联合治疗 (UTHR) 2026财年第三季度业绩电话会议：Tyvaso营收创新高，吸入剂NDA推迟

核心要点

• 在基础需求和环比增长的推动下，联合治疗（United Therapeutics，NASDAQ: UTHR）公布2026年第三季度创纪录的总营收8.33亿美元，其中Tyvaso营收创纪录地达到5.04亿美元。
• 管理层将Tyvaso的优异表现归因于更高的转诊量和初治患者数、给药剂量增加、医生参与度提升以及每月持续稳健的执行力。库存和季节性因素并非主要推动因素。
• 该公司在10月份收到了1000多份联合治疗产品的转诊申请，创下月度最高纪录。管理层预计扩充后的销售团队将在2026年第四季度和2027年做出更有意义的贡献。
• 鉴于在与美国食品药品监督管理局（FDA）讨论后需生成补充数据，软雾吸入器的新药申请（NDA）预计将于2027年提交，而非原定的2026年底。
• 口服ralinepag用于治疗肺动脉高压仍处于FDA审评阶段，PDUFA目标日期为2027年6月24日。一家原料药（API）供应商的合规状态构成了监管风险，不过整改和应急计划正在推进中。
• 联合治疗公司拥有14个开发项目，并表示其在IPF（特发性肺纤维化）、PPF（进行性肺纤维化）和PH-COPD（慢性阻塞性肺疾病相关肺动脉高压）领域的覆盖目标患者群体在全美总计约100万人。

关键财务数据

业务与经营表现

Tyvaso是商业化的主要增长引擎。管理层指出，在肺动脉高压和PH-ILD（间质性肺疾病相关肺动脉高压）领域，初治患者数、转诊量、患者需求、给药剂量以及医生参与度均有所增强。

公司表示本季度没有显著的库存或季节性效益。相反，业绩反映出月度商业化执行力更加持续稳健。扩充后的外勤销售队伍在9月中旬左右开始带来转诊量拐点，但管理层表示其对第三季度营收的贡献有限，预计在第四季度和2027年将更加显现。

高剂量Tyvaso DPI胶囊同样支撑了营收和患者留存率。管理层表示，在高浓度套装推出后开始使用Tyvaso DPI的患者中，约有三分之一达到了更高剂量，约为此前水平的两倍。

在与Liquidia达成和解后，联合治疗预计现有患者向Tyvaso DPI的转化将较为温和。管理层强调，PH-ILD领域更大的机遇在于提高医生的认知度、识别符合条件的患者并开具新处方。公司表示，和解协议阻止了竞品在PH-ILD领域的推广，并禁止鼓励超说明书用药。

除Tyvaso外，联合治疗还在开发雾化吸入和干粉吸入疗法、软雾吸入器、每日一次药物及复方产品。管理层认为，用于IPF的雾化吸入Tyvaso和用于PAH（肺动脉高压）的ralinepag是潜在的主要增长驱动力，具体取决于监管批准和成功商业化。

该公司还在继续研发人造器官替代品，管理层将其视为一个独立的长期增长平台。

管理层指引

联合治疗目前预计将于2027年提交软雾吸入器的NDA，而此前计划在2026年底前提交。管理层表示FDA未要求进行任何新类别的工作，但生成额外数据需要更多时间。目前正与开发合作伙伴一同制定更新后的提交时间表。

管理层预计，来自扩充后的销售团队和PH-ILD和解协议的转诊势头将在未来几周以及2027年初变得更加明显。公司预计在迈入2027年时，将拥有远强于进入2026年时的商业化势头。

对于吸入型ralinepag，公司正在开展IND申报支持工作，并计划在健康志愿者中进行I期临床研究。该研究预计将为后续的注册临床项目提供依据，初期针对PH-ILD，随后紧跟IPF和PPF。

风险与关注事项

• 由于公司需在FDA申报策略沟通期间生成所要求的额外数据，软雾吸入器的申报已推迟至2027年。
• 口服ralinepag的原料药（API）供应商在接受检查后处于“指示官方行动”（OAI）的合规状态。联合治疗正在协助整改并推进替代方案，以降低对2027年6月24日PDUFA目标日期的潜在风险。
• 拟议的口服三联产品无法仅凭已完成的生物等效性研究提交申报。管理层正在评估FDA可能接受的其他开发路径。
• 鉴于和解协议并不要求现有患者转用产品，预计短期内从竞品吸入药物转换为Tyvaso DPI的患者数量将较为温和。
• PH-COPD、PH-ILD、IPF和PPF的开发项目仍面临临床和监管风险。管理层表示，计划中的吸入型ralinepag适应症将需要开展关键性安全性及有效性研究。

分析师问答亮点

Tyvaso增长势头：管理层表示，在与Liquidia达成和解之前，转诊量就已在改善。2026年底和2027年初可能会出现进一步的PH-ILD拐点，但主要机遇仍在于新处方，而非强制患者转用产品。

软雾吸入器延迟：与FDA的讨论导致需要补充数据，而非重新设计的开发要求。管理层认为该问题本质上主要是前置时间的问题。

Ralinepag供应风险：公司仍专注于在PDUFA日期之前解决其原料药供应商的合规状态。纠正措施信息已提交给FDA，沟通渠道保持畅通，且应急预案正在同步推进。

Ralinepag经济考量：联合治疗表示，买断Arena特许权使用费权益的决定反映了对口服ralinepag及拟用于多种肺部适应症的干粉制剂的信心。公司将该交易描述为资本的择机利用，但未在电话会议中提供估值细节。

PH-COPD开发进展：管理层表示，吸入用曲前列尼尔可能通过靶向肺部更多通气区域来改善通气-血流灌注失调。II期项目已获得IND批准，且公司已优化入组标准以丰富研究人群并降低开发风险。

业绩电话会议完整文字实录

完整财报电话会议逐字稿

管理层陈述

Operator

Good morning, and welcome to the United Therapeutics Corporation Third Quarter 2026 Corporate Update. My name is Christa, and I will be your conference operator today. [Operator Instructions] Please note that this call is being recorded. I will now turn the webcast over to Harrison Silvers, Investor Relations at United Therapeutics.

Harrison Silvers

Thank you, Christa. Good morning, everyone. It is my pleasure to welcome you to the United Therapeutics Corporation Third Quarter 2026 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 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 forward-looking statements. 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 to suggest that any products are safe and effective for any unapproved or investigational uses. Full prescribing information for the products is available on our website.

Accompanying me on today's call are Dr. Martine Rothblatt, our Chairperson and Chief Executive Officer; Michael Benkowitz, our President and Chief Operating Officer; James Edgemond, our Chief Financial Officer and Treasurer; Dr. Leigh Peterson, our Executive Vice President of Product Development and Zeno Transplantation; and Pat Poisson, our Executive Vice President of Strategic Development.

Note that James Edgemond and I will participate in a fireside chat and one-on-one sessions at the UBS Global Biopharma Conference and Jefferies Global Healthcare Conference in London on November 16 and 17, respectively. Additionally, members from our management team will participate in a fireside chat in one-on-one meetings at the 45th Annual JPMorgan Healthcare Conference in San Francisco in January of next year.

Our scientific commercial and medical affairs teams will be President present at phenomenal Hope 2026 on December 4 in Boston and at the Pulmonary Vascular Research Institute Annual Congress in Bangkok in late January of next year. Now I will turn the webcast over to Martine for an overview of our development pipeline and business activities. Martine?

Martine Rothblatt

Thank you, Harry, and good morning, everyone. We have slides available for reference, and I encourage you to review those at your leisure. I'm not going to speak directly to the slides. As we look back on the third quarter, I'm incredibly proud of what our teams have accomplished. .

We executed at a high level across our business and across our company, delivering for patients while advancing one of the most ambitious growth strategies in biotechnology. The significance of this quarter extends beyond any individual results or milestone. It reflects the broader transformation underway at United Therapeutics as we build a comprehensive cardiopulmonary and respiratory medicine franchise capable of reaching dramatically more patients than ever before.

For most of our history, UT has been known as a pulmonary hypertension company. Today, that legacy serves as the foundation for a much bigger UT. Over the next several years, we expect to introduce wave after wave of innovation across multiple therapeutic and device platforms. From nebulized and dry powder therapies to softness inhalers, once-daily medicines and combination products.

We have 14 programs in development. Together, these advances are intended to address some of the largest unmet needs in pulmonary fibrosis and pulmonary hypertension. We are building an integrated portfolio designed around the needs of individual patients.

