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United Therapeutics (UTHR) FY2025 results: revenue $3.2 billion, up 10.6% on the year

United Therapeutics Corp. (UTHR) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, up 10.6% on the year before. Net income was $1.3 billion, up 11.7%, and diluted earnings per share $27.86. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$3.2 billion
+10.6% on the year
FY2018FY2025
Operating margin
46.9%
47.9% a year earlier
FY2018FY2025
Net income
$1.3 billion
+11.7% on the year
FY2018FY2025
Diluted EPS
$27.86
+13.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

  • Record full-year revenue, fourth year running: Full-year 2025 revenue was $3.18 billion, up 11% from $2,877.4 million in 2024. Management said this was record total revenue for the fourth year in a row.
  • Net income and diluted EPS higher: Full-year net income was $1,334.7 million against $1,195.1 million, and diluted EPS was $27.86 against $24.64. Fourth-quarter diluted EPS was $7.70 against $6.19.
  • Tyvaso DPI led growth: Tyvaso DPI net product sales were $1,292.5 million for the year, up 25%. The company tied $268.5 million of higher quantities sold to patient growth since launch.
  • Cost of sales rose 37% in quarter: Fourth-quarter total cost of sales was $103.4 million against $75.9 million. For the year it was $384.4 million against $309.7 million, with royalties, inventory reserves and product costs named as drivers.
  • $1.0 billion ASR in August 2025: The accelerated share repurchase agreements with Citibank covered about $1.0 billion of stock in each of August 2025 and March 2024. The company received 2,642,498 shares for the year and 3,882 in the fourth quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

United Therapeutics develops and sells therapies for serious rare diseases, mainly pulmonary arterial hypertension (PAH), and is working on technologies to expand the supply of transplantable organs. It was founded by its Chairperson and Chief Executive Officer, Martine Rothblatt, to find a cure for her daughter's PAH, and in 2021 it converted to a public benefit corporation. Its principal executive offices are in Silver Spring, Maryland, and Durham, North Carolina.

United Therapeutics Corp., the 10-K for 2025

United Therapeutics develops and sells therapies for serious rare diseases, mainly pulmonary arterial hypertension (PAH), and is working on technologies to expand the supply of transplantable organs. It was founded by its Chairperson and Chief Executive Officer, Martine Rothblatt, to find a cure for her daughter's PAH, and in 2021 it converted to a public benefit corporation. Its principal executive offices are in Silver Spring, Maryland, and Durham, North Carolina.

Products

In the United States it sells five therapies for PAH: Tyvaso DPI, an inhaled dry powder; Nebulized Tyvaso, an inhaled solution; Remodulin, given by continuous injection, along with the Remunity and RemunityPRO pumps; Orenitram tablets; and Adcirca tablets. Tyvaso DPI and Nebulized Tyvaso are also approved by the FDA to treat pulmonary hypertension associated with interstitial lung disease (PH-ILD). The first four contain treprostinil, while Adcirca is tadalafil, which it sells in the United States under an exclusive license from Lilly. It also sells Unituxin, an antibody approved in March 2015 for high-risk neuroblastoma, a rare pediatric cancer. Outside the United States it sells Nebulized Tyvaso, Remodulin and Unituxin, and Remodulin is sold in most major European markets. Tyvaso DPI was developed under a 2018 license and collaboration agreement with MannKind, which shares manufacturing of the product.

Pipeline

It is studying Nebulized Tyvaso in idiopathic pulmonary fibrosis (IPF) in the phase 3 TETON 1 and TETON 2 studies and in progressive pulmonary fibrosis in the TETON PPF study, and ralinepag, an oral drug for PAH, in the phase 3 ADVANCE OUTCOMES study. In September 2025 it announced that TETON 2, which enrolled 597 patients outside the United States and Canada, met its primary efficacy endpoint.

Organs

Its organ programs cover xenotransplantation, regenerative medicine and ex vivo lung perfusion. The UKidney and UHeart come from pigs with ten gene edits, and the UThymoKidney is a pig kidney with a single gene edit together with tissue from the pig's thymus. In January 2025 the FDA cleared its application to start the EXPAND study of the UKidney, expected to enroll an initial cohort of six end-stage renal disease patients and expand to up to 50, and in August 2025 it cleared the EXTEND study of the UThymoKidney. Its subsidiary Lung Bioengineering provides a centralized ex vivo lung perfusion service in the United States, which lets surgeons assess donor lungs that would otherwise not be transplanted.

Manufacturing and distribution

It makes treprostinil, treprostinil diolamine and dinutuximab at its Silver Spring facility, and makes Orenitram and packages and distributes its products at its facilities in Research Triangle Park. In the United States its treprostinil products are distributed through two specialty pharmaceutical distributors, Accredo and CVS Specialty. Generic versions of Remodulin, starting with Sandoz's in March 2019, have been sold in the United States.

People

At December 31, 2025 it had approximately 1,400 employees across 15 locations worldwide.

From United Therapeutics' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,1832,8772,328+10.6%
Cost of revenue384310258+24.1%
Gross profit2,7982,5682,070+9.0%
Gross margin87.9%89.2%88.9%
Research and development550481408+14.3%
Selling, general and administrative756710477+6.5%
Operating income1,4921,3771,185+8.4%
Operating margin46.9%47.9%50.9%
Interest expense19.542.959.3-54.5%
Pre-tax income1,7141,5391,274+11.4%
Income tax379344290+10.3%
Effective tax rate22.1%22.3%22.7%
Net income1,3351,195985+11.7%
Net margin41.9%41.5%42.3%
Diluted EPS$27.86$24.64$19.81+13.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,5611,327978+17.6%
Capital expenditure520246230+111.2%
Free cash flow1,0411,081748-3.7%
Free cash flow margin32.7%37.6%32.1%
Cash from investing-551417-720
Cash from financing-1,150-1,255-11.9
Depreciation and amortisation85.672.553.2+18.1%
Share-based compensation14814439.1+2.6%
Buybacks1,0001,0000.00.0%
Diluted shares, weighted48m48m50m-1.2%
Shares outstanding at period end44m45m47m-2.7%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity7,0966,4445,985+10.1%
Debt0.0300700
Other liabilities784620482+26.4%
Total liabilities and equity7,8807,3647,167+7.0%
Fixed assets1,7301,2221,045+41.5%
Goodwill32.332.333.70.0%
Investments3,1403,0453,696+3.1%
Cash and equivalents1,5571,6971,208-8.3%
Receivables350279279+25.4%
Inventory183158112+16.0%
Other assets888930793-4.5%
Total assets7,8807,3647,167+7.0%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.