August 2020

UNITED THERAPEUTICS CORPORATION

2 AUGUST 2020

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 Relations Financial 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®, PATCHPUMP®, REMODULIN®, TREVYENT®, TYVASO®, and UNITUXIN® are registered trademarks of United Therapeutics Corporation and its subsidiaries.Implantable System for Remodulin® (ISR), REMUNITY™, REMOPRO™, and UNEXISOME™ are trademarks of United Therapeutics Corporation and its subsidiaries. ADCIRCA® is a registered trademark of Eli Lilly and Company.TECHNOSPHERE® is a registered trademark of MannKind Corporation.

SAFE HARBOR STATEMENT

UTHR OVERVIEW

4 AUGUST 2020

OUR FOCUS

DEVELOPING NOVEL, LIFE-EXTENDING TECHNOLOGIES FOR PATIENTS IN THREE CORE AREAS:

ONCOLOGY

1 2 3

LUNG DISEASE ORGAN MANUFACTURING

5 AUGUST 2020AUGUST 2020

MULTIPLE APPROVED THERAPIES: 20+ YEARS OF ADDRESSING UNMET MEDICAL NEEDS

INHALATIONPAH is a rare, progressive disorder characterized by high blood pressure (hypertension) in the arteries of the lungs (pulmonary arteries) for no known cause. NB is a rare solid tumor cancer that arises in immature nerve cells and strikes primarily infants and children. Commercial products also include Adcirca® for the treatment of PAH, which went generic in August 2018.

PULMONARY ARTERIAL HYPERTENSION (PAH)

TABLETINFUSION

NEUROBLASTOMA (NB)

INFUSION

AUGUST 2020AUGUST 20206

A DECADE OF BALANCE AND VALUE CREATION, TAKING ON EARTHSHOTS TO ONE DAY FIND A CURE

7 AUGUST 2020

TREPROSTINIL REVENUE STABLE IN THE FACE OF GENERICS

Revenue as reported in SEC Forms 10K.

IN MILLIONS ORENITRAM® TYVASO® REMODULIN®

0

300

600

900

1200

1500

2006 2007 2008 2010 2011 2013 2014 2015 2016 2018 2019201720122009

8 AUGUST 2020

FOUNDATION FOR A GROWING REMODULIN® BRAND

SAFETY & SUPPLY CHAIN RELIABILITY

HIGHLY DIFFERENTIATED PRODUCT PLATFORM

PATIENT SUPPORT LIMITED HISTORY OF SWITCHING IN THE PAH SPACE

WE BELIEVE REMODULIN® REVENUES

WILL CONTINUE TO GROW IN FACE

OF GENERICS

UTHR MARKETS

10 AUGUST 2020

PAH PATIENTS

PH PATIENTS

CHRONIC FIBROSING ILD

PATIENTS

PH ILD PH COPD

CHRONIC FIBROSING ILD

(in U.S. as of 2019) (in U.S. as of 2019) (in U.S. as of 2019)

(1) PH = Pulmonary Hypertension. (2) Estimated patient populations based on United Therapeutics internal market research.

MARKET OPPORTUNITY

>45,000 PATIENTS IN U.S. >130,000 PATIENTS IN U.S. ~100,000 PATIENTS IN U.S.

PREVALENCE OF PH ILD & PH COPD IN PH WHO GROUP 3(2)

PREVALENCE OF CHRONIC FIBROSING ILD(2)

PREVALENCE OF PH(1) WHO GROUP 1(2)

CURRENT PAH LANDSCAPE NEW PH OPPORTUNITIES OPPORTUNITIES BEYOND PH

30,000 100,000

100,00017%

42%

6%

35%

FC I

FC II

FC III

FC IV

11 AUGUST 2020AUGUST 2020

3X THE NUMBER OF PATIENTS CURRENTLY ON OUR PH THERAPIES(1)

REMODULIN® Implantable System for Remodulin® (ISR), Remunity™, RemoPro™, Trevyent®

PH WHO Group 1, FC III & IV

TYVASO® Treprostinil Technosphere® (TreT), INCREASE, PERFECT, TETON

PH WHO Groups 1 & 3,Chronic Fibrosing ILD

ORENITRAM® M/M Reduction Label, QD Formulation PH WHO Group 1

(1) Does not factor in potential patient growth in WHO Group 1 from Ralinepag and SAPPHIRE. (2) Represents an approximate total number of U.S. patients currently on United Therapeutics treprostinil therapies, including Remodulin, Tyvaso, and Orenitram.

