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UTHR Q2 Earnings Miss Estimates, Higher Tyvaso Sales Aid Revenues Y/Y
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Key Takeaways
United Therapeutics reported Q2 EPS of $6.41, which missed estimates but rose 10% year over year.
Q2 revenues grew 12% y/y to $798.6M, aided by strong Orenitram sales alongside Tyvaso gains.
Tyvaso sales rose 18% to $469.6M, with DPI growth of 22%, driven by volume and pricing gains.
United Therapeutics (UTHR - Free Report) reported second-quarter 2025 earnings of $6.41 per share, which missed the Zacks Consensus Estimate of $6.80. However, earnings rose 10% year over year on the back of higher product sales.
United Therapeutics markets four products for pulmonary arterial hypertension (PAH) — Tyvaso, Orenitram, Adcirca and Remodulin. It also markets Unituxin for treating pediatric patients with high-risk neuroblastoma.
Revenues in the second quarter came in at $798.6 million, beating the Zacks Consensus Estimate of $796 million. Revenues rose 12% year over year, driven by meaningful growth of key products — Tyvaso and Orenitram.
Shares of United Therapeutics declined 5.3% on July 30 following the release of mixed quarterly results.
Year to date, the stock has declined 20% against the industry’s 6% increase.
Image Source: Zacks Investment Research
UTHR's Q2 Earnings in Detail
United Therapeutics markets two versions of Tyvaso — Tyvaso dry powder inhalation (DPI) and nebulized Tyvaso. Both versions are approved for treating PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications.
Overall, Tyvaso sales were $469.6 million, up 18% year over year. Tyvaso sales missed the Zacks Consensus Estimate of $473 million.
Tyvaso DPI recorded sales of $315.2 million, up 22% year over year, driven by higher volumes and price increases, which were partially offset by higher gross-to-net deductions. Continued growth in commercialization utilization by PH-ILD patients led to patient growth, which, in turn, benefited volumes.
Revenues from nebulized Tyvaso were $154.4 million, up 10%, mainly driven by higher volume growth and partly due to price increases.
Remodulin (including Remunity Pump) sales declined 9% year over year to $134.7 million.
Sales of Orenitram rose 16% year over year to $123.9 million, primarily driven by higher volumes, partly due to increased commercialization following the implementation of the Part D redesign under the Inflation Reduction Act.
Adcirca sales were $6.5 million, up 14%.
Unituxin sales were up 13% year over year to $58.4 million.
Research and development expenses were $134 million in the quarter, down 4% year over year due to lower costs incurred for ongoing clinical development activities and lower share-based compensation expenses.
Selling, general and administrative expenses surged 20% to $212.5 million in the quarter due to higher personnel expenses as a result of growth in headcount and higher legal expenses.
UTHR's Pipeline & Other Updates
United Therapeutics’ key phase III programs include Tyvaso in patients with various forms of chronic fibrosing interstitial lung disease (TETON studies) and oral ralinepag in PAH indications (ADVANCE OUTCOMES study).
The TETON 1 and TETON 2 studies are registrational phase III studies evaluating a nebulized version of Tyvaso for the treatment of idiopathic pulmonary fibrosis (IPF). Enrollment in both studies is complete.
Top-line data from the TETON-2 study is expected in September 2025. Data from the TETON 1 study is expected in the first half of 2026. If the drug is approved in the IPF indication, management expects Tyvaso sales to exceed the drug’s sales in the PAH indication.
A phase III TETON PPF study is also ongoing to evaluate Tyvaso in patients with progressive pulmonary fibrosis.
UTHR completed full enrollment in the phase III ADVANCE OUTCOMES study evaluating ralinepag for the treatment of PAH in June. Top-line data from the same is expected in the first half of 2026.
United Therapeutics also has different kinds of organ manufacturing products in clinical and preclinical development. These include xenotransplantation, 3-D organ bioprinting, bio-artificial organs, regenerative medicine and ex-vivo lung perfusion.
United Therapeutics Corporation Price, Consensus and EPS Surprise
In the past 60 days, estimates for Arvinas’ 2025 loss per share have narrowed from $1.60 to $1.50. Loss per share estimates for 2026 have narrowed from $3.28 to $2.98 during the same period. ARVN stock has plunged 60.4% year to date.
Arvinas’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 82.09%.
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to 97 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $1.65. Year to date, shares of CRMD have rallied 42.4%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 25.82%.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have narrowed from 86 cents to 68 cents. Loss per share estimates for 2026 have narrowed from $1.34 to $1.10 during the same period. IMCR stock has increased 13.6% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 76.18%.
