Q2 26 EPS
$7.27
BEAT +6.60%
Est. $6.82
Q2 26 Revenue
$783.3M
vs S&P Since Q2 26
+3.2%
BEATING MARKET
UTHR +3.7% vs S&P +0.5%
Market Reaction
Did UTHR Beat Earnings? Q2 2026 Results
United Therapeutics delivered a stronger-than-expected second quarter, posting diluted EPS of $7.27 against a consensus estimate of $6.82, a beat of 6.60%, even as revenue slipped 1.9% year over year to $783.30 million. The earnings outperformance ow… Read more United Therapeutics delivered a stronger-than-expected second quarter, posting diluted EPS of $7.27 against a consensus estimate of $6.82, a beat of 6.60%, even as revenue slipped 1.9% year over year to $783.30 million. The earnings outperformance owed much to a sharply lower effective tax rate of 11%, down from 24% a year ago, driven by elevated excess tax benefits from share-based compensation, which helped lift net income 8% to $333.00 million despite pressure on the top line. The Tyvaso franchise, the company's largest revenue driver, contracted 4% to $452.60 million, with Nebulized Tyvaso falling 18% to $126.00 million amid competitive headwinds, partially offset by 4% growth in Tyvaso DPI to $326.60 million. The company also executed $1.50 billion of its $2.00 billion share repurchase program during the period. Looking ahead, management is positioning two pending NDA filings, ralinepag tablets for PAH and Nebulized Tyvaso for IPF, as potential multi-billion-dollar catalysts that could meaningfully reaccelerate growth if approved next year.
Key Takeaways
- • Tyvaso DPI revenue growth driven by higher quantities sold and price increase
- • Nebulized Tyvaso revenue decline driven by decreased U.S. quantities sold due to competitive therapies
- • Remodulin revenue decline driven by decreased U.S. quantities sold, partially offset by international growth
- • Unituxin revenue growth of 12% year-over-year
- • Significantly lower effective tax rate (11% vs 24%) boosted net income despite lower operating income
- • Excess tax benefits from share-based compensation reduced tax burden
UTHR Forward Guidance & Outlook
United Therapeutics expects potential approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH by next year, which the company characterizes as potentially transformative, multi-billion-dollar catalysts that could significantly enhance its growth profile. The company plans to submit an IND for ralinepag DPI and an NDA for treprostinil SMI later this year. Tyvaso DPI is expected to follow Nebulized Tyvaso into IPF and then PPF indications. The company also plans to launch two xeno-organ production facilities in Minnesota and Texas later this year, with clinical trials ongoing or planned for liver, kidney, heart, and lung products. Management believes these initiatives may herald an opportunity for a quantum increase in growth by the end of the decade.
UTHR YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
UTHR Revenue by Segment
With YoY comparisons, source: SEC Filings
UTHR Revenue by Geography
With YoY comparisons, source: SEC Filings
“We just submitted what we believe are two of the most important NDAs in rare pulmonary disease history: ralinepag tablets in PAH and Nebulized Tyvaso in IPF. We believe that these submissions, accompanied by our planned filings later this year – an IND application for ralinepag DPI and an NDA for treprostinil SMI – may herald an opportunity for a quantum increase in our growth by the end of the decade. By next year, we expect potential approvals for Nebulized Tyvaso in IPF and ralinepag tablets in PAH, two potentially transformative, multi-billion-dollar catalysts that could significantly enhance our growth profile. We expect Tyvaso DPI will then follow Nebulized Tyvaso's wake into IPF and then PPF. Moreover, our organ manufacturing pipeline continues to advance rapidly with clinical trials ongoing or being planned for liver, kidney, heart, and lung products, and the launch later this year of two xeno-organ production facilities in Minnesota and Texas.”
— Martine Rothblatt, Q2 2026 Earnings Press Release
UTHR Earnings Trends
UTHR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UTHR EPS Trend
Earnings per share: estimate vs actual
UTHR Revenue Trend
Quarterly revenue: estimate vs actual
UTHR Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $6.82 | $7.27 | +6.60% | $783.3M | — |
| Q1 26 MISS | $6.86 | $5.82 | -15.13% | $781.5M | -1.99% |
| Q4 25 BEAT FY | $6.76 | $7.70 | +13.99% | $790.2M | -2.61% |
| FY Full Year | $26.95 | $27.86 | +3.39% | $3.18B | -0.55% |
| Q3 25 BEAT | $6.96 | $7.16 | +2.86% | $799.5M | -1.65% |
| Q2 25 MISS | $6.92 | $6.41 | -7.31% | $798.6M | -0.63% |
| Q1 25 BEAT | $6.28 | $6.63 | +5.62% | $794.4M | +9.37% |