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United Therapeutics (UTHR) Q1 2026 profit falls as $2B buyback starts

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(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

United Therapeutics reported softer first quarter 2026 results, with revenue and profit declining versus last year. Total revenues fell 2% to $781.5 million from $794.4 million, while net income declined 15% to $274.9 million. Diluted earnings per share decreased to $5.82 from $6.63.

Tyvaso DPI revenues grew 9% to $330.3 million, but were offset by lower Nebulized Tyvaso and Remodulin sales, resulting in a 2% decline in total Tyvaso revenues to $457.5 million. Cost of sales rose sharply, partly due to a $26.8 million estimated loss on a Tyvaso DPI commercial supply agreement.

The company authorized a share repurchase program of up to $2.0 billion through March 9, 2027 and entered into accelerated share repurchase agreements for approximately $1.5 billion. During the quarter it received 2,164,459 shares, leaving $500 million available under the authorization. Cash, cash equivalents, and marketable investments totaled $3.47 billion as of March 31, 2026.

Positive

  • Large capital return program: Board approved a share repurchase authorization of up to $2.0 billion through March 9, 2027, including approximately $1.5 billion of accelerated share repurchases already initiated and 2,164,459 shares received in Q1 2026.
  • Pipeline and product momentum: Positive ADVANCE OUTCOMES and TETON-1 clinical readouts and a development plan for ralinepag DPI, alongside 9% year-over-year growth in Tyvaso DPI revenues to $330.3 million, support future cardiopulmonary portfolio expansion.

Negative

  • Profitability under pressure: Q1 2026 net income declined 15% year-over-year from $322.2 million to $274.9 million, and diluted EPS fell from $6.63 to $5.82 as operating expenses and cost of sales increased.
  • Cost of sales spike and product declines: Total cost of sales rose 44% to $133.4 million, including $26.8 million related to an estimated loss on a Tyvaso DPI supply agreement, while Nebulized Tyvaso and Remodulin revenues declined.

Insights

Profits declined despite solid Tyvaso DPI growth, while a large buyback lifts capital return.

United Therapeutics posted Q1 2026 revenue of $781.5 million, down 2% year-over-year, with net income down 15% to $274.9 million. Operating expenses rose, and cost of sales increased 44%, compressing operating income from $382.8 million to $325.8 million.

Product mix is shifting: Tyvaso DPI grew 9% to $330.3 million, but Nebulized Tyvaso and Remodulin declined, leading to flat-to-down pulmonary hypertension franchise revenue. Management highlights positive ADVANCE OUTCOMES and TETON-1 study readouts and development plans for ralinepag DPI as potential future growth drivers.

Capital allocation is aggressive: a $2.0 billion repurchase authorization and $1.5 billion accelerated share repurchase, with 2,164,459 shares already delivered and $500 million capacity remaining through March 9, 2027. With cash and investments of $3.47 billion and a 14% effective tax rate, the balance sheet remains strong despite near-term earnings pressure.

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 $781.5 million Three months ended March 31, 2026 vs. $794.4 million in 2025
Net income $274.9 million Q1 2026, down from $322.2 million in Q1 2025
Diluted EPS $5.82 Three months ended March 31, 2026 vs. $6.63 in 2025
Tyvaso DPI net product sales $330.3 million Q1 2026, 9% year-over-year growth from $302.5 million
Share repurchase authorization $2.0 billion Board-approved common stock repurchase capacity through March 9, 2027
Accelerated share repurchase size $1.5 billion Approximate value of 2026 ASR agreements with Citibank, N.A.
Cash and investments $3,471.1 million Cash, cash equivalents, and marketable investments as of March 31, 2026
Effective income tax rate 14% Q1 2026 effective tax rate vs. 24% in Q1 2025
accelerated share repurchase agreements financial
"we also entered accelerated share repurchase agreements (the 2026 ASR agreements) with Citibank, N.A. to repurchase approximately $1.5 billion"
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 March 31, 2026 and 2025 was 14 percent and 24 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.
share-based compensation expense financial
"The increase in share-based compensation expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase"
Share-based compensation expense is the accounting cost a company records when it pays employees or executives with stock, stock options, or other equity instead of cash. It matters to investors because it reduces reported profits and can dilute existing owners’ stake over time — like a bakery paying workers with slices of cake instead of money, leaving fewer slices for original owners and changing each slice’s value.
public benefit corporation regulatory
"United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results"
A public benefit corporation is a legal type of company that pledges to pursue a specific public good—such as environmental protection, worker welfare or community development—alongside earning profits for shareholders. Like a restaurant that promises to source local ingredients while still trying to turn a profit, this structure lets managers weigh social goals against financial returns, which can influence strategy, risk profile and investor expectations about how decisions are made.
contingent consideration obligations financial
"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"
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.
Revenue $781.5 million -2% year-over-year
Net income $274.9 million -15% year-over-year
Diluted EPS $5.82 -12% year-over-year
Understanding 8-K Material Events →
0001082554false00010825542026-05-062026-05-06


