United Therapeutics Corp.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 2 new. The quarter’s numbers.

Key takeaways

Revenue rose four percent: Total revenues were $832.5 million, up four percent from $799.5 million in the third quarter of 2025, the company reported. Source
Net income and EPS declined: Net income was $258.6 million, down 24 percent. Diluted EPS was $5.71 against $7.16, down 20 percent; basic EPS was $6.06 against $7.73. Source
Tyvaso DPI sales grew 13 percent: Tyvaso DPI revenue was $378.5 million against $336.2 million. The company attributed the growth to higher quantities sold of $43.9 million and a price increase. Source
Nebulized Tyvaso sales declined: Nebulized Tyvaso revenue was $125.3 million against $141.8 million, down 12 percent, on lower U.S. quantities sold, partly offset by a price increase. Source
R&D spending more than doubled: Research and development expense was $279.2 million against $127.5 million, with other R&D, which includes acquired IPR&D, at $130.0 million against $4.8 million. Source
Sandoz accrual reversal cut SG&A: The litigation accrual was negative $66.5 million, from reversing a previously accrued Sandoz liability, against $0.8 million a year earlier. Source
Effective tax rate rose to 31 percent: Income tax expense was $114.2 million against $99.3 million; the effective tax rate was 31 percent against 23 percent a year earlier. Source
New $2.0 billion repurchase program: The Board approved up to $2.0 billion of repurchases running through October 21, 2027, after the March 2026 program was fully used. Source

“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”
Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics

Guidance

Area	Period	Figure	Against last quarter
Share repurchases Source	October 2026 through October 21, 2027	up to $2.0 billion	New
September 2026 ASR final settlement Source	fourth quarter of 2026	fourth quarter of 2026	New

What changed from last quarter

New: The Board approved a new repurchase program of up to $2.0 billion running through October 21, 2027. Source
Ended: The March 2026 repurchase authorization was fully used by the September 2026 accelerated repurchase, leaving no balance. Source
New: The company completed the Thymmune Therapeutics acquisition, accounted for as an asset acquisition, which added in-process R&D expense. Source
New: The company agreed in October 2026 to settle the Sandoz matter as part of a settlement with Liquidia Technologies, Inc. Source

Results and growth drivers

Revenue rose four percent: Total revenues were $832.5 million, up four percent from $799.5 million in the third quarter of 2025, the company reported. Source
Net income and EPS declined: Net income was $258.6 million, down 24 percent. Diluted EPS was $5.71 against $7.16, down 20 percent; basic EPS was $6.06 against $7.73. Source
Diluted share count fell: Weighted average diluted shares were 45.3 million against 47.3 million, and basic shares were 42.7 million against 43.8 million. Source

Product sales by drug

Tyvaso DPI sales grew 13 percent: Tyvaso DPI revenue was $378.5 million against $336.2 million. The company attributed the growth to higher quantities sold of $43.9 million and a price increase. Source
Nebulized Tyvaso sales declined: Nebulized Tyvaso revenue was $125.3 million against $141.8 million, down 12 percent, on lower U.S. quantities sold, partly offset by a price increase. Source
Orenitram sales rose 11 percent: Orenitram revenue was $145.0 million against $131.1 million, on higher quantities sold of $14.9 million and a price increase, partly offset by gross-to-net deductions. Source
Remodulin sales slipped three percent: Remodulin net product sales, which include infusion device sales, were $122.0 million against $125.9 million. Source
Unituxin grew, Adcirca fell sharply: Unituxin revenue was $52.3 million, up nine percent. Adcirca fell 54 percent to $4.5 million, and other products were $4.9 million, down 29 percent. Source

“Our record third quarter revenue performance reflects a business operating at a very high level”
Michael Benkowitz, President and Chief Operating Officer of United Therapeutics

U.S. and rest-of-world sales

U.S. revenue drove the total: U.S. revenues were $808.5 million against $774.8 million, while rest-of-world revenues were $24.0 million against $24.7 million. Source
Rest-of-world Remodulin declined: Rest-of-world Remodulin revenue was $13.5 million against $15.2 million, while U.S. Remodulin was $108.5 million against $110.7 million. Source
Orenitram sold only in the U.S.: Orenitram revenue was recorded entirely in the U.S., at $145.0 million against $131.1 million, with no rest-of-world figure in either period. Source

