United Therapeutics Corporation (Nasdaq:UTHR

“As we close out another remarkable year with record total revenue for the fourth year in a row, I extend my thanks to our Unitherians whose unwavering commitment to innovation and excellence fuels our mission,” saidMartine Rothblatt, Ph.D.ADVANCE OUTCOMESTETON-1

, President and Chief Operating Officer of United Therapeutics, added, “This was an exceptional year for our commercial organization, highlighted by strong double‑digit revenue growth and disciplined execution by our teams. Tyvaso continued its impressive trajectory in a growing market where we are steadily increasing our share of voice. Looking ahead, we believe our commercial strength, differentiated therapies, and expanding market opportunities position us well to continue delivering durable double‑digit revenue growth.”Michael Benkowitz

Fourth Quarter and Full Year 2025 Financial Results

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

Revenues

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

). The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in quantities sold. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $10.3 million, driven, at least in part, by increased commercial utilization following the implementation of the Medicare Part D benefit redesign under the IRA.Fourth Quarter 2025 Compared to Fourth Quarter 2024.IRA

Total Tyvaso revenues grew by 16 percent to $1,878.2 million in 2025, compared to $1,620.4 million in 2024, driven by growth in Tyvaso DPI revenues. The growth in Tyvaso DPI revenues resulted from an increase in quantities sold of $268.5 million, primarily due to continued growth in the number of patients following the product’s launch and, to a lesser extent, increased commercial utilization following implementation of the Medicare Part D benefit redesign under the IRA. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $46.0 million, driven, at least in part, by increased commercial utilization following the implementation of the Medicare Part D benefit redesign under the IRA.Full Year 2025 Compared to Full Year 2024.

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

Expenses

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

The increase in cost of sales for the quarter and year ended December 31, 2025, as compared to the same periods in 2024, was primarily due to increases in: (1) royalty expense resulting from a growth in revenues; (2) inventory reserve expense; and (3) the cost of products and services sold.Cost of sales, excluding share-based compensation.

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

. The increase in research and development expense for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to: (1) increased expenditures related to manufactured organ and organ alternative projects; and (2) increased expenditures for drug delivery device and formulation technologies.Research and development, excluding share-based compensation

The table below summarizes selling, general, and administrative expense by major category (dollars in millions):Selling, general, and administrative expense.

. The increase in general and administrative expense for the quarter ended December 31, 2025, as compared to the same period in 2024, was primarily due to increases in: (1) personnel expense due to growth in headcount; and (2) consulting expenses. The increase in general and administrative expense for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to increases in: (1) personnel expense due to growth in headcount; and (2) legal expenses related to litigation matters.General and administrative, excluding impairment of PP&E, litigation accrual, and share-based compensation

During the second quarter of 2025, we recorded a $21.7 million impairment charge to write down the carrying value of certain PP&E.Impairment of PP&E.

in our consolidated statements of operations.Litigation accrual.Litigationselling, general, and administrative

. The increase in sales and marketing expense for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to increases in: (1) personnel expense due to growth in headcount; and (2) marketing expenses.Sales and marketing, excluding share-based compensation

The table below summarizes share-based compensation expense by major category (dollars in millions):Share-based compensation.

The increase in share-based compensation expense for the quarter and year ended December 31, 2025, as compared to the same periods in 2024, was primarily due to: (1) an increase in restricted stock unit expense due to a greater number of outstanding performance-based restricted stock units during the quarter and year ended December 31, 2025, as compared to the same periods in 2024; and (2) an increase in stock option expense due to a greater number of unvested and outstanding performance-based stock options during the quarter and year ended December 31, 2025, as compared to the same periods in 2024, partially offset by a decrease in STAP expense, as all remaining STAP awards were exercised during the first quarter of 2025.

for the quarter and year ended December 31, 2025, as compared to the same periods in 2024, were primarily due to net unrealized gains on equity securities.Other income (expense), net.other income (expense), net

Income tax expense was $379.2 million for the year ended December 31, 2025, as compared to $343.9 million for the same period in 2024. Our effective income tax rate was approximately 22 percent for the years ended December 31, 2025 and 2024.Income tax expense.

) with Citibank, N.A. to repurchase approximately $1.0 billion of our common stock in each August 2025 and March 2024 ($2.0 billion in the aggregate). During the quarter and year ended December 31, 2025, we received 3,882 shares and 2,642,498 shares of our common stock, respectively, under these ASR agreements. During the quarter and year ended December 31, 2024, we received zero and 3,547,374 shares of our common stock, respectively, under these ASR agreements.Share repurchasesASR agreements

Webcast

We will host a webcast to discuss our fourth quarter and full year 2025 financial results on Wednesday, February 25, 2026, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website athttps://ir.unither.com/events-and-presentations

About United Therapeutics

Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build.