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): May 6, 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 May 6, 2026, United Therapeutics Corporation issued a press release setting forth its earnings for the quarter ended March 31, 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 May 6, 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: May 6, 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 First Quarter 2026 Financial Results
SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., May 6, 2026: United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended March 31, 2026. Total revenues in the first quarter of 2026 decreased by two percent year-over-year to $781.5 million, compared to $794.4 million in the first quarter of 2025.
“In the first quarter of 2026, we extended our run of clinical success, with positive results from both our ADVANCE OUTCOMES and TETON-1 studies,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “These readouts have the potential to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease. Moreover, given these successes, we’re excited to announce our development plans in pulmonary hypertension and fibrosis for ralinepag DPI, which we believe has the potential to achieve once-daily dosing and help broaden our therapeutic reach greater than ever before.”
Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, added, “While the competitive landscape for inhaled prostacyclins remains dynamic, our continued growth for Tyvaso DPI reflects the resilience of our commercial strategy. Going forward, we are committed to further sharpening our execution with relentless drive and unwavering discipline to return to sequential quarterly revenue growth across our commercial portfolio in the near term.”
First Quarter 2026 Financial Results
Key financial highlights include (dollars in millions, except per share data):
 
Three Months Ended
March 31,
Dollar Change
Percentage Change
 
2026
 
2025
 
Total revenues
$
781.5 
$
794.4 
$
(12.9)
(2)
%
Net income
$
274.9 
$
322.2 
$
(47.3)
(15)
%
Net income, per basic share
$
6.32 
$
7.18 
$
(0.86)
(12)
%
Net income, per diluted share
$
5.82 
$
6.63 
$
(0.81)
(12)
%











1

Revenues
The table below presents the components of total revenues (dollars in millions):
 
Three Months Ended
March 31,
Dollar Change
Percentage
Change
 
2026
2025
Net product sales:
 
 
 
   Tyvaso DPI®
$
330.3 
$
302.5 
$
27.8 
9 
%
   Nebulized Tyvaso®
127.2 
163.8 
(36.6)
(22)
%
Total Tyvaso
457.5 
466.3 
(8.8)
(2)
%
Remodulin®(1)
126.6 
138.2 
(11.6)
(8)
%
Orenitram®
135.6 
120.7 
14.9 
12 
%
Unituxin®
53.6 
58.2 
(4.6)
(8)
%
Adcirca®
2.9 
6.0 
(3.1)
(52)
%
Other
5.3 
5.0 
0.3 
6 
%
   Total revenues
$
781.5 
$
794.4 
$
(12.9)
(2)
%
(1) Net product sales include sales of infusion devices, including the Remunity® and RemunityPRO® Pumps.
Total Tyvaso revenues decreased by two percent to $457.5 million in the first quarter of 2026, compared to $466.3 million in the first 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 $16.0 million and, to a lesser extent, a price increase. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $33.3 million and, to a lesser extent, a decrease in international revenues, partially offset by a price increase. The decrease in Remodulin revenues resulted primarily from a decrease in quantities sold of $11.1 million. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $10.2 million.
The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):
 
