United Therapeutics : January 2021 Corporate Presentation

UNITED THERAPEUTICS CORPORATION

January 2021

SAFE HARBOR STATEMENT

Remarks today concerning

United Therapeutics may include forward- looking statements which represent United Therapeutics' expectations or beliefs regarding future events. We caution that such statements involve risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements. Consequently, all such forward-looking statements are qualified by the cautionary language and risk factors set forth in United Therapeutics' periodic and other reports filed with the SEC.

There can be no assurance that the actual results, events or developments referenced in such forward- looking statements will occur or be realized. United Therapeutics assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward- looking statements.

The discussions

during this presentation could include certain financial measures that were not prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Reconciliations of those non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures can be found in our earnings releases filed with the SEC in Current Reports on Form 8-K for the relevant time period. These reports are available on our website at

www.unither.com

in the "Investor Relations­Financial Information­ SEC Filings" section.

This presentation

and any related discussions or statements are intended to educate investors about our company. Sometimes that process includes reporting on the progress and results

of clinical trials or other developments with respect to our products. This presentation and any related discussions or statements are not intended to promote our products, to suggest that our products are safe and effective for any use other than what is consistent with their FDA-approved labeling, or to provide all available information regarding the products, their risks, or related clinical trial results. Anyone seeking information regarding the use of one of our products should consult the full prescribing information for the product available on our website at www.unither.com.

ORENITRAM®, REMODULIN®, TREVYENT®, TYVASO®, and UNITUXIN® are registered trademarks of United Therapeutics Corporation and its subsidiaries.

Implantable System for Remodulin® (ISR), REMUNITY™, REMOPRO™, TYVASO DPI™, AURORA-GT™, ORENIPRO™, and UNEXISOME™ are trademarks of United Therapeutics Corporation and its subsidiaries. BLUHALE® and DREAMBOAT® are registered trademarks of MannKind Corporation.

	JANUARY 2021
2

OUR FOCUS

DEVELOPING NOVEL, LIFE-EXTENDING TECHNOLOGIES

FOR PATIENTS IN TWO CORE AREAS:

1		2

PAH(1)ILD(2)

(1) PAH = Pulmonary Arterial Hypertension. (2) ILD = Interstitial Lung Disease.

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3

EXCELLING IN OPERATIONAL EFFICIENCY

FINANCIALS, PER EMPLOYEE TTM, NOVEMBER 2020

COMPANY		MARKET	REVENUE(1)			NET	FREE
	CAPITALIZATION(1)				PROFIT/LOSS(1)	CASH FLOW(1)
	$m	$'000		$'000	$'000
Netflix
	25.1						2,769.7								326.3								75.1
Apple
	13.6						1,867.4							390.6							499.1
Microsoft
	9.8						902.5									291.4												302.0
Alphabet
	9.9						1,444.1							300.4												286.1
UTHR
6.6		1,532.1				509.3				717.7
Amazon						1.9								436.0							21.8									30.9
Disney				1.1							293.1							(12.8)								16.1
Comcast																									54.3								86.8
			1.2						548.7
AT&T			0.8
							697.7									44.2							112.7

(1) Metric is on a per employee basis. Financial data pulled from respective public filings via Bloomberg.

CHANGE IN SHARE PRICE

IN 18 YEARS AFTER IPO

Times, log scale, 1=IPO

1x

10x

100x

1000x

Netflix

Apple

Microsoft

Alphabet*

UTHR

Amazon

Disney

Comcast n/a

AT&T

*16 years

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TYVASO® THERAPEUTIC PLATFORM

TYVASO® - 8 MIXES OF PRODUCTS AND INDICATIONS(1)

PAH(2)		PH-ILD(4)
(PH(3) WHO Group 1)		(PH WHO Group 3)

FDA		INCREASE
APPROVED		STUDY
2009		UNDER FDA REVIEW

	(7)			2021 NDA					2021 NDA

Potential indications & future events.

PH-COPD(5)

(PH WHO Group 3)

PERFECT

STUDY

PHASE 3

DREAMBOAT®

BLUHALE®

IPF(6)

TETON

STUDY

PHASE 3

DREAMBOAT®

BLUHALE®

1. Tyvaso® is not approved for PH WHO Group 3 or IPF patients. (2) PAH = Pulmonary Arterial Hypertension. (3) PH = Pulmonary Hypertension. (4) PH-ILD = Pulmonary Hypertension associated with Interstitial Lung Disease. (5) PH-COPD = Pulmonary Hypertension associated with Chronic Obstructive Pulmonary Disease. (6) IPF = Idiopathic Pulmonary Fibrosis. (7) Tyvaso DPITM is not approved for any indication in any jurisdiction

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TYVASO® THERAPEUTIC PLATFORMTYVASO®(1) PORTFOLIO POSITIONED

TO ADVANCE OUR GROWTH

45K PAH

Pulmonary Arterial

Hypertension

NO DISEASE-MODIFYING RX

100K IPF

Idiopathic

Pulmonary Fibrosis

TETON STUDY

ESTIMATED US PATIENT POPULATION(1)

NO APPROVED RX

30K PH-ILD

Pulmonary Hypertension associated with Interstitial Lung Disease

INCREASE STUDY

NO APPROVED RX

100K PH-COPD

Pulmonary Hypertension associated with Chronic Obstructive Pulmonary Disease

PERFECT STUDY

(1) Tyvaso® is not approved for PH WHO Group 3 or IPF patients. (2) Estimated patient populations based on United Therapeutics internal market research.

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TYVASO® THERAPEUTIC PLATFORM

TYVASO® FOR IPF(1,2)

100K IPF

~US PATIENT POPULATION

A potentially disease modifying therapy in IPF

Exploratory endpoints from

INCREASE suggest FVC(3)

IMPROVEMENT

on top of existing standards of care

Mean change in FVC (mL) by week from baseline	STUDIES(4):

	120						INCREASE IPF SUBGROUP(5)
						Tyvaso®
	100
						Placebo
(mL)	75
					PHASE 3 STUDIES(6)
BASELINE	25
	50						POOLED PIRFENIDONE
FROM	0						Pirfenidone
-25						Placebo
CHANGE
-50						POOLED NINTEDANIB
MEAN	-75
					INPULSIS PHASE 3
	-100
						STUDIES(7)
	-120						Nintedanib
	0	1	8	16	24	26
	Placebo
				TREATMENT WEEKS

1. Tyvaso® is not approved for PH WHO Group 3 or IPF patients. (2) IPF = Idiopathic Pulmonary Fibrosis. (3) FVC = Forced Vital Capacity. (4) For visualization purposes only as it is not scientifically accurate to compare among different studies. (5) INCREASE clinical data to be published by United Therapeutics. (6) Eur Respir J. 2016 Jan; 47(1): 243-253. (7) N Engl J Med 2014; 370:2071-2082.

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REMODULIN® THERAPEUTIC PLATFORM						45K PAH
NEXT GENERATION		DEVICES FOR PAH
	~US PATIENT
					POPULATION

IMPLANTABLESYSTEM FOR 1

REMODULIN® (ISR)(1)

FDA APPROVED

REMUNITY™ 2

30-40%(3)

3TREVYENT®(4,5)

OF PAH PATIENTS REFUSE

PARENTERAL THERAPY

BECAUSE OF CONCERNS

AROUND DEVICES

4REMOLIFE(4)

PAH

PATIENTS

FDA CLEARED(2) LAUNCH PREP UNDERWAY

1. FDA requires that certain conditions of Medtronic's PMA approval of the Implantable System for Remodulin must be satisfied prior to launch or sale of the Implantable System for Remodulin; accordingly, Implantable System for Remodulin labeling may be revised in the process of satisfying such conditions of approval. (2) FDA clearance of pharmacy-filled version. U.S. launch preparations underway. (3) Based on United Therapeutics internal market research. (4) Trevyent® and RemoLife are development-stage product not approved for sale in any jurisdiction. (5) CRL response in 2021.