Our strategy is to keep innovating, so we can offer more patients the right therapy in the right format at the right time. The scale of that opportunity extends far beyond our historic pulmonary hypertension market across IPS, PPS and PH-COPD alone, we are pursuing patient populations totaling approximately 1 million people in the United States. Supporting this strategy are significant and durable competitive advantages.

Our portfolio features extensive intellectual property protections, including fibrosis-related patents, device protections and composition of matter protection for ralinepag, many of which extend into the 2040s, just as important, our market advantages include decades of expertise, extensive engagement with physicians, specialized commercialization capabilities manufacturing investments and a proven ability to bring complex drug device combinations to market.

We are building on our strength through the philosophy that has guided us for years, approve, then improve. We first established a therapy as quickly as possible because our patients do not have time. Then we continue to enhance convenience, administration and treatment experience through new devices, formulations and next-generation medicines. This disciplined approach creates a pipeline in which every new product builds on the foundation established by the last and provides improvements for the next.

And as compelling as our cardiopulmonary and respiratory franchises are they represent only 1 pillar of our long-term vision. In parallel, we continue to advance our manufactured organ alternatives programs and build the infrastructure we need to address one of medicine's greatest unmet needs. We believe this platform has the potential to revolutionize transplantation over the next decade, just as our therapies have revolutionized pulmonary hypertension over the past 2 decades.

When I step back, I see a United Therapeutics stronger than at any point in our history with a growing commercial business, late-stage assets of significant potential multiple upcoming launches and a clear strategy for creating value over the long term. In closing, thank you to our fellow Unitarians, patients, physicians, shareholders and our other stakeholders for helping us fulfill our purpose. And with that, I'll turn the call over to our President, Michael Benkowitz, for an overview of our commercial performance for the quarter. Mike?

Michael Benkowitz

Thanks, Martine, and good morning, everybody. For the third quarter of 2026, we delivered record total revenue of $833 million and record Tyvaso revenue of $504 million. Highlighted by strong sequential growth and underlying demand. 3 months ago, I said confidence is earned through execution, not projections.

This quarter's results are best quarter ever demonstrate that execution and reinforce our conviction that our business has regained meaningful momentum. A huge shout out to all of our commercial, commercial operations and medical teams for their hard work, persistence and performance.

Tyvaso's performance was driven by strong underlying demand as the patient metrics we highlighted last quarter translated into commercial results. Starts, referrals, patient demand, increased dosing and physician engagement all continue to support growth and emphasize the value of differentiated products, disciplined execution, a clear understanding of physician and patient needs and our expertise and support in the field of pulmonary hypertension.

Most importantly, we see meaningful room to grow from here. The investments we made earlier this year in resources and sharpening our messaging are working as intended by expanding our reach deepening physician engagement, increasing disease awareness and driving greater penetration across PAH and PH ILD. We have greater conviction in our strategy than ever. Elsewhere, the recent court decision upholding our intellectual property, together with the settlement we reach, provide important clarity and reinforce the long-term durability of our base business.

The terms of our settlement were highly favorable for United Therapeutics, ultimately removing PH-ILD from the tropo label, preventing its promotion and marketing into that indication and prohibiting Liquidia from encouraging off-label usage, which we will be monitoring very closely. With no direct branded competition on the horizon, we can remain focused on growing the large underpenetrated PH-ILD market.

Based upon the provisions contemplated in the settlement and damages structure, near-term expectations for transitions from UTP to Tyvaso should be moderate. The larger opportunity in PH-ILD continues to remain focused on expanding physician awareness, identifying more eligible patients and growing new prescriptions.

That gives Tyvaso a long runway for largely uncontested growth. Step back, our story is not about stabilizing our business. It is about building on renewed momentum from our durable commercial foundation with 2 of the most important potential launches in our street still ahead. Once approved, we expect nebulized Tyvaso and IPF and ralinepag in PAH will each address significant unmet need. Both are supported by compelling clinical data and both have the potential to become multibillion-dollar growth drivers for United Therapeutics.

These opportunities do not replace our current growth story, they accelerate it. In closing, our base business is performing. Our commercial strategy is working. Our competitive position is strong and we expect to enter 2027 with substantially more momentum than we had entering 2026.