Three Months Ended March 31,
 
2026
2025
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
   Tyvaso DPI
$
330.3 
$
— 
$
330.3 
$
302.5 
$
— 
$
302.5 
   Nebulized Tyvaso
112.6 
14.6 
127.2 
138.6 
25.2 
163.8 
Total Tyvaso
442.9 
14.6 
457.5 
441.1 
25.2 
466.3 
Remodulin(1)
108.8 
17.8 
126.6 
120.2 
18.0 
138.2 
Orenitram
135.6 
— 
135.6 
120.7 
— 
120.7 
Unituxin
49.0 
4.6 
53.6 
56.9 
1.3 
58.2 
Adcirca
2.9 
— 
2.9 
6.0 
— 
6.0 
Other
5.0 
0.3 
5.3 
4.7 
0.3 
5.0 
Total revenues
$
744.2 
$
37.3 
$
781.5 
$
749.6 
$
44.8 
$
794.4 
(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
March 31,
Dollar Change
Percentage Change
 
2026
2025
Category:
 
 
 
Cost of sales
$
132.4 
$
91.6 
$
40.8 
45 
%
Share-based compensation expense(1)
1.0 
0.9 
0.1 
11 
%
Total cost of sales
$
133.4 
$
92.5 
$
40.9 
44 
%
(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 March 31, 2026, compared to the same period in 2025, was mainly due to an increase in inventory reserve expense. Of this increase amount, $26.8 million relates to an estimated loss from a commercial supply agreement that we maintain 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
March 31,
Dollar Change
Percentage Change
 
2026
2025
Category:
 
 
 
External research and development(1)
$
57.8 
$
57.2 
$
0.6 
1 
%
Internal research and development(2)
58.3 
48.3 
10.0 
21 
%
Share-based compensation expense(3)
5.4 
6.9 
(1.5)
(22)
%
Other(4)
16.7 
36.6 
(19.9)
(54)
%
Total research and development expense
$
138.2 
$
149.0 
$
(10.8)
(7)
%
(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 decrease in research and development expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to a decrease in milestone payments for drug delivery device technologies, partially offset by an increase in personnel expenses.











3

Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):
Three Months Ended
March 31,
Dollar Change
Percentage Change
2026
2025
Category:
 
 
 
General and administrative
$
127.9 
$
119.5 
$
8.4 
7 
%
Sales and marketing
28.7 
26.6 
2.1 
8 
%
Share-based compensation expense(1)
27.5 
24.0 
3.5 
15 
%
Total selling, general, and administrative expense
$
184.1 
$
170.1 
$
14.0 
8 
%
(1)    See Share-based compensation expense below for discussion.
Share-based compensation expense. The table below summarizes share-based compensation expense by major category (dollars in millions):
Three Months Ended
March 31,
Dollar Change
Percentage Change
2026
2025
Category:
 
 
 
Stock options
$
11.5 
$
8.5 
$
3.0 
35 
%
Restricted stock units
21.5 
23.4 
(1.9)
(8)
%
Share tracking awards plan
— 
(0.8)
0.8 
100 
%
Employee stock purchase plan
0.9 
0.7 
0.2 
29 
%
Total share-based compensation expense
$
33.9 
$
31.8 
$
2.1 
7 
%
The increase in share-based compensation expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in the number of unvested and outstanding performance-based stock options during the three months ended March 31, 2026, as compared to the same period in 2025.
Other expense, net. The change in other expense, net for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to net unrealized losses on equity securities.
Income tax expense. Income tax expense for the three months ended March 31, 2026 and 2025 was $43.4 million and $101.3 million, respectively. Our effective income tax rate (ETR) for the three months ended March 31, 2026 and 2025 was 14 percent and 24 percent, respectively. Our ETR for the three months ended March 31, 2026 decreased compared to our ETR for the three months ended March 31, 2025, primarily due to increased excess tax benefits from share-based compensation.
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 program expires on March 9, 2027. In March 2026, we also entered into accelerated share repurchase agreements (the 2026 ASR agreements) with Citibank, N.A. to repurchase approximately $1.5 billion of our common stock. During the three months ended March 31, 2026, we received 2,164,459 shares of our common stock under the 2026 ASR agreements. As of March 31, 2026, $500 million remained available under our Board's share repurchase authorization through March 9, 2027.
Webcast
We will host a webcast to discuss our first quarter 2026 financial results on Wednesday, May 6, 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.











