United Therapeutics (UTHR) Q4 2025 earnings summary

Executive summary

• Achieved record total revenue of $3.18 billion for 2025, up 11% year-over-year, with strong commercial execution, especially for Tyvaso, and anticipation of pivotal clinical trial data in 2026.

• Announced three transformative product launches expected by 2027: a once-daily super prostacyclin for PAH, a cough-less soft mist inhaler (Tresmi) for ILD, and a new IPF treatment outperforming all prior FDA-approved options.

• Emphasized relentless focus on revenue growth and innovation, leveraging AI-enabled digital lung models and advanced transplantation technologies.

Financial highlights

• Achieved record-breaking revenue in 2025, with total revenue surpassing $3.18 billion, representing 11% growth over 2024.

• Fourth quarter revenue reached $790.2 million, up 7% year-over-year.

• Tyvaso DPI revenues grew 25% year-over-year to $1.29 billion; total Tyvaso revenues up 16% to $1.88 billion.

• Orenitram revenue increased 14% to $496.9 million, with record commercial and total patients.

• Cash, cash equivalents, and marketable investments totaled $4.7 billion at year-end 2025.

Outlook and guidance

• Double-digit revenue growth expected to continue, with a $4 billion annualized revenue run rate targeted by the end of 2027, not including contributions from new product launches.

• New product launches anticipated to further accelerate revenue growth beyond the $4 billion run rate.

• Anticipates pivotal data from ADVANCE OUTCOMES and TETON-1 clinical programs in 2026.