United Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenues increased 4% year-over-year to $832.5 million in Q3 2026, compared to $799.5 million in Q3 2025.
• Net income decreased 24% year-over-year to $258.6 million in Q3 2026, compared to $338.7 million in Q3 2025.
• Net income per diluted share was $5.71 in Q3 2026, a 20% decrease from $7.16 in Q3 2025.
• Net product sales for Tyvaso (DPI and Nebulized) totaled $503.8 million, up 5% from $478.0 million in the prior year period.
• Tyvaso DPI sales reached $378.5 million (up 13%), driven by a $43.9 million increase in quantities sold and price increases, partially offset by higher gross-to-net deductions.
• Nebulized Tyvaso sales were $125.3 million (down 12%), primarily due to a $20.0 million decrease in U.S. quantities sold, partially offset by price increases.
• Orenitram sales increased 11% to $145.0 million, driven by a $14.9 million increase in quantities sold and price increases, partially offset by higher gross-to-net deductions.
• Remodulin sales decreased 3% to $122.0 million.
• Unituxin sales increased 9% to $52.3 million.
• Adcirca sales decreased 54% to $4.5 million.
• Cost of sales (including share-based compensation) decreased 2% to $99.1 million from $100.9 million.
• Research and development expense increased 119% to $279.2 million from $127.5 million, driven by $125.2 million in "Other" expenses related to the acquisition of Thymmune Therapeutics, Inc.
• Selling, general, and administrative expense decreased 20% to $146.4 million from $182.6 million, primarily due to a $67.3 million reversal of a litigation accrual related to the Sandoz matter.
• Interest income decreased to $33.7 million from $46.4 million due to the sale of securities to fund accelerated share repurchase agreements.
• Other income, net increased to $34.2 million from $6.1 million, driven by net realized and unrealized gains on equity securities.
• Effective income tax rate increased to 31% from 23%, primarily due to nondeductible IPR&D expense from the Thymmune acquisition.
• Cash, cash equivalents, and marketable investments totaled $3,535.7 million as of September 30, 2026.
• Total assets were $7,034.1 million, with total liabilities of $758.1 million and total stockholders' equity of $6,276.0 million.

Business Segments and Product Lines:

• The company reported strong commercial momentum across its cardiopulmonary and respiratory medicine portfolio.
• Competitive therapies negatively impacted sales of Nebulized Tyvaso, Tyvaso DPI, and Remodulin during the quarter.
• R&D expenditures increased significantly due to manufactured organ and organ alternative projects, as well as cardiopulmonary treatment projects.

Risks and Challenges:

• The availability of competitive therapies is negatively impacting sales of key products including Tyvaso DPI, Nebulized Tyvaso, and Remodulin.
• The effective income tax rate is subject to volatility due to the tax treatment of in-process research and development (IPR&D) expenses from acquisitions.

Management Commentary and Tone:

• CEO Martine Rothblatt stated the company is entering a period of "extraordinary growth" and advancing a portfolio of new therapies to exponentially increase the number of patients served.
• COO Michael Benkowitz described the quarter as a "record" performance driven by focused execution, noting the company has the "strongest growth outlook in our history" with a durable foundation and significant new opportunities approaching.

Other Key Points:

• In March 2026, the Board approved a $2.0 billion share repurchase program.
• The company executed three accelerated share repurchase agreements (ASRs) with Citibank: two in March 2026 (totaling $1.5 billion) and one in September 2026 ($477.6 million).
• During the quarter, the company repurchased a total of 980,394 shares of common stock held as treasury stock.
• The September 2026 ASR utilized the remaining authorization of the March 2026 program; no amount remained available under that specific authorization.
• In October 2026, the Board approved a new share repurchase program authorizing up to $2.0 billion through October 21, 2027.
• The company acquired Thymmune Therapeutics, Inc. as an asset acquisition, resulting in significant IPR&D expense.
• The Sandoz litigation matter was dismissed on October 28, 2026, following a settlement agreement with Liquidia Technologies, Inc.
• A webcast to discuss results was scheduled for November 4, 2026, at 9:00 a.m. Eastern Time.