Forward-Looking Statements

Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements related to our anticipated readouts of ourADVANCE OUTCOMESTETON-1

ORENITRAM, REMODULIN, REMUNITY, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation and/or its subsidiaries.

REMUNITYPRO is a trademark of United Therapeutics Corporation and/or its subsidiaries.

ADCIRCA is a registered trademark of Eli Lilly and Company.

Category: Earnings

View source version on businesswire.com:https://www.businesswire.com/news/home/20260225523041/en/

	Three Months EndedDecember 31,				Year EndedDecember 31,
		2025		2024		2025		2024

Total revenues	$	790.2	$	735.9	$	3,182.7	$	2,877.4
Net income	$	364.3	$	301.3	$	1,334.7	$	1,195.1
Net income, per basic share	$	8.41	$	6.74	$	30.13	$	26.44
Net income, per diluted share	$	7.70	$	6.19	$	27.86	$	24.64

	Three Months EndedDecember 31,				Dollar			Percentage		Year EndedDecember 31,				Dollar			Percentage
	2025		2024		Dollar			Percentage		2025		2024		Dollar			Percentage
Net product sales:
Tyvaso DPI^®	$	338.6	$	273.2	$	65.4		24	%	$	1,292.5	$	1,033.6	$	258.9		25	%
Nebulized Tyvaso^®		125.7		142.7		(17.0	)	(12	)%		585.7		586.8		(1.1	)	—	%
Total Tyvaso		464.3		415.9		48.4		12	%		1,878.2		1,620.4		257.8		16	%
Remodulin^®(1)		128.0		134.5		(6.5	)	(5	)%		526.8		538.1		(11.3	)	(2	)%
Orenitram^®		121.2		107.8		13.4		12	%		496.9		434.3		62.6		14	%
Unituxin^®		62.3		67.5		(5.2	)	(8	)%		226.8		238.7		(11.9	)	(5	)%
Adcirca^®		7.8		4.7		3.1		66	%		30.0		23.8		6.2		26	%
Other		6.6		5.5		1.1		20	%		24.0		22.1		1.9		9	%
Total revenues	$	790.2	$	735.9	$	54.3		7	%	$	3,182.7	$	2,877.4	$	305.3		11	%

(1)	Net product sales include sales of infusion devices, including the Remunity^®

	Three Months Ended December 31,												Year Ended December 31,
	2025						2024						2025						2024
	U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total		U.S.		ROW		Total
Net product sales:
Tyvaso DPI	$	338.3	$	0.3	$	338.6	$	272.8	$	0.4	$	273.2	$	1,291.8	$	0.7	$	1,292.5	$	1,033.2	$	0.4	$	1,033.6
Nebulized Tyvaso		118.9		6.8		125.7		136.4		6.3		142.7		531.9		53.8		585.7		545.5		41.3		586.8
Total Tyvaso		457.2		7.1		464.3		409.2		6.7		415.9		1,823.7		54.5		1,878.2		1,578.7		41.7		1,620.4
Remodulin⁽¹⁾		104.3		23.7		128.0		118.0		16.5		134.5		448.9		77.9		526.8		464.2		73.9		538.1
Orenitram		121.2		—		121.2		107.8		—		107.8		496.9		—		496.9		434.3		—		434.3
Unituxin		55.9		6.4		62.3		61.8		5.7		67.5		214.7		12.1		226.8		219.6		19.1		238.7
Adcirca		7.8		—		7.8		4.7		—		4.7		30.0		—		30.0		23.8		—		23.8
Other		6.4		0.2		6.6		4.2		1.3		5.5		22.8		1.2		24.0		19.1		3.0		22.1
Total revenues	$	752.8	$	37.4	$	790.2	$	705.7	$	30.2	$	735.9	$	3,037.0	$	145.7	$	3,182.7	$	2,739.7	$	137.7	$	2,877.4

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

	Three Months EndedDecember 31,				Dollar		Percentage		Year EndedDecember 31,				Dollar			Percentage
		2025		2024	Dollar		Percentage			2025		2024	Dollar			Percentage
Category:
Cost of sales	$	102.3	$	74.8	$	27.5	37	%	$	380.5	$	304.3	$	76.2		25	%
Share-based compensation expense⁽¹⁾		1.1		1.1		—	—	%		3.9		5.4		(1.5	)	(28	)%
Total cost of sales	$	103.4	$	75.9	$	27.5	36	%	$	384.4	$	309.7	$	74.7		24	%

