Q1 2025 United Therapeutics Corp Earnings Call
Good morning, and welcome to the United Therapeutics Corporation first quarter 2025 corporate update.
My name is David and that will be your conference operator today.
All participants on the call portion of this webcast will be in listen only mode until the question and answer portion of this earnings call.
If you would like to ask a question during that time simply press Star then the number one on your telephone keypad.
If you would like to withdraw your question simply press Star then two on your telephone keypad.
Please note this call is being recorded.
I would now like to turn the webcast over to Dewey Steadman head of Investor Relations at United Therapeutics. Please go ahead.
Speaker Change: Thank you Gordon Darwin and good morning, It's my pleasure to welcome you to the United Therapeutics Corporation first quarter 2025, corporate update webcast 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.
Speaker Change: Materially our latest SEC filings, including forms 10-K, and 10-Q contain additional information on these risks and uncertainties and we assume no obligation to update these forward looking statements.
Speaker Change: Today's remarks may 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 or.
Speaker Change: Just that any products are safe and effective for any unapproved or investigational uses.
Speaker Change: Full prescribing information for the for those products are available on our website.
Michael Baker: Accompanying me on today's call are Dr. Martine Rothblatt, our chairperson and Chief Executive Officer, Michael Baker, Our President and Chief Operating Officer, James <unk>, Our Chief Financial Officer, and Treasurer, Dr. Leigh Peterson, our executive Vice President of product development, Encino transplantation, and Pat points on our executive Vice President of technical operations.
Michael Baker: Our scientific commercial and medical Affairs team will present at the American Thoracic Society International Conference in San Francisco from May 16th to the 21st.
Michael Baker: And now I will turn the webcast over for Martine I for an overview of our development pipeline and business activities.
Martine I: Thank you Julie and good morning, everyone, we have slides available for reference.
Martine I: I encourage you to review those at your leisure, However, Mike and I will not speak directly to the slides.
Speaker Change: How often cannot C E O report to their investors and stakeholders.
Martine I: Had a record revenue quarter.
Martine I: For United Therapeutics. It has been nine quarters past 12 and reflect on the strong execution of our law.
Martine I: Long term vision to be a biotech leader, it's a relentless drive to deliver to patients with rare and underserved diseases, a broad array of solutions to help them improve their lives.
Martine I: Our solid foundation.
Speaker Change: Thai based so they ran a tram modular and unit toxin continues to grow revenue by double digits now for 11 quarters in a row.
Speaker Change: We expect this momentum to continue led by high base, though and tie VSO D. P. I with continued solid performance.
Speaker Change: Other commercial products.
Speaker Change: Moving to our innovation and Revolution waves, we believe our record revenue performance can continue for the foreseeable future as we have entered a sustained period of clinical and regulatory events.
Speaker Change: As to propel our business forward, we continue to grow our pipeline with five registration phase studies underway, a pending marketing application with the FDA and several new preclinical candidates, including threes, even in a war against it should be ready for Clint.
Speaker Change: Called trials within a year.
Speaker Change: We also have other exciting innovations we will share later that we expect will keep our project portfolio innovating for years to come.
Speaker Change: We're planning for the first transplant.
Speaker Change: Kidney clinical study, which we're calling the expand study in the middle of this year. This will be followed by investigational new drug applications for the extend study evaluating the use of mimo kidney and the express study evaluating the you Hart.
Speaker Change: So those DS are expected to be submitted within the next year.
Speaker Change: We recently received positive feedback from the FDA on our youth I'm old kidney program that gives us confidence to file <unk> for both the youth I'm old kidney and you heart without conducting additional baboon clinical studies.
Speaker Change: Well it makes United Therapeutics. Unlike any other biotech is that we've been able to accomplish its massive business grow and unparalleled pipeline productivity, while maintaining strict financial discipline.
Speaker Change: We never spend more than 50% of prior year revenue on cash operating expenses and as a result, we have an industry leading productivity per employee.
Speaker Change: More than $1 billion in annual operating cash flow.
Speaker Change: Yeah, we're deploying our capital thoughtfully and strategically to provide for a sustainable business in the years to come in the past six quarters, we have touched on all three areas of our capital allocation philosophy across both our commercial and development.
Speaker Change: Folios, we've invested in Capex to support our new high Bay. So D. P. I manufacturing facility and acquired additional real estate to support future commercial manufacturing needs. We also commissioned the world's first clinical scale designated pathogen free facility in Virginia.
Speaker Change: Yeah and plan to complete two others in short order.
Speaker Change: On corporate development, we acquired I, Veeva and Bureau matrix to enhance our Oregon alternative development expertise and we've licensed in new technologies to support our small molecule business.
Speaker Change: And with all this we still returned $1 billion to you our shareholders through an accelerated share repurchase program last year. It was universally well received.
Speaker Change: We'll continue to evaluate all three core areas of our capital allocation philosophy on an ongoing basis, and we plan to pursue multiple avenues of capital allocation in the future.
Speaker Change: Our commercial business is extremely strong and growing that along with five registration studies underway. Several important data reads in the next 18 months.
Speaker Change: The revolutionary progress on Revolutionary, Oregon programs makes United Therapeutics, a truly unique and compelling story and I. Thank you our stakeholders and shareholders for joining us on this journey, we're only just beginning.
Mike: And with that I'll now turn the call over to our President Mike <unk>, who will give an overview of our spectacular commercial performance for the quarter Mike.
Mike: Thank you Martina and good morning, everyone.
Mike: Today, we are pleased to report a strong start to the year with another quarter of record revenue at $794 million, representing 17% growth from the first quarter of 2024, driven by robust results for each of our cross sell products.
Mike: This quarter's performance is reflective of consistent patient demand, where we continue to see very strong referrals starts and patient shipments for all of our cross sell products today. So both DPI nebulizer, a runner tram and remodeling as well as unit toxin.
Mike: We continue to see growth in the number of cross all prescribers and increases in the depth of prescribing within practices as measured by writers with three or more patients overall.
Mike: Overall, we believe these results demonstrate that.
Mike: <unk> continues to be an important part of the treatment armamentarium for pulmonary hypertension, even with new therapies, reaching the market.
Mike: Building on our team's comments, we remain confident that <unk> D. P. I is principally mission for sustained growth over the long term due to the convenience of the device, it's unlimited dosing potential the thousands of prescribers and many many thousands of patients experience with the product since launch.
Mike: Well as the fact that there are no payer incentives to preferred alternative product.
Mike: Moreover, if positive the Teton data in idiopathic pulmonary fibrosis, which is expected soon could shift high they show us into a much larger market, we will have orphan drug exclusivity and rapidly position <unk> for continued long term growth.
Mike: To wrap up we couldn't be prouder of the unwavering effort of our dedicated team to deliver this outstanding performance at <unk>.
Mike: <unk> therapies to our patients in need and we believe that we are set up well to continue to execute throughout the remainder of the year and beyond.
Mike: With that I'll turn things back to our team to run the Q&A session.
Speaker Change: Thank you so much Mike that's an amazing report operator can we have the first caller. Please.
Mike: Sure.
Speaker Change: We will now begin the question and answer session to ask a question you May Press Star then one on your telephone keypad.
Speaker Change: If youre using a speakerphone please pick up your handset before pressing the keys.
Speaker Change: At any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.
Speaker Change: At this time, we will pause momentarily to assemble our roster.
Speaker Change: The first question comes from Joseph Thome with T D. Kevin. Please go ahead.
Joseph Thome: Hi, there good morning, congrats on the quarter and thank you for taking my question, maybe will be you Simon kidney program enroll the same target population is the 10 gene kidney program and we saw the great progress obviously with with MS. Loonie, but then I did see that you didn't have to be X planted. So maybe if you could talk a little bit about what you learned from that experience and how you might apply that to the.
Speaker Change: Cutting trial that'd be great. Thank you sure. Thank you for your question, Joe and thank you for the congrats I'm going to I find that question to Dr. Leigh Peterson she's in charge of all of our Xenial transplantation activity Dr. Peterson.
Leigh Peterson: Yeah, Hi.
Speaker Change: Hum well, what we Havent completed our clinical protocol or are you sign on Clinton.
Speaker Change: But yes, we do plan on enrolling a very similar if not identical patient population into that study.
Speaker Change: But what we're enrolling into the tenzing.
Speaker Change: Kidney study.
Speaker Change: And yeah, we we learned an incredible amount, we're very very grateful for mis mis alone.
Speaker Change: Participation.
Speaker Change: <unk> conducted by in my view and we learned a lot we learned.
Speaker Change: A little bit more about tweaking, the immuno suppression, which is a little bit different than than what commonly done in allo transplantation.
Speaker Change: And and we're looking forward to acquiring all of the learnings with.
Speaker Change: With regard to the immuno suppression and and follow up that we learned with her so again really really grateful.
Speaker Change: We consider it definitely hum.
Speaker Change: Hey positive experience and its.
Speaker Change: It's unfortunate that she did have seen them.
Speaker Change: Are they unrelated infection and that required us to have to reduce the amount of immuno suppression.
Speaker Change: She was on glitch, which ultimately resulted in rejection, but again it was an unrelated infection.
Speaker Change: So learning how to manage manage that.
Speaker Change: Without having to redo the immuno suppression quite as much it is going to be key in this study.
Thank you so much Dr. Peterson for all of that great color on the progress that we're making both with the 10 gene kidney and with the final kidney in the air.
Speaker Change: And as we are now referring to the trials has the expand trial for the Tianjin kidney, which is now enrolling. Thank you very much operator, we're ready for the next question.
Speaker Change: Our next question is from Jessica Fye with JP Morgan. Please go ahead.
Jessica Fye: Hey, guys. Good morning, Congrats on the strong quarter I was wondering if you could elaborate for tavy. So on kind of the magnitude of year over year contribution to sales from the continued implementation of the part D. Redesign I think you guys had previously said that was kind of mostly realized in 'twenty four or so I'm, just curious the extent to which you're seeing.
Jessica Fye: That benefit again this year as the out of pocket cap is further reduced.
Speaker Change: Well. Thank you so much for that question. So nice to hear your voice this morning.
Speaker Change: Yeah. It's okay with you I think the best person to address that question would be Michael banquets, Mike.
Speaker Change: Thanks, Martijn. Thanks, Josh for the question, Yes, I think I think if you're looking year over year. So Q1 of this year to Q1 last year I mean, there's obviously a benefit right and I think we've talked about for the last quarter. So we saw a step down in Q1 last year continue to kind of step down into Q2, and Q3, and then kind of flattened out over the.
Speaker Change: The balance of the year, if I look at Q1 versus Q4.
Speaker Change:
Speaker Change: I would say, it's like a modest benefit but then I think you also have to kind of counter or on the flip side of that is with the manufacturers.
Speaker Change: Manufacturers, having to start to pick up part of the catastrophic on the backend of the part D. Redesign you know we had some obligations. There obviously was a less because we have the phase and so I think.
Speaker Change: And I haven't looked at the math to see if those exactly cancel each other out but I think by and large they probably do so I think you know any any benefit is really I think very very modest when looking at the results this quarter.
Speaker Change: Great Great answer Mike wholly nailed it and that keeps us up for our next questioner operator, you can open up the line.
Speaker Change: Yes, we have Roanna Ruiz with Leerink partners with the next question. Please go ahead.
Roanna Ruiz: Great Good morning, everyone.
Roanna Ruiz: So I was going to ask about Televisa D. P. I revenue growth specifically in one queue could you help us understand just the general split of prescriber and patient demand driving growth versus a little bit of price increase and are there any gross to net impacts that we should think about for the product and once you are going forward.
Michael Baker: Yeah. Thanks for all the Michael again would be totally on top of all of those numbers. So Mike can you take that call.
Michael Baker: Sure Yeah, So I think in terms of split between.
Speaker Change: I D.
Michael Baker: D P I N nebulizer.
Michael Baker: You know, it's it's settled in at about two thirds one thirds in terms of new patient starts are we havent really seen much variability from that are really for.
Michael Baker: Several quarters now so I think that you know that.
Michael Baker: That mix persists.
Michael Baker: And.
Michael Baker: Greg that we have both options right because we are starting.
Michael Baker: Just after the patients tolerate and annualized are better than they do a powder and so we have an option for both patients. So that's I think.
Michael Baker: Got really really great that we're able to provide those options.
Michael Baker: To the patients we did we did do a price increase at the beginning of the year on both products.
Michael Baker: Get them out for both and in line with what we typically have done in the past.
Michael Baker: And then on the gross to net question as we said on the call. A couple months ago, you know that largely played out in the fourth quarter, but for the additional I think that's 1% obligation we have under the part D redesign of the highway that I mentioned in the answer to Justin's question really.
Michael Baker: Really no additional impact there that we observed in Q1.
Speaker Change: Perfect. Thank you so much Michael operator next question.
Speaker Change: Certainly we have Andreas how did your rights with Oppenheimer with the next question. Please go ahead.
Andreas: Good morning, and thanks for taking our question. Let me also extend my congrats on the quarter here.
Speaker Change: And you alluded to capital allocation considerations in your opening remarks, and I think last time, we love streams out of the earnings call. So I wanted to make sure you get the question here.
Andreas: But.
Andreas: You know a successful share repurchase.
Andreas: Repurchase.
Andreas: Taking place last year, yes.
$7 billion in cash are there are a lot of things that are going on in the ph space from a competitive landscape perspective, how do you consider.
Andreas: Deploying capital days, where you can elaborate a deploying capital either for.
Andreas: In terms of Oh, okay.
Andreas: Acquisitions.
Andreas: To grow the business that way or and also what are what are some of your thoughts around a repurchase going into a pretty significant catalyst from from IPF. Thanks.
Andreas: Sure. Thanks for the questions I'm tradeoffs I'm going to Oh refer the capital allocation are the bulk of the capital Alec allocation question to James and just giving him a few seconds here, while I respond to one one of the quest.
Andreas: Thank you sliced and Theyre.
Andreas: About internal R&D and and the competitiveness of the ph space and whatnot. So we do as mentioned in my introductory remarks, we spend.
Andreas: About 50%.
Andreas: Of cash on various.
Andreas: Let's see in pulmonary hypertension, and and interstitial lung disease.
Andreas: So in that regard as you know we have these.
Andreas: Registration.
Andreas: Effort going on in with a relentless pegged in the outcome study as well as a lot of effort going toward pulmonary fibrosis with Teton warranty ton two P. P F.
Andreas: Plus a lot of.
Andreas: Effort stopped don't necessarily have any visibility because they are still in the in the.
Andreas: <unk> products are leading the effort for the product and the pre.
Andreas: Preclinical, but we have alternate idea of types of methods of dosing and variations on dosing, we have a once daily Taipei, So dosing in preclinical development. So all of these type of activity.
Andreas: These are are continuing on our part and as we've seen since the first competition came in to us with say something like.
Andreas: <unk> liquidity, a generic parental Oh, I guess it was like seven years ago or something I really had.
Andreas: No material effect whatsoever.
Andreas: There was.
Andreas: Quite a bit of concern about so tab receptor. We did try to emphasize the fact that all signs for that there was much more complementary than anything else and in fact in the Europe rollout. This has proven to be exactly that quite complementary.
Andreas: So we are constantly do T. We are just relentless in improving our drugs improving our drug delivery devices. Like another example, I'll just drop there are immune to the device is now virtually used by 100%.
Andreas: The patient so that's that's pretty amazing to swap out a parenteral delivery device that has had many many years in the clinic and in patient's hands and then essentially about 24 months or so do a virtually 100% swap out about device. We're now preparing for yet a further upgrade of that one.
Andreas: Two what we call Bermuda D D nine you'll see similar types of evolution.
Andreas: Our inhalation devices and as mentioned some.
Andreas: Some of those developments will also allow us to even though I think that our four times a day dosing now as is the easiest simplest super.
Andreas: Super effective as the data shows loved by physicians and patients as the data shows I think even there you'll be able to see in the next few years that we will be able to come out with new products that go for even once a day dosing. So this is just endemic in the U T culture, what we call a proof in that.
Speaker Change: Improve approve and then improve and we're relentless about that everybody in the company get something approved then improve I get something approved that improvement and that's what we're doing on peso too, but with that though we didnt James can you.
James: Answer some of the more econometric financial.
James: Aspects of the capital allocation question.
Speaker Change: Yes. Thank you Martijn Andreas Thank you for the question and thank you for remembering.
Speaker Change: The last call as you know we are committed to allocating capital y.
Speaker Change: Wisely and we spent a lot of time internally talking about it we want to do it in the best interest of our shareholders and as you know the first priority is deploying our internal our capital for internal research and development.
Speaker Change: And commercial initiatives as Martine just explained.
Speaker Change: There is a lot of and our highest priority around spending for research and development and if you look at the P&L. This quarter, you'll see there was a milestone payment we made in research and development and outsized increased R&D kind of outsized for the quarter relative to prior quarters.
Speaker Change: Just as we moved along and push along these initiatives that Martine talked about.
Speaker Change: And we also spend in our first pillar a lot of capital on our manufacturing facilities and as you know we're building a new.
Speaker Change: DPI manufacturing facility in research Triangle Park North Carolina.
Speaker Change: And it is well on its way.
Speaker Change: The second priority inconsistent priority that we spend capital on as for our external corporate development. So we look for new opportunities for potential acquisitions and license opportunities et cetera.
Martine I: And as Martine outlined in her opening remarks over the last you know year and a half or so we've actually touched on all these.
Martine I: Our priorities are or touch on these priorities relative to business and corporate development. So it is an area that is very active and we look for products that are complementary to our products existing products and platforms and tend to focus on rare diseases are things in cardiovascular and things where there are a corridor.
Martine I: They've been different so we want to look for opportunities.
Martine I: Where we can have a big impact and theres little products or competition at this point and.
Speaker Change: And third we do look at as Martine outlined to return cash to shareholders and as Martine talked about for 2024, we did a $1 billion share repurchase that was well received so our capital allocation.
Speaker Change: Priorities and kind of waterfall is still the same but as you can see we've been very active in allocating capital across all three.
Speaker Change: In the recent recent months and years. So so thank you very much for remembering. Thank you for the question and Martina I'll turn it back to you.
Martina: Thank you James thinks for such a great 360 degree coverage of that topic. Operator next question.
Speaker Change: Yeah.
Speaker Change: Roger song with Jefferies has our next question for US. Please go ahead.
Jefferies: Great Congrats for the strong quarter and thank you for taking our question I see much and you mentioned a couple of things related to the the competitive landscape for P. H, maybe just can you just call it.
Speaker Change: Qualitatively comment on the potential growth trajectory this year and next given.
Speaker Change: Given that you know we have a couple of emerging.
Speaker Change: Competitor in that dynamic if you can kind of understand you don't provide the revenue guidance, but just qualitatively that the revenue growth trajectory.
Speaker Change: The rest of the year the mix will be helpful. Thank you.
Roger Jefferies: Of course, Roger Thank you for the question.
Roger Jefferies: That's all I have with you I'm going to find that question to Michael because he overseas. So many of the core competencies that we have with the new T relevant to the growth trajectory question for a complex disease.
Roger Jefferies: Like ph and like ILD.
Speaker Change: Of course, it's very very important to have a strong commercialization team sales and marketing personnel.
Speaker Change: So called specialized sales reps.
Speaker Change: Throughout the country.
Speaker Change: You know actually it's just the foundation in and on top of that there's like a superstructure that extends into global medical affairs and many other core.
Speaker Change: Core competencies and all of these we have regional nerve specialists in all our drugs are are are complex and require on you know almost always a drug device combination and there has to be training and how they use these things working with the nurses.
Speaker Change: Not to mention the entire Payor universe. So all of these things are relevant Roger.
Michael Baker: Mike just like our virtuoso conductor installed all of these different sections of the orchestra, all with the goal of providing a growth trajectory for our products that is second to none and with that lead and Mike can you provide some kind of deeper color on all of that.
Speaker Change: Ah Thanks, Martine and thanks for that introduction I feel like I, just want some kind of a word yes.
Michael Baker: <unk>.
Michael Baker: Absolutely.
Michael Baker: Yeah, I'd say I think you know what.
Michael Baker: We've been saying I think for the last couple of years and.
Michael Baker: Even as recently as the last call and in <unk> comments on this call is a weeks, we expect to continue to grow.
Michael Baker: Revenues double digit growth with our existing portfolio heading.
Michael Baker: Heading into this.
Michael Baker: This year and next year and then as I said in my opening remarks, if we have.
Speaker Change: T Todd.
Michael Baker: If that's positive.
Michael Baker: That gets us into an entirely new market, where we have orphan orphan exclusivity I didn't even touch on are a lot of peg, which.
Michael Baker: We're hoping it would.
Michael Baker: Be commercialized around the same time frame.
Michael Baker: Give us a best in class product within with M. P. A a show.
Michael Baker: Despite the fact that it has become P. A H in particular is becoming an increasingly competitive market, we still feel like were extremely well positioned to grow.
Michael Baker: To grow N P a H.
Michael Baker: I've said on prior calls.
Michael Baker: It's still only about 40% of ph patients are on it on any kind of prostacyclin. So I think theres, a theres plenty of room for us to grow Theres plenty of room for I mean, even the competitor products with them within that class. So I think it's still a process cycles. I think are still are woefully under prescribed with M. P. A H and with all of our efforts and all the teams that Marty mentioned.
Michael Baker: We're continuing to make progress there it wasn't too long ago that we were saying it was only about 20% of patients.
Michael Baker: Sure.
Michael Baker: Process like them, but I think through the efforts of our company and the other companies are bringing.
Michael Baker: Easier products to market such as highway so DPI, we've been able to really expand the utilization of process icons within with N. P. A H and O'brien ph ILD, obviously, it's still I still feel like we're just scratching the surface in terms of what the potential is there I think with the expansion that we rolled out last year I think the team has done it.
Michael Baker: Amazing job in increasing our prescriber base.
