United Therapeutics (UTHR) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues were $781.5–$782 million, down 2% year-over-year, with Tyvaso DPI sales up 9%, Nebulized Tyvaso down 22%, and Remodulin down 8%.

• Net income for Q1 2026 was $274.9 million, a 15% decrease from the prior year, mainly due to higher cost of sales and lower revenues.

• Orenitram achieved record quarterly revenue of $135.6–$136 million, up 12% year-over-year.

• Positive phase III results for TYVASO in IPF (TETON-1 and TETON-2) and Ralinepag in PAH (ADVANCE OUTCOMES) support future growth and regulatory submissions.

• Development plans announced for ralinepag DPI and expansion into organ manufacturing and regenerative medicine.

Financial highlights

• Total revenue for Q1 2026 was $781.5–$782 million, a 2% decrease year-over-year.

• Net income was $274.9 million, down 15% from $322.2 million in Q1 2025.

• Operating cash flow for the trailing twelve months reached $1.6 billion.

• Cash, cash equivalents, and marketable investments totaled $3.47–$3.5 billion at quarter-end.

• Gross margin declined due to a 44% increase in cost of sales, mainly from higher inventory reserve expense.

Outlook and guidance

• Near-term revenue growth expected from Tyvaso DPI, new indications for Nebulized Tyvaso, and launch of ralinepag extended-release tablets.

• NDA submissions for Nebulized Tyvaso in IPF and ralinepag in PAH planned by end of summer, following positive phase III results.

• Anticipates FDA approval and launch of Nebulized Tyvaso for IPF by Q2 2027 and ralinepag by mid-2027.

• Forecasts more than doubling of revenues over the next few years with new product launches.

• $290 million budgeted for capital expenditures through 2028, funded by cash on hand.