R&D and operating costs

R&D spending more than doubled: Research and development expense was $279.2 million against $127.5 million, with other R&D, which includes acquired IPR&D, at $130.0 million against $4.8 million. Source
Thymmune IPR&D and project spending: The R&D increase was attributed to IPR&D from the Thymmune acquisition, plus higher spending on manufactured organ and organ alternative projects and cardiopulmonary treatment projects. Source
Cost of sales eased two percent: Cost of sales was $99.1 million against $100.9 million, down two percent; excluding share-based compensation it was $98.0 million against $100.0 million. Source
G&A and sales spending rose: G&A excluding litigation and share-based compensation rose 16 percent to $143.1 million; sales and marketing rose 45 percent to $41.0 million. Source

Litigation accrual and settlement

Sandoz accrual reversal cut SG&A: The litigation accrual was negative $66.5 million, from reversing a previously accrued Sandoz liability, against $0.8 million a year earlier. Source
Liquidia settlement agreed in October: The company agreed in October 2026 to settle the Sandoz matter as part of its settlement with Liquidia Technologies, Inc. Source
Sandoz case dismissed October 28: The Sandoz litigation matter was dismissed on October 28, 2026. The filing refers readers to Note 12 of the Form 10-Q for litigation detail. Source

Margins, tax and other income

Operating income fell: Operating income was $307.8 million against $388.5 million, as total operating expenses rose to $524.7 million from $411.0 million. Source
Effective tax rate rose to 31 percent: Income tax expense was $114.2 million against $99.3 million; the effective tax rate was 31 percent against 23 percent a year earlier. Source
Thymmune IPR&D lifted the tax rate: The company attributed the higher rate to nondeductible IPR&D from the Thymmune acquisition, which was capitalized for tax purposes. Source
Interest income fell on securities sales: Interest income was $33.7 million against $46.4 million, as marketable investments were sold to fund the accelerated share repurchases. Source
Other income rose on equity gains: Other income, net was $34.2 million against $6.1 million, mainly from net realized and unrealized gains on equity securities. Source

Capital, cash and share repurchases

Cash and investments declined: Cash, cash equivalents and marketable investments were $3,535.7 million at September 30, 2026, against $3,803.4 million at June 30, 2026. Stockholders’ equity was $6,276.0 million. Source
March 2026 ASRs of about $1.5 billion: Two accelerated repurchase agreements executed in March 2026 aimed to buy back about $1.5 billion; the second settled this quarter for 215,948 shares. Source
September ASR of $477.6 million: An accelerated repurchase executed in September 2026 for about $477.6 million delivered an initial 719,376 shares; final settlement is expected in the fourth quarter. Source
March program fully used: The September accelerated repurchase used the remaining authorization, leaving no amount under the program the Board approved in March 2026. Source
New $2.0 billion repurchase program: The Board approved up to $2.0 billion of repurchases running through October 21, 2027, after the March 2026 program was fully used. Source
Open-market buybacks of 45,070 shares: Under a Rule 10b5-1 plan adopted in the quarter, 45,070 shares were bought for $22.4 million; 980,394 shares repurchased in total are held as treasury stock. Source

Coming up, as management said on 4 November 2026

September ASR final settlement: Management expects the September 2026 accelerated share repurchase to reach final settlement in the fourth quarter of 2026. Source
New cardiopulmonary and respiratory medicine: Benkowitz said significant new options in cardiopulmonary and respiratory medicine are rapidly approaching. Source

Figures management reported

Figure	Reported
Tyvaso DPI net product sales Source	$378.5 million, up 13 percent
Nebulized Tyvaso net product sales Source	$125.3 million, down 12 percent
Orenitram net product sales Source	$145.0 million, up 11 percent
Remodulin net product sales Source	$122.0 million, down 3 percent
Unituxin net product sales Source	$52.3 million, up 9 percent
Adcirca net product sales Source	$4.5 million, down 54 percent
Total research and development expense Source	$279.2 million
Pipeline acquisition Source	Thymmune Therapeutics, Inc., accounted as an asset acquisition

