We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
United Therapeutics Q2 Earnings Beat Estimates, Revenues Miss Mark
Read MoreHide Full Article
Key Takeaways
UTHR surpassed Q2 EPS estimates, but revenues declined 2% year over year and missed expectations.
UTHR saw Tyvaso sales decline 4% as weaker nebulized demand offset growth in Tyvaso DPI.
UTHR ended June with $3.8 billion in cash, cash equivalents and investments, up from March.
United Therapeutics (UTHR - Free Report) reported second-quarter 2026 earnings per share (EPS) of $7.27, beating the Zacks Consensus Estimate of $6.82. Bottom line increased 13.4% year over year.
United Therapeutics markets four products for pulmonary arterial hypertension (PAH): Tyvaso, Orenitram, Adcirca and Remodulin. It also markets Unituxin for the treatment of pediatric patients with high-risk neuroblastoma.
Revenues in the quarter totaled $783.3 million, which missed the Zacks Consensus Estimate of $803 million. Top line declined 2% year over year.
Year to date, shares of United Therapeutics have rallied 6.5% against the industry’s 3.9% decline.
Image Source: Zacks Investment Research
UTHR's Q2 Earnings in Detail
A key driver of the company’s top line is Tyvaso products. United Therapeutics markets two versions of Tyvaso, Tyvaso dry powder inhalation (DPI) and nebulized Tyvaso. Both versions are approved for the treatment of PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications.
Combined Tyvaso sales totaled $452.6 million, down 4% year over year due to lower revenues from nebulized Tyvaso. Tyvaso sales fell short of the Zacks Consensus Estimate of $469 million.
Tyvaso DPI generated revenues of $326.6 million, climbing 4% year over year due to an increase in patient demand and some pricing benefits.
Revenues from nebulized Tyvaso (treprostinil) were $126 million, down 18%, largely due to reduced U.S. demand despite modest price increases.
Sales of Orenitram rose 1% year over year to $125.7 million.
Remodulin (including Remunity Pump) sales declined 6% year over year to $126.3 million primarily due to lower demand in the United States despite an increase in international revenues.
Unituxin sales were up 12% year over year to $65.2 million.
Adcirca sales were $6.7 million, roughly consistent with the prior-year quarter.
Research and development expenses were $146.3 million in the quarter, up 9% year over year, mainly due to higher spending on clinical programs and a rise in the fair value of contingent consideration liabilities related to acquired manufactured organ and organ alternative projects.
Selling, general and administrative expenses declined 3% year over year to $206.7 million in the quarter.
As of June 30, 2026, UTHR had cash, cash equivalents and investments of $3.8 billion compared with $3.5 billion as of March 31, 2026.
UTHR's Pipeline & Other Updates
United Therapeutics is pursuing significant label expansion opportunities for Tyvaso in broader pulmonary fibrosis settings, including idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF). The company's IPF development program consists of two late-stage parallel studies, TETON-1 (conducted in the United States and Canada) and TETON-2 (internationally).
The TETON studies evaluated nebulized Tyvaso for the treatment of patients with IPF, a devastating lung disease with limited treatment options. Based on data from the studies, UTHR submitted a supplemental new drug application to the FDA in June for the approval of nebulized Tyvaso in IPF. If the drug is approved for this indication, United Therapeutics expects Tyvaso sales in the IPF indication to exceed the drug’s sales in the PAH indication.
Patient enrollment is ongoing in the phase III TETON PPF study evaluating the drug in patients with PPF. Top-line data is expected in the second half of 2027.
The company is developing Tresmi, an investigational inhaled treprostinil solution delivered via a soft mist inhaler for the treatment of PAH and PH-ILD. The therapy is designed to reduce coughing by up to 90% compared with Tyvaso DPI. UTHR plans to submit regulatory applications for both indications in 2026, with a commercial launch in 2027, subject to regulatory approval.
Another promising late-stage pipeline asset is ralinepag, a potential next-generation growth driver for the company’s PAH franchise. The selective prostacyclin receptor agonist is being developed in two formulations, an oral version and a DPI version (RAL-DPI).
The growth of oral ralinepag increased significantly following positive data from the pivotal phase III ADVANCE OUTCOMES study in patients with PAH in March 2026. The study met its primary and secondary endpoints. Based on the data, United Therapeutics recently submitted a new drug application for oral ralinepag to the FDA.
Beyond the oral formulation, UTHR is developing ralinepag DPI (RAL-DPI), an inhaled dry-powder version of ralinepag, in collaboration with MannKind Corporation (MNKD - Free Report) . While initially targeting PAH, management sees potential opportunities for RAL-DPI in PH-ILD, IPF and PPF. The company plans to file an investigational new drug application later this year.
Management expects approval for nebulized Tyvaso in IPF and oral ralinepag in PAH in 2027.
United Therapeutics is progressing well with the development of its organ manufacturing business. Last month, the company acquired Thymmune Therapeutics, a Cambridge-based, privately held biotech company developing regenerative thymic cell therapies. The acquisition reinforces United Therapeutics’ commitment to advancing regenerative medicine and expanding the availability and long-term success of organ transplantation. The acquisition added THY-100, Thymmune’s lead investigational therapy, to the company’s pipeline.
United Therapeutics Corporation Price, Consensus and EPS Surprise
Over the past 60 days, earnings per share estimates for Harmony Biosciences have increased from $3.20 to $3.33 for 2026. Over the same period, estimates for earnings per share increased from $3.64 to $3.87 for 2027. HRMY shares have risen 2.2% year to date.
Harmony Biosciences missed on earnings in three of the trailing four quarters and beat in the remaining one, delivering an average negative surprise of 13.97%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $3.02 from $2.97. Over the same period, EPS estimates for 2027 have risen to $5.31 from $4.81. LQDA shares have gained 158.4% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.
View the Zacks #1 Rank List
Image: Bigstock
United Therapeutics Q2 Earnings Beat Estimates, Revenues Miss Mark
Key Takeaways
United Therapeutics (UTHR - Free Report) reported second-quarter 2026 earnings per share (EPS) of $7.27, beating the Zacks Consensus Estimate of $6.82. Bottom line increased 13.4% year over year.
United Therapeutics markets four products for pulmonary arterial hypertension (PAH): Tyvaso, Orenitram, Adcirca and Remodulin. It also markets Unituxin for the treatment of pediatric patients with high-risk neuroblastoma.
Revenues in the quarter totaled $783.3 million, which missed the Zacks Consensus Estimate of $803 million. Top line declined 2% year over year.
Year to date, shares of United Therapeutics have rallied 6.5% against the industry’s 3.9% decline.
Image Source: Zacks Investment Research
UTHR's Q2 Earnings in Detail
A key driver of the company’s top line is Tyvaso products. United Therapeutics markets two versions of Tyvaso, Tyvaso dry powder inhalation (DPI) and nebulized Tyvaso. Both versions are approved for the treatment of PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications.
Combined Tyvaso sales totaled $452.6 million, down 4% year over year due to lower revenues from nebulized Tyvaso. Tyvaso sales fell short of the Zacks Consensus Estimate of $469 million.
Tyvaso DPI generated revenues of $326.6 million, climbing 4% year over year due to an increase in patient demand and some pricing benefits.
Revenues from nebulized Tyvaso (treprostinil) were $126 million, down 18%, largely due to reduced U.S. demand despite modest price increases.
Sales of Orenitram rose 1% year over year to $125.7 million.
Remodulin (including Remunity Pump) sales declined 6% year over year to $126.3 million primarily due to lower demand in the United States despite an increase in international revenues.
Unituxin sales were up 12% year over year to $65.2 million.
Adcirca sales were $6.7 million, roughly consistent with the prior-year quarter.
Research and development expenses were $146.3 million in the quarter, up 9% year over year, mainly due to higher spending on clinical programs and a rise in the fair value of contingent consideration liabilities related to acquired manufactured organ and organ alternative projects.
Selling, general and administrative expenses declined 3% year over year to $206.7 million in the quarter.
As of June 30, 2026, UTHR had cash, cash equivalents and investments of $3.8 billion compared with $3.5 billion as of March 31, 2026.
UTHR's Pipeline & Other Updates
United Therapeutics is pursuing significant label expansion opportunities for Tyvaso in broader pulmonary fibrosis settings, including idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF). The company's IPF development program consists of two late-stage parallel studies, TETON-1 (conducted in the United States and Canada) and TETON-2 (internationally).
The TETON studies evaluated nebulized Tyvaso for the treatment of patients with IPF, a devastating lung disease with limited treatment options. Based on data from the studies, UTHR submitted a supplemental new drug application to the FDA in June for the approval of nebulized Tyvaso in IPF. If the drug is approved for this indication, United Therapeutics expects Tyvaso sales in the IPF indication to exceed the drug’s sales in the PAH indication.
Patient enrollment is ongoing in the phase III TETON PPF study evaluating the drug in patients with PPF. Top-line data is expected in the second half of 2027.
The company is developing Tresmi, an investigational inhaled treprostinil solution delivered via a soft mist inhaler for the treatment of PAH and PH-ILD. The therapy is designed to reduce coughing by up to 90% compared with Tyvaso DPI. UTHR plans to submit regulatory applications for both indications in 2026, with a commercial launch in 2027, subject to regulatory approval.
Another promising late-stage pipeline asset is ralinepag, a potential next-generation growth driver for the company’s PAH franchise. The selective prostacyclin receptor agonist is being developed in two formulations, an oral version and a DPI version (RAL-DPI).
The growth of oral ralinepag increased significantly following positive data from the pivotal phase III ADVANCE OUTCOMES study in patients with PAH in March 2026. The study met its primary and secondary endpoints. Based on the data, United Therapeutics recently submitted a new drug application for oral ralinepag to the FDA.
Beyond the oral formulation, UTHR is developing ralinepag DPI (RAL-DPI), an inhaled dry-powder version of ralinepag, in collaboration with MannKind Corporation (MNKD - Free Report) . While initially targeting PAH, management sees potential opportunities for RAL-DPI in PH-ILD, IPF and PPF. The company plans to file an investigational new drug application later this year.
Management expects approval for nebulized Tyvaso in IPF and oral ralinepag in PAH in 2027.
United Therapeutics is progressing well with the development of its organ manufacturing business. Last month, the company acquired Thymmune Therapeutics, a Cambridge-based, privately held biotech company developing regenerative thymic cell therapies. The acquisition reinforces United Therapeutics’ commitment to advancing regenerative medicine and expanding the availability and long-term success of organ transplantation. The acquisition added THY-100, Thymmune’s lead investigational therapy, to the company’s pipeline.
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 Harmony Biosciences (HRMY - Free Report) and Liquidia Corporation (LQDA - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, earnings per share estimates for Harmony Biosciences have increased from $3.20 to $3.33 for 2026. Over the same period, estimates for earnings per share increased from $3.64 to $3.87 for 2027. HRMY shares have risen 2.2% year to date.
Harmony Biosciences missed on earnings in three of the trailing four quarters and beat in the remaining one, delivering an average negative surprise of 13.97%.
Over the past 60 days, estimates for Liquidia’s 2026 earnings per share have increased to $3.02 from $2.97. Over the same period, EPS estimates for 2027 have risen to $5.31 from $4.81. LQDA shares have gained 158.4% year to date.
Liquidia’s earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 54.40%.