Jun 2026 (Q2 FY26) — Aug 5, 2026
United Therapeutics Q2 FY26 — Strong Pipeline Progress Despite Commercial Headwinds
Read the full callUnited Therapeutics (UTHR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
United Therapeutics earnings: last reported Wed, 5 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 783 | −1.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 42.2 | −3.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 333 | +7.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
13 of 17 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Deployment of the expanded (roughly doubled) sales force ahead of the ralinepag and IPF launches | Sales force deployed in the middle of 2026 | Mar 2026 | get those sales reps out in the field by July 1, which we've essentially done | Achieved |
| Return to sequential (quarter-over-quarter) total revenue growth | Sequential revenue growth no later than Q2 2026 | Dec 2025 | we generated approximately $783 million in total revenue, essentially flat with the first quarter. While these results were below our expectations | Missed |
| Inhaled ralinepag (ralinepag DPI) Phase 1 study completion | Complete the initial Phase 1 study before the end of 2026 | Mar 2026 | additional filings planned later this year, including an IND for ralinepag | At Risk |
4 of UNITED THERAPEUTICS Corp's 32 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 29 more targets are in the full ledger.
Claimed
- Exceptional clinical results from the ADVANCE OUTCOMES study for ralinepag, demonstrating its potential as a major new oral therapy for PAH.
- TETON 1 results for nebulized Tyvaso in IPF surpassed TETON 2, leading to an sNDA submission to the FDA.
- Submitted two important new drug applications to the FDA: sNDA for nebulized Tyvaso in IPF and NDA for ralinepag in PAH.
- Organ pipeline continues strong progress with UKidney EXPAND study and planned initiation of SIMO kidney extend study.
- Acquired Thymmune Therapeutics, adding a promising thymus-based regenerative medicine platform.
- Sales force roughly doubled and deployed by early July, increasing engagement with physicians.
Qualified
- Total revenue for Q2 FY26 was $783 million, essentially flat with Q1, and below expectations.
- Nebulized Tyvaso faced pressure from competitive dynamics within the inhaled prostacyclin category.
- The path to achieve a previously projected $4 billion revenue run rate by the end of 2027 with the existing commercial portfolio has "narrowed".
Price
$543.15 +1.88% · +$10.03
Performance +25.3% 1Y
1Y: $433.34 on 17 Oct 2025 → $543.15. High $596.76 (6 May 2026), low $415.34 (28 Oct 2025).
- Previous close
- $533.12
- 52-week range
- $415.34 – $596.76
- One year
- +25.53%
Overview
- Symbol
- UTHR
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
13 of 17 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Deployment of the expanded (roughly doubled) sales force ahead of the ralinepag and IPF launches | Sales force deployed in the middle of 2026 | Mar 2026 | get those sales reps out in the field by July 1, which we've essentially done | Achieved |
| Return to sequential (quarter-over-quarter) total revenue growth | Sequential revenue growth no later than Q2 2026 | Dec 2025 | we generated approximately $783 million in total revenue, essentially flat with the first quarter. While these results were below our expectations | Missed |
| Inhaled ralinