Revenue: As of FY2026 Q2, the actual value is USD 783.3 M, missing the estimate of USD 804.65 M.

EPS: As of FY2026 Q2, the actual value is USD 7.27, beating the estimate of USD 6.8619.

EBIT: As of FY2026 Q2, the actual value is USD 302.2 M.

Financial Performance Overview

United Therapeutics Corporation reported total revenues of $783.3 million for the second quarter of 2026, marking a -2% decrease compared to $798.6 million in the second quarter of 2025. Net income for the second quarter of 2026 increased by 8% to $333.0 million, up from $309.5 million in the prior year period. Operating income was $330.8 million in Q2 2026, compared to $364.5 million in Q2 2025.

Segment Revenue

• Tyvaso DPI revenues increased by 4% to $326.6 million in Q2 2026 from $315.2 million in Q2 2025, driven by increased quantities sold and a price increase, partially offset by higher gross-to-net deductions.
• Nebulized Tyvaso revenues decreased by -18% to $126.0 million in Q2 2026 from $154.4 million in Q2 2025, primarily due to a decrease in U.S. quantities sold, partially offset by a price increase.
• Total Tyvaso revenues decreased by -4% to $452.6 million in Q2 2026 from $469.6 million in Q2 2025.
• Remodulin revenues decreased by -6% to $126.3 million in Q2 2026 from $134.7 million in Q2 2025, mainly due to a decrease in U.S. quantities sold, partially offset by increased international revenues.
• Orenitram revenues increased by 1% to $125.7 million in Q2 2026 from $123.9 million in Q2 2025.
• Unituxin revenues increased by 12% to $65.2 million in Q2 2026 from $58.4 million in Q2 2025.
• Adcirca revenues increased by 3% to $6.7 million in Q2 2026 from $6.5 million in Q2 2025.
• Other revenues increased by 24% to $6.8 million in Q2 2026 from $5.5 million in Q2 2025.

Geographical Revenue Breakdown

• U.S. revenues were $733.6 million in Q2 2026, compared to $759.8 million in Q2 2025.
• Rest-of-world (ROW) revenues were $49.7 million in Q2 2026, compared to $38.8 million in Q2 2025.

Operating Expenses

• Total operating expenses were $452.5 million in Q2 2026, up from $434.1 million in Q2 2025.
• Cost of sales increased by 14% to $99.5 million in Q2 2026 from $87.6 million in Q2 2025, primarily due to an increase in inventory reserve expense, including $7.5 million related to estimated losses under a commercial supply agreement for Tyvaso DPI.
• Research and development expense increased by 9% to $146.3 million in Q2 2026 from $134.0 million in Q2 2025, mainly due to increased expenditures on cardiopulmonary treatment projects and an increase in the fair value of contingent consideration obligations for manufactured organ and organ alternative projects.
• Selling, general, and administrative expense decreased by -3% to $206.7 million in Q2 2026 from $212.5 million in Q2 2025.

Other Financial Items

• Interest income decreased to $31.5 million in Q2 2026 from $51.3 million in Q2 2025, primarily due to a decrease in marketable investments following the sale of securities to fund share repurchase agreements.
• Interest expense was - $2.9 million in Q2 2026, compared to - $7.3 million in Q2 2025.
• Other income (expense), net was $13.3 million in income in Q2 2026, compared to - $0.1 million in expense in Q2 2025, primarily due to net unrealized gains on equity securities.
• Income tax expense was - $39.7 million in Q2 2026, compared to - $98.9 million in Q2 2025.
• The effective income tax rate decreased to 11% in Q2 2026 from 24% in Q2 2025, mainly due to increased excess tax benefits from share-based compensation.

Balance Sheet Highlights (as of June 30, 2026)

• Cash, cash equivalents, and marketable investments totaled $3,803.4 million.
• Total assets were $7,220.1 million.
• Total liabilities were $819.8 million.
• Total stockholders’ equity was $6,400.3 million.

Unique Metrics

• Share-based compensation expense totaled $43.4 million in Q2 2026, up from $37.8 million in Q2 2025, with increases across stock options, restricted stock units, and employee stock purchase plan categories.
• United Therapeutics Corporation repurchased 2,759,343 shares of its common stock under 2026 ASR agreements, with $500 million remaining available under the share repurchase program as of June 30, 2026.

Outlook / Guidance

United Therapeutics Corporation anticipates potential approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH by next year, which are seen as transformative, multi-billion-dollar catalysts to enhance growth. The company also plans further filings, including an IND for ralinepag DPI and an NDA for treprostinil SMI, and expects Tyvaso DPI to follow into IPF and PPF. Furthermore, the organ manufacturing pipeline is advancing rapidly with ongoing or planned clinical trials for liver, kidney, heart, and lung products, alongside the launch of two xeno-organ production facilities later this year.