INNOVATE GROW EXPAND

7,500(2) 25,000Current patients on therapy

5 YEAR EXPANSION GOAL

0 5,000 10,000 15,000 20,000 25,000

12 AUGUST 2020

With a 61% reduction in risk

Including NT-proBNP and functional class (FC),

as well as overall risk status

With a 37% reduction in risk of death vs placebo

at study closure PAH-related healthcare-costs were 67% higher for

selexipag patients than for Orenitram patients

DELAY DISEASE

PROGRESSION

IMPROVE KEY PROGNOSTIC

MEASURES OF RISK

INDICATE A POSITIVE IMPACT

ON SURVIVAL(1)

REDUCE PAH-ASSOCIATED

HEALTHCARE COSTS RELATIVE TO SELEXIPAG(2,3)

61% 37%

ORENITRAM® THERAPEUTIC PLATFORM

FREEDOM-EV and other studies showed that Orenitram can

KEY BENEFITS OF EXPANDED ORENITRAM® LABEL

(1) Participants for which data are available (89%), Orenitram® was associated with a 37% decreased risk of mortality compared with placebo (p=0.0324) at study closure (which includes additional data accrued in the open-label extension study). Difference in risk of death was not statistically significant at the end of the randomized treatment period or OLE. (2) 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.

UTHR PIPELINE

14 AUGUST 2020

NEXT MILESTONES OF A ROBUST PIPELINE

Remunity™ (treprostinil)

Tyvaso® Therapeutic Platform

UNDER FDA REVIEW LAUNCH PREPARATIONS UNDERWAY

PREPARING NDA RESUBMISSION

Remodulin® Therapeutic Platform

INCREASE (treprostinil)

21

Trevyent® (treprostinil sodium)

Remodulin® Therapeutic Platform

3

Implantable System for Remodulin® (1) (treprostinil) Remodulin® Therapeutic Platform

4

(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.

TYVASO® THERAPEUTIC PLATFORM

15 AUGUST 2020AUGUST 2020

INCREASE PHASE III CLINICAL TRIAL IN PH WHO GROUP 3

(1) Tyvaso® is not approved for PH WHO Group 3 patients. (2) PH ILD = Pulmonary Hypertension associated with Interstitial Lung Disease. (3) Estimated patient populations based on United Therapeutics internal market research. (4) V = Poor Lung Ventilation; Q = Low Lung Perfusion. (5) Rubin LJ. New Engl J Med. 1997;336(2):111-117. Rubin LJ. Chest. 1993;104:236-250. Seeger W, et al. J Am Coll Cardiol. 2013;62 (25 Suppl):D109-116.e.

» No approved therapies for WHO Group 3

» Inhaled therapies may preserve V/Q(4) and prevent undesirable effects of perfusion(5)

Estimated U.S. PH-ILD prevalence ~30,000(3) people

HIT PRIMARY AND ALL SECONDARY ENDPOINTS; sNDA ACCEPTED; APRIL 2021 PDUFA DATE

TYVASO®(1) for PH ILD(2)

16

TYVASO® THERAPEUTIC PLATFORM

AUGUST 2020

INCREASE – ALL ENDPOINTS MET

(1) Treatment with Tyvaso of up to 12 breaths per session, four times daily, in the INCREASE study was well tolerated and the safety profile was consistent with previous Tyvaso studies in PAH and known prostacyclin-related adverse events.

IMPROVEMENT IN six-minute-walk-distance (6MWD).

Tyvaso increased 6MWD by 21 meters versus placebo (p=0.0043, Hodges-Lehmann estimate) after 16 weeks of treatment or by 31 meters when analyzed using Mixed Model Repeated Measurement (p<0.001).

» The cardiac biomarker NT-proBNP » Time to first clinical worsening event » Change in peak 6MWD at Week 12,

and change in trough 6MWD at week 15.

SIGNIFICANT IMPROVEMENTS IN:

Primary endpoint:

Secondary endpoints:

17 AUGUST 2020

REMODULIN® THERAPEUTIC PLATFORM

BECAUSE OF CONCERNS

AROUND IV USE OR SUBQ PAIN

PAH PATIENTS

30-40% 3

4

A PUMP FOR EVERY PAH PATIENT

IMPLANTABLE SYSTEM FOR REMODULIN®

(ISR)(1)

TREVYENT®(3,4)

REMUNITY™ REMOLIFE(3)

OF PAH PATIENTS REFUSE PARENTERAL THERAPY

FDA APPROVED

FDA CLEARED(2) LAUNCH PREP UNDERWAY

1

2

(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) Trevyent® and RemoLife are development-stage product not approved for sale in any jurisdiction. (4) Preparing NDA resubmission.