To highlight this continued momentum, we received over 1,000 referrals for a UT product in October, the most ever received in a single month. We remain focused, accountable and committed to continue delivering compelling results. And as proud as we are of this quarter, we believe we are just getting the full scale of what we are determined to achieve. And with that, I'll pass the call back to Harry to run the Q&A.

Harrison Silvers

Thanks, Michael. Thanks, Martine. Great updates from both of you. [Operator Instructions] Operator, you can start.

Operator

[Operator Instructions] Your first question comes from Joseph Thome with TD Hain.

分析师问答

Joseph Thome

Maybe could you talk a little bit more about the patient switch dynamic now that PHLD will be off-label for you [indiscernible] , what are sort of your expectations of current patients switching over? And maybe for new start markets, you mentioned that you are monitoring their off-label use potential. Can you just kind of go into how you're doing that in the field. .

Unknown Executive

Thanks for the question, Joe. I'm going to pass this 1 to Michael.

Michael Benkowitz

Sure. Yes. So Joe, thanks for the question. On the patient switch is the -- per the terms of the settlement agreement, we sort of contemplated -- we didn't -- there was no requirement or expectation that patients would have to switch from [indiscernible] to Tyvaso DPI and so we kind of contemplated that in the damage structure, as I mentioned.

And so I think, obviously, we're going to continue to talk about the benefits the differentiation of DP relative to Trebia, but it's really going to be, I think, a physician patencies to whether or not they want to transition existing patients over to Titaso-DPI. But that's not something that's going to be required for the terms of the settlement.

So like I said, I think what you're going to see is if you've got patients on Metropia that for are having issues, obviously, Tyvaso remains an option, you can switch, but there's not -- I think if a patient's doing well on. There's not really going to be, I think, a push on the part of doctors to switch patients over. So as I said, the real opportunity here is with new prescriptions and continuing to penetrate the pH ILD market, which we're starting to see with the benefit of the expanded sales force.

In terms of monitoring that, I mean, look, we kind of -- I'm not going to really get into kind of sources and methods of how we're going to do that. But I think we have pretty good visibility into how things are playing out in terms of prescriptions and indications, and we're just going to continue to kind of keep an eye on that and see how that plays out along with what we're hearing in the market through our interactions with physicians.

Harrison Silvers

Thanks, Michael. Operator next question.

Operator

Your next question comes from the line of Olivia Brayer with Cantor.

Olivia Brayer

Michael, I just quickly wanted to follow-up on PHLD. Are you guys actually seeing any acceleration in new starts on Tyvaso in the fourth quarter just on the back of that settlement? Or do you really expect that to become more meaningful as patients come up for reauthorization in January? Just trying to kind of reconcile your comments around October trends. And then I'm sorry, Harry, -- but my real question is on the softness inhaler program, where are you guys in the submission process at this point? And is a filing still on track for the end of the year? And then as you think about softness kind of looking ahead to PH-COPD, what have you guys actually seen in the SMI product profile that's giving you so much confidence that it could succeed in this patient population, just given some of the challenges that we've already -- or that others have experienced, right, with prior approaches?

Harrison Silvers

Sound more like 3. I'll give Michael the first question. And then if you could pass it to Pat on the NDA expectations for SMI and then perhaps we can close it off with expectations in PH COP.

Michael Benkowitz

Yes. Olivia, you never disappoint with your multi question. So on PLD, so if you kind of think about the time line of everything, as I said, I think even before the settlement, right, going back to like mid-September, I think we saw this inflection in the referrals coming in. Really across both cations, PAH and PLD for Tyvaso that has persisted through the end of October into November, in terms of working out the litigation decision, the settlement, I mean, all of that stuff really didn't really get worked out until, I guess, what was that second, third week of October.

So still a little early to see I think another sort of inflection in terms of PH ILD. I would expect that we're going to start to see that here over the next couple of weeks. And into December than obviously the first part of the year. So that's kind of where things are right now. I mean we do expect to see that I've seen -- I kind of monitor the daily referral trends. We have a couple of days where we spiked, but I expect us to see kind of a new baseline in terms of referrals here over the next few weeks. Pat, do you want to take the other question?

Patrick Poisson

We recently met with the FDA to discuss our NDA filing strategy, and that was preplanned. And following that discussion, we've now determined that additional work is going to be needed to support the application. So as a result of that, we now expect to submit the NDA in 2027 and not at the end of this year. We are actively working with our development partner to complete the necessary activities and establish an updated filing time line. Leigh pass it on to you.

