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Jun 30, 2025
United Therapeutics Q2 2025 Earnings Report
United Therapeutics posted record results in Q2 2025 driven by strong growth in Tyvaso DPI, Nebulized Tyvaso, and Orenitram.
Key Takeaways
United Therapeutics reported Q2 2025 revenue of $798.6 million and net income of $309.5 million, fueled by double-digit growth in key products including Tyvaso DPI and Orenitram. EPS reached $6.41 diluted, with a strong performance across their pulmonary hypertension portfolio.
Record total revenue of $798.6 million in Q2 2025, up from $714.9 million in Q2 2024
Net income rose to $309.5 million with diluted EPS of $6.41
Tyvaso DPI revenue reached $315.2 million, marking 22% year-over-year growth
Operating income totaled $364.5 million with a 45.7% margin
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
United Therapeutics expects continued double-digit revenue growth driven by Tyvaso and late-stage pipeline developments in pulmonary hypertension and fibrosis.
Positive Outlook
- Strong commercial execution expected to sustain revenue growth
- Late-stage TETON 2 and TETON 1 trial data could expand indications
- Completion of ADVANCE OUTCOMES study in ralinepag adds future growth catalyst
- Share repurchase program of up to $1 billion shows capital strength
- Ongoing growth in Tyvaso DPI and Orenitram driven by Medicare Part D redesign
Challenges Ahead
- Decreased STAP share-based comp. may reduce employee incentive alignment
- Higher SG&A due to litigation and headcount increases
- Slight revenue drop in Remodulin YoY
- Net income growth slower than revenue growth
Historical Earnings Impact
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Avg. Return Before/After Earnings
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