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United Therapeutics (UTHR) lifts Q2 EPS, details $2.0B share buyback plan

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

United Therapeutics Corporation reported second quarter 2026 results with total revenues of $783.3 million, a 2 percent decrease from $798.6 million a year earlier, as lower Nebulized Tyvaso and Remodulin sales offset growth in Tyvaso DPI, Orenitram, and Unituxin. U.S. revenues were $733.6 million and rest-of-world revenues were $49.7 million.

Net income rose to $333.0 million from $309.5 million, with diluted EPS increasing to $7.27 from $6.41. Cost of sales increased 14 percent to $99.5 million, driven partly by higher inventory reserves including $7.5 million of estimated losses under a Tyvaso DPI supply agreement. Research and development expense grew 9 percent to $146.3 million, reflecting higher cardiopulmonary project spending and higher contingent consideration, while selling, general, and administrative expense declined 3 percent to $206.7 million due to the non-recurrence of a 2025 PP&E impairment. The effective tax rate fell to 11 percent from 24 percent, mainly from higher excess tax benefits on share-based compensation.

The company highlighted record Tyvaso DPI patient metrics and stated that it has submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, with plans to submit an IND for ralinepag DPI and an NDA for treprostinil SMI later in 2026. Management described these programs as potential multi-billion-dollar growth catalysts and noted continued advancement of an organ manufacturing pipeline and plans to launch two xeno-organ production facilities in Minnesota and Texas. United Therapeutics also detailed a $2.0 billion share repurchase program, including approximately $1.5 billion of accelerated share repurchases totaling 2,759,343 shares, and reported $3,803.4 million in cash, cash equivalents, and marketable investments as of June 30, 2026.

Positive

  • Net income and EPS growth: Net income increased to $333.0 million from $309.5 million, with diluted EPS rising to $7.27 from $6.41, supported by lower income tax expense and operating leverage.
  • Large capital return: The Board authorized a $2.0 billion share repurchase program and the company executed $1.5 billion of accelerated share repurchases, retiring 2,759,343 shares while retaining a strong cash and investment balance of $3,803.4 million.
  • Advancing late-stage pipeline: The company submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF and plans additional IND and NDA filings in 2026, which management characterizes as potential multi-billion-dollar catalysts for long-term growth.

Negative

  • Top-line and key product pressure: Total revenues declined 2 percent to $783.3 million, with Nebulized Tyvaso revenues down 18 percent to $126.0 million and Remodulin revenues down 6 percent, as management states competitive therapies negatively impacted sales.
  • Rising cost of sales: Cost of sales increased 14 percent to $99.5 million, including $7.5 million of estimated losses under a Tyvaso DPI commercial supply agreement, pressuring gross profitability despite relatively flat overall revenues.
  • Lower interest income: Interest income fell to $31.5 million from $51.3 million, primarily due to sales of marketable investments used to fund the 2026 accelerated share repurchase agreements, reducing a recurring source of other income.

Insights

Analyzing...

