Thank you so much for joining us today. We are real excited here from our Healthcare Leaders and Disruptors Conference. It is excellent to have such a great community be here to hear from what I would say are our healthcare leaders and disruptors, and we are here to talk to our next set from United Therapeutics. I have the pleasure to introduce Dr. Martine Rothblatt, founder and Chief Executive Officer, as well as James Edgemond, Chief Financial Officer. Before we get into Q&A, we are going to spend a couple minutes where both of them have some prepared remarks. I will turn it over to them.
Thanks so much, Jeffrey. Super happy to be here at the Bernstein Conference. United Therapeutics is poised right now for an exponential growth trajectory unlike anything that we have yet experienced and really unlike much that you can ever see in the biotechnology industry. We are right now in the middle of launching 14 significant products that will completely transform the revenue and profit profile of our company. Those 14 products are a nebulized form of Tyvaso for IPF and PPF. These are two different lung fibrotic diseases. The NDA for Tyvaso for IPF has already been accepted for filing by the FDA, with a PDUFA date coming up early next year. This drug in its phase III trials demonstrated the greatest improvement in patient outcome of any drug that had ever been tried or developed in pulmonary fibrosis.
Just a radical improvement in life expectancy for patients with pulmonary fibrosis. Drug launches number three and number four are our DPI Tyvaso, again for IPF and PPF. DPI Tyvaso is a product that is already approved and the number one product prescribed in PH-ILD, and this product will next be launched into the IPF and the PPF market so that patients in that huge 400,000 patient indication, 100,000 in IPF and 400,000 combined with PPF and IPF, will then have an option of either using nebulized Tyvaso or DPI Tyvaso. So those are product launches one, two, three, and four. Coming right on the heels of those launches, we plan to launch a new product called CoughLess Trezmi, and this product will be launched for ILD, IPF, and PPF.
This is a CoughLess inhaled product based on a soft mist inhaler, and the NDA for this product will be filed before the end of the year, and we expect to launch that product next year. So that is product five, six, and seven. We have got three new products beyond that called Once Daily Ralpi, and this is a brand-new molecule that has the best efficacy ever shown in pulmonary hypertension and even stronger anti-fibrotic activity than treprostinil in pulmonary fibrosis, plus a PK profile that allows you to use it just once a day. So this product will be developed for IPF and PPF as well as ILD. Those are products eight , nine, and 10. We feel that we have an amazing spectrum of products that can each address ever larger portions of the population with IPF, PPF, and even ILD.
Beyond those products, we have some other amazing products that are being very soon launched. The one that I think is most dramatic is ralinepag, a once-daily pill for pulmonary hypertension. This is something that this entire field has clamored for many years. We developed this product internally, and it has a strong IP protection out until the 2040s. Most significantly, it is the only drug ever tested in the pulmonary hypertension field that showed clinical improvement in the patients with pulmonary hypertension, not just slowing the rate of decline, which it certainly did that as well. This product has been submitted to the FDA. It has been given a PDUFA date of June 24th, I believe, of next year, and we expect it to become the number one product prescribed in pulmonary hypertension.
Right on the heels of that product, we have another product, which is a triple combo form of ralinepag, that is ralinepag plus the two most commonly prescribed oral drugs, a PDE5 inhibitor, and an ERA. That will make the patient's pill burden easier and again, just one pill once a day all formulated in there. On top of all of that, we have a development of our TRESMI product for a condition called COPD-PH. This is the 13th product I mentioned. This is an indication with 600,000 patients in the U.S., Jeffrey, not one single approved drug for that indication. These patients are hurting. We feel very confident that this new product, TRESMI, for COPD-PH, will be able to capture a lion's share of those 600,000 patients.
When you stack them with the 400,000 in the PF/IPF, you are looking at 1 million patients that we will be able to address over just the next handful of years. Last but not least, we have a 14th product in development, which is a rescue inhaler for PH, something the field has never had before. It is called ILO Tra. It is a combination of two different prostacyclin-type molecules. We are busy as can ever be, Jeffrey, and the amount of drug development, product development at United Therapeutics, I would say is more robust, certainly in the pulmonary space, than any other pharmaceutical company, any biotechnology company, and we look forward to exponential growth in revenues over the next few years.
