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United Therapeutics 8-K Report, Financial Results (Aug 5, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 5, 2026
Period End
August 5, 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 · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed August 5, 2026. Cited figures are marked; the original filing is the authoritative source.

United Therapeutics Corporation reported second quarter 2026 financial results in a press release attached as Exhibit 99.1 to this Form 8-K.

Total revenues were $783.3 milliona, down two percent from $798.6 million in the second quarter of 2025. Net income rose eight percent to $333.0 million, and diluted earnings per share were $7.27, up 13 percent. The decline in revenue was driven by Nebulized Tyvaso, which fell to $126.0 million from $154.4 million, partially offset by growth in Tyvaso DPI, which rose four percent to $326.6 million.

The company attributed weakness in Tyvaso, Remodulin and Nebulized Tyvaso sales to the availability of competitive therapies. Cost of sales included $7.5 millionb of estimated losses under a commercial supply agreement intended to supply sufficient Tyvaso DPI inventory. Management highlighted regulatory progress.

The company stated it has submitted new drug applications for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, and it expects potential approvals of both next year. It also plans to file an IND application for ralinepag DPI and an NDA for treprostinil SMI later this year. The CEO described these programs as potential multi-billion-dollar catalysts.

Income tax expense fell to $39.7 millionc, with an effective tax rate of 11 percent versus 24 percent a year earlier, which management attributed primarily to increased excess tax benefits from share-based compensation. On capital allocation, the company entered into two accelerated share repurchase agreements with Citibank, N.A. in March 2026 for approximately $1.5 billion of common stock. One agreement settled during the quarter and the other settled in August 2026, with 2,759,343 shares repurchased in total.

As of June 30, 2026, $500 milliond remained under the $2.0 billion repurchase program, which expires March 9, 2027. Cash, cash equivalents and marketable investments totaled $3,803.4 million at quarter end.

02—Key points

Key Highlights

  1. Total revenues of $783.3 million declined two percent from $798.6 million in Q2 2025, while net income increased eight percent to $333.0 million.
  2. Diluted EPS was $7.27 versus $6.41, up 13 percent, aided by a lower share count and an effective tax rate of 11 percent versus 24 percent.
  3. Tyvaso DPI revenue grew four percent to $326.6 million, while Nebulized Tyvaso fell 18 percent to $126.0 million, with U.S. quantities sold down $37.6 million.
  4. Management said the company submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, and expects potential approvals of both next year.
  5. Cost of sales includes $7.5 million of estimated losses under a commercial supply agreement for Tyvaso DPI inventory.
  6. The company repurchased shares under two 2026 accelerated share repurchase agreements totaling approximately $1.5 billion, with $500 million remaining under the $2.0 billion program at June 30, 2026.
  7. Interest income fell to $31.5 million from $51.3 million, reflecting securities sold to fund the accelerated share repurchases.

03—Questions

Frequently Asked Questions

  1. Why did total revenue decline in the second quarter of 2026?

    Total revenues fell two percent to $783.3 million. The decline was driven by Nebulized Tyvaso, which dropped to $126.0 million from $154.4 million, mainly on lower U.S. quantities sold. Remodulin also declined, while Tyvaso DPI, Orenitram and Unituxin grew. The company said competitive therapies negatively affected sales of Nebulized Tyvaso, Tyvaso DPI and Remodulin.

  2. What regulatory milestones did management highlight?

    Management said the company has submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, and expects potential approvals of both next year. Planned filings later this year include an IND application for ralinepag DPI and an NDA for treprostinil SMI. The CEO said these could significantly enhance growth, and that Tyvaso DPI is expected to follow into IPF and then PPF.

  3. Why did net income rise despite lower revenue?

    Net income increased eight percent to $333.0 million. Income tax expense fell to $39.7 million from $98.9 million, with an effective tax rate of 11 percent versus 24 percent, primarily due to increased excess tax benefits from share-based compensation. Other income rose to $13.3 million, mainly from net unrealized gains on equity securities. These gains were partly offset by lower interest income, which fell to $31.5 million from $51.3 million.

  4. How much capital remains for share repurchases?

    As of June 30, 2026, $500 million remained available under the $2.0 billion share repurchase program, which is authorized for purchases through March 9, 2027. The company entered two accelerated share repurchase agreements with Citibank in March 2026 for approximately $1.5 billion of common stock. In total, 2,759,343 shares were repurchased under these agreements, and the second agreement settled in August 2026.

04—Continue

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