United Therapeutics Corporation (UTHR) Earnings

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Sep 2026upcoming

Next quarter

Reports Nov 4, 2026, before the open.

Consensus is $5.85 EPS for Sep 2026 across 6 estimates, ranging $4.40 to $6.70.

UTHR Jun 2026

Reported Aug 5, 2026

: 6.60%
: +2.68%

: $6.82
: $7.27
: —
: $783.30M

Reported results

: $783.30M; from $798.60M
: 87.30%; from 89.03%
: $330.80M; from $364.50M
: 42.23%; from 45.64%
: $333.00M; from $309.50M
: $7.27; from $6.41

Highlights

Earnings beat: Diluted EPS was $7.27, up 13% year over year and 25% sequentially, exceeding the $6.82 consensus by 6.6%; net income rose 8% year over year to $333.0 million.
Revenue pressure: Revenue declined 2% year over year to $783.3 million, was broadly flat with $781.5 million in Q1, and reflected competition across Tyvaso and Remodulin.
Tyvaso transition: Tyvaso DPI revenue increased 4% year over year to $326.6 million, but Nebulized Tyvaso fell 18% to $126.0 million, leaving total Tyvaso revenue down 4% to $452.6 million.
Pipeline catalysts: United Therapeutics submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, with potential approvals expected next year; it also plans filings for ralinepag DPI and treprostinil SMI.
Competitive impact: Remodulin revenue declined 6% to $126.3 million, while management cited competitive therapies as a drag on Nebulized Tyvaso, Tyvaso DPI, and Remodulin.
Margins and costs: Operating income fell 9% year over year to $330.8 million and operating margin contracted to 42.2% from 45.6%, as cost of sales rose 14% and R&D increased 9%.
Tax and investment benefit: The effective tax rate fell to 11% from 24%, while other income was $13.3 million versus a $0.1 million loss a year earlier, helping offset weaker operating performance.
Capital return: The company completed part of a $1.5 billion accelerated share repurchase, repurchasing 2.76 million shares in total and leaving $500 million available under its $2.0 billion authorization.
Organ platform: United Therapeutics continued to build its organ-manufacturing platform, with two xenotransplantation facilities planned for launch later this year and $208.8 million of year-to-date property, plant, and equipment purchases.

Analysis

United Therapeutics delivered a mixed second quarter: revenue was $783.3 million, down 2% from $798.6 million a year ago and essentially unchanged from $781.5 million in Q1, while diluted EPS of $7.27 beat the $6.82 consensus by 6.6%. Net income increased 8% year over year to $333.0 million and 21% sequentially, but operating income declined 9% year over year to $330.8 million as operating expenses rose to $452.5 million from $434.1 million. No revenue consensus was provided in the supplied material.

The print was defined by a continuing shift within Tyvaso, pressure from competing therapies, and a strengthened late-decade pipeline. Tyvaso DPI revenue grew 4% to $326.6 million, but Nebulized Tyvaso fell 18% to $126.0 million, driving total Tyvaso down 4% to $452.6 million. Remodulin also declined 6% to $126.3 million, while Orenitram rose 1% to $125.7 million and Unituxin increased 12% to $65.2 million. Reported EPS benefited from an 11% effective tax rate versus 24% last year, $13.3 million of other income, and a lower share count following the $1.5 billion repurchase. Management emphasized regulatory submissions for ralinepag tablets and Nebulized Tyvaso in IPF as the principal catalysts for a potential acceleration in growth.

Commercial product trends

Tyvaso DPI: Revenue increased 4% year over year to $326.6 million, driven by $6.9 million of volume growth and a $9.4 million price increase, partly offset by higher gross-to-net deductions.
Nebulized Tyvaso: Revenue declined 18% to $126.0 million, primarily because U.S. quantities sold fell by $37.6 million. Management attributed pressure to competitive therapies, including Yutrepia and other PAH treatments.
Remodulin: Revenue fell 6% to $126.3 million, with U.S. quantities sold down $12.3 million, partly offset by international growth.
Other products: Orenitram increased 1% to $125.7 million, Unituxin rose 12% to $65.2 million, and Adcirca increased 3% to $6.7 million. Total Tyvaso revenue was $452.6 million, down 4% from $469.6 million.

Pipeline submissions

The quarter marked a major regulatory step-up. United Therapeutics submitted an NDA for once-daily ralinepag extended-release tablets in PAH after the phase 3 ADVANCE OUTCOMES study reduced the risk of clinical worsening by 55%, and submitted an sNDA for Nebulized Tyvaso in IPF after positive TETON-1 and TETON-2 results. Management expects potential approvals for both products in 2027. The company also expects to file an IND for ralinepag DPI and an NDA for treprostinil SMI later this year. These programs are intended to expand the addressable market beyond the existing PAH and PH-ILD franchise, although approval, reimbursement, and commercial timing remain outstanding.

Profitability and tax

Operating performance: Operating income was $330.8 million versus $364.5 million a year earlier, reducing operating margin to 42.2% from 45.6%. The prior-quarter operating margin was approximately 41.7%, so profitability improved sequentially despite flat revenue.
Cost of sales: Cost of sales rose 14% to $99.5 million, including $19.2 million of inventory reserve expense and $7.5 million of estimated losses under a Tyvaso DPI supply agreement.
Investment in growth: R&D increased 9% to $146.3 million, led by cardiopulmonary programs and higher contingent consideration costs. SG&A declined 3% to $206.7 million because the $21.7 million PP&E impairment recorded in the year-ago quarter did not recur.
Below the line: The effective tax rate fell to 11% from 24%, primarily due to excess tax benefits from share-based compensation. Other income was $13.3 million, largely from unrealized equity-security gains, versus a $0.1 million expense last year.

Capital allocation

United Therapeutics used $1.5 billion of cash for accelerated share repurchases during the first half of 2026, repurchasing 2,759,343 shares in total; 2,543,395 shares were held as treasury stock at June 30. The lower share count helped lift diluted EPS even as operating income declined. Cash and marketable investments totaled $3.80 billion at quarter-end, down from $4.70 billion at December 31 after the repurchases, while the company had no outstanding balance on its $2.5 billion revolving credit facility. The board authorization had $500 million remaining through March 2027.

Organ platform expansion

The quarter also showed continued spending on United Therapeutics' longer-term organ strategy. Property, plant, and equipment purchases totaled $208.8 million in the first half, up from $137.1 million a year earlier, and net PP&E reached $1.93 billion at June 30. The company plans to launch xenotransplantation production facilities in Minnesota and Texas later this year and has budgeted approximately $180 million of capital expenditures from July 2026 through 2028, primarily for those facilities and a Research Triangle Park plant for ralinepag DPI. Separately, United Therapeutics acquired preclinical-stage Thymmune Therapeutics on July 1 for approximately $140 million upfront, with up to $160 million of milestone payments; the transaction will be recorded in the third quarter.

United Therapeutics Corporation

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