Every 10-Q that United Therapeutics Corp (UTHR) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow UTHR and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UTHR filings page.
United Therapeutics Corporation reported six‑month 2026 revenue of $1,564.8 million, down from $1,593.0 million in 2025, while net income was $607.9 million versus $631.7 million. Operating income fell to $656.6 million from $747.3 million as cost of sales and research and development increased.
Cost of sales rose to $232.9 million, including $64.1 million of inventory reserves, largely tied to Tyvaso DPI supply commitments. Other income declined to $34.4 million from $84.6 million, driven by $48.2 million of net unrealized losses on equity securities, partly offset by a $12.8 million upward revaluation of a private investment. The effective tax rate dropped to 12 percent from 24 percent, reflecting higher excess tax benefits from share‑based compensation and the One Big Beautiful Bill Act.
Cash generation remained strong, with $776.9 million provided by operating activities. The company executed an accelerated share repurchase, paying $1,500.0 million and retiring 2,759,343 shares under 2026 agreements, leaving $500 million authorized for additional repurchases. Cash and cash equivalents increased to $1,803.2 million, while available‑for‑sale debt securities declined to $1,921.5 million as funds moved into cash and time deposits. Total assets were $7,220.1 million and stockholders’ equity $6,400.3 million as of June 30, 2026. The company also disclosed a July 2026 agreement to acquire Thymmune Therapeutics for $140.0 million upfront plus up to $160.0 million in milestones, expected to be expensed as in‑process R&D in the third quarter.
United Therapeutics reported quarterly net income of $274.9M, down from $322.2M a year earlier, on total revenues of $781.5M versus $794.4M. Higher cost of sales, including Tyvaso DPI inventory reserves and a $26.8M loss tied to a supply agreement, compressed operating income.
The company executed a large capital return, recording a $1.5B accelerated share repurchase in March 2026 under a new $2.0B program, following completion of a prior $1.0B program. Cash and cash equivalents were $1,279.7M and marketable investments $2,191.4M as of March 31, 2026, supporting continued R&D investment.
Phase 3 data were strong for key pipeline assets. Nebulized Tyvaso met primary endpoints in two IPF studies (TETON-1 and TETON-2), with integrated analysis showing a 111.8 mL absolute FVC benefit versus placebo at week 52 (p<0.0001). The ADVANCE OUTCOMES trial of oral ralinepag reduced risk of clinical worsening in PAH by 55% (hazard ratio 0.45, p<0.0001), with significant secondary endpoint improvements, and the company is preparing U.S. regulatory filings.
United Therapeutics reported stronger results for the quarter ended September 30, 2025. Total revenues were $799.5 million versus $748.9 million a year ago, and net income rose to $338.7 million from $309.1 million. Diluted EPS was $7.16 (up from $6.39).
Growth was led by Tyvaso DPI at $336.2 million, Orenitram at $131.1 million, and Nebulized Tyvaso at $141.8 million. Operating income reached $388.5 million, while nine‑month operating cash flow totaled $1,215.0 million. Cash and cash equivalents were $1,340.1 million and available‑for‑sale securities carried a fair value of $3,019.0 million as of quarter‑end.
The company executed a $1.0 billion accelerated share repurchase program consisting of uncollared and collared tranches, with initial share deliveries completed and final settlements expected in the fourth quarter of 2025 and first quarter of 2026. A new unsecured revolving credit facility of up to $2.5 billion was established in April 2025 and had no outstanding balance at quarter‑end. Shares outstanding were 43,056,599 as of October 22, 2025.
In litigation with Sandoz, a final judgment ordered payment of approximately $61.6 million in damages plus about $9.0 million in prejudgment interest, with appeals pending.