10-Q · May 6, 2026
United Therapeutics reported a revenue of $781.5 million for Q1 2026, down 2% year-over-year, primarily due to declines in Nebulized Tyvaso and Remodulin sales. The diluted EPS was $6.71, a decrease from the previous…
Earnings analysis · 10-Q
UTHR earnings analysis
Filed August 5, 2026 · Our reading of the company's report
The latest report
Second-quarter revenue was $783.3 million, down $15.3 million, or 2%, year over year, as Tyvaso DPI growth did not offset declines in Nebulized Tyvaso and Remodulin amid competitive therapies. Gross margin contracted to…
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Second-quarter revenue was $783.3 million, down $15.3 million, or 2%, year over year, as Tyvaso DPI growth did not offset declines in Nebulized Tyvaso and Remodulin amid competitive therapies. Gross margin contracted to 87.3% from 89.0% and operating margin declined to 42.2% from 45.6%, reflecting a 14% increase in cost of sales and higher R&D spending. Liquidity remains strong at $3.8034 billion with zero revolver debt, and operating cash flow rose 19% to $776.9 million for the first half; however, the $1.5 billion ASR reduced the investment portfolio. Pipeline execution is a key offset, with June NDA/sNDA submissions for ralinepag and Nebulized Tyvaso in IPF.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Tyvaso DPI continued to grow
Tyvaso DPI sales rose $11.4 million, or 4%, year over year to $326.6 million. Quantity growth contributed $6.9 million and price contributed $9.4 million, partly offset by higher gross-to-net deductions.
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Operating cash flow strengthened
Operating cash flow increased $124.0 million, or 19%, to $776.9 million in the first six months of 2026, versus $652.9 million a year earlier.
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Substantial liquidity and no funded debt
The company held $3.8034 billion in cash, cash equivalents, and marketable investments at June 30, 2026, while borrowings under its $2.5 billion revolver were $0.
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Ralinepag NDA supported by Phase 3 data
Ralinepag's Phase 3 ADVANCE OUTCOMES study reduced the risk of a clinical-worsening event by 55%, with a hazard ratio of 0.45 and p<0.0001. An NDA was submitted in June 2026.
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IPF label-expansion catalyst advanced
Nebulized Tyvaso met the primary endpoint in both IPF trials: the integrated TETON analysis showed a 111.8 mL treatment effect in absolute FVC at week 52, with p<0.0001. The company submitted an IPF sNDA in June 2026.
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Capital return remains meaningful
United Therapeutics repurchased 2,759,343 shares under its 2026 ASR agreements, and $500.0 million remained under the board authorization at June 30, 2026.
What to watch
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Competitive pressure is reducing core sales
Revenue declined $15.3 million, or 2%, year over year to $783.3 million. Total Tyvaso sales fell $17.0 million, or 4%, as Nebulized Tyvaso declined $28.4 million, or 18%, and Remodulin declined $8.4 million, or 6%.
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Inventory reserve costs pressured margins
Total cost of sales rose $11.9 million, or 14%, to $99.5 million, reducing gross margin to 87.3% from 89.0% a year ago. The increase included $7.5 million of estimated losses under a Tyvaso DPI commercial supply agreement.
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Sandoz litigation liability remains unresolved
The company accrued a $75.7 million liability related to the Sandoz litigation, representing the final judgment and post-judgment interest accrued through June 2026; it states ultimate liability may be greater.
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Buyback reduced investment liquidity
Liquidity fell $893.6 million, or 19%, from December 31, 2025 to $3.8034 billion, principally in the context of a $1.5 billion upfront payment under the 2026 accelerated share repurchase agreements.
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IPF reimbursement timing may delay uptake
Management states that DME MAC revision of the Medicare local coverage determination following a potential IPF approval could take well over one year, delaying broad Medicare coverage for the planned indication expansion.
Management's outlook
The 10-Q provides no numeric revenue or EPS guidance. Management expects near-term growth to be driven by Tyvaso DPI, more PH-ILD patients on Tyvaso products, and potential FDA-approved launches of ralinepag and Nebulized Tyvaso in IPF. It budgeted approximately $180.0 million of capital expenditures from July 1, 2026 through the end of 2028, funded with cash on hand.
Earlier filings 4
10-K · February 25, 2026
United Therapeutics positions itself around treprostinil-based franchise (Tyvaso, Remodulin, Orenitram) and organ-manufacturing technologies, with Tyvaso DPI/Nebulized Tyvaso accounting for the largest share of sales.…
10-Q · July 30, 2025
United Therapeutics reported Q2 2025 revenue of $798.6M, up 11.7% versus Q2 2024 ($714.9M) and modestly higher than Q1 2025 ($794.4M). Diluted EPS was $6.41 (vs. $5.85 in Q2 2024) but missed consensus of $6.87 (-6.7%).…
10-Q · April 30, 2025
United Therapeutics reported a strong Q1 2025 with revenue of $794.4M (up $116.7M vs. Q1 2024 $677.7M and up ~$58.4M vs. prior quarter $736M) and diluted EPS of $6.63 (vs. $6.17 in Q1 2024). Operating income rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.