Leigh Peterson

Yes. As far as PH-COPD, goes, our Phase II trial, as you know, we have IND clearance for that study. And in terms of the biological rationale for COPD, mean the pharmacology of inhaled treprostinil is really well characterized with our commercially approved treatments for PH and PH-ILD.

And as you know, in these patients with [indiscernible] with group through PH, such as ILD and COPD, the inhaled treprostinil directly targets more ventilated portions of the lungs. And so that can minimize the VQ mismatch that's with the concern with more systemic therapies that are also vasodilators.

So it's really important to note that not only do we have a more robust design in our study. But we've really, really looked very carefully at the patient population that was enrolled into the prior study, COPD study and really worked hard with our steering committees to enrich this current population through the inclusion exclusion criteria to improve the chances of success as well as just decrease the risk of this program.

Harrison Silvers

Thanks, Lee. That was a great overview by all 3 of you.

Operator

Your next question comes from the line of Ash Verma with UBS.

Ashwani Verma

So on ralinepag, I wanted to ask about this open action indicated that you have mentioned in the Q about this API manufacturer. Can you talk about what is the contingency plan ahead of the potential regulatory approval for this?

Harrison Silvers

Thanks for the question, Ash. Pat, we'll kick that over to you.

Patrick Poisson

Yes. Thanks, Ash. So as you saw in the Q, our API supplier has an OAI compliance status as the result of an inspection earlier this year. We're actively working with them to remediate their compliance status so that it doesn't impact our PDUFA date. So that's kind of priority one.

We do have some alternative plans that are progressing in parallel. But on a positive note, they've recently provided FDA updated information on their corrective actions. And there's open dialogue between the parties. So we remain hopeful that this will get resolved fairly quickly, but we do have contingency plans in place.

Harrison Silvers

Great. Thanks, Pat. .

Operator

Your next question comes from the line of Roger Song with Jefferies.

Jiale Song

Great. Maybe related to the triplet oral pill, since the bioequivalent study is not sufficient for filing. So what is the current plan for development and funding plan for the [indiscernible]

Harrison Silvers

Thanks for your question, Roger. Pat, can I ask you to answer this 1 again?

Patrick Poisson

Yes. So we had a discussion with FDA and they share that, that was their feedback to us. And so right now, we're looking at what our options are really, if there's an alternate path that they would accept that's going to take us a little while. So -- but right now, we're just treading water. And while we work on different options that we can present to them. .

Operator

Your next question comes from the line of Rowan Ruiz with Leerink Partners. .

Unknown Analyst

A quick question. Could you elaborate on the -- what you saw as the biggest drivers behind the Tevas strength in the quarter? And if any could increase into year-end? I'm specifically focused on if there is more traction from the upsized field force or any inventory or seasonal dynamics that we should consider in addition to underlying demand growth?

Harrison Silvers

For your question. This 1 will go to Michael.

Michael Benkowitz

Sure. Yes, thanks for the question. So no inventory or seasonal dynamics really, I think, played into the quarter. I think it's really kind of a multifactorial thing. One is just honestly, just great execution by the sales team. I think we've like we talked about in the last quarter came out of the quarter with really strong momentum. .

We've been able to maintain that through -- even through October, as I talked about earlier. I think as we've talked about on prior calls, I think some of the challenges we faced in the prior quarters are we'd have 2 really good months and 1 soft month and the 2 good months weren't enough to offset the soft mine. So we've been kind of flat for several quarters. But now we've got, I think, really consistent performance month to month to month. And so we're stocking good months on top of good months. And so that's really just, I think, plays into really strong execution by our commercial teams.

I think the other thing that we've seen is at the beginning of the year, we -- we introduced a 80-microgram cartridge. So one breath gives you the equivalent of 15 nebulized breath and then some higher dose kits. I think there's been this misinformation out there that you can't get to higher doses on Tyvaso DPI. I think we've effectively debunk that for patients that have started on Tyvaso DPI since we introduced those cartrids.

We introduced those higher strength kids, like 1 in 3 patients are, have achieved these higher doses which is twice what it was beforehand. So that certainly, I think, played into the performance is that we're getting patients to higher dose which helps from a revenue standpoint, but also helps from a retention standpoint because patients are obviously benefiting from the product.

