United Therapeutics Corp

United Therapeutics delivered a mixed but broadly encouraging third quarter, beating profit expectations while falling just short on revenue, as the pulmonary disease specialist posted earnings per share of $7.16 against a consensus estimate of $6.96, a 2.86% beat, on revenues of $799.50 million that trailed the $812.87 million estimate by 1.65% yet still grew 6.8% year-over-year. The headline story was the continued dominance of the Tyvaso franchise, where the dry powder inhaler formulation surged to $336.20 million on higher patient volumes, helping total Tyvaso revenues climb 10% to $478.00 million and offsetting a softer showing from nebulized Tyvaso. Orenitram added further momentum with 16% growth, partly aided by the Medicare Part D redesign under the Inflation Reduction Act. Looking ahead, management pointed to breakthrough data from the TETON-2 trial in idiopathic pulmonary fibrosis as a potential catalyst to broaden the company's reach well beyond its pulmonary arterial hypertension core, a narrative that has drawn growing analyst attention and helped fuel a sharp rally in shares in recent months.