Yeah.
Counting all that money is our great CFO, James Edgemond.
Great. Thank you, Martine, and Jeff, thanks for having us again this year. As Martine talked about, we are poised right now for explosive growth going forward. A lot of questions that we've had this morning were really around use of capital for us. We try to be very good financial stewards, make thoughtful investments that grow the organization. One of those uses right now is we're repurchasing our shares. We think with this explosive growth on the horizon and where we see the value of the stock today is one of the best uses of capital that we are pursuing right now. We actually are in the market completing what the board authorized earlier this year, which was a $2 billion share repurchase authorization.
We are in the market because we believe at this point, based upon all the products Martine talked about, that this is a great use of capital at this time.
That's great. I mean, that was a lot of drug development that you just covered. I mean,
It's a full-time job.
It's a full, I mean, 32 minutes. Way to get to the highlights of all of that. It's on me and it's on us to make sure that we dive into the details of what you just talked about for some select programs. I'm actually going to start with a question that you just asked me before we started. You asked me, "Is United Therapeutics a leader or a disruptor?" And I said, "From what I know, both." And it's because of the drug development that you've highlighted and because of the results you've had so far. I'm going to put this back to the two of you. What is your answer to that question?
My answer is we are a disruptor.
Okay.
The reason for that is currently we sit with about a $20-something billion market cap, and it's really hard for me to consider that a leader in the pharmaceutical or even in the biotech area. Within the particular indications, the leader in pulmonary fibrosis is a great company called Boehringer Ingelheim, and they have been in this indication for a long time. In the pulmonary hypertension field there's a plethora of drugs approved. There are at least 12 different drugs approved, and it's, again, pretty hard to identify any one company as an absolute leader with so many different drugs approved.
Now, here we're coming in saying we have the first and only drug shown to achieve clinical improvement in pulmonary hypertension, so we're going to disrupt the hell out of that space, and this is going to be the drug that physicians reach for all of their newly prescribed patients and for all of the patients on background therapy, and maybe for all patients except the ones who are really virtually on the transplant wait list that perhaps it's too far down the pipe. Now coming into the IPF space, I'm sure the folks at BI are kind of saying, "WTF?" I mean, here they had a kind of a nice plantation that they were running there and-
Yeah
and clipping the coupons for a couple decades. Here comes a company with dramatically improved clinical trial results, not in one, but in two separate phase III trials, already a fully enrolled trial in PPF, and there is no doubt that we are the disruptor in the pulmonary fibrosis space. Finally, with regard to biotech in general, I think with these million patients that I referred to you that I'm confident we'll capture, the average reimbursement price for these drugs is in the six digits, $100,000-$200,000. Even at $100,000 a year, you're talking about $100 billion per year of pharma revenue. That would put us into the very top tier of not only biotech, but pharma, and we would be the big disruptor in pharma and biotech, and we will be over the next few years.
Okay. James, I would like to hear your answer, too.
Listening to Martine and having a brief conversation before, I think she's right in terms of being a true disruptor. I think at this point we've done very well, but I think this clinical trial read from TETON-1 and TETON-2 that produced these clinical results that really converted the company from a PH company to a PF company going forward. I think that and based upon how the Unitherians at UT operate, we're fully engaged to make sure that we can deliver to patients the best therapy and disrupt kind of the landscape that's in front of us going forward.
I would love to actually take a step back to learn a bit about the company because we have so many drugs to talk about, but it'd be great to talk about the company itself. You mentioned Unitherians. Could you describe, either one of you, describe what a Unitherian is and what that means?
A Unitherian is what internally at United Therapeutics we call ourselves, and there's various criteria that we kind of enable us in terms of nimbleness.
And various characteristics. But I think at the end of the day, our focus really is on doing a couple things. One is making sure we produce the best therapies for the patients, period, going forward. As we align around that not only transcends where we have been in the pulmonary arterial hypertension space.
