United Therapeutics Restores Year-Over-Year Revenue Growth

The Tip Desk · November 4, 2026 · 4 min read

Third-quarter sales rose 4% to $832.5 million as Tyvaso DPI volume and Orenitram offset a slower Nebulized Tyvaso decline.

United Therapeutics Corporation (UTHR), a public benefit corporation that develops cardiopulmonary and respiratory medicines, reported total revenues of $832.5 million for the three months ended September 30, 2026, up 4% from $799.5 million a year earlier. That year-over-year increase reversed two consecutive quarters of 2% declines, when sales were $783.3 million in the second quarter of 2026 and $781.5 million in the first.

Chairperson and Chief Executive Officer Martine Rothblatt said the company is entering a period of extraordinary growth and is advancing a portfolio of new therapies designed to increase the number of patients it can serve. President and Chief Operating Officer Michael Benkowitz called the quarter a record revenue performance driven by commercial momentum.

Tyvaso DPI net product sales rose 13% to $378.5 million, with quantities contributing $43.9 million and a price increase, partially offset by higher gross-to-net deductions. That pace was faster than a 4% year-over-year increase in the second quarter and 9% in the first. Nebulized Tyvaso fell 12% to $125.3 million, after 18% and 22% year-over-year declines in the two prior quarters. The company said the decrease resulted primarily from a $20.0 million drop in U.S. quantities sold, partially offset by a price increase. Combined Tyvaso sales rose 5% to $503.8 million.

The company said the availability of competitive therapies negatively impacted sales of Nebulized Tyvaso, Tyvaso DPI, and Remodulin in the third quarter. Remodulin sales declined 3% to $122.0 million, after 6% and 8% year-over-year declines in the second and first quarters.

Orenitram sales rose 11% to $145.0 million, with quantities contributing $14.9 million and a price increase, partially offset by higher gross-to-net deductions. Unituxin sales were $52.3 million. Adcirca sales fell 54% to $4.5 million. U.S. revenues were $808.5 million and rest-of-world revenues $24.0 million.

Net income fell 24% to $258.6 million from $338.7 million a year earlier. Diluted earnings were $5.71 a share, compared with $7.16. Operating income declined to $307.8 million from $388.5 million.

Research and development expense rose 119% to $279.2 million from $127.5 million. The company said the increase was primarily due to in-process research and development expense in connection with the Thymmune Therapeutics asset acquisition, higher expenditures on manufactured-organ and organ-alternative projects, and higher spending on cardiopulmonary treatment projects. Other R&D costs, which include IPR&D acquisitions, license fees, and contingent-consideration adjustments, were $130.0 million, compared with $4.8 million a year earlier.

Selling, general, and administrative expense fell 20% to $146.4 million from $182.6 million. The change included a $66.5 million litigation-accrual reversal related to the Sandoz matter, which the company agreed to settle in October 2026 in connection with a settlement with Liquidia Technologies; the Sandoz case was dismissed on October 28, 2026. General and administrative expense excluding the litigation accrual was $143.1 million. Sales and marketing was $41.0 million.

The effective income tax rate rose to 31% from 23%, primarily due to nondeductible IPR&D expense from the Thymmune acquisition that was capitalized for tax purposes into the basis of stock acquired. Interest income fell to $33.7 million from $46.4 million, primarily because of lower marketable investments after securities sales to fund three accelerated share repurchase agreements with Citibank. Other income, net was $34.2 million.

During the quarter the company repurchased 980,394 shares, including an initial delivery of 719,376 shares under a September 2026 ASR that used the remaining $477.6 million of the March 2026 $2.0 billion authorization. Final settlement of that ASR is expected in the fourth quarter of 2026. In October 2026 the board approved a new share repurchase program authorizing up to $2.0 billion through October 21, 2027. Cash, cash equivalents, and marketable investments were $3,535.7 million at September 30, 2026.