UTHR · United Therapeutics Corporation

United Therapeutics' Q1 2026 results showed total revenues of $781.5 million, a 2% decline from $794.4 million in Q1 2025, primarily driven by a 22% drop in nebulized Tyvaso to $127.2 million due to lower U.S. volumes, and an 8% decrease in Remodulin to $126.6 million from reduced quantities sold. These were partially offset by robust 9% growth in Tyvaso DPI to $330.3 million, fueled by higher volumes and pricing, and 12% expansion in Orenitram to $135.6 million on increased quantities. Total Tyvaso franchise held steady at a 2% decline to $457.5 million. U.S. revenues were $744.2 million versus $37.3 million ROW. Operating expenses rose to $455.7 million from $411.6 million, with cost of sales up 44% to $133.4 million mainly from $26.8 million Tyvaso DPI inventory reserve and supply agreement losses, R&D down 7% to $138.2 million due to lower milestone payments, and SG&A up 8% to $184.1 million. Operating income fell to $325.8 million from $382.8 million. Net income dropped 15% to $274.9 million, with diluted EPS at $5.82, reflecting higher other expenses from unrealized equity losses and lower tax rate of 14% from share-based compensation benefits. CEO Martine Rothblatt highlighted positive ADVANCE OUTCOMES and TETON-1 study results, signaling pipeline expansion in pulmonary hypertension and fibrosis via ralinepag DPI for potential once-daily dosing. President Michael Benkowitz noted Tyvaso DPI resilience amid competition and commitment to sequential revenue growth. The company authorized a $2.0 billion buyback, executing $1.5 billion via ASR for 2.2 million shares, with $500 million remaining, underscoring strong balance sheet with $3.5 billion in cash equivalents.