$UTHR · UNITED THERAPEUTICS Corp

United Therapeutics filed an 8-K disclosing a comprehensive Settlement Agreement with Liquidia Technologies, resolving all pending patent litigation between the parties. Under the terms, Liquidia will pay UTHR $330.4 million total — a $185 million one-time payment for past damages on Yutrepia PH-ILD sales, plus $145.4 million in two equal installments due January 31 and April 30, 2027. UTHR will pay Liquidia $10 million to resolve Liquidia's claims that Tyvaso DPI infringed its '494 patent. Liquidia must cease marketing and selling Yutrepia for PH-ILD upon FDA label amendment approval. UTHR's

Markets closed — no regular-session reaction yet; extended-hours last trade at $543.40 shows no movement vs regular close. The $330.4M settlement removes a major litigation overhang and secures UTHR's PH-ILD exclusivity through 2042.

The settlement eliminates a direct competitive threat to UTHR's Tyvaso franchise in PH-ILD through 2042 while delivering $330.4M in cash payments.

This settlement mirrors the broader pharma trend of patent litigation ending in structured payments rather than market exclusion, though UTHR's $330.4M recovery and label carve-out is unusually favorable for the branded incumbent.

Liquidia must obtain FDA approval for a label amendment removing the PH-ILD indication; if delayed or denied, the release provisions may not become effective. The settlement does not bar Liquidia from developing new treprostinil-containing products or seeking FDA approval for additional future Yutrp