August 5, 2026 — Leads & Copy — United Therapeutics Corporation reported a two percent decrease in total revenues for the second quarter ended June 30, 2026, amounting to $783.3 million, down from $798.6 million in the same period of 2025. Despite the revenue dip, net income saw an increase of eight percent, reaching $333.0 million, or $7.27 per diluted share, compared to $309.5 million, or $6.41 per diluted share, in the second quarter of 2025.
The company highlighted significant progress in its regulatory submissions for rare pulmonary diseases. Two New Drug Applications (NDAs) for ralinepag tablets in Pulmonary Arterial Hypertension (PAH) and Nebulized Tyvaso in Idiopathic Pulmonary Fibrosis (IPF) have been submitted. United Therapeutics anticipates further submissions this year, including an Investigational New Drug (IND) application for ralinepag dry powder inhaler (DPI) and an NDA for treprostinil soft mist inhaler (SMI). These advancements are expected to drive substantial growth by the end of the decade.
Potential approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH are anticipated by next year. The company views these as potentially transformative, multi-billion-dollar catalysts that could significantly boost its growth profile. Tyvaso DPI is also slated to follow Nebulized Tyvaso’s trajectory into IPF and then Progressive Pulmonary Fibrosis (PPF).
Furthermore, United Therapeutics is rapidly advancing its organ manufacturing pipeline, with ongoing or planned clinical trials for liver, kidney, heart, and lung products. The launch of two xeno-organ production facilities in Minnesota and Texas is scheduled for later this year.
Michael Benkowitz, President and Chief Operating Officer, noted the strong performance of Tyvaso DPI, which reached record levels in starts, referrals, commercial patients, and total patients in the second quarter. He expressed confidence in the company’s ability to maintain its leadership in the inhaled prostacyclin class, citing a competitively differentiated device, extensive clinical experience, and the significant remaining opportunity in Pulmonary Hypertension-associated Interstitial Lung Disease (PH-ILD).
Total Tyvaso revenues decreased by four percent to $452.6 million in the second quarter of 2026 compared to $469.6 million in the prior year. This decline was primarily due to lower sales of Nebulized Tyvaso, partially offset by growth in Tyvaso DPI. Tyvaso DPI revenue growth was driven by increased quantities sold and a price increase, though partially impacted by higher gross-to-net deductions. The reduction in Nebulized Tyvaso revenue was mainly due to a decrease in U.S. quantities sold, with a price increase offering partial compensation. Remodulin revenues also saw a decrease, largely attributed to reduced U.S. quantities sold.
The company reported total revenues of $783.3 million in the U.S. and $49.7 million in the rest of the world for the second quarter of 2026. In the same period of 2025, U.S. revenues were $759.8 million and rest-of-world revenues were $38.8 million.
Expenses also saw shifts. Total cost of sales increased by 14 percent to $99.5 million, primarily due to a rise in inventory reserve expense, including an estimated $7.5 million for potential losses under a commercial supply agreement for Tyvaso DPI. Total research and development expense increased by nine percent to $146.3 million, driven by increased expenditures on cardiopulmonary treatment projects and higher fair value of contingent consideration obligations for manufactured organ projects.
Selling, general, and administrative expense decreased by three percent to $206.7 million. This decrease was influenced by a significant reduction in impairment of property, plant, and equipment (PP&E), which was a notable charge in the second quarter of 2025. General and administrative expenses, excluding impairment and share-based compensation, rose due to increased personnel and consulting expenses, partly offset by lower legal expenses.
Interest income decreased to $31.5 million from $51.3 million, attributed to a reduction in marketable investments following the sale of securities to fund accelerated share repurchase (ASR) agreements. Other income (expense), net, swung to a gain of $13.3 million from a net expense of $0.1 million, primarily due to unrealized gains on equity securities.
Income tax expense significantly decreased to $39.7 million, with an effective tax rate (ETR) of 11 percent for the three months ended June 30, 2026, compared to $98.9 million and an ETR of 24 percent for the same period in 2025. The lower ETR in 2026 was largely due to increased excess tax benefits from share-based compensation.
In March 2026, United Therapeutics’ Board of Directors authorized a $2.0 billion share repurchase program. The company also entered into ASR agreements to repurchase approximately $1.5 billion of its common stock. As of June 30, 2026, $500 million remained available under the repurchase program.
United Therapeutics Corporation, founded by CEO Martine Rothblatt, is dedicated to treating rare diseases and advancing organ transplantation. As a public benefit corporation, the company emphasizes serving patients, ethical operations, shareholder value, and sustainable practices.
Source: United Therapeutics Corporation
