United Therapeutics reported record third‑quarter 2025 financial results, with total revenue of $799.5 million, up 7% from $748.9 million in the same period last year.
The flagship Tyvaso DPI generated $336.2 million in sales, a 22% year‑over‑year increase, while nebulized Tyvaso sales fell 11% to $141.8 million, driven by higher gross‑to‑net deductions and a decline in units sold.
Orenitram sales rose 17.9% to $131.1 million, supported by increased commercial utilization following the Medicare Part D benefit redesign under the Inflation Reduction Act, and Adcirca revenue grew 39% to $9.7 million.
Net income reached $338.7 million, a 10% year‑over‑year gain from $309.1 million, and diluted earnings per share were $7.16, exceeding the consensus estimate of $6.89.
Cost of sales increased due to higher manufacturing and raw‑material costs, while research and development expenses grew to $X million, including a $5.0 million milestone payment for drug‑delivery technologies and additional spending on manufactured organ and organ‑alternative projects.
Cash and cash equivalents stood at $4,334.9 million, reflecting a strong liquidity position.
Management reiterated confidence in continued double‑digit growth, citing the positive TETON‑2 study for idiopathic pulmonary fibrosis and the expanding commercial portfolio, and reaffirmed guidance for a $4 billion revenue run rate by 2027.
The company also highlighted ongoing share‑repurchase activity, with accelerated share‑repurchase agreements totaling $2.0 billion, and noted litigation with Sandoz resulting in a $61.6 million damages award, with appeals pending.
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