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United Therapeutics 8-K Report, Financial Results (Feb 25, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 25, 2026
Period End
February 25, 2026
Security
UTHR
In the record · 2016–202610-K1110-Q338-K152

UTHR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 152 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jun ’21Jun ’21
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.

United Therapeutics Corporation furnished an 8-K on February 25, 2026 (Item 2.02, Results of Operations and Financial Condition) attaching a press release reporting its results for the quarter and year ended December 31, 2025.

Full year 2025 total revenues rose to a record $3.18 billiona ($3,182.7 million), up 11% from $2,877.4 million in 2024. Fourth-quarter revenues were $790.2 million versus $735.9 million a year earlier. Full year 2025 net income was $1,334.7 million, or $27.86 per diluted share, compared with $1,195.1 million, or $24.64 per diluted share, in 2024.

Growth was driven by Tyvaso, with total Tyvaso revenues up 16% to $1,878.2 millionb for 2025, led by Tyvaso DPI, which grew 25% to $1,292.5 million. Nebulized Tyvaso was roughly flat for the year at $585.7 million, while Orenitram grew 14% to $496.9 million. Remodulin and Unituxin declined for the year.

Operating expenses rose, with full-year research and development up 14% to $550.0 millionc and selling, general, and administrative expense up 6% to $755.8 million, which included a $21.7 million PP&E impairment in the second quarter of 2025. Share repurchases under accelerated share repurchase agreements totaled approximately $1.0 billion in August 2025, and cash, cash equivalents, and marketable investments were $4,697.0 million at year-end.

Management highlighted that ADVANCE OUTCOMES and TETON-1 clinical programs are "on the cusp of unveiling pivotal data," and said it expects to continue delivering durable double-digit revenue growth. The company also noted a litigation accrual of $3.0 milliond in 2025 related to Sandoz Inc., and stated that it does not expect losses in excess of that accrual to be material to its financial results.

02—Key points

Key Highlights

  1. Record full year 2025 total revenues of $3.18 billion ($3,182.7 million), up 11% from $2,877.4 million in 2024.
  2. Fourth-quarter 2025 total revenues of $790.2 million, versus $735.9 million in the fourth quarter of 2024.
  3. Full year 2025 net income of $1,334.7 million, or $27.86 per diluted share, versus $1,195.1 million, or $24.64 per diluted share, in 2024.
  4. Total Tyvaso revenues grew 16% to $1,878.2 million for 2025, with Tyvaso DPI up 25% to $1,292.5 million, while Nebulized Tyvaso was roughly flat at $585.7 million.
  5. Orenitram revenues increased 14% to $496.9 million for 2025; Remodulin and Unituxin revenues declined for the year.
  6. Full year 2025 R&D expense rose 14% to $550.0 million, and SG&A expense rose 6% to $755.8 million, including a $21.7 million PP&E impairment in Q2 2025.
  7. Cash, cash equivalents, and marketable investments were $4,697.0 million at December 31, 2025, versus $4,742.3 million a year earlier; approximately $1.0 billion of stock was repurchased under an ASR agreement in August 2025.

03—Questions

Frequently Asked Questions

  1. How did United Therapeutics perform financially in 2025?

    Total revenues reached a record $3,182.7 million, up 11% from $2,877.4 million in 2024. Net income rose to $1,334.7 million from $1,195.1 million, and diluted EPS increased to $27.86 from $24.64.

  2. Which products drove revenue growth?

    Tyvaso DPI was the main driver, with revenues up 25% to $1,292.5 million for 2025. Orenitram grew 14% to $496.9 million. Total Tyvaso revenues rose 16% to $1,878.2 million, while Nebulized Tyvaso was roughly flat at $585.7 million. Remodulin and Unituxin revenues declined.

  3. What did management say about upcoming catalysts?

    Management said the ADVANCE OUTCOMES and TETON-1 clinical programs are on the cusp of unveiling pivotal data that could unlock significant new treatment options for patients. Management also said it expects to continue delivering durable double-digit revenue growth.

  4. What were the main drivers of higher operating expenses?

    Full year 2025 R&D expense increased to $550.0 million from $481.0 million, mainly due to spending on manufactured organ and organ alternative projects and drug delivery device and formulation technologies. SG&A increased to $755.8 million, primarily due to higher personnel expense from headcount growth and higher legal expenses related to litigation, and included a $21.7 million PP&E impairment in Q2 2025.

  5. Is there material litigation exposure?

    The company recorded a $3.0 million litigation accrual in 2025 related to ongoing litigation with Sandoz Inc. It stated that it does not currently expect any loss in excess of this accrual to be material to its financial results, though the ultimate amount could differ depending on post-judgment interest and appeal outcomes.

04—Continue

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