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenues $783.3 million Three months ended June 30, 2026; down from $798.6 million in Q2 2025
Net income $333.0 million Three months ended June 30, 2026; up from $309.5 million in Q2 2025
Diluted EPS $7.27 Three months ended June 30, 2026; increased from $6.41 in Q2 2025
Tyvaso DPI revenues $326.6 million Net product sales in Q2 2026; up from $315.2 million in Q2 2025
Nebulized Tyvaso revenues $126.0 million Net product sales in Q2 2026; down from $154.4 million in Q2 2025
Share repurchase authorization $2.0 billion Aggregate common stock repurchase capacity approved in March 2026 through March 9, 2027
Cash and investments $3,803.4 million Cash, cash equivalents, and marketable investments as of June 30, 2026
Effective income tax rate 11 percent Q2 2026 effective tax rate; decreased from 24 percent in Q2 2025
accelerated share repurchase agreements financial
"we also entered into the 2026 ASR agreements with Citibank, N.A. to repurchase approximately"
An accelerated share repurchase agreement is a contract where a company pays a bank to buy back a large block of its own shares immediately, while the final number of shares retired is settled later based on the stock’s average price. For investors, it matters because it quickly reduces the number of shares outstanding—often boosting earnings per share and signaling confidence—though the ultimate cost and share reduction can change with future market prices.
effective income tax rate financial
"Our effective income tax rate (ETR) for the three months ended June 30, 2026 and 2025 was 11 percent"
The effective income tax rate is the share of a company’s pre-tax profit that it actually pays in income taxes, calculated by dividing total tax expense by pre-tax income. For investors, it shows how much tax reduces a company’s earnings — like knowing the difference between a car’s sticker price and what you actually pay after fees and discounts — and helps compare profitability and cash available for growth or dividends.
contingent consideration obligations financial
"increase in the fair value of our contingent consideration obligations for manufactured organ and organ"
Contingent consideration obligations are promises made during a deal to pay additional money later only if certain targets or events occur, such as future sales, profits, or regulatory approvals. They matter to investors because they represent potential future cash outflows or added liabilities that can change a company’s value and dilutive impact; think of it like buying a car with a promise to pay extra if the car reaches a higher mileage benchmark — you might owe more later, affecting your budget and expected returns.
new drug application regulatory
"we just submitted what we believe are two of the most important NDAs in rare pulmonary disease history"
A new drug application is a formal request submitted to government regulators seeking approval to market a new medicine. It is like a detailed proposal that shows the drug has been tested for safety and effectiveness. For investors, receiving approval signals that the drug may soon become available for sale, potentially leading to revenue growth and impacting the company's value.
investigational new drug regulatory
"our planned filings later this year – an IND application for ralinepag DPI and an NDA for treprostinil"
An investigational new drug is a medication that is still being tested in clinical trials to determine if it is safe and effective for treating a specific condition. For investors, it represents a potential breakthrough that could lead to a new treatment and significant financial gains if successful, but also carries risks since it has not yet been approved for widespread use.
xeno-organ medical
"the launch later this year of two xeno-organ production facilities in Minnesota and Texas"
Total revenues $783.3 million Decreased from $798.6 million in the three months ended June 30, 2025
Net income $333.0 million Increased from $309.5 million in the three months ended June 30, 2025
Diluted EPS $7.27 Increased from $6.41 in the three months ended June 30, 2025
Total Tyvaso revenues $452.6 million Decreased from $469.6 million in the three months ended June 30, 2025

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FAQ

How did United Therapeutics (UTHR) perform financially in Q2 2026?
United Therapeutics reported Q2 2026 revenues of $783.3 million, down 2% from $798.6 million in Q2 2025. Net income was $333.0 million versus $309.5 million, and diluted EPS rose to $7.27 from $6.41, aided by a lower effective tax rate.

What share repurchase actions did United Therapeutics (UTHR) take in 2026?
The Board authorized a $2.0 billion share repurchase program expiring March 9, 2027. The company entered into $1.5 billion accelerated share repurchase agreements, buying back 2,759,343 shares, with $500 million remaining available under the program as of June 30, 2026.

What is United Therapeutics’ (UTHR) cash and balance sheet position as of June 30, 2026?
As of June 30, 2026, United Therapeutics reported $3,803.4 million in cash, cash equivalents, and marketable investments. Total assets were $7,220.1 million, total liabilities were $819.8 million, and total stockholders’ equity was $6,400.3 million.

Which R&D and pipeline milestones did United Therapeutics (UTHR) highlight?
Management reported submitting NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF and plans to file an IND for ralinepag DPI and an NDA for treprostinil SMI in 2026, alongside advancing organ manufacturing programs and new xeno-organ facilities.

How did United Therapeutics’ (UTHR) expenses and tax rate change in Q2 2026?
Total operating expenses were $452.5 million versus $434.1 million, with cost of sales up 14% and R&D up 9%. Income tax expense declined to $39.7 million, and the effective income tax rate fell to 11% from 24%, mainly due to higher excess tax benefits from share-based compensation.
0001082554false00010825542026-08-052026-08-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): August 5, 2026
 
United Therapeutics Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware000-2630152-1984749
(State or Other
Jurisdiction of
Incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification Number)
 
1000 Spring Street
Silver Spring,
MD20910
(Address of Principal Executive Offices)(Zip Code)
 
Registrant’s telephone number, including area code:
(301) 608-9292
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of exchange on which registered
Common Stock, par value $0.01 per shareUTHRNasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.     Results of Operations and Financial Condition.
 
On August 5, 2026, United Therapeutics Corporation issued a press release setting forth its earnings for the quarter ended June 30, 2026.
 
A copy of the press release is attached hereto as Exhibit 99.1.
 
Item 9.01.     Exhibits
 
This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
 
(d)  Exhibits
 
Exhibit No.Description of Exhibit
99.1
Press Release dated August 5, 2026
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.





SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
UNITED THERAPEUTICS CORPORATION
Dated: August 5, 2026By:/s/ Paul A. Mahon
Name:Paul A. Mahon
Title:General Counsel





ut_lungiconxredxlogo.jpg
Exhibit 99.1
For Immediate Release
United Therapeutics Corporation Reports Second Quarter 2026 Financial Results
SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., August 5, 2026: United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended June 30, 2026. Total revenues in the second quarter of 2026 decreased by two percent year-over-year to $783.3 million, compared to $798.6 million in the second quarter of 2025.
“We just submitted what we believe are two of the most important NDAs in rare pulmonary disease history: ralinepag tablets in PAH and Nebulized Tyvaso in IPF,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “We believe that these submissions, accompanied by our planned filings later this year – an IND application for ralinepag DPI and an NDA for treprostinil SMI – may herald an opportunity for a quantum increase in our growth by the end of the decade. By next year, we expect potential approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH, two potentially transformative, multi-billion-dollar catalysts that could significantly enhance our growth profile. We expect Tyvaso DPI will then follow Nebulized Tyvaso’s wake into IPF and then PPF. Moreover, our organ manufacturing pipeline continues to advance rapidly with clinical trials ongoing or being planned for liver, kidney, heart, and lung products, and the launch later this year of two xeno-organ production facilities in Minnesota and Texas.”
“Tyvaso DPI exited the second quarter at record levels of starts, referrals, commercial patients, and total patients, reflecting strong underlying demand,” said Michael Benkowitz, President and Chief Operating Officer of United Therapeutics. “Supported by our competitively differentiated device, deep clinical experience, and significant remaining opportunity in PH-ILD, we are confident in our ability to extend our leadership position in the inhaled prostacyclin class.”
Second Quarter 2026 Financial Results
Key financial highlights include (dollars in millions, except per share data):
Three Months Ended
June 30,
Dollar Change
Percentage Change
2026
2025
  
Total revenues
$
783.3 
$
798.6 
$
(15.3)
(2)
%
Net income
$
333.0 
$
309.5 
$
23.5 
8 
%
Net income, per basic share
$
7.82 
$
6.86 
$
0.96 
14 
%
Net income, per diluted share
$
7.27 
$
6.41 
$
0.86 
13 
%











1

Revenues
The table below presents the components of total revenues (dollars in millions):
Three Months Ended
June 30,
Dollar Change
Percentage
Change
2026
2025
Net product sales:
   Tyvaso DPI®
$
326.6 
$
315.2 
$
11.4 
4 
%
   Nebulized Tyvaso®
126.0 
154.4 
(28.4)
(18)
%
Total Tyvaso
452.6 
469.6 
(17.0)
(4)
%
Remodulin®(1)
126.3 
134.7 
(8.4)
(6)
%
Orenitram®
125.7 
123.9 
1.8 
1 
%
Unituxin®
65.2 
58.4 
6.8 
12 
%
Adcirca®
6.7 
6.5 
0.2 
3 
%
Other
6.8 
5.5 
1.3 
24 
%
   Total revenues
$
783.3 
$
798.6 
$
(15.3)
(2)
%
(1) Net product sales include sales of infusion devices, including the Remunity® and RemunityPRO® Pumps.
Total Tyvaso revenues decreased by four percent to $452.6 million in the second quarter of 2026, compared to $469.6 million in the second quarter of 2025, driven by a decrease in Nebulized Tyvaso revenues, partially offset by growth in Tyvaso DPI revenues. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $6.9 million and a price increase of $9.4 million, partially offset by higher gross-to-net deductions. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $37.6 million, partially offset by a price increase. The decrease in Remodulin revenues resulted primarily from a decrease in U.S. quantities sold of $12.3 million, partially offset by an increase in international revenues. We believe the availability of competitive therapies negatively impacted sales of Nebulized Tyvaso, Tyvaso DPI, and Remodulin for the three and six months ended June 30, 2026.
The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):
Three Months Ended June 30,
2026
2025
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
   Tyvaso DPI
$
326.6 
$
— 
$
326.6 
$
314.8 
$
0.4 
$
315.2 
   Nebulized Tyvaso
109.7 
16.3 
126.0 
140.5 
13.9 
154.4 
Total Tyvaso
436.3 
16.3 
452.6 
455.3 
14.3 
469.6 
Remodulin(1)
99.4 
26.9 
126.3 
113.7 
21.0 
134.7 
Orenitram
125.7 
— 
125.7 
123.9 
— 
123.9 
Unituxin
59.0 
6.2 
65.2 
55.4 
3.0 
58.4 
Adcirca
6.7 
— 
6.7 
6.5 
— 
6.5 
Other
6.5 
0.3 
6.8 
5.0 
0.5 
5.5 
Total revenues
$
733.6 
$
49.7 
$
783.3 
$
759.8 
$
38.8 
$
798.6 
(1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.











2

Expenses
Cost of sales. The table below summarizes cost of sales by major category (dollars in millions): 
Three Months Ended
June 30,
Dollar Change
Percentage Change
2026
2025
Category:
Cost of sales
$
98.5 
$
86.6 
$
11.9 
14 
%
Share-based compensation expense(1)
1.0 
1.0 
— 
— 
%
Total cost of sales
$
99.5 
$
87.6 
$
11.9 
14 
%
(1)See Share-based compensation expense below for discussion.
Cost of sales, excluding share-based compensation. The increase in cost of sales for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to an increase in inventory reserve expense. Of this increased amount, $7.5 million related to estimated losses under a commercial supply agreement intended to provide sufficient Tyvaso DPI inventory to meet the needs of our patients.
Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):
Three Months Ended
June 30,
Dollar Change
Percentage Change
2026
2025
Category:
External research and development(1)
$
71.2 
$
62.4 
$
8.8 
14 
%
Internal research and development(2)
54.0 
55.9 
(1.9)
(3)
%
Share-based compensation expense(3)
10.9 
8.1 
2.8 
35 
%
Other(4)
10.2 
7.6 
2.6 
34 
%
Total research and development expense
$
146.3 
$
134.0 
$
12.3 
9 
%
(1)External research and development primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before regulatory approval of the relevant product.
(2)Internal research and development primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before regulatory approval, and internal facilities-related expenses, including depreciation, related to research and development activities.
(3)See Share-based compensation expense below for discussion.
(4)Other primarily includes upfront fees and milestone payments to third parties under license agreements related to development-stage products and adjustments to the fair value of our contingent consideration obligations.
Research and development, excluding share-based compensation. The increase in research and development expense for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to: (1) an increase in expenditures related to cardiopulmonary treatment projects; and (2) an increase in the fair value of our contingent consideration obligations for manufactured organ and organ alternative projects obtained through acquisition.











3

Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):
Three Months Ended
June 30,
Dollar Change
Percentage Change
2026
2025
Category:
General and administrative(1)
$
137.9 
$
131.1 
$
6.8 
5 
%
Impairment of property, plant, and equipment (PP&E)
— 
21.7 
(21.7)
(100)
%
Sales and marketing
37.3 
31.0 
6.3 
20 
%
Share-based compensation expense(2)
31.5 
28.7 
2.8 
10 
%
Total selling, general, and administrative expense
$
206.7 
$
212.5 
$
(5.8)
(3)
%
(1)    Excluding impairment of PP&E. See Impairment of PP&E section below.
(2)    See Share-based compensation expense below for discussion.
General and administrative, excluding impairment of PP&E and share-based compensation. The increase in general and administrative expense for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to: (1) an increase in personnel expense due to growth in headcount; and (2) an increase in consulting expenses, partially offset by a decrease in legal expenses related to litigation matters.
Impairment of PP&E. The decrease in impairment of PP&E during the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to the impairment charge to write down the carrying value of certain PP&E in 2025, which did not recur in 2026.
Sales and marketing, excluding share-based compensation. The increase in sales and marketing expense for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to an increase in personnel expense due to growth in headcount.
Share-based compensation expense. The table below summarizes share-based compensation expense by major category (dollars in millions):
Three Months Ended
June 30,
Dollar Change
Percentage Change
2026
2025
Category:
Stock options
$
12.8 
$
11.1 
$
1.7 
15 
%
Restricted stock units
29.7 
26.0 
3.7 
14 
%
Employee stock purchase plan
0.9 
0.7 
0.2 
29 
%
Total share-based compensation expense
$
43.4 
$
37.8 
$
5.6 
15 
%
Interest income. Interest income was $31.5 million and $51.3 million for the three months ended June 30, 2026 and 2025, respectively. The decrease in interest income was primarily due to a decrease in marketable investments due to the sale of securities to fund our two accelerated share repurchase agreements in March 2026 (the 2026 ASR agreements).
Other income (expense), net. Other income (expense), net for the three months ended June 30, 2026 and 2025 was $13.3 million in income and $0.1 million in expense, respectively. The increase in other income was primarily due to net unrealized gains on equity securities.
Income tax expense. Income tax expense for the three months ended June 30, 2026 and 2025 was $39.7 million and $98.9 million, respectively. Our effective income tax rate (ETR) for the three months ended June 30, 2026 and 2025 was 11 percent and 24 percent, respectively. Our ETR for the three months ended June 30, 2026 decreased compared to our ETR for the three months ended June 30, 2025, primarily due to increased excess tax benefits from share-based compensation.











4

Share repurchase. In March 2026, our Board of Directors approved a share repurchase program authorizing up to $2.0 billion in aggregate repurchases of our common stock, which expires on March 9, 2027. In March 2026, we also entered into the 2026 ASR agreements with Citibank, N.A. to repurchase approximately $1.5 billion of our common stock. During the three months ended June 30, 2026, we received an additional 378,936 shares of our common stock upon the first to settle of the 2026 ASR agreements. The other 2026 ASR agreement settled in August 2026, and we received an additional 215,948 shares of our common stock upon final settlement. In total, we repurchased 2,759,343 shares of our common stock under the 2026 ASR agreements, of which 2,543,395 were held as treasury stock in our consolidated balance sheets as of June 30, 2026. As of June 30, 2026, $500 million remained available under the share repurchase program authorized by our Board for purchases through March 9, 2027.
Webcast
We will host a webcast to discuss our second quarter 2026 financial results on Wednesday, August 5, 2026, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website at https://ir.unither.com/events-and-presentations. An investor presentation is available now, and after the webcast a replay of the webcast will also be available, at the same location on our website.
About United Therapeutics
Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build.
Forward-Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements related to: our research and development and regulatory plans, including the potential outcome of our NDA and sNDA seeking approval for ralinepag tablets for PAH and Nebulized Tyvaso for IPF, respectively, our plans to submit by the end of this year an IND for ralinepag DPI and an NDA for treprostinil SMI, our plans to develop Tyvaso DPI for IPF and PPF; the potential for us to achieve a quantum increase in our growth by the end of the decade; our expectation that ralinepag tablets and Nebulized Tyvaso for IPF represent multi-billion-dollar catalysts that could significantly enhance our growth profile; our organ manufacturing pipeline, including our planned clinical trials and our plan to launch new xeno-organ facilities later this year; our expectation that our competitively differentiated device, deep clinical experience, and significant remaining opportunity in PH-ILD will enable us to extend our leadership position in the inhaled prostacyclin class; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of August 5,











5

2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.
ORENITRAM, REMODULIN, REMUNITY, REMUNITYPRO, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation.
ADCIRCA is a registered trademark of Eli Lilly and Company.

For Further Information Contact:
Investor Inquiries
https://ir.unither.com/contact-ir
Media Inquiries
communications@unither.com

Abbreviations:
1. NDA = new drug application. 2. PAH = pulmonary arterial hypertension. 3. IPF = idiopathic pulmonary fibrosis. 4. IND = investigational new drug. 5. DPI = dry powder inhaler. 6. SMI = soft mist inhaler. 7. PPF = progressive pulmonary fibrosis.











6

UNITED THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
Three Months Ended
June 30,
2026
2025
(Unaudited)
Total revenues
$
783.3 
$
798.6 
Operating expenses:
Cost of sales
99.5 
87.6 
Research and development
146.3 
134.0 
Selling, general, and administrative
206.7 
212.5 
Total operating expenses
452.5 
434.1 
Operating income
330.8 
364.5 
Interest income
31.5 
51.3 
Interest expense
(2.9)
(7.3)
Other income (expense), net
13.3 
(0.1)
Total other income, net
41.9 
43.9 
Income before income taxes
372.7 
408.4 
Income tax expense
(39.7)
(98.9)
Net income
$
333.0 
$
309.5 
Net income per common share:
Basic
$
7.82 
$
6.86 
Diluted
$
7.27 
$
6.41 
Weighted average number of common shares outstanding:
Basic
42.6 
45.1 
Diluted
45.8 
48.3 

SELECTED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)
June 30,
2026
Cash, cash equivalents, and marketable investments
$
3,803.4 
Total assets
7,220.1 
Total liabilities
819.8 
Total stockholders’ equity
6,400.3 











7

Source: View Original Filing on SEC EDGAR

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