UTHR earnings analysis
What we found in UTHR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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%.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Gross margin
- 87.3%
- Operating margin
- 42.2%
- Segment
- Tyvaso DPI: $326.6 million, up $11.4 million (+4%) year over year
- Segment
- Nebulized Tyvaso: $126.0 million, down $28.4 million (-18%) year over year
- Segment
- Total Tyvaso: $452.6 million, down $17.0 million (-4%) year over year
- Segment
- Remodulin: $126.3 million, down $8.4 million (-6%) year over year
- Segment
- Orenitram: $125.7 million, up $1.8 million (+1%) year over year
- Segment
- Unituxin: $65.2 million, up $6.8 million (+12%) year over year
- Segment
- Adcirca: $6.7 million, up $0.2 million (+3%) year over year
- Segment
- Other: $6.8 million, up $1.3 million (+24%) year over year
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing UTHR makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever