United Therapeutics tops Q3 revenue estimates, misses on profit

United Therapeutics (UTHR) said revenue for the quarter ended Sept. 30 rose 4% from a year earlier to $832.5 million, above the $796.84 million consensus estimate.

Diluted earnings per share were $5.71, below the $6.55 consensus estimate and down 20% from $7.16 a year earlier. The stock closed at $601.32 in the regular session before the release.

Here's how the company did:

• Revenue: $832.5 million vs. $799.5 million a year earlier, against a $796.84 million estimate
• Diluted EPS: $5.71 vs. $7.16 a year earlier, against a $6.55 estimate
• Net income: $258.6 million vs. $338.7 million a year earlier

Net income was $258.6 million, down 24% from $338.7 million a year earlier.

Chairperson and Chief Executive Officer Martine Rothblatt said, “United Therapeutics is entering a period of extraordinary growth. We are advancing a portfolio of new therapies designed to exponentially increase the number of patients we can serve.”

President and Chief Operating Officer Michael Benkowitz said, “Our strategies are delivering, securing an increasingly strong position to leverage our commercial operations.” He said the company believes it has “the strongest growth outlook in our history.”

Revenue by product

Tyvaso DPI revenue rose 13% to $378.5 million. Nebulized Tyvaso revenue fell 12% to $125.3 million. Total Tyvaso revenue rose 5% to $503.8 million.

The company said growth in Tyvaso DPI revenue came mainly from a $43.9 million increase in quantities sold and a price increase, partly offset by higher gross-to-net deductions.

Orenitram revenue rose 11% to $145.0 million. Remodulin revenue fell 3% to $122.0 million.

The company said the availability of competitive therapies negatively affected sales of Nebulized Tyvaso, Tyvaso DPI and Remodulin in the quarter.

Expenses and charges

Research and development expense rose 119% to $279.2 million from $127.5 million. The company said the increase was mainly due to in-process research and development expense from its acquisition of Thymmune Therapeutics, Inc., which it accounted for as an asset acquisition.

Selling, general and administrative expense fell 20% to $146.4 million. The company said a $66.5 million reversal of a previously accrued litigation liability, tied to the Sandoz litigation matter, lowered the total. Excluding litigation accrual, general and administrative expense rose 16% to $143.1 million.

The effective income tax rate was 31%, up from 23%, primarily because of nondeductible in-process research and development expense tied to the Thymmune acquisition.

Share repurchases and cash

In March 2026, the board approved a $2.0 billion repurchase program. The company said its September 2026 accelerated share repurchase agreement with Citibank, N.A. used the remaining $477.6 million of that authorization, and final settlement is expected in the fourth quarter of 2026.

In October 2026, the board approved a new $2.0 billion repurchase program running through Oct. 21, 2027.

Interest income fell to $33.7 million from $46.4 million, mainly because the company sold securities to fund its accelerated share repurchase agreements. Cash, cash equivalents and marketable investments totaled $3,535.7 million at Sept. 30.