Michael Baker: As well as the depth of ILD physicians are prescribing today, so for pulmonary hypertension associated with ILD I expect that to continue as we move into the balance of this year or even heading into next year and beyond so.
Michael Baker: I think we still have a lot of opportunity. There. So we were we were a very.
Michael Baker: We're very confident.
Michael Baker: We're going to meet these expectations of continuing to grow to.
Michael Baker: Grow revenues at a double digit clip.
Michael Baker: With our existing portfolio.
Speaker Change: Thank you so much Mike.
Speaker Change: We're actually at the bottom of the hour, but we'll take one last question.
Speaker Change: We have our next question from Ashwin <unk> with UBS. Please go ahead.
I Ah congrats on the quarter I have two question just can you give us a sense of how much patient as they've been in the last few quarters what type of diesel.
Speaker Change: Is it more in line with the roughly 500 ish that you have had historically on more or less.
Speaker Change: Wanted to understand like the volume blue dynamic for ph in ph ILD.
Speaker Change: And then secondly for for instrument the upcoming data on PPI B I guess, what are you expecting this trial can show and how do you think tiny it was competitive position against the PID. Thanks.
Mike: Okay, Mike do you want to continue to roll along that same topic.
Speaker Change: Sure [laughter].
Speaker Change: Yeah.
Speaker Change: I think with.
Speaker Change: I think your first your first question was around patient adds for today, so is that right.
Speaker Change: So, yes kind of going back about a year year and a half are we really kind of moved away from from from the patient add metric.
Speaker Change: Due to our I think just competitive confidentiality reasons I think what we said about a year and a half ago.
Speaker Change: If you look at the revenues, we got to a point, where I think the revenues are tracking pretty well with with with underlying demand and so I think you can if you can kind of look at how.
Speaker Change: The revenues are trending.
Speaker Change: Really get a good sense of what's happening at the underlying demand level.
Speaker Change: In terms of the Internet product.
Speaker Change: We will see here in a few weeks when when they unwind.
Speaker Change: And so its hard its hard for me to sort of speculate on what the impact is going to be relative to today, so without actually seeing any data, but I think we're all going to find out here pretty quick.
Speaker Change: And then as Martine said in her answer to a prior question you know we have some things that we're looking at them in a pretty good preclinical setting.
Speaker Change: And our pipeline too.
Speaker Change: But potentially bring up bring a once daily.
Speaker Change: L product to market.
Speaker Change: Yeah. Thank you, Mike and thank you as.
Speaker Change: I'm I'm I'm very skeptical that the that Ah just.
Speaker Change: Just copying Coprostanol Ian a.
Speaker Change: Congo, a once daily formulation is going to really provide hum comparably effective control of pulmonary hypertension.
Speaker Change: However, as Mike and I referred to earlier, we do have a once daily a N C E. In in our early development and the nature of our of our clinical development team and process is such that that can actually move very very rapidly from a pre.
Speaker Change: Cultural registration phase.
Speaker Change: Not that I think it's necessary, but I think all of you know that another big mantra at United Therapeutics is a multiple shots on goal. That's why we have so many products for pulmonary hypertension.
Speaker Change: As you saw from the data today all of them are growing I mean, that's super Super Cool all perennial inhaled Nebulize D. P. I mean, it's just like across the board. So we are constantly developing new products and finally.
Speaker Change: I have not seen anything in since the company has begun developing products, whether it's some new one comes in and kind of steels the market actually has never happened.
Speaker Change: And the reason why is that when a product when a patient who has a life threatening illness is well managed on the medicine has the patients are well managed on our United Therapeutics medicines and overwhelming numbers. It is.
Speaker Change: It is a very a flop.
Speaker Change: And cautious and slow process to move those patients to sound like a newbie on the block that has not really been well proven in the clinic and these are the reasons the core reasons, why Mike and I and the rest of the team can be so confident that United Therapeutics will continue the liver.
Speaker Change: The type of double digit revenue growth year after year kind of record revenue growth that I reported in my introductory remarks.
Speaker Change: Remarks for many years to come operator, you can wrap up the call now.
Speaker Change: Certainly thank you.
Speaker Change: Thank you for participating in today's United Therapeutics Corporation earnings webcast.
Speaker Change: A rebroadcast of this webcast will be available for replay for one week by visiting the events and presentations section of the United Therapeutics Investor Relations website at IR Dot U N I T H E R dotcom.
Speaker Change: That is I do need to dot com.
Speaker Change: Yeah.
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