UNITED THERAPEUTICS Q2 2025 – Record Revenue Hits $798.6M

By Hao Liu • Wednesday, July 30 10:36 • Permanent Link

United Therapeutics Corporation has reported record financial results for the second quarter of 2025, with total revenue reaching $798.6 million, reflecting a 12% increase over the same period in 2024. The company's net income for the quarter was $309.5 million, up 11% from the previous year.

Notably, Tyvaso DPI® recorded total revenue of $315.2 million, reflecting a substantial 22% growth over the second quarter of 2024. Additionally, nebulized Tyvaso, Orenitram, and Unituxin all experienced double-digit, year-over-year revenue growth, with Orenitram achieving record quarterly revenue.

The company's total Tyvaso revenues grew by 18% to $469.6 million, driven primarily by increased quantities sold and, to a lesser extent, a price increase. Nebulized Tyvaso revenues also saw growth due to increased quantities sold and a price increase.

In terms of geographical breakdown, the United States accounted for the majority of net product sales, with Tyvaso DPI generating $314.8 million in the U.S. market, and nebulized Tyvaso contributing $140.5 million. The rest-of-world (ROW) market also made a significant contribution to total revenues.

In terms of expenses, the cost of sales increased by 14% to $86.6 million, primarily due to higher royalty expense resulting from revenue growth and increased production. Research and development expenses decreased by 4% to $134.0 million, primarily due to a decrease in upfront non-refundable license payments for drug delivery device technologies. Selling, general, and administrative expenses increased by 20% to $212.5 million, driven by personnel expense due to headcount growth and legal expenses related to litigation matters.

United Therapeutics' effective income tax rate (ETR) for the quarter was 24%, up from 22% in the same period in 2024.

The company's strong financial position and confidence in upcoming catalysts have led its board of directors to authorize up to $1 billion in share repurchases, demonstrating a commitment to a robust and balanced capital allocation philosophy.

The market has reacted to these announcements by moving the company's shares -0.2% to a price of $297.56. If you want to know more, read the company's complete 8-K report here.

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