Research Triangle Park, NC — May 6, 2026 — Leads & Copy — United Therapeutics Corporation (Nasdaq: UTHR) reported its financial results for the quarter ended March 31, 2026, with total revenues decreasing by two percent year-over-year to $781.5 million, compared to $794.4 million in the first quarter of 2025.
Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics, stated that the company extended its run of clinical success in the first quarter of 2026, with positive results from both the ADVANCE OUTCOMES and TETON-1 studies. These results have the potential to meaningfully expand the breadth of the company’s future growth and support further revenue diversification while reinforcing its long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease. Rothblatt also announced development plans in pulmonary hypertension and fibrosis for ralinepag DPI, which the company believes has the potential to achieve once-daily dosing and help broaden its therapeutic reach.
Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, noted the resilience of the company’s commercial strategy for Tyvaso DPI amid a dynamic competitive landscape for inhaled prostacyclins. Benkowitz added that the company is committed to further sharpening its execution with relentless drive and unwavering discipline to return to sequential quarterly revenue growth across its commercial portfolio in the near term.
Key financial highlights for the first quarter of 2026 include:
- Total revenues: $781.5 million, a decrease of 2% compared to $794.4 million in the first quarter of 2025.
- Net income: $274.9 million, a decrease of 15% compared to $322.2 million in the first quarter of 2025.
- Net income, per basic share: $6.32, a decrease of 12% compared to $7.18 in the first quarter of 2025.
- Net income, per diluted share: $5.82, a decrease of 12% compared to $6.63 in the first quarter of 2025.
Total Tyvaso revenues decreased by two percent to $457.5 million in the first quarter of 2026, compared to $466.3 million in the first quarter of 2025, driven by a decrease in Nebulized Tyvaso revenues, partially offset by growth in Tyvaso DPI revenues. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $16.0 million and, to a lesser extent, a price increase. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $33.3 million and, to a lesser extent, a decrease in international revenues, partially offset by a price increase. The decrease in Remodulin revenues resulted primarily from a decrease in quantities sold of $11.1 million. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $10.2 million.
Cost of sales for the three months ended March 31, 2026 increased compared to the same period in 2025, mainly due to an increase in inventory reserve expense. Of this increase amount, $26.8 million relates to an estimated loss from a commercial supply agreement that the company maintains to provide sufficient Tyvaso DPI inventory.
Research and development expense for the three months ended March 31, 2026 decreased as compared to the same period in 2025, primarily due to a decrease in milestone payments for drug delivery device technologies, partially offset by an increase in personnel expenses.
Selling, general, and administrative expense for the three months ended March 31, 2026 increased as compared to the same period in 2025.
In March 2026, the company’s Board of Directors approved a share repurchase program authorizing up to $2.0 billion in aggregate repurchases of its common stock, which program expires on March 9, 2027. In March 2026, the company also entered into accelerated share repurchase agreements with Citibank, N.A. to repurchase approximately $1.5 billion of its common stock. During the three months ended March 31, 2026, the company received 2,164,459 shares of its common stock under the 2026 ASR agreements. As of March 31, 2026, $500 million remained available under the company’s share repurchase authorization through March 9, 2027.
United Therapeutics will host a webcast to discuss its first quarter 2026 financial results on Wednesday, May 6, 2026, at 9:00 a.m. Eastern Time. The webcast can be accessed live via the company’s website. An investor presentation is available now, and after the webcast a replay of the webcast will also be available, at the same location on the company’s website.
United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. As a public benefit corporation, the company serves patients, acts with integrity, creates long-term shareholder value, and operates with sustainable practices.
Source: United Therapeutics