(1)	SeeShare-based compensation

	Three Months EndedDecember 31,				Dollar Change			Percentage Change		Year EndedDecember 31,				Dollar Change		Percentage Change
		2025		2024	Dollar Change			Percentage Change			2025		2024	Dollar Change		Percentage Change
Category:
External research and development⁽¹⁾	$	62.7	$	63.7	$	(1.0	)	(2	)%	$	245.8	$	217.5	$	28.3	13	%
Internal research and development⁽²⁾		57.3		50.3		7.0		14	%		212.3		183.6		28.7	16	%
Share-based compensation expense⁽³⁾		8.9		6.7		2.2		33	%		32.3		29.1		3.2	11	%
Other⁽⁴⁾		10.6		13.1		(2.5	)	(19	)%		59.6		50.8		8.8	17	%
Total research and development expense	$	139.5	$	133.8	$	5.7		4	%	$	550.0	$	481.0	$	69.0	14	%

(1)	primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before regulatory approval of the relevant product.External research and development
(2)	primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before regulatory approval, and internal facilities-related expenses, including depreciation, related to research and development activities.Internal research and development
(3)	SeeShare-based compensation
(4)	lung perfusion technology, respectively.Otherex vivo

	Three Months EndedDecember 31,				Dollar			Percentage		Year EndedDecember 31,				Dollar			Percentage
		2025		2024	Dollar			Percentage			2025		2024	Dollar			Percentage
Category:
General and administrative⁽¹⁾	$	128.1	$	116.3	$	11.8		10	%	$	501.0	$	432.8	$	68.2		16	%
)PP&E		—		—		—		—	%		21.7		—		21.7		NM⁽³⁾
Litigation accrual		0.8		6.0		(5.2	)	(87	)%		3.0		71.1		(68.1	)	(96	)%
Sales and marketing		32.7		27.0		5.7		21	%		118.6		96.3		22.3		23	%
Share-based compensation expense⁽²⁾		29.0		19.2		9.8		51	%		111.5		109.5		2.0		2	%
Total selling, general, and administrative expense	$	190.6	$	168.5	$	22.1		13	%	$	755.8	$	709.7	$	46.1		6	%

(1)	Excluding impairment of PP&E and litigation accrual. SeeImpairment of PP&ELitigation accrual
(2)	SeeShare-based compensation
(3)	Calculation is not meaningful.

	Three Months EndedDecember 31,				Dollar			Percentage		Year EndedDecember 31,					Dollar			Percentage
		2025		2024	Dollar			Percentage			2025			2024	Dollar			Percentage
Category:
Stock options	$	11.4		8.0	$	3.4		43	%	$	42.3		$	29.8	$	12.5		42	%
Restricted stock units		26.6		17.8		8.8		49	%		103.1			79.7		23.4		29	%
)STAP		—		0.6		(0.6	)	(100	)%		(0.8	)		32.3		(33.1	)	(102	)%
Employee stock purchase plan		1.0		0.6		0.4		67	%		3.1			2.2		0.9		41	%
Total share-based	$	39.0	$	27.0	$	12.0		44	%	$	147.7		$	144.0	$	3.7		3	%

UNITED THERAPEUTICS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data)

	Three Months EndedDecember 31,						Year EndedDecember 31,
		2025			2024			2025			2024
	(Unaudited)
Total revenues	$	790.2		$	735.9		$	3,182.7		$	2,877.4
Operating expenses:
Cost of sales		103.4			75.9			384.4			309.7
Research and development		139.5			133.8			550.0			481.0
Selling, general, and administrative		190.6			168.5			755.8			709.7
Total operating expenses		433.5			378.2			1,690.2			1,500.4
Operating income		356.7			357.7			1,492.5			1,377.0
Interest income		43.2			49.3			192.0			199.1
Interest expense		(3.1	)		(7.9	)		(19.5	)		(42.9	)
Other income (expense), net		47.2			(2.6	)		48.9			5.8
Total other income, net		87.3			38.8			221.4			162.0
Income before income taxes		444.0			396.5			1,713.9			1,539.0
Income tax expense		(79.7	)		(95.2	)		(379.2	)		(343.9	)
Net income	$	364.3		$	301.3		$	1,334.7		$	1,195.1
Net income per common share:
Basic	$	8.41		$	6.74		$	30.13		$	26.44
Diluted	$	7.70		$	6.19		$	27.86		$	24.64
Weighted average number of common shares outstanding:
Basic		43.3			44.7			44.3			45.2
Diluted		47.3			48.7			47.9			48.5

SELECTED CONSOLIDATED BALANCE SHEET DATA (In millions)
	December 31,
		2025		2024
Cash, cash equivalents, and marketable investments	$	4,697.0	$	4,742.3
Total assets		7,880.0		7,364.0
Total liabilities		783.8		920.0
Total stockholders' equity		7,096.2		6,444.0