United Therapeutics (UTHR) Q3 2025 Earnings
How Did UTHR Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: −1.04%.
Did UTHR Beat Earnings? Q3 2025 Results
Yes. United Therapeutics reported Q3 2025 earnings of $7.16 a share on Oct 29, 2025, beating the $6.96 consensus estimate by 2.9%. Revenue was $799.5M against a $812.9M estimate.
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.
- Tyvaso DPI volume growth driven by continued patient adoption since launch
- Medicare Part D benefit redesign under the Inflation Reduction Act increased commercial utilization for Tyvaso DPI and Orenitram
- Orenitram quantities sold increased by $11.7 million driven in part by IRA-related utilization
- Total Tyvaso revenues grew 10% year-over-year to $478.0 million
“Our commercial and clinical teams continue to deliver record results, validating our strategic objectives. The breakthrough results from our TETON-2 study in idiopathic pulmonary fibrosis could significantly broaden our therapeutic reach and accelerate our growth.”
United Therapeutics CEO, on the earnings call
What Was United Therapeutics's Outlook in Q3 2025?
Management expressed confidence in sustaining the company's revenue growth trajectory. The TETON-2 study results in idiopathic pulmonary fibrosis were described as a breakthrough that could significantly broaden United Therapeutics' therapeutic reach and accelerate growth beyond its current PAH-focused portfolio.
UTHR YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $799.5M | $748.9M | +6.8% |
| Gross Profit | $698.6M | $665.8M | +4.9% |
| Operating Income | $388.5M | $343.1M | +13.2% |
| Net Income | $338.7M | $309.1M | +9.6% |
UTHR Revenue by Segment
UTHR Revenue by Geography
Figures from SEC filings and company reports. Not investment advice.