But going forward in the pulmonary and the fibrotic space, and ultimately, some of the questions you'll get to in the organ transplant space. But it's really a set of individuals who truly believe that we can accomplish these audacious goals going forward.
That's great.
And we're all embedded and engaged in this going forward.
Okay.
Yeah. Our domain name is unither.com, so everybody's name is-
Okay
email is first initial, last name, unither.com. So, it became easy to call ourselves Unitherians. It was kind of fun that it rhymed with Unitarians. But that's who we are. The culture is, it's a crazy culture, Jeff. We have average revenue of $2 million per employees.
Wow.
So that's a very, very high-
Yeah
ratio of revenue to employees. I believe it's topped only by Gilead
Okay
which I would consider a leader in our industry, like Vertex and other
great company, industry, and a leader in our industry. Our culture is one of kind of Darwinian business.
Okay.
When people say, "Well, I need more resources. I need more people," we say, "Well, if we give you just a little bit less resources than you think you need, and a little bit less people than you think you need, you will try your hardest." And we will weed out the people that are not really fit enough to survive in this Darwinian environment that we've created at UT. It has worked out that way amazingly, because 1,700 people are able to produce these 14 new products in development, not to mention the half dozen launched and commercialized products. Not to mention the entire organ manufacturing
part of the business that is the leader in fields like xenotransplantation, where we have the most patients, in fact, we have the only patients in clinical trials with xenograft xenokidneys, and next will be xenohearts, walking around, some right here in New York City.
Really? Wow. Can you maybe we take a segue where, if you don't mind, I'd love to hear a little about the originations of that business and how you think it stands out, and why it's so novel compared to other biotechs.
That's an amazing question, Jeffrey. Thank you so much. The business started because my youngest daughter was diagnosed with this illness called pulmonary arterial hypertension, which at the time she was diagnosed was a universal death sentence. There was no drugs approved by the FDA for what's called PAH, pulmonary arterial hypertension, and she was diagnosed as a little kid. And the doctor, who ended up being the head of Pediatric Cardiology at Children's National Hospital, said, "I've got sad news for you. We did a cardiac catheterization of your daughter's heart. She has 5x the normal pressures in between her heart and her lungs. But it is possible to be able to get a lung transplant that has 100% track record of curing pulmonary hypertension. However, it is very, very difficult for a little, tiny kid to get a lung transplant.
And also, once you get a transplant, you're going to be on chronic immunosuppression for the rest of your life." Jeff, I was devastated. I don't know if any of you ever saw the movie "Lorenzo's Oil," but I was like in the. There's a scene when the father gets the diagnosis on his son, and he just rolls down the interior stairwell of the hospital seeing nothing but black, and that was me, Jeffrey.
Wow.
At the time, I was the CEO of Sirius XM that I had started previously, and I decided to use my money from its IPO to try to fund doctors to come up with a cure. After a couple of years of funding doctors who were trying to who sent me proposals, I saw we were no closer to a cure. My daughter was fainting all the time. She couldn't go to school because she'd faint and hit her head. I just decided this was my calling, was develop
Yeah
a cure for, her name is Jenesis, with a J. I formed United Therapeutics. I threw myself into it. I don't know if this is wood, but fortunately, we were able to develop a first drug, get it approved by the FDA, a second drug, now five drugs
Wow
for different types of pulmonary hypertension. Today, we are just past our 25th birthday.
Wow.
Genesis is alive, doing well, and we have converted pulmonary hypertension from a disease 2,000 people a year die from, to a disease that today 50,000 people are living with.
Wow. That is a tremendous story. First of all, congratulations-
Thank you, Jeffrey. Thank you so much.
on that. It is a question sort of an aside, but you said you founded Sirius XM?
Yes, I did. Absolutely.
You were the CEO?
Yes, I am.
If you don't mind, just a sort of a side question here is I'm curious what it's like to lead and found that type of company versus a biotech, biopharma, because you're probably, without knowing this, I imagine you're the only person that's ever led both those types of companies.
You're absolutely right, Jeff.
I feel pretty comfortable
Only one I know of. Only one I know of
I feel pretty comfortable saying that without any facts behind that.
You're good
So go ahead.
Well, it's funny, one of the times that Howard Stern had me on the show
he was very, very grateful and thankful for Sirius XM, and says it saved his career
Made his life. Then one time he invited my daughter onto the show.
He said to my daughter, "Well, are you single?" I will say she's very attractive. She said, "Well, I'm engaged." He said, "Your dad didn't save your life in order for you to, like, marry some guy." It was kind of funny. I never took biology in college.
Probably that was a good thing. I didn't know what I was getting into. I've been very fortunate in surrounding myself with amazing talent like-
Yeah
James Edgemond here, and all of our great scientists. I love science. I've always loved science. That's how I came up with Sirius XM.
Over time, I began to realize that the body is just another kind of technology. Instead of it being satellite radio technology, it's biotechnology.
Yeah.
Instead of frequencies having to have a match between the sending signal and the receiving signal, it's molecules have to link up with receptors. So I began to look at the body as technology and lead groups, and I just say that I'm just so happy, Jeff, that I've been able to achieve success in two very different industries.
Yeah.
But to this day, to your question, a lot of people come up to me when I'm at a group like this.
They reach into their pocket, and they pull out one of those orange amber-ish bottles of pills. They say, "Thank you for ORENITRAM," one of our medicines, or another of our medicines. "This medicine has kept me alive, got me into college, got me to my job." But for every one person who has thanked me for the life-saving drugs of UT, at least 10 people have come up to me and said, "Can I give you a hug? Because Sirius XM has changed my life." "It's made my life everything it is." So it's just an interesting comment on human nature-
Yeah
how important communication, broadcasting, and I'd say in the U.S., Sirius XM, is to our culture.
Yeah, absolutely. By the way, I would say-
Are you a subscriber?
I'm not a subscriber, but I have listened and a fan of a lot of Sirius XM.
Well, please subscribe.
Yeah. I will start just because of this interview, and you can hold me to it.
You got it.
That is huge that you did it, though.
Every time you hear it, you'll think of me.
Yeah. But as an aside, I would say that your commentary and your way of describing biology and human physiology is perfect. It's great that somebody who comes from a background outside of that can simplify and condense something that I've always told my colleagues at Bernstein. I say, "Biotech pharma, it's just like everything else. It is actually not more complicated." The only difference is that you drink Coke, you drink Pepsi, you experience these other products, so you have a perspective on those products day in and day out. So you feel more comfortable on the sales side maybe talking about that or maybe taking that research, taking that takeaway, and speak on it.
But I would just say that I feel like you've capsulated perfectly, that it really is just the same, and they're technical words that we don't typically talk about on a day-to-day basis. It's the only difference.
You're so right, Jeff. There's like a talk that you have to talk, but functionally, or what they would call from a systems level-
it's the same thing.
Yeah.
Biology is technology.
Yep. Our keynote that we just had, I don't know if you had a chance to listen to that, but where Leora is, and she's SVP of AstraZeneca, where she is really strong is her ability to synthesize down simplistically, this is what an ADC is. This is how drugs work. I feel like that's really the best part of medicine, is taking something that may sound complicated and synthesizing it down to be very simple. Which is back to then the achievements you had for your daughter, which is tremendous, and congratulations again on that. You highlight Unitherians. You highlight all of the drug development you've done. We've sort of talked about your high-level achievements in terms of drugs coming on market, in terms of the culture of the company, and your strategy.
Maybe I would like to hone in on maybe a couple of them because we've got 17 minutes, but I want to make sure that we touch on the key readouts, the key things that you'd like to talk about. So, maybe in the condensed time, would you like to go to IPF? Where would you like to focus, I guess, the next part of our conversation? Maybe we can do a couple of questions on that.
Well, I think the IPF one is a really good example of how we are a disruptor in that our development of this therapy began with another clinical trial study we call the INCREASE Trial, in which we tried to develop our drug for a related but different condition called PH-ILD, interstitial lung disease. We had an amazing result in that indication. We got FDA approval for that indication. When we did that indication, us being entrepreneurs, we said, "Let's see if we can kill two birds with one stone. Let's make all of the primary endpoints the ones that would satisfy the FDA for gaining approval in ILD. Let's make the secondary endpoints a de facto phase II trial for IPF and PPF." We did that, and we hit all of our primary and our secondaries.
We got the approval for ILD, which produces over $1 billion a year in revenue for us. We went to the FDA, and we said, "We would like to do a single study in IPF with nebulized Tyvaso, and here's all the in vitro data that shows the anti-fibrotic efficacy of the treprostinil molecule. Here's the result we had from the secondary endpoints in the ILD trial. That constitutes our phase II trial." That's not the normal way to do a phase II trial. It's an entrepreneur's way to do a phase II trial because it's a shortcut to get to phase III. The FDA looked at it, and they said, "We believe in your mechanism of action.
We're going to go ahead and clear you to do a phase III trial in IPF." We're going to require you to do two adequate and well-controlled phase III trials. We went back and we said, "But this drug has already been approved, and usually under the FDA's rules, just one adequate and well-controlled trial is enough in a new indication for a drug which is already approved." The FDA, and this was the pulmonary division of the FDA, they said that, "Well, those previous approvals were from the cardiorenal division of the FDA, and we will require you to do two adequate and well-controlled trials." Has double the cost, could be double the time, and whatnot and so forth. Here's how we approached that, Jeff, is do you sit there and you complain about that?
Do you sit there and you keep going back and back and back to the FDA? We actually looked at the positives of it, but the FDA cleared us to do this drug. If it works in one trial, it's going to work in two trials. We said, "Yes, sir." We marched off, and we did it, and we got this amazing result. As a result of that trial, we will now be able to say to all of the doctors treating pulmonary fibrosis that this is the only drug that reduces the patient's decrease in forced vital capacity by so much that it's equivalent to the patients having years of additional life. I mean, years. That's crucially important, and this is a disease that generally affects people in their sixth or so decade of life.
It's an instructive story. We have recently doubled our sales force to launch into IPF. We plan to launch it in Europe as well. Then we went to the FDA and we said all the physicians who are enrolling patients in the IPF study, they would like us to go into an adjacent disease called PPF, progressive pulmonary fibrosis. IPF has 100,000 patients. PPF has 300,000 patients. We went to the FDA, and we were ready for them to say, "You have to do two adequate and well-control." But they said, "You did such a beautiful job in your core study," which, by the way, has two articles on it published in the New England Journal of Medicine. That's what a high caliber result it was. You just do a single study in PPF, and that'll be adequate enough.
We've already fully enrolled that study. We'll unblind the results next year. Like magic, we went from, as James said, a pulmonary hypertension company last year.
to a pulmonary fibrosis company next year. From a company with a maximum number of patients we can help of 50,000 in pulmonary hypertension.
to a company with the maximum number of patients we can help of 10x more in pulmonary fibrosis.
Yeah. That is great, and great outcome. Successful interactions with the FDA should be celebrated because they're not always the case, and I speak from experience of having some good ones and some bad ones. I would love to talk about the organ side of the business, but before I do, is there anything you want to highlight on IPF or PPF before we switch over to organ?
Folks love the organ part of United Therapeutics.
Let's do it, yeah.
Jeff.
Go ahead.
This is what we call an unmet medical need. There are 100,000 people on the organ transplant list just waiting for an organ.
Yep.
Many dying every single hour, every day. What a lot of people don't realize, and I'm happy to share at this Jeffrey conference, at this Bernstein conference. Sorry.
That's okay.
Is that there are 5x more people that are dying on dialysis off the transplant list than on the transplant list. If everybody with end-stage renal disease was put on the transplant list, the odds of especially younger people being able to get a kidney would almost vanish. United Therapeutics is very tightly focused on these 500,000 people with end-stage renal disease on dialysis, so you know exactly where they are. They're being treated by doctors, and we would offer these individuals a xenograft. A xenograft for the audience who's not aware, it's a genetically modified pig organ, and in our case, it has 10 genetic modifications that makes it appear to the body and be treated with immunosuppressants, no different than an allograft. That means a kidney from another person.
We have successfully done a lot of these pre-clinically, and the FDA authorized to do a registration trial, which we are in the midst of right now. The registration trial has already enrolled and transplanted the first four patients with the xenokidneys. Two more will be done this year, and at that point, we wait until three months after the sixth patient has been transplanted, present the data to the FDA, and if they are pleased with the data, then they say, "Okay, you can go to the end of the trial," which we expect to be 30 patients total, including the six. We have every expectation that that trial will be fully enrolled in by 2028, and that we'll be able to launch the product commercially not later than 2030.
In anticipation of that, we have built three commercial xenograft production facilities, one in Virginia, one by the Mayo in Rochester, and one by Baylor in Houston. These three commercial organ production facilities, by 2030, should be turning out about 1,000, each of them, 1,000 xenografts a year. So that will be thousands of people that we'll be able to save from end-stage renal disease, as well as the FDA has also authorized our 10-gene pigs to be used for the heart. We have a heart clinical trial in parallel to the kidney clinical trial, and we plan to expand these on what are called designated pathogen-free facilities, or DPF.
It's what GMP is with pigs.
Okay.
We could ultimately, I think, make a huge dent in the need for organs. One last thing I'll just mention quickly.
Sure.
We have yet a third clinical trial that the FDA has approved based on our successful preclinical work, which is completely, Jeff, so amazing and revolutionary that to me, it is to organs like Sirius XM is to radio.
Yeah.
It's revolutionary. That is called a UThymoKidney and a UHeart.
All right.
What happens is the thymus, each of us has a thymus, it's right in front of your heart, and the thymus is what trains all of the T-cells in your body that you're you and other things are not you. If you're attacked by a bug, you get an infection or something.
Yeah
the T-cells say, "Okay, that's not this person. I'm going to attack it and quash it." When you bring the xeno pig's thymus along with the xeno pig's kidney or the xeno pig's heart, that trains the recipient, the human recipient, to see the xeno pig and the xeno heart as itself. These patients, we believe that within two or three months after transplant, can be weaned off of all immunosuppression completely
Wow
and live a normal life. It's a little bit like there's a few cases in medicine where a person who donated bone marrow to somebody else because they had a cancer and they needed a bone marrow transplant, later on that recipient has a failed kidney. When they go back to the bone marrow donor and have asked them whether they'd be willing to donate a kidney, and that individual has agreed to donate the kidney, the recipient needs no immunosuppression at all because the bone marrow has already trained their immune system to recognize that individual as part of themself.
Wow.
That trial I think will complete its enrollment by 2030 and will completely revolutionize the field of transplant medicine.
That's amazing. James, did you want to add any introductions to the organ side of the business?
One thing that is worthwhile to add onto what Martine said is previously we were talking about DPFs or designated pathogen-free facilities that were very large, requiring capital of $1.5 billion-$2 billion to build a sizable organ plant.
That would grow these pigs. We actually got smarter over time, and as we talked to investors and we looked at the program, one of the things we realized is that we can scale back our capital investment to use it for things like share repurchase now.
But build these three facilities in Christiansburg, Virginia, in Minnesota, and down in Houston, Texas, to have a smarter, more financial awareness and better deployment of capital. We are able to actually build these facilities at a scale that we learned a lot from doing the construction work and doing the initial operations work, that now we are poised that as these clinical trials go forward, we can invest the capital to build these facilities to match the commercial demand. And to add on to what Martine said, it is a very involved program from clinical trials all the way through to these facilities, that we actually came up with a better way and we are better financial stewards of our capital to deploy it now.
