United Therapeutics Corp

United Therapeutics delivered a mixed but ultimately encouraging fourth quarter for fiscal 2025, posting earnings that cleared Wall Street's bar even as revenue fell slightly short. Diluted EPS came in at $7.70, an 8.45% beat against the $7.10 consensus, while revenue of $790.20 million trailed the $807.78 million estimate by 2.18%, though it still represented a solid 7.4% increase year over year. The primary engine behind the profit strength was the Tyvaso franchise, where Tyvaso DPI surged 24% in the quarter to $338.60 million, fueled by an expanding patient base and a meaningful lift in commercial utilization following Medicare Part D redesign under the Inflation Reduction Act. That momentum helped offset softer results from Remodulin and Unituxin, both of which declined in the period. Looking ahead, enthusiasm is building around ralinepag after the ADVANCE OUTCOMES trial demonstrated a 55% reduction in the risk of clinical worsening in pulmonary arterial hypertension, with management targeting an FDA submission by the second half of 2026 and expressing confidence in sustaining durable double-digit revenue growth.