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Sep 30
United Therapeutics Q3 2025 Earnings Report
United Therapeutics reported record revenue and net income for the third quarter of 2025, driven by strong Tyvaso DPI and Orenitram sales.
Key Takeaways
United Therapeutics posted a record-breaking Q3 2025 with $799.5 million in revenue and $338.7 million in net income, as growth in Tyvaso DPI and Orenitram offset declines in other product lines. Operating income rose to $388.5 million with a focus on sustained momentum through new therapies.
Revenue reached a record $799.5 million, up 7% year-over-year.
Net income rose to $338.7 million, supported by strong product performance.
Tyvaso DPI sales surged 22% to $336.2 million, becoming the top revenue generator.
Company repurchased $1.0 billion of stock during the quarter under ASR agreements.
United Therapeutics
United Therapeutics
United Therapeutics Revenue by Segment
United Therapeutics Revenue by Geographic Location
Revenue by Segment
Tyvaso DPI Revenue
CapyFin.comNebulized Tyvaso Revenue
CapyFin.comRemodulin Revenue
CapyFin.comOrenitram Revenue
CapyFin.comUnituxin Revenue
CapyFin.comAdcirca Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
United Therapeutics remains confident in sustained growth driven by increased adoption of Tyvaso DPI and new pipeline developments, but acknowledges uncertainties around litigation and pricing pressures.
Positive Outlook
- Strong Tyvaso DPI adoption continues to grow patient base
- Increased Orenitram utilization supports product momentum
- Effective cost control on SG&A despite revenue growth
- Significant share repurchase demonstrates capital strength
- Potential expansion of market via TETON-2 study findings
Challenges Ahead
- Decline in Nebulized Tyvaso and Unituxin revenue
- Higher inventory reserve and royalty costs
- Elevated R&D spending pressures near-term margins
- Litigation accrual remains a financial risk factor
- Increase in effective tax rate to 23% impacts earnings