-- United Therapeutics (UTHR) still has a stronger long-term growth path despite a soft Q1, helped by Tyvaso durability, possible idiopathic pulmonary fibrosis expansion, TreSMI filing plans, and future upside from ralinepag, RBC Capital Markets said in a note emailed Thursday.
The investment firm said Tyvaso revenue missed estimates in Q1, but the firm expects the franchise to return to growth after weather issues and specialty pharmacy delays subside.
IPF could become the company's next major growth driver, with a supplemental application still planned for this summer and other faster approval paths under review, RBC said.
TreSMI remains on track for a US Food and Drug Administration filing in pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease by year's end, which could help United Therapeutics defend its position in inhaled treprostinil, according to the note.
Ralinepag Dry Powder Inhalation could add longer-term upside because once daily dosing may help the company compete better in pulmonary hypertension and related lung disease markets, RBC added.
RBC lowered its price target for United Therapeutics to $701 from $707 while keeping its outperform rating.
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