I think in terms of the effect of the sales force expansion. I think in terms of region frequency, that played a role in some of the consistent performance month-to-month. But in terms of like what we've seen in terms of increase in referrals increase in starts. I think we -- as I said, we start to see kind of this inflection point, probably mid-September. As a result of that. So that didn't really you can't really -- I don't think you can draw a straight line through to the revenue line for Q3. I think we'll start to see the benefit of that here in Q4 and then into next year. But it's clear that the expansion is working, and we're seeing the benefit of that. But probably limited revenue impact of that in Q3, but we certainly expect to see that, like I said, this quarter and heading into next year.

Harrison Silvers

Great color.

Operator

Our next question comes from the line of Jessica Fye with JPMorgan.

Jessica Fye

Congrats on the quarter. a quick follow-up. I think it was 1 of Olivia's questions. Pat, can you just expand on what was new that's needed for the softness filing?

Patrick Poisson

Yes. It's not necessarily anything new. It's just additional data in some areas that we need to provide. So really -- it's really just that. It wasn't anything you've asked us to do in addition to what we had already planned.

Jessica Fye

So [indiscernible] versus generating more data.

Patrick Poisson

It's just generating additional data. And I don't think we're particularly worried about it. It's just a lead time to do it. .

Harrison Silvers

Great. Thanks, Jess, for the question and Pat for the answer.

Operator

Your next question comes from the line of Ben Burnett with Wells Fargo.

Benjamin Burnett

I want to ask about ralinepag and just what was behind the decision to buy out Arena's economics to ralinepag. And I guess how did you value that transaction?

Harrison Silvers

Thanks for the question, Ben. I'm going to pass this 1 to James. .

James Edgemond

Yes. Thanks, Harry. Ben, overall, this transaction to buy down the royalty demonstrates really our confidence in the revenue opportunity for oral ralinepag which, as you know, has a pending new drug application under review by the FDA for pulmonary arterial hypertension, which you know is a PDUFA date of June 24 of next year. .

But in addition, the reason why we pursue this opportunity is we have conviction in the new dry powder inhalation formulations that we're developing for a variety of pulmonary indications going forward. And I would say the price was the result of really extensive negotiations, and we're not going to get into the details regarding that. But we looked at this more as an opportunistic use of capital kind of in our overall capital allocation waterfall. So thanks for the question.

Harrison Silvers

Thanks for that, James. Operator, we have time for 1 more question. Go ahead.

Operator

And that question is going to come from the line of Lisa Walter at RBC.

Lisa Walter

Congrats on a strong quarter. Maybe another 1 on ralinepag, DPI. Curious as plans have changed around developing this for PAA -- or is PH still part of the plan, along with PH-ILD, IPS and PPS? And how are you thinking about the clinical development plan for ralinepag DPI in these indications? Any color here would be helpful.

Harrison Silvers

Yes, absolutely. Good to hear your voice, Lisa. I'm going to pass this 1 over to Leigh to provide some color.

Leigh Peterson

Yes. Thanks for the question. So we are in the process, as you know, of conducting the IND-enabling studies as well as planning for the Phase I study in healthy volunteers. Now that Phase I study prestudy safety. That will actually inform any other registrational study that we want to do. So we're initially planning on doing a PH-ILD study and they're very, very soon thereafter or essentially at the same time, seeking approval for IPF, PPF, all of those will require some pivotal studies assessing the safety and efficacy.

But again, we're confident that the mechanism, both of the very, very potent drug, self the ralinepag being a very, very potent IP receptor agonist as well as the inhaled route for these indications where there's either some fibrosis or later for COPD, but that's not in the immediate plan. But anyway, this inhaled route to minimize VQ mismatch is really probably will make what we're calling route pie, a very transformative product in these larger indications.

Harrison Silvers

Excellent overview, Lee, and that will conclude the Q&A. So I'll pass it back to the operator to close this out. .

Operator

Thank you for participating in today's United Therapeutics Corporation's earnings webcast. A rebroadcast of this webcast will be available for replay for 1 week by visiting the Events and Presentations section of the United Therapeutics Investor Relations our website at ir.unither.com. This now concludes today's call, and you may now disconnect.