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UTHR Q2 Earnings Miss Estimates, Higher Tyvaso Sales Aid Revenues Y/Y
Key Takeaways
United Therapeutics (UTHR - Free Report) reported second-quarter 2025 earnings of $6.41 per share, which missed the Zacks Consensus Estimate of $6.80. However, earnings rose 10% year over year on the back of higher product sales.
United Therapeutics markets four products for pulmonary arterial hypertension (PAH) — Tyvaso, Orenitram, Adcirca and Remodulin. It also markets Unituxin for treating pediatric patients with high-risk neuroblastoma.
Revenues in the second quarter came in at $798.6 million, beating the Zacks Consensus Estimate of $796 million. Revenues rose 12% year over year, driven by meaningful growth of key products — Tyvaso and Orenitram.
Shares of United Therapeutics declined 5.3% on July 30 following the release of mixed quarterly results.
Year to date, the stock has declined 20% against the industry’s 6% increase.
Image Source: Zacks Investment Research
UTHR's Q2 Earnings in Detail
United Therapeutics markets two versions of Tyvaso — Tyvaso dry powder inhalation (DPI) and nebulized Tyvaso. Both versions are approved for treating PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications.
Overall, Tyvaso sales were $469.6 million, up 18% year over year. Tyvaso sales missed the Zacks Consensus Estimate of $473 million.
Tyvaso DPI recorded sales of $315.2 million, up 22% year over year, driven by higher volumes and price increases, which were partially offset by higher gross-to-net deductions. Continued growth in commercialization utilization by PH-ILD patients led to patient growth, which, in turn, benefited volumes.
Revenues from nebulized Tyvaso were $154.4 million, up 10%, mainly driven by higher volume growth and partly due to price increases.
Remodulin (including Remunity Pump) sales declined 9% year over year to $134.7 million.
Sales of Orenitram rose 16% year over year to $123.9 million, primarily driven by higher volumes, partly due to increased commercialization following the implementation of the Part D redesign under the Inflation Reduction Act.
Adcirca sales were $6.5 million, up 14%.
Unituxin sales were up 13% year over year to $58.4 million.
Research and development expenses were $134 million in the quarter, down 4% year over year due to lower costs incurred for ongoing clinical development activities and lower share-based compensation expenses.
Selling, general and administrative expenses surged 20% to $212.5 million in the quarter due to higher personnel expenses as a result of growth in headcount and higher legal expenses.
UTHR's Pipeline & Other Updates
United Therapeutics’ key phase III programs include Tyvaso in patients with various forms of chronic fibrosing interstitial lung disease (TETON studies) and oral ralinepag in PAH indications (ADVANCE OUTCOMES study).
The TETON 1 and TETON 2 studies are registrational phase III studies evaluating a nebulized version of Tyvaso for the treatment of idiopathic pulmonary fibrosis (IPF). Enrollment in both studies is complete.
Top-line data from the TETON-2 study is expected in September 2025. Data from the TETON 1 study is expected in the first half of 2026. If the drug is approved in the IPF indication, management expects Tyvaso sales to exceed the drug’s sales in the PAH indication.
A phase III TETON PPF study is also ongoing to evaluate Tyvaso in patients with progressive pulmonary fibrosis.
UTHR completed full enrollment in the phase III ADVANCE OUTCOMES study evaluating ralinepag for the treatment of PAH in June. Top-line data from the same is expected in the first half of 2026.
United Therapeutics also has different kinds of organ manufacturing products in clinical and preclinical development. These include xenotransplantation, 3-D organ bioprinting, bio-artificial organs, regenerative medicine and ex-vivo lung perfusion.
United Therapeutics Corporation Price, Consensus and EPS Surprise
United Therapeutics Corporation price-consensus-eps-surprise-chart | United Therapeutics Corporation Quote
UTHR's Zacks Rank & Stocks to Consider
United Therapeutics currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Arvinas (ARVN - Free Report) , CorMedix (CRMD - Free Report) and Immunocore (IMCR - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Arvinas’ 2025 loss per share have narrowed from $1.60 to $1.50. Loss per share estimates for 2026 have narrowed from $3.28 to $2.98 during the same period. ARVN stock has plunged 60.4% year to date.
Arvinas’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 82.09%.
In the past 60 days, estimates for CorMedix’s earnings per share have increased from 93 cents to 97 cents for 2025. During the same time, earnings per share estimates for 2026 have increased from $1.64 to $1.65. Year to date, shares of CRMD have rallied 42.4%.
CorMedix’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 25.82%.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have narrowed from 86 cents to 68 cents. Loss per share estimates for 2026 have narrowed from $1.34 to $1.10 during the same period. IMCR stock has increased 13.6% year to date.
Immunocore’s earnings beat estimates in three of the trailing four quarters while missing the same on the remaining occasion, the average surprise being 76.18%.