Risks management discussed

Demand: Management said competitive therapies negatively affected sales of Nebulized Tyvaso, Tyvaso DPI and Remodulin in the quarter. Source
Regulatory: Management cited higher legal expenses from litigation matters as a driver of general and administrative cost growth. Source

Earlier plans management reported on

Not stated: The filing refers back to the March 2026 agreements and does not label their status. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

United Therapeutics Corporation Reports Third Quarter 2026 Financial Results

SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., November 4, 2026: United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended September 30, 2026. Total revenues in the third quarter of 2026 increased by four percent year-over-year to $832.5 million, compared to $799.5 million in the third quarter of 2025.

“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,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics.

“Our record third quarter revenue performance reflects a business operating at a very high level, driven by strong commercial momentum and focused execution across our organization,” said Michael Benkowitz, President and Chief Operating Officer of United Therapeutics. “Our strategies are delivering, securing an increasingly strong position to leverage our commercial operations. With a durable and robust foundation combined with significant new opportunities across cardiopulmonary and respiratory medicine rapidly approaching, we believe we have the strongest growth outlook in our history.”

Third Quarter 2026 Financial Results

Key financial highlights include (dollars in millions, except per share data):

	Three Months Ended September 30,		Dollar Change	Percentage Change
	2026	2025
Total revenues	$832.5	$799.5	$33.0	4%
Net income	$258.6	$338.7	$(80.1)	(24)%
Net income, per basic share	$6.06	$7.73	$(1.67)	(22)%
Net income, per diluted share	$5.71	$7.16	$(1.45)	(20)%

Revenues

The table below presents the components of total revenues (dollars in millions):

	Three Months Ended September 30,		Dollar Change	PercentageChange
	2026	2025
Net product sales:
Tyvaso DPI®	$378.5	$336.2	$42.3	13%
Nebulized Tyvaso®	125.3	141.8	(16.5)	(12)%
Total Tyvaso	503.8	478.0	25.8	5%
Remodulin®(1)	122.0	125.9	(3.9)	(3)%
Orenitram®	145.0	131.1	13.9	11%
Unituxin®	52.3	47.9	4.4	9%
Adcirca®	4.5	9.7	(5.2)	(54)%
Other	4.9	6.9	(2.0)	(29)%
Total revenues	$832.5	$799.5	$33.0	4%

(1) Net product sales include sales of infusion devices, including the Remunity® and RemunityPRO® Pumps.

Total Tyvaso revenues increased by five percent to $503.8 million in the third quarter of 2026, as compared to $478.0 million in the third quarter of 2025, driven by growth in Tyvaso DPI revenues, partially offset by a decrease in Nebulized Tyvaso revenues. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $43.9 million and a price increase, partially offset by higher gross-to-net deductions. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $20.0 million, partially offset by a price increase. We believe the availability of competitive therapies negatively impacted sales of Nebulized Tyvaso, Tyvaso DPI, and Remodulin for the three months ended September 30, 2026. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $14.9 million and a price increase, partially offset by an increase in gross-to-net deductions.

The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):

	Three Months Ended September 30,
	2026			2025
	U.S.	ROW	Total	U.S.	ROW	Total
Net product sales:
Tyvaso DPI	$378.2	$0.3	$378.5	$336.2	$ -	$336.2
Nebulized Tyvaso	118.0	7.3	125.3	133.9	7.9	141.8
Total Tyvaso	496.2	7.6	503.8	470.1	7.9	478.0
Remodulin	108.5	13.5	122.0	110.7	15.2	125.9
Orenitram	145.0	-	145.0	131.1	-	131.1
Unituxin	49.9	2.4	52.3	46.5	1.4	47.9
Adcirca	4.5	-	4.5	9.7	-	9.7
Other	4.4	0.5	4.9	6.7	0.2	6.9
Total revenues	$808.5	$24.0	$832.5	$774.8	$24.7	$799.5

(1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.

