United Therapeutics posts record 2025 revenue, highlights three major 2027 pulmonary launches

 

United Therapeutics posts record 2025 revenue, highlights three major 2027 pulmonary launches as Q4 EPS beats, revenue misses

• Full-year revenue increased 11% to a record $3.18B, exceeding $3B; Q4 revenue $790M, +7% YoY.
• Q4 non-GAAP EPS $7.70 (+24% YoY) beat estimates; Q4 revenue $790.2M (+7% YoY) missed.
• Tyvaso Q4 sales $464M, +12% YoY; Tyvaso DPI grew 24% with strong referrals, driving full-year revenue growth.
• Management reiterated double-digit revenue growth and $4B annualized run-rate target by late next year.
• Competitive pressure from Liquidia’s Yutrepia described as limited; Tyvaso referrals back to pre-launch levels.
• Near-term catalysts include ralinepag outcome trial unblinding next week and TETON-1 IPF data next month.
• Company plans to file soft-mist treprostinil inhaler “Tresmi” this year, targeting launch next year.
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