United Therapeutics Corporation

What they do

United Therapeutics markets PAH therapies in the United States: Tyvaso DPI, Nebulized Tyvaso, Remodulin (with Remunity and RemunityPRO pumps), Orenitram and Adcirca. Tyvaso DPI and Nebulized Tyvaso are also FDA-approved for PH-ILD, and outside the U.S. the company sells Nebulized Tyvaso, Remodulin and Unituxin. It also develops products for PAH, IPF and PPF, and is pursuing organ manufacturing technologies to expand the supply of transplantable organs.

Revenue drivers

• Tyvaso franchise (Tyvaso DPI and Nebulized Tyvaso) — Largest revenue source at $452.6 million in Q2 2026, with Tyvaso DPI at $326.6 million and Nebulized Tyvaso at $126.0 million.
• Remodulin — Treprostinil injection sold in the U.S. and internationally; generated $126.3 million in Q2 2026, including infusion devices such as the Remunity and RemunityPRO pumps.
• Orenitram — Oral extended-release treprostinil tablet sold in the U.S.; contributed $125.7 million in Q2 2026.
• Unituxin and Adcirca — Unituxin, for high-risk neuroblastoma, produced $65.2 million in Q2 2026; Adcirca, an oral PAH tablet, produced $6.7 million.

Recent performance

Total Q2 2026 revenues fell 2% year over year to $783.3 million from $798.6 million, while net income rose 8% to $333.0 million and diluted EPS rose 13% to $7.27. Total Tyvaso declined 4% to $452.6 million, as Tyvaso DPI grew 4% to $326.6 million but Nebulized Tyvaso fell 18% to $126.0 million. Remodulin decreased 6% to $126.3 million, Orenitram rose 1% to $125.7 million and Unituxin rose 12% to $65.2 million. The company attributed weakness in Nebulized Tyvaso, Tyvaso DPI and Remodulin to the availability of competitive therapies. Full-year 2025 revenue was $3.18 billion with net income of $1.33 billion.

Strategy

Management said it submitted two NDAs, ralinepag tablets in PAH and Nebulized Tyvaso in IPF, and plans an IND for ralinepag DPI and an NDA for treprostinil SMI later in 2026. It expects potential 2027 approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH, with Tyvaso DPI potentially following into IPF and PPF. The company has budgeted approximately $400 million of capital expenditures for 2026 through 2028, mainly for a new RTP manufacturing facility and clinical-scale DPF facilities in Stewartville, Minnesota and Houston, Texas. It plans to fund these expenditures from cash on hand and expects two xeno-organ production facilities in Minnesota and Texas to launch later in 2026.

Risks

• Concentration in treprostinil products — Tyvaso DPI, Nebulized Tyvaso, Remodulin and Orenitram comprise the vast majority of revenues, so a decline in any one product could materially hurt operations.
• Competitive therapies — Merck's Winrevair was approved for PAH in March 2024 and Yutrepia was approved in May 2025 and launched in June 2025; the company believes competitive therapies negatively impacted sales of Nebulized Tyvaso, Tyvaso DPI and Remodulin in the first half of 2026.
• Pricing pressure — The company cites potential pricing pressure from competitive challenges, the IRA, MFN policies and other drug price reduction initiatives.
• Clinical and regulatory uncertainty — New products, expanded labels and new delivery devices require clinical trials and FDA or international approvals that may be delayed, require additional trials, or fail.

Outlook

Management expects potential approvals next year for Nebulized Tyvaso in IPF and ralinepag tablets in PAH, describing them as potentially transformative, multi-billion-dollar catalysts. It expects Tyvaso DPI to follow Nebulized Tyvaso into IPF and then PPF. It also says organ manufacturing trials are ongoing or planned for liver, kidney, heart and lung products, with two xeno-organ production facilities slated to launch later in 2026.