01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
United Therapeutics Corporation (UTHR) reported total revenues of $3,182.7 milliona for 2025, up from $2,877.4 million in 2024 and $2,327.5 million in 2023.
Net income was $1,334.7 millionb in 2025, compared with $1,195.1 million in 2024, and diluted earnings per share were $27.86, versus $24.64 in 2024. Growth was driven primarily by Tyvaso DPI, whose net product sales reached $1,292.5 million, and by Orenitram, with $496.9 million in net product sales. Combined Tyvaso DPI and Nebulized Tyvaso net product sales were $1,878.2 million, representing 59 percent of total revenues.
Remodulin, Unituxin, and Adcirca are the company's other marketed products. The company ended 2025 with cash and cash equivalents of $1,557.1 millionc and total marketable investments of $3,140.0 million, for combined cash and investments of $4,697.0 million. It had no outstanding balance on its $2.5 billion unsecured revolving credit facility at year end.
Cash from operating activities was $1,561.2 milliond. The company repurchased $1.0 billion of common stock under 2025 accelerated share repurchase agreements, and it expects to spend approximately $400 million on capital expenditures during 2026 through 2028, mainly on manufacturing and xenotransplantation facilities.
Key pipeline events are the TETON 1 Phase 3 readout for Nebulized Tyvaso in IPF, expected late in the first quarter or early in the second quarter of 2026, and the ADVANCE OUTCOMES topline data for ralinepag, expected on a similar timeline. The filing also highlights competitive and legal risks, including the launch of Liquidia's Yutrepia in June 2025, Merck's Winrevair, generic competition for Remodulin, and ongoing litigation with Liquidia and Sandoz, which has an accrued liability of $74.1 million.
02—Key points
Key Highlights
- Total revenues rose to $3,182.7 million in 2025 from $2,877.4 million in 2024, and net income increased to $1,334.7 million from $1,195.1 million.
- Tyvaso DPI net product sales were $1,292.5 million in 2025, up from $1,033.6 million in 2024. Combined Tyvaso products represented 59 percent of total revenues.
- Orenitram net product sales grew to $496.9 million from $434.3 million, and Remodulin net product sales were $526.8 million.
- Cash, cash equivalents and marketable investments totaled $4,697.0 million at year end, and the company had no balance outstanding on its $2.5 billion revolving credit facility.
- The company repurchased $1.0 billion of common stock in 2025 through accelerated share repurchase agreements and budgeted approximately $400 million in capital expenditures for 2026 through 2028.
- Phase 3 TETON 1 data for Nebulized Tyvaso in IPF and topline ADVANCE OUTCOMES data for ralinepag are both expected in late Q1 or early Q2 2026.
- Competitive pressure is rising from Liquidia's Yutrepia, which launched in June 2025, Merck's Winrevair, and generic treprostinil, and the company is litigating against Liquidia and Sandoz.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2025, United Therapeutics kept $0.42.
- Revenue$3.18B100.0%
- Cost of revenue−$384.4M12.1%
- Gross profit$2.80B87.9%
- Operating costs−$1.31B41.0%
- Operating income$1.49B46.9%
- Interest, other & tax−$157.8M5.0%
- Net income$1.33B41.9%
Where FY2025 revenue went
$3.18B- Net income: $1.33B, 42% of revenue
- SG&A: $755.8M, 24% of revenue
- R&D: $550.0M, 17% of revenue
- Cost of revenue: $384.4M, 12% of revenue
- Interest, other & tax: $157.8M, 5.0% of revenue
Kept 42% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $3.18B$2.88B | +10.6% |
| Cost of Revenue | $384.40M$309.70M | +24.1% |
| Gross Profit | $2.80B$2.57B | +9.0% |
| R&D Expenses | $550.00M$481.00M | +14.3% |
| SG&A Expenses | $755.80M$709.70M | +6.5% |
| Operating Expenses | $1.69B$1.50B | +12.6% |
| Operating Income | $1.49B$1.38B | +8.4% |
| Net Income | $1.33B$1.20B | +11.7% |
| EPS (Basic) | $30.13$26.44 | +14.0% |
| EPS (Diluted) | $27.86$24.64 | +13.1% |
| Shares Outstanding (Basic) | 44.30M45.20M | −2.0% |
| Shares Outstanding (Diluted) | 47.90M48.50M | −1.2% |
05—Questions
Frequently Asked Questions
How did United Therapeutics perform financially in 2025?
Total revenues were $3,182.7 million, up from $2,877.4 million in 2024. Operating income was $1,492.5 million, net income was $1,334.7 million, and diluted earnings per share were $27.86, compared with $24.64 in 2024.
What drove revenue growth in 2025?
The filing attributes growth mainly to Tyvaso DPI, whose net product sales rose to $1,292.5 million, and to Orenitram, whose net product sales rose to $496.9 million. Both were boosted in part by the Medicare Part D benefit redesign under the IRA.
What are the key near-term catalysts?
The company expects TETON 1 Phase 3 data for Nebulized Tyvaso in IPF and topline ADVANCE OUTCOMES data for ralinepag in late Q1 or early Q2 2026. A positive TETON result would support a supplemental NDA to add IPF to the Nebulized Tyvaso label.
What are the main risks highlighted in the filing?
Key risks include competition from Liquidia's Yutrepia, Merck's Winrevair, and generic treprostinil, pricing pressure from the IRA and proposed GLOBE and GUARD regulations, reliance on third-party manufacturers and distributors, and ongoing patent and antitrust litigation. The Sandoz judgment has a $74.1 million accrued liability.
How is the company returning capital to shareholders?
The company repurchased $1.0 billion of common stock in 2025 under accelerated share repurchase agreements and has never paid cash dividends. The filing states that it has no present intention to pay dividends in the foreseeable future.
06—Continue