Expenses

Cost of sales. The table below summarizes cost of sales by major category (dollars in millions):

	Three Months Ended September 30,		Dollar Change	Percentage Change
	2026	2025
Category:
Cost of sales	$98.0	$100.0	$(2.0)	(2)%
Share-based compensation expense	1.1	0.9	0.2	22%
Total cost of sales	$99.1	$100.9	$(1.8)	(2)%

(1)See Share-based compensation expense below.

Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):

	Three Months Ended September 30,		Dollar Change	Percentage Change
	2026	2025
Category:
External research and development	$77.1	$63.5	$13.6	21%
Internal research and development	61.0	50.8	10.2	20%
Share-based compensation expense	11.1	8.4	2.7	32%
Other	130.0	4.8	125.2		NM
Total research and development expense	$279.2	$127.5	$151.7	119%

(1)External research and development primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before regulatory approval of the relevant product.

(2)Internal research and development primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before regulatory approval, and internal facilities-related expenses, including depreciation, related to research and development activities.

(3)See Share-based compensation expense below.

(4)Other primarily includes costs to acquire certain in-process research and development (IPR&D) assets, upfront fees and milestone payments to third parties under license agreements related to development-stage products, and adjustments to the fair value of our contingent consideration obligations.

(5)Calculation is not meaningful.

Research and development, excluding share-based compensation. The increase in research and development expense for the three months ended September 30, 2026, as compared to the same period in 2025, was primarily due to: (1) an increase in IPR&D expense in connection with the acquisition of Thymmune Therapeutics, Inc. (Thymmune), which we accounted for as an asset acquisition; (2) an increase in expenditures related to manufactured organ and organ alternative projects; and (3) an increase in expenditures related to cardiopulmonary treatment projects.

Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):

	Three Months Ended September 30,		Dollar Change	Percentage Change
	2026	2025
Category:
General and administrative	$143.1	$123.7	$19.4	16%
Litigation accrual	(66.5)	0.8	(67.3)		NM
Sales and marketing	41.0	28.3	12.7	45%
Share-based compensation expense	28.8	29.8	(1.0)	(3)%
Total selling, general, and administrative expense	$146.4	$182.6	$(36.2)	(20)%

(1) Excluding litigation accrual. See Litigation accrual section below.

(2) See Share-based compensation expense below.

(3) Calculation is not meaningful.

General and administrative, excluding litigation accrual and share-based compensation. The increase in general and administrative expense for the three months ended September 30, 2026, as compared to the same period in 2025, was primarily due to: (1) an increase in personnel expense due to growth in headcount; (2) an increase in legal expenses related to litigation matters; and (3) an increase in consulting expenses.

Litigation accrual. The change in litigation accrual for the three months ended September 30, 2026, as compared to the same period in 2025, was primarily due to the reversal of a previously accrued liability related to the Sandoz litigation matter, which we agreed to settle in October 2026 in connection with our settlement with Liquidia Technologies, Inc. The Sandoz litigation matter was dismissed on October 28, 2026. See Note 12 - Litigation to our consolidated financial statements included in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Sales and marketing, excluding share-based compensation. The increase in sales and marketing expense for the three months ended September 30, 2026, as compared to the same period in 2025, was primarily due to an increase in personnel expense due to growth in headcount.

Share-based compensation expense. The table below summarizes share-based compensation expense by major category (dollars in millions):

	Three Months Ended September 30,		Dollar Change	Percentage Change
	2026	2025
Category:
Stock options	$11.0	$11.3	$(0.3)	(3)%
Restricted stock units	29.1	27.1	2.0	7%
Employee stock purchase plan	0.9	0.7	0.2	29%
Total share-based compensation expense	$41.0	$39.1	$1.9	5%

Interest income. Interest income was $33.7 million and $46.4 million for the three months ended September 30, 2026 and 2025, respectively. The decrease in interest income was primarily due to a decrease in marketable investments due to the sale of securities to fund our three accelerated share repurchase agreements with Citibank, N.A. (Citi): two agreements executed in March 2026 to repurchase approximately $1.5 billion of our common stock (the March 2026 ASRs) and one agreement executed in September 2026 to repurchase approximately $477.6 million of our common stock (the September 2026 ASR).

