How did United Therapeutics perform in the second quarter of 2025?

Total revenues were a record $798.6 million, up 12 percent from $714.9 million a year earlier. Net income was $309.5 million, up 11 percent, and diluted EPS was $6.41, up 10 percent from $5.85.

Which products drove revenue growth?

Tyvaso DPI led with $315.2 million in revenue, up 22 percent, mainly from higher quantities sold. Nebulized Tyvaso grew 10 percent, Orenitram grew 16 percent, and Unituxin grew 13 percent. Remodulin declined 9 percent to $134.7 million.

What capital allocation actions were announced?

The Board authorized share repurchases of up to $1 billion, expiring March 31, 2026. At June 30, 2025, cash, cash equivalents, and marketable investments were $4,966.4 million.

What upcoming clinical events did the company highlight?

The Phase 3 TETON 2 study of nebulized Tyvaso in idiopathic pulmonary fibrosis is complete, with data expected in September 2025. TETON 1 data are expected in the first half of 2026, and enrollment is complete for the Phase 3 ADVANCE OUTCOMES study of ralinepag in pulmonary arterial hypertension, with data expected in the first half of 2026.

Were there any unusual charges in the quarter?

The company recorded a $21.7 million impairment charge to write down the carrying value of certain property, plant, and equipment, included in selling, general, and administrative expense. Share-based compensation fell 24 percent to $37.8 million, mainly because remaining share tracking awards were exercised in the first quarter of 2025.

UTHR 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed July 30, 2025. Cited figures are marked; the original filing is the authoritative source.

United Therapeutics Corporation furnished an 8-K on July 30, 2025 (Item 2.02) attaching a press release reporting its results for the quarter ended June 30, 2025.

Total revenues were $798.6 million^a, up 12 percent from $714.9 million in the second quarter of 2024, which the company described as a record and its twelfth consecutive quarter of double-digit year-over-year total revenue growth. Net income rose to $309.5 million from $278.1 million (up 11 percent), and diluted earnings per share were $6.41 versus $5.85 (up 10 percent). Growth was led by Tyvaso DPI, with record revenue of $315.2 million (up 22 percent).

Total Tyvaso revenue reached $469.6 million^b (up 18 percent), while Nebulized Tyvaso, Orenitram, and Unituxin each grew double digits. Remodulin revenue declined 9 percent to $134.7 million. Operating expenses included a $21.7 million impairment of property, plant, and equipment within selling, general, and administrative expense.

Total research and development expense fell 4 percent to $134.0 million^c, largely because of $36.0 million in upfront license payments made in the prior-year period. At June 30, 2025, cash, cash equivalents, and marketable investments totaled $4,966.4 million and stockholders' equity was $7,173.6 million.

The company also announced that its Board authorized share repurchases of up to $1 billion^d, expiring March 31, 2026. Management highlighted upcoming catalysts: Phase 3 TETON 2 data for Nebulized Tyvaso in idiopathic pulmonary fibrosis expected in September 2025, Phase 3 TETON 1 data expected in the first half of 2026, and ADVANCE OUTCOMES data for ralinepag in pulmonary arterial hypertension expected in the first half of 2026.

02—Key points

Key Highlights

Record total revenues of $798.6 million, up 12 percent from $714.9 million in Q2 2024, marking 12 consecutive quarters of double-digit year-over-year total revenue growth.
Tyvaso DPI revenue reached a record $315.2 million, up 22 percent, driven mainly by higher quantities sold.
Total Tyvaso revenue rose 18 percent to $469.6 million; Remodulin revenue declined 9 percent to $134.7 million.
Net income increased 11 percent to $309.5 million; diluted EPS rose 10 percent to $6.41.
Board authorized share repurchases of up to $1 billion, expiring March 31, 2026.
Research and development expense decreased 4 percent to $134.0 million, while a $21.7 million PP&E impairment was recorded in selling, general, and administrative expense.
Pipeline catalysts: TETON 2 (nebulized Tyvaso in IPF) data expected September 2025; TETON 1 and ADVANCE OUTCOMES (ralinepag in PAH) data expected in the first half of 2026.

03—Questions

Frequently Asked Questions

How did United Therapeutics perform in the second quarter of 2025?
Total revenues were a record $798.6 million, up 12 percent from $714.9 million a year earlier. Net income was $309.5 million, up 11 percent, and diluted EPS was $6.41, up 10 percent from $5.85.
Which products drove revenue growth?
Tyvaso DPI led with $315.2 million in revenue, up 22 percent, mainly from higher quantities sold. Nebulized Tyvaso grew 10 percent, Orenitram grew 16 percent, and Unituxin grew 13 percent. Remodulin declined 9 percent to $134.7 million.
What capital allocation actions were announced?
The Board authorized share repurchases of up to $1 billion, expiring March 31, 2026. At June 30, 2025, cash, cash equivalents, and marketable investments were $4,966.4 million.
What upcoming clinical events did the company highlight?
The Phase 3 TETON 2 study of nebulized Tyvaso in idiopathic pulmonary fibrosis is complete, with data expected in September 2025. TETON 1 data are expected in the first half of 2026, and enrollment is complete for the Phase 3 ADVANCE OUTCOMES study of ralinepag in pulmonary arterial hypertension, with data expected in the first half of 2026.
Were there any unusual charges in the quarter?
The company recorded a $21.7 million impairment charge to write down the carrying value of certain property, plant, and equipment, included in selling, general, and administrative expense. Share-based compensation fell 24 percent to $37.8 million, mainly because remaining share tracking awards were exercised in the first quarter of 2025.

04—Continue

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