18 AUGUST 2020

NEXT GENERATION CLINICAL TRIALS AND TECHNOLOGIES

NCE/NOVEL BIOLOGICS(1)

ORGAN MANUFACTURING

INCREASE (treprostinil)

BREEZE Treprostinil

Technosphere® (treprostinil)

PERFECT (treprostinil)

TETON (treprostinil)

OreniPro (oral treprostinil

prodrug)

hu14.18K322A(humanized

dinutuximab)

Unexisome™ (exosomes)

ADVANCE Studies Ralinepag

(IP receptor agonist)SAPPHIRE

Aurora-GT™ eNOS Gene Therapy

GEM (Genetically-Enhanced

Mesenchymal stem cells)LNG01

(Wnt inhibitor)

Accelerated Total Artificial Lung (TAL1)

Centralized Ex-Vivo Lung Evaluation System (EVLP)

Unilobe (Lung Lobes)Unikidney (xenokidney)

Total Artificial Lung (TAL) Uniheart

(xenoheart) U-Lung

(3DAP Lungs)(1) NCE = New Chemical Entity.

Remunity™ (treprostinil) Trevyent®

(treprostinil sodium)

Implantable System for Remodulin®

(treprostinil)

RemoLife (treprostinil)RemoPro™

(treprostinil prodrug)

1 2 3 4 5 6

19 AUGUST 2020AUGUST 2020

NCE & NOVEL BIOLOGICS THERAPEUTIC PLATFORM

(1) Ralinepag is development-stage product not approved for sale in any jurisdiction.

» New drug candidate for PAH

» Phase III clinical trials enrolling for Ralinepag (IP receptor agonist),

» Evaluating impact on morbidity/mortality (ADVANCE OUTCOMES) and exercise capacity (ADVANCE CAPACITY)

O

O

a

O

OHTargeting the prostacyclin pathway

RALINEPAG(1) POTENTIAL ‘BEST-IN-CLASS’ THERAPY FOR PAH

20 AUGUST 2020AUGUST 2020

ORGAN MANUFACTURING THERAPEUTIC PLATFORM

TRANSFORM THE MARKETPLACE TO MAKE MORE ORGANS AVAILABLE FOR TRANSPLANT

» EVLP | Ex Vivo Lung Perfusion, also applicable to other organs

» XENO | Genetically modified pathogen-free pig organs

» LUNG LOBES | Regenerated allogenic human cellularized lung lobes on decellularized porcine scaffold

» 3DAP | 3D Autologous Printed lung using re-differentiated iPS cells from patient on 3D printed scaffold

21 AUGUST 2020

152 60%70%15%

>6moPATIENTS LIVES

SAVED

LUNG FUNCTION

RECELLULARIZATION OF LUNG 3DAP PRINTED

LIFE SUPPORTING ORGANS IN

PRECLINICAL MODELS

EVLP XENO KIDNEY LUNG LOBES 3DAP LUNG

ORGAN MANUFACTURING THERAPEUTIC PLATFORM

ORGAN MANUFACTURING PROGRESS TO DATE

22 AUGUST 2020

ORGAN MANUFACTURING THERAPEUTIC PLATFORM

ORGAN MANUFACTURING AT UTHR

SCAL

E-U

P &

LOG

ISTI

CS C

HAL

LEN

GE

TECHNOLOGY DEVELOPMENT CHALLENGE

IMM

UN

OLOG

ICAL

CH

ALLE

NGE

3DAPFIH– LONG-TERM GOAL

XENO KIDNEYFirst In Human

(FIH) – SHORT-TERM GOAL

LUNG LOBESFIH – MID-TERM GOAL

EVLPCurrently in

the clinic

Orga

n Man

ufacturing

APPENDIX

25 AUGUST 2020

REMODULIN® THERAPEUTIC PLATFORM

BECAUSE OF CONCERNS

AROUND IV USE OR SUBQ PAIN

PAH PATIENTS

30-40%

A PUMP FOR EVERY PAH PATIENT

IMPLANTABLE SYSTEM FOR REMODULIN® (ISR)(1)

TREVYENT®(3,4)

REMUNITY™(2) REMOLIFE(3)

OF PAH PATIENTS REFUSE PARENTERAL THERAPY » Ease of use and reduced risk of

bloodstream infections (BSIs) » Once-monthly refills or longer

» First pre-filled, pre-programmed infusion system

» Simplification for subQ via disposable Patch Pump® technology

» Small, lightweight, durable subQ pump with disposable cartridges

» Flexible dosing via an acoustic volume sensing technology

» Next-generation ambulatory infusion pump with smartphone compatibility

FDA APPROVED

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) Trevyent® and RemoLife are development-stage product not approved for sale in any jurisdiction. (4) Preparing NDA resubmission.