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ORENITRAM® THERAPEUTIC PLATFORM					45K PAH
KEY BENEFITS	OF	AN EXPANDED
POPULATION
ORENITRAM® LABEL	~US PATIENT

FREEDOM-EV and other studies showed that Orenitram can

DELAY

INDICATE A

REDUCE

DISEASE

POSITIVE IMPACT ON

PAH-ASSOCIATED

PROGRESSION

SURVIVAL(1)

HEALTHCARE

COSTS RELATIVE

With a 61%

With a 37% reduction

TO SELEXIPAG(2,3)

reduction in risk

in risk of death vs placebo

at study closure

PAH-relatedhealthcare-costs were

67% higher for selexipag patients than

for Orenitram patients

61%

37%

1. Based on vital status substudy of Freedom EV, Orenitram was associated with a 37% decreased risk of mortality compared with placebo at study closure (which includes additional data accrued in the open-label extension study) in participants for which data was available (89%). Difference in risk of death was not statistically significant at the end of the randomized treatment period or OLE. (2) Results were primarily driven by significantly lower pharmacy costs with Orenitram. Please see full reference for study limitations. Comparison of products does not imply clinical comparisons of safety or efficacy. 3) Dean BB, Saundankar V, Stafkey-Mailey D, et al. Medication Adherence and Healthcare Costs Among Patients with Pulmonary Arterial Hypertension Treated with Oral Prostacyclins: A Retrospective Cohort Study. Drugs - Real World Outcomes. 2020 Mar 6. Dean BB. Healthcare costs lower with treprostinil versus selexipag for PAH. PharmacoEcon Outcomes News. 2020;849:12.

	JANUARY 2021
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NCE & NOVEL BIOLOGICS THERAPEUTIC PLATFORM					45K PAH
RALINEPAG IP	RECEPTOR AGONIST
POPULATION
(1)			~US PATIENT
THERAPY FOR PAH

In phase 2 studies, Ralinepag demonstrated a potential QD dosing profile and

potentially enhanced affinity v. selexipag

Single-Dose PK Profile Comparison

Ralinepag activation effect is closer

of Ralinepag (XR Tablet) vs. Selexipag

RALINEPAG XR 180 mcg (N=9)

to parenteral prostacyclins than selexipag

in Healthy Subjects, separate studies

SELEXIPAG 600 mcg (N=12)

Selexipag

Metric

Ralinepag

Iloprost

Prolonged plasma

10

(Oral)

active

(IV)

metabolite

9

PK profile of

Functional

(ng/mL)

8

Potency

ralinepag XR tablet

24 nM

151 nM

3.3 nM

7

G-protein

(EC50)

supports QD dosing;

6

CONC

selexipag plasma PK

5

activation

Efficacy

67%

48%

100%

profile consistent

3

(cAMP)(2)

PLASMA

4

with need for more

2

Extent of

Strong

Weak

frequent dosing

1

Receptor

Full

0

0

4

8

12

16

20

24

Partial

Partial

Agonism

TIME (hr)

(1) Ralinepag is a development-stage product not approved for sale in any jurisdiction. (2) cAMP= Cyclic Adenosine Monophosphate. Arena Pharmaceuticals data on file.

	JANUARY 2021
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OMG THERAPEUTIC PLATFORM ORGAN MANUFACTURING AT UTHR

	EVLP		3DAP			LUNG LOBES

XENO-

TRANSPLANTATION

	JANUARY 2021
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KEY 2021 CATALYSTS

Implantable

Remunity™INCREASESystemTyvaso DPITM

for Remodulin® (1)

	Commercial			sNDA PDUFA Date		Commercial		Anticipated
	Launch			April 2021		Launch		NDA PDUFA

1. FDA requires that certain conditions of Medtronic's PMA approval of the Implantable System for Remodulin must be satisfied prior to launch or sale of the Implantable System for Remodulin; accordingly, Implantable System for Remodulin labeling may be revised in the process of satisfying such conditions of approval.

	JANUARY 2021
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RETURNING TO REVENUE GROWTH

REVENUE (in Millions)

Total Treprostinil

Unituxin®

Adcirca®

$2,400			Adcirca LOE May 2018						(2)
$2,200
								GROWTH
$2,000
								YOY	performance
$1,800								10%
										recent
									on
$1,600								Based
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
2014	2015	2016	2017	2018	2019	2020	2021(2)	2022(2)		2023(2)	2024(2)	2025(2)
						Consensus(1)

(1) Bloomberg consensus, shown for illustrative purposes only, and does not reflect company guidance. (2) 2021-2025 illustrated revenues are extrapolations based on recent quarterly results and do not represent financial guidance.

13	JANUARY 2021