UTHR

EX-99.1

2 uthrq32026-ex991.htm

EX-99.1

Document

Exhibit 99.1

For Immediate Release

United Therapeutics Corporation Reports Third Quarter 2026 Financial Results

SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., November 4, 2026: United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended September 30, 2026. Total revenues in the third quarter of 2026 increased by four percent year-over-year to $832.5 million, compared to $799.5 million in the third quarter of 2025.

“United Therapeutics is entering a period of extraordinary growth. We are advancing a portfolio of new therapies designed to exponentially increase the number of patients we can serve,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics.

“Our record third quarter revenue performance reflects a business operating at a very high level, driven by strong commercial momentum and focused execution across our organization,” said Michael Benkowitz, President and Chief Operating Officer of United Therapeutics. “Our strategies are delivering, securing an increasingly strong position to leverage our commercial operations. With a durable and robust foundation combined with significant new opportunities across cardiopulmonary and respiratory medicine rapidly approaching, we believe we have the strongest growth outlook in our history.”

Third Quarter 2026 Financial Results

Key financial highlights include (dollars in millions, except per share data):

Three Months Ended

September 30,

Dollar Change

Percentage Change

2026

2025

Total revenues

$

832.5

$

799.5

$

33.0

4

%

Net income

$

258.6

$

338.7

$

(80.1)

(24)

%

Net income, per basic share

$

6.06

$

7.73

$

(1.67)

(22)

%

Net income, per diluted share

$

5.71

$

7.16

$

(1.45)

(20)

%

1

Revenues

The table below presents the components of total revenues (dollars in millions):

Three Months Ended

September 30,

Dollar Change

Percentage

Change

2026

2025

Net product sales:

Tyvaso DPI®

$

378.5

$

336.2

$

42.3

13

%

Nebulized Tyvaso®

125.3

141.8

(16.5)

(12)

%

Total Tyvaso 503.8

478.0

25.8

5

%

Remodulin®(1)

122.0

125.9

(3.9)

(3)

%

Orenitram®

145.0

131.1

13.9

11

%

Unituxin®

52.3

47.9

4.4

9

%

Adcirca®

4.5

9.7

(5.2)

(54)

%

Other

4.9

6.9

(2.0)

(29)

%

Total revenues

$

832.5

$

799.5

$

33.0

4

%

(1) Net product sales include sales of infusion devices, including the Remunity® and RemunityPRO® Pumps.

Total Tyvaso revenues increased by five percent to $503.8 million in the third quarter of 2026, as compared to $478.0 million in the third quarter of 2025, driven by growth in Tyvaso DPI revenues, partially offset by a decrease in Nebulized Tyvaso revenues. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $43.9 million and a price increase, partially offset by higher gross-to-net deductions. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $20.0 million, partially offset by a price increase. We believe the availability of competitive therapies negatively impacted sales of Nebulized Tyvaso, Tyvaso DPI, and Remodulin for the three months ended September 30, 2026. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $14.9 million and a price increase, partially offset by an increase in gross-to-net deductions.

The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):

Three Months Ended September 30,

2026

2025

U.S.

ROW

Total

U.S.

ROW

Total

Net product sales:

Tyvaso DPI

$

378.2

$

0.3

$

378.5

$

336.2

$

—

$

336.2

Nebulized Tyvaso

118.0

7.3

125.3

133.9

7.9

141.8

Total Tyvaso 496.2

7.6

503.8

470.1

7.9

478.0

Remodulin(1)

108.5

13.5

122.0

110.7

15.2

125.9

Orenitram 145.0

—

145.0

131.1

—

131.1

Unituxin 49.9

2.4

52.3

46.5

1.4

47.9

Adcirca 4.5

—

4.5

9.7

—

9.7

Other

4.4

0.5

4.9

6.7

0.2

6.9

Total revenues

$

808.5

$

24.0

$

832.5

$

774.8

$

24.7

$

799.5

(1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.

2

Expenses

Cost of sales. The table below summarizes cost of sales by major category (dollars in millions):

Three Months Ended

September 30,

Dollar Change

Percentage Change

2026

2025

Category:

Cost of sales $

98.0

$

100.0

$

(2.0)

(2)

%

Share-based compensation expense(1)

1.1

0.9

0.2

22

%

Total cost of sales $

99.1

$

100.9

$

(1.8)

(2)

%

(1)See Share-based compensation expense below.

Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):

Three Months Ended

September 30,

Dollar Change

Percentage Change

2026

2025

Category:

External research and development(1

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EX-99.1

2 uthrq12026-ex991.htm

EX-99.1

Document

Exhibit 99.1

For Immediate Release

United Therapeutics Corporation Reports First Quarter 2026 Financial Results

SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., May 6, 2026: United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended March 31, 2026. Total revenues in the first quarter of 2026 decreased by two percent year-over-year to $781.5 million, compared to $794.4 million in the first quarter of 2025.

“In the first quarter of 2026, we extended our run of clinical success, with positive results from both our ADVANCE OUTCOMES and TETON-1 studies,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “These readouts have the potential to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease. Moreover, given these successes, we’re excited to announce our development plans in pulmonary hypertension and fibrosis for ralinepag DPI, which we believe has the potential to achieve once-daily dosing and help broaden our therapeutic reach greater than ever before.”

Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, added, “While the competitive landscape for inhaled prostacyclins remains dynamic, our continued growth for Tyvaso DPI reflects the resilience of our commercial strategy. Going forward, we are committed to further sharpening our execution with relentless drive and unwavering discipline to return to sequential quarterly revenue growth across our commercial portfolio in the near term.”

First Quarter 2026 Financial Results

Key financial highlights include (dollars in millions, except per share data):

Three Months Ended

March 31,

Dollar Change

Percentage Change

2026

2025

Total revenues

$

781.5

$

794.4

$

(12.9)

(2)

%

Net income

$

274.9

$

322.2

$

(47.3)

(15)

%

Net income, per basic share

$

6.32

$

7.18

$

(0.86)

(12)

%

Net income, per diluted share

$

5.82

$

6.63

$

(0.81)

(12)

%

1

Revenues

The table below presents the components of total revenues (dollars in millions):

Three Months Ended

March 31,

Dollar Change

Percentage

Change

2026

2025

Net product sales:

Tyvaso DPI®

$

330.3

$

302.5

$

27.8

9

%

Nebulized Tyvaso®

127.2

163.8

(36.6)

(22)

%

Total Tyvaso 457.5

466.3

(8.8)

(2)

%

Remodulin®(1)

126.6

138.2

(11.6)

(8)

%

Orenitram®

135.6

120.7

14.9

12

%

Unituxin®

53.6

58.2

(4.6)

(8)

%

Adcirca®

2.9

6.0

(3.1)

(52)

%

Other

5.3

5.0

0.3

6

%

Total revenues

$

781.5

$

794.4

$

(12.9)

(2)

%

(1) Net product sales include sales of infusion devices, including the Remunity® and RemunityPRO® Pumps.

Total Tyvaso revenues decreased by two percent to $457.5 million in the first quarter of 2026, compared to $466.3 million in the first quarter of 2025, driven by a decrease in Nebulized Tyvaso revenues, partially offset by growth in Tyvaso DPI revenues. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $16.0 million and, to a lesser extent, a price increase. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $33.3 million and, to a lesser extent, a decrease in international revenues, partially offset by a price increase. The decrease in Remodulin revenues resulted primarily from a decrease in quantities sold of $11.1 million. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $10.2 million.

The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):

Three Months Ended March 31,

2026

2025

U.S.

ROW

Total

U.S.

ROW

Total

Net product sales:

Tyvaso DPI

$

330.3

$

—

$

330.3

$

302.5

$

—

$

302.5

Nebulized Tyvaso

112.6

14.6

127.2

138.6

25.2

163.8

Total Tyvaso 442.9

14.6

457.5

441.1

25.2

466.3

Remodulin(1)

108.8

17.8

126.6

120.2

18.0

138.2

Orenitram 135.6

—

135.6

120.7

—

120.7

Unituxin 49.0

4.6

53.6

56.9

1.3

58.2

Adcirca 2.9

—

2.9

6.0

—

6.0

Other

5.0

0.3

5.3

4.7

0.3

5.0

Total revenues

$

744.2

$

37.3

$

781.5

$

749.6

$

44.8

$

794.4

(1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.

2

Expenses

Cost of sales. The table below summarizes cost of sales by major category (dollars in millions):

Three Months Ended

March 31,

Dollar Change

Percentage Change

2026

2025

Category:

Cost of sales $

132.4

$

91.6

$

40.8

45

%

Share-based compensation expense(1)

1.0

0.9

0.1

11

%

Total cost of sales $

133.4

$

92.5

$

40.9

44

%

(1)See Share-based compensation expense below for discussion.

Cost of sales, excluding share-based c