still weighted toward.
Sure.
New patients.
In terms of DPI transitions are coming it's just as I think I said on the last call I think what what physicians are doing is or waiting until patients come in for their regular checkups, so theyre kind of comment.
They are coming out of that at a healthy clip healthier than what we were seeing.
That will continue.
The course of the year, so I fully expect that pie.
At the end of the year.
Those patients that want to transition to a DPI will transition to <unk>. So it's certainly a california emphasis for our sales team.
Certainly as I said it certainly.
The physicians are aware of it and as those patients come in and data side that the patients eligible to transition they'll they'll move them over.
Thank you might think well wrap up the call. We are tremendously excited about 2022 is the year that we hit our $2 billion revenue run rate that has been our goal or.
Really much in the past.
Past several years and we are even more jobs and more pumped by the fact that the $2 billion level makes it very clear to us that $4 billion is achievable with all of the products that we are currently.
Marketing and.
And explaining to physicians.
Scientific and medical benefits of and then beyond that as heart pause.
<unk> and his question we have a whole another.
Through a pipe of products coming out of our phase III pipeline.
Particularly a whole new disease indication pulmonary fibrosis, and then on top of that our best in class treatment for pulmonary hypertension, which would be <unk>.
2022 was amazing.
Huge kudos to everybody on the team for achieving our 2023 is looking even better and with that operator, you can close out the call.
Thank you for participating in today's United Therapeutics Corporation earnings webcast, a rebroadcast of this webcast will be available for one week by visiting the events and presentations section of the United Therapeutics Investor Relations website.
<unk> dot.
And I th.
<unk> Dot com.
Have a good day.
Yes.