United Therap

Q2 FY2026 EarningsQ2 FY26 results missed consensus on the top line but significantly beat on the bottom line: revenue of $783.3M missed the $804.6M estimate, while Diluted EPS (GAAP) reached $7.27 vs. $6.86 expected. The revenue miss was primarily driven by an 18% YoY decline in Nebulized Tyvaso due to competitive pressure, which overshadowed a 4% increase in Tyvaso DPI sales. Profitability was bolstered by a lower-than-expected effective tax rate (12% vs. 21.3% consensus) and significant share repurchases, with a $1.5B ASR program reducing weighted average shares by approximately 5% YoY.