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Q1 26 EPS
$5.82
MISS 15.13%
Est. $6.86
Q1 26 Revenue
$781.5M
MISS 1.99%
Est. $797.4M
vs S&P Since Q1 26
-5.3%
TRAILING MARKET
UTHR -5.3% vs S&P 0.0%
Market Reaction
Did UTHR Beat Earnings? Q1 2026 Results
United Therapeutics delivered a softer-than-expected first quarter for fiscal 2026, reporting diluted EPS of $5.82 on revenues of $781.50 million, both trailing analyst consensus as a 22% plunge in Nebulized Tyvaso revenues to $127.20 million weighed… Read more United Therapeutics delivered a softer-than-expected first quarter for fiscal 2026, reporting diluted EPS of $5.82 on revenues of $781.50 million, both trailing analyst consensus as a 22% plunge in Nebulized Tyvaso revenues to $127.20 million weighed heavily on the top line. Total revenues declined 2% year-over-year from $794.40 million, while net income fell 15% to $274.90 million, with gross margins further compressed by a 44% surge in cost of sales tied largely to $26.80 million in inventory reserve expense related to a commercial supply agreement for Tyvaso DPI. Partially offsetting the pressure, Tyvaso DPI grew 9% to $330.30 million and Orenitram rose 12% to $135.60 million on higher volumes. The company is pressing forward on multiple fronts, citing positive data from its TETON-1 and ADVANCE OUTCOMES studies and announcing development plans for ralinepag DPI as a potential once-daily pulmonary hypertension and fibrosis therapy, with management targeting a return to sequential quarterly revenue growth across its commercial portfolio in the near term.
Key Takeaways
- • Tyvaso DPI revenue growth driven by increased quantities sold and price increase
- • Nebulized Tyvaso decline driven by decreased U.S. quantities sold and lower international revenues
- • Remodulin revenue decrease driven by lower quantities sold
- • Orenitram revenue growth driven by increased quantities sold
- • Cost of sales increase driven by higher inventory reserve expense including $26.8 million estimated loss from Tyvaso DPI commercial supply agreement
- • Lower effective tax rate of 14% vs 24% due to increased excess tax benefits from share-based compensation
- • Net unrealized losses on equity securities drove swing in other expense
UTHR Forward Guidance & Outlook
Management expressed commitment to returning to sequential quarterly revenue growth across the commercial portfolio in the near term. The company highlighted positive clinical results from ADVANCE OUTCOMES and TETON-1 studies as having the potential to meaningfully expand future growth and support revenue diversification. Development plans were announced for ralinepag DPI in pulmonary hypertension and fibrosis, with potential for once-daily dosing to broaden therapeutic reach. Up to $500 million remains available under the $2.0 billion share repurchase authorization through March 9, 2027.
UTHR YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
UTHR Revenue by Segment
With YoY comparisons, source: SEC Filings
UTHR Revenue by Geography
With YoY comparisons, source: SEC Filings
“In the first quarter of 2026, we extended our run of clinical success, with positive results from both our ADVANCE OUTCOMES and TETON-1 studies. These readouts have the potential to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease. Moreover, given these successes, we're excited to announce our development plans in pulmonary hypertension and fibrosis for ralinepag DPI, which we believe has the potential to achieve once-daily dosing and help broaden our therapeutic reach greater than ever before.”
— Martine Rothblatt, Q1 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
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| 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% |