For example, in the 14 products Martine talked about, share repurchases, et cetera, and be poised to deploy capital in the future as these clinical trials go forward and we approach commercialization in 2030. Just more the financial side to it.
Yeah
that kind of complements more what Martine talked about on the opportunity as well as the clinical development side.
That is great to hear. I have a note here about CLIMB, Computational Laboratory for In Silico Molecular Biology. I love to hear a little bit about that.
Sure. Thanks so much for asking, Jeff. Several years ago, we formed an AI lab at UT with the task of creating an accurate digital model down to the level of all the membrane-bound receptors on all of the molecules in the lung. That is a very tall challenge because you have to cover both the airways as well as the vascular side of the lung. We ended up hiring the entire AI computational biology team from Johns Hopkins and moved them over to United Therapeutics. This team worked assiduously and built up what I am sure is the world's most detailed digital AI model of the lung, and specifically tuned for testing drugs in the diseases of interest to us, which is pulmonary hypertension and pulmonary fibrosis.
I did not mention in the previous discussions of our molecules that those molecules were tested and validated for those indications first in our digital model. It is remarkable to me that, for example, we ended up improving, I will just round the number here a little bit, by 100 milliliters of oxygen the improvement in forced vital capacity of the patients in the pulmonary fibrosis study. In the digital model, which we had completed before we did this study-
The estimate was 105 milliliters, which is insignificantly different.
Wow.
It also accurately predicted the success of our ralinepag molecule, pulmonary hypertension. It actually predicted accurately the failure of other companies' molecules that James Edgemond was getting ready to possibly have to write a check to license these other. The model said, "Don't do it. It is not going to work," and in fact, it did not work.
Yeah.
We are total believers in AI as the ability to develop new molecules and new diseases, specifically in the lung, and we are now very honored that multiple big pharma partners are interested in us testing their molecules within our digital lung.
Wow. Well, I am going to put a plug in. Courtney, my colleague, has an AI panel that is going to discuss AI and drug development.
Oh, wow.
That's happening after this, in case you're interested.
Yeah, very interested.
It seems like you have something to add to that conversation. That'll also be either here or in the other room. Back to you guys. We've got just a couple minutes left, and I think it would be nice to sort of-- You have a lot of drugs that you gave in the overview. I'd like to give you 2.5 minutes here, maybe to highlight something we haven't had a chance to talk about, whatever that might be, even if it's you intend to start another Sirius XM business or something.
No, what I'd like to talk about is my favorite drug being cued up right now is a drug called Ralpi. It takes the superior pharmacokinetics and pharmacodynamics of ralinepag over treprostinil, which for example includes just once daily dosing and applies it to these vast indications such as pulmonary fibrosis and progressive pulmonary fibrosis. This molecule actually has stronger anti-fibrotic and anti-inflammatory activity than does treprostinil, and it's got both composition of matter protection and pulmonary fibrosis patent protection out into the 2040s. I think our development of Ralpi will be the greatest drug that
Yeah
that we could possibly develop at UT. It will take us up toward that $100 billion a year in revenues, and by the time we complete its clinical trial and start marketing it, which is scheduled for basically 2030.
That's the same year that we will be launching the commercial organ manufacturing
Wow
that we can provide thousands upon thousands of people with commercial organs, completely disrupting United Network for Organ Sharing, which is the kind of sharing for the human donor organs, completely disrupting the entire immunosuppressant pharma business.
For us, being a disruptor is not a laurel to rest upon, and then you become a leader.
Right.
For us, a disruptor is a culture.
Yeah.
Going back to your great question, Jeff, on what makes UT click. If you take a look at our annual reports, you will see this is a company that all the directors not sitting there in fig leaf fashion with their hands. Every annual report is disrupting.
Yeah.
Our culture is disrupting. Our number one mantra is question authority and identify the corridors of indifference, like organ development, pulmonary fibrosis, and then run down those corridors of indifference.
That's great. Well, this has been a pleasure.
Oh, my honor to be here.
It's been a really enjoyable conversation.
Thank you so much, Jeff. I appreciate it.
Thank you so much.
Thank you.