Other income, net. Other income, net was $34.2 million and $6.1 million for the three months ended September 30, 2026 and 2025, respectively. The increase in other income was primarily due to net realized and unrealized gains on equity securities.

Income tax expense. Income tax expense for the three months ended September 30, 2026 and 2025 was $114.2 million and $99.3 million, respectively. Our effective income tax rate (ETR) for the three months ended September 30, 2026 and 2025 was 31 percent and 23 percent, respectively. Our ETR for the three months ended September 30, 2026 increased compared to our ETR for the three months ended September 30, 2025, primarily due to nondeductible IPR&D expense related to the acquisition of Thymmune, which was capitalized for tax purposes into the basis of the stock acquired.

Share repurchases. In March 2026, our Board of Directors approved a share repurchase program authorizing up to $2.0 billion in aggregate repurchases of our common stock. In connection with the repurchase program, we entered into three accelerated share repurchase agreements with Citi: the March 2026 ASRs and the September 2026 ASR. During the three months ended September 30, 2026, we received an additional 215,948 shares of our common stock upon final settlement of the second of the March 2026 ASRs and received an initial delivery of 719,376 shares of our common stock under the September 2026 ASR. The final settlement of the September 2026 ASR is expected to occur in the fourth quarter of 2026.

During the three months ended September 30, 2026, we adopted a Rule 10b5-1 trading plan and repurchased 45,070 shares of our common stock at an aggregate cost of $22.4 million under this share repurchase authorization. The September 2026 ASR utilized the remaining $477.6 million of the share repurchase program authorization, and no amount remained available under the share repurchase program authorized by our Board in March 2026.

During the three months ended September 30, 2026, we repurchased a total of 980,394 shares of our common stock that we currently hold as treasury stock in our consolidated balance sheets as of September 30, 2026.

In October 2026, our Board of Directors approved a share repurchase program authorizing up to $2.0 billion in aggregate repurchases of our common stock through October 21, 2027.

Webcast

We will host a webcast to discuss our third quarter 2026 financial results on Wednesday, November 4, 2026, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website at https://ir.unither.com/events-and-presentations. An investor presentation is available now, and after the webcast a replay of the webcast will also be available, at the same location on our website.

About United Therapeutics

Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build.

Forward-Looking Statements

Forward-looking statements notice

Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements related to: our future growth and growth outlook; our portfolio of therapies and their potential to exponentially increase the number of patients that we can serve; new opportunities across cardiopulmonary and respiratory medicine; the timing of the final settlement of the September 2026 ASR; the timing, structure and use of our share repurchase program; and our goals of innovating for the unmet medical needs of our patients and to benefit our other stakeholders, furthering our public benefit purpose of developing novel pharmaceutical therapies and technologies that expand the availability of transplantable organs. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of November 4, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.

ORENITRAM, REMODULIN, REMUNITY, REMUNITYPRO, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation.

ADCIRCA is a registered trademark of Eli Lilly and Company.

UNITED THERAPEUTICS CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

	Three Months Ended September 30,
	2026	2025
	(Unaudited)
Total revenues	$832.5	$799.5
Operating expenses:
Cost of sales	99.1	100.9
Research and development	279.2	127.5
Selling, general, and administrative	146.4	182.6
Total operating expenses	524.7	411.0
Operating income	307.8	388.5
Interest income	33.7	46.4
Interest expense	(2.9)	(3.0)
Other income, net	34.2	6.1
Total other income, net	65.0	49.5
Income before income taxes	372.8	438.0
Income tax expense	(114.2)	(99.3)
Net income	$258.6	$338.7
Net income per common share:
Basic	$6.06	$7.73
Diluted	$5.71	$7.16
Weighted average number of common shares outstanding:
Basic	42.7	43.8
Diluted	45.3	47.3

SELECTED CONSOLIDATED BALANCE SHEET DATA

(Unaudited, in millions)

	September 30, 2026
Cash, cash equivalents, and marketable investments	$3,535.7
Total assets	7,034.1
Total liabilities	758.1
Total stockholders’ equity	6,276.0

Contacts
Investor Inquiries https://ir.unither.com/contact-ir
Media Inquiries communications@unither.com