UTHR

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

uthr-202602250001082554false00010825542026-02-252026-02-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2026

United Therapeutics Corporation (Exact Name of Registrant as Specified in Charter)

Delaware000-2630152-1984749 (State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

1000 Spring Street Silver Spring,

MD20910

(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (301) 608-9292

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of exchange on which registered Common Stock, par value $0.01 per shareUTHRNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.

On February 25, 2026, United Therapeutics Corporation issued a press release setting forth its earnings and business updates for the quarter and year ended December 31, 2025.

A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01.  Exhibits

This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

(d)  Exhibits

Exhibit No. Description of Exhibit

99.1 Press Release dated February 25, 2026, related to the Company's fourth quarter and full year 2025 earnings.

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNITED THERAPEUTICS CORPORATION

Dated: February 25, 2026By:/s/ Paul A. Mahon Name:Paul A. Mahon Title:General Counsel

uthr-202510290001082554false00010825542025-10-292025-10-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 29, 2025

United Therapeutics Corporation (Exact Name of Registrant as Specified in Charter)

Delaware000-2630152-1984749 (State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

1000 Spring Street Silver Spring,

MD20910

(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (301) 608-9292

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of exchange on which registered Common Stock, par value $0.01 per shareUTHRNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.     Results of Operations and Financial Condition.

On October 29, 2025, United Therapeutics Corporation issued a press release setting forth its earnings for the quarter ended September 30, 2025.

A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01.     Exhibits

This information shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

(d)  Exhibits

Exhibit No. Description of Exhibit

99.1 Press Release dated October 29, 2025

104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

UNITED THERAPEUTICS CORPORATION

Dated: October 29, 2025By:/s/ Paul A. Mahon Name:Paul A. Mahon Title:General Counsel