01—Abstract
Summary
Summary of the 10-Q filed July 30, 2025. Cited figures are marked; the original filing is the authoritative source.
United Therapeutics Corporation's Form 10-Q for the quarter ended June 30, 2025 reports total revenues of $798.6 milliona for the three months ended June 30, 2025, up from $714.9 million a year earlier, and $1,593.0 million for the six months, versus $1,392.6 million.
Net income was $309.5 millionb for the quarter (diluted EPS $6.41) and $631.7 million for the six months (diluted EPS $13.02). Growth was driven mainly by Tyvaso DPI, whose net product sales rose 22% in the quarter to $315.2 million, and by Orenitram and Unituxin. Remodulin sales declined 9% in the quarter, and the filing notes Liquidia's Yutrepia received FDA approval in May 2025 and launched in June 2025, competing directly with Tyvaso products.
The company reported $1,593.1 millionc in cash and cash equivalents and total cash and marketable investments of $4,966.4 million. Its outstanding balance under the 2025 Credit Agreement, a $2.5 billion unsecured revolver, was zero as of June 30, 2025, after the company repaid the $200.0 million drawn in April. The filing describes significant pending litigation, including a Sandoz judgment with an accrued liability of $71.1 million recorded in 2024 plus $1.5 million accrued through the second quarter of 2025, and an ongoing patent case against Liquidia where trial took place in June 2025.
The company also disclosed $21.7 milliond in impairment of property, plant, and equipment and budgeted approximately $710 million in capital expenditures from the third quarter of 2025 through the end of 2027. On July 25, 2025, the board authorized a $1.0 billion share repurchase program expiring March 31, 2026.
02—Key points
Key Highlights
- Total revenues rose to $798.6 million in Q2 2025 from $714.9 million in Q2 2024; six-month revenues were $1,593.0 million versus $1,392.6 million.
- Tyvaso DPI net product sales were $315.2 million in the quarter, up 22% year over year, and Total Tyvaso net product sales grew 18% to $469.6 million.
- Net income was $309.5 million for the quarter (diluted EPS $6.41) versus $278.1 million (diluted EPS $5.85) a year earlier; six-month net income was $631.7 million.
- Cash and cash equivalents plus marketable investments totaled $4,966.4 million at June 30, 2025, and the $2.5 billion revolving credit facility had no outstanding balance.
- Liquidia's Yutrepia received FDA approval in May 2025 and launched in June 2025; the company stated it has not yet seen a material impact on Tyvaso DPI revenues.
- Litigation remains significant: a Sandoz judgment accrual of $71.1 million (2024) plus $1.5 million through Q2 2025, and the Liquidia '327 patent case went to trial in June 2025.
- The board authorized a $1.0 billion share repurchase on July 25, 2025, and the company budgeted about $710 million in capital expenditures for Q3 2025 through 2027.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in Q2 FY2025, United Therapeutics kept $0.39.
- Revenue$798.6M100.0%
- Cost of revenue−$87.6M11.0%
- Gross profit$711.0M89.0%
- Operating costs−$346.5M43.4%
- Operating income$364.5M45.6%
- Interest, other & tax−$55.0M6.9%
- Net income$309.5M38.8%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2025filed July 30, 2025Financial Statements
Q2 FY2025 against Q2 FY2024
| Line item | Q2 FY2025Q2 FY2024 | Change |
|---|---|---|
| Revenue | $798.60M$714.90M | +11.7% |
| Cost of Revenue | $87.60M$77.80M | +12.6% |
| Gross Profit | $711.00M$637.10M | +11.6% |
| R&D Expenses | $134.00M$139.60M | −4.0% |
| SG&A Expenses | $212.50M$177.60M | +19.7% |
| Operating Expenses | $434.10M$395.00M | +9.9% |
| Operating Income | $364.50M$319.90M | +13.9% |
| Net Income | $309.50M$278.10M | +11.3% |
| EPS (Basic) | $6.86$6.26 | +9.6% |
| EPS (Diluted) | $6.41$5.85 | +9.6% |
| Shares Outstanding (Basic) | 45.10M44.40M | +1.6% |
| Shares Outstanding (Diluted) | 48.30M47.50M | +1.7% |
05—Questions
Frequently Asked Questions
How did revenue and profitability trend in the second quarter of 2025?
Total revenues increased to $798.6 million from $714.9 million, and net income rose to $309.5 million from $278.1 million. Diluted EPS was $6.41 versus $5.85. Operating income was $364.5 million versus $319.9 million, with SG&A and R&D expenses rising in the period.
What is driving growth in the product portfolio?
Tyvaso DPI net product sales increased 22% in the quarter to $315.2 million, driven by higher quantities sold and a price increase, partly offset by higher gross-to-net deductions. Orenitram rose 16% to $123.9 million, while Remodulin declined 9% to $134.7 million, reflecting generic competition.
What is the company's liquidity position?
Cash and cash equivalents were $1,593.1 million and marketable investments totaled $3,373.3 million, for a combined $4,966.4 million at June 30, 2025. The company repaid its $200.0 million drawn under the 2025 Credit Agreement, leaving no outstanding balance on the $2.5 billion facility.
What are the main risks highlighted in the filing?
Key risks include generic and new competition, most notably Liquidia's Yutrepia; ongoing litigation including the Sandoz judgment appeal, the Liquidia patent case, and charity-related RICO suits from Humana, United, and MSP Recovery; pricing pressure from the IRA and most favored nation proposals; and reliance on third-party manufacturers and distributors.
What capital allocation actions and commitments were disclosed?
The company budgeted approximately $710 million for capital expenditures from the third quarter of 2025 through the end of 2027, primarily for a Tyvaso DPI facility in RTP and designated pathogen-free facilities. On July 25, 2025, the board authorized a $1.0 billion share repurchase expiring March 31, 2026, and it acquired property in Research Triangle Park for $107.0 million in July 2025.
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