4

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, among others, statements related to the potential for the results of our ADVANCE OUTCOMES and TETON-1 clinical studies to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease; our development plans for ralinepag DPI; the potential for ralinepag DPI to achieve once-daily dosing and help broaden our therapeutic reach; our efforts to return to sequential quarterly revenue growth across our commercial portfolio; the potential that we may utilize the remaining $500 million under our $2.0 billion share repurchase authorization; 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 May 6, 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, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation. REMUNITYPRO is a trademark 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











5

UNITED THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
 
Three Months Ended
March 31,
 
2026
2025
 
(Unaudited)
Total revenues
$
781.5 
$
794.4 
Operating expenses:
Cost of sales
133.4 
92.5 
Research and development
138.2 
149.0 
Selling, general, and administrative
184.1 
170.1 
Total operating expenses
455.7 
411.6 
Operating income
325.8 
382.8 
Interest income
41.8 
51.1 
Interest expense
(3.0)
(6.1)
Other expense, net
(46.3)
(4.3)
Total other (expense) income, net
(7.5)
40.7 
Income before income taxes
318.3 
423.5 
Income tax expense
(43.4)
(101.3)
Net income
$
274.9 
$
322.2 
Net income per common share:
 
 
Basic
$
6.32 
$
7.18 
Diluted
$
5.82 
$
6.63 
Weighted average number of common shares outstanding:
 
 
Basic
43.5 
44.9 
Diluted
47.2 
48.6 

SELECTED CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in millions)
March 31,
2026
Cash, cash equivalents, and marketable investments
$
3,471.1 
Total assets
6,714.2 
Total liabilities
813.1 
Total stockholders’ equity
5,901.1 











6

Source: View Original Filing on SEC EDGAR

FAQ

How did United Therapeutics (UTHR) perform financially in Q1 2026?

United Therapeutics reported Q1 2026 total revenues of $781.5 million, down 2% from $794.4 million in Q1 2025. Net income fell to $274.9 million from $322.2 million, and diluted EPS declined to $5.82 from $6.63 as operating expenses and cost of sales increased.

What drove changes in United Therapeutics’ product revenues in Q1 2026?

In Q1 2026, Tyvaso DPI net sales grew 9% to $330.3 million, while Nebulized Tyvaso declined to $127.2 million, causing total Tyvaso revenue to dip 2% to $457.5 million. Remodulin fell to $126.6 million, but Orenitram rose 12% to $135.6 million on higher volumes.

Why did United Therapeutics’ net income decrease year-over-year in Q1 2026?

Net income decreased to $274.9 million from $322.2 million mainly because total operating expenses climbed to $455.7 million from $411.6 million. Cost of sales jumped 44% to $133.4 million, including $26.8 million tied to an estimated loss on a Tyvaso DPI supply agreement.

What share repurchase actions did United Therapeutics take in early 2026?

In March 2026, the Board approved a $2.0 billion share repurchase authorization expiring March 9, 2027. The company also entered accelerated share repurchase agreements for about $1.5 billion and received 2,164,459 shares in Q1, leaving $500 million capacity remaining under the program.

How strong is United Therapeutics’ balance sheet as of March 31, 2026?

As of March 31, 2026, United Therapeutics held $3.47 billion in cash, cash equivalents, and marketable investments. Total assets were $6.71 billion, total liabilities were $813.1 million, and stockholders’ equity stood at $5.90 billion, indicating a substantial net cash position.

What was United Therapeutics’ effective tax rate in Q1 2026?

United Therapeutics’ effective income tax rate for Q1 2026 was 14%, down from 24% in Q1 2025. The lower rate primarily reflected increased excess tax benefits from share-based compensation, which reduced reported income tax expense to $43.4 million from $101.3 million.

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