The mixed quarter — revenue miss with EPS beat — may lead to modest near-term volatility. Key catalysts to watch are the FDA decisions on ralinepag (PAH) and Nebulized Tyvaso (IPF) NDAs, expected by mid-2027. Monitor competitive dynamics in inhaled prostacyclins and Tyvaso DPI's ability to offset Nebulized Tyvaso erosion.
Price Chart
Executive Summary
United Therapeutics reported Q2 2026 revenue of $783.3M, down 2% YoY and below the $804.6M consensus, while diluted EPS of $7.27 beat the $6.86 estimate by 5.9%. The revenue miss was driven by a 4% decline in total Tyvaso sales as Nebulized Tyvaso dropped 18% YoY, partially offset by Tyvaso DPI growth. Net income rose 8% YoY to $333.0M, benefiting from a lower effective tax rate (11% vs 24%) and the absence of a prior-year $21.7M PPE impairment. The company highlighted recent NDA submissions for ralinepag (PAH) and Nebulized Tyvaso (IPF) as key pipeline catalysts, but the top-line decline and competitive headwinds in the inhaled prostacyclin class temper the outlook.
Key Financial Metrics
Key Facts
- Revenue decreased 2% YoY to $783.3M, missing consensus of $804.6M.
- Diluted EPS of $7.27 beat consensus of $6.86 by 5.9%.
- Total Tyvaso revenue fell 4% YoY to $452.6M; Nebulized Tyvaso declined 18% to $126.0M.
- Tyvaso DPI revenue grew 4% YoY to $326.6M, with record patient starts and referrals.
- Net income increased 8% YoY to $333.0M, aided by a lower effective tax rate of 11% vs 24%.
- Company submitted NDAs for ralinepag tablets (PAH) and Nebulized Tyvaso (IPF), with potential approvals expected in 2027.
- Share repurchases totaled 2.76M shares under $1.5B ASR agreements; $500M remains authorized through March 2027.
- Cash and investments stood at $3.80B as of June 30, 2026.
Financial Impact
Revenue miss of ~$21M vs consensus; EPS beat of $0.41 per share.
Risk Factors
- Continued competitive pressure on Nebulized Tyvaso and Remodulin from newer therapies.
- Regulatory and clinical risks for ralinepag and Tyvaso DPI in IPF/PPF.
- Potential dilution from share-based compensation and future capital needs for organ manufacturing.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001082554-26-000028 |
| Document: uthr-20260805.htm | 0001082554-26-000028 |
| Document: 0001082554-26-000028-index-headers.html | 0001082554-26-000028 |
| Document: 0001082554-26-000028-index.html | 0001082554-26-000028 |
| Document: 0001082554-26-000028.txt | 0001082554-26-000028 |
| 8-K Data (Synthetic) | 0001082554-26-000028 |
Filters
| Type | Now | ||||
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Sep 15, 2026 17d ago | Insider Cluster | $500.35 $497.31 | ▼ −0.61% | ▼ −2.72% | $571.38 (+14.20%) |
Sep 11, 2026 21d ago | Insider Cluster | $497.11 $494.63 | ▼ −0.50% | ▼ −0.28% | $571.38 (+14.94%) |
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