UNITED THERAPEUTICS CORP (UTHR) Q1 2026 Earnings Call Transcript
United Therapeutics Corporation, a biotechnology company, engages in the development and commercialization of products to address the unmet medical needs of patients with chronic and life-threatening diseases in the United States and internationally. The company offers Tyvaso DPI, an inhaled dry powder via pre-filled and single-use cartridges; Tyvaso, an inhaled solution via ultrasonic nebulizer; Remodulin (treprostinil) injection to treat patients with pulmonary arterial hypertension (PAH) to diminish symptoms associated with exercise; Orenitram, a tablet dosage form of treprostinil, to delay disease progression and improve exercise capacity in PAH patients; and Adcirca, an oral PDE-5 inhibitor to enhance the exercise ability in PAH patients. It also markets and sells Unituxin (dinutuximab) injection, a monoclonal antibody for treating high-risk neuroblastoma; and Remunity Pump, which contains a pump and separate controller for Remodulin. In addition, the company involved in developing RemoPro and Ralinepag for the treatment of PAH; Aurora-GT, a gene therapy product to rebuild the blood vessels in the lungs; and Nebulized Tyvaso, for the treatment of idiopathic pulmonary fibrosis, as well as xenografts, which are development-stage organ products. It has licensing and collaboration agreements with DEKA Research & Development Corp. to develop a semi-disposable system for the subcutaneous delivery of treprostinil; MannKind Corporation to develop and license treprostinil inhalation powder and the Dreamboat device; and Arena Pharmaceuticals, Inc. to develop Ralinepag. United Therapeutics Corporation was incorporated in 1996 and is headquartered in Silver Spring, Maryland.
United Therapeutics reports 2025 revenue growth and advances three transformative, upcoming launches including a once-daily super prostacyclin, a coughless Tresmi inhaler, and a superior IPF therapy, with strong Tyvaso DPI momentum and upcoming pivotal readouts.
⭐ Key Highlights
✔Positive Signals
- 2025 total revenue of >$3 billion with 11% YoY growth reaffirming durable demand
- Tyvaso revenue of $464 million in Q4 and Tyvaso DPI 24% YoY growth
- Introduction of 80-microgram DPI cartridges and expanded dosing flexibility
- Three major product launches expected by 2027 (once-daily super prostacyclin, Tresmi coughless inhaler, superior IPF therapy)
- AI-enabled digital lung model powering potential partnerships and faster trial design
✖Negative Signals
- Seasonal revenue patterns with Q1 and Q4 historically lighter, introducing near-term variability
- Competitive dynamics with Liquidia and potential market pressures on DPI adoption
- Reliance on timely regulatory approvals for Tresmi, TETON 1/2 results, and IPF program readouts
- Operational execution risk around rapid multi-product launches and capacity planning
- Need to demonstrate durable real-world uptake beyond early pipeline optimism
📊Financial Results
- Full-year 2025 revenue: >$3.0 billion, up 11% year over year
- Q4 2025 revenue: $790 million, up 7% year over year
- Tyvaso: Q4 revenue $464 million, up 12% YoY; Tyvaso DPI up 24% YoY
- Sequential revenue strength anticipated in Q2 as seasonal and weather-related factors ease
- Divergence between current momentum and longer-term guidance will depend on new product launches and IPF/TETON trial readouts
🔮Future Guidance
- Three disease-transformative launches expected by 2027: once-daily super prostacyclin for PAH, Tresmi coughless inhaler for ILD, and enhanced IPF therapy
- Targeting $4 billion revenue run rate by end of 2027, with the trajectory bending upwards in the back half of the year
- Tresmi filing this year with commercial launch planned for next year
- TETON 2 unblinding next week with optimistic expectations; potential translation to TETON 1 results
- Ongoing expansion of Tyvaso DPI and continued double-digit growth across Tyvaso, Orenitram, and Remodulin
💡Interesting Insights
- The company positions Tresmi as a category-killer that directly targets the two main tolerability barriers (cough and frequency) for treprostinil therapies, and is publicly framing the product as a stealth-to-launch deep innovation with controlled disclosures until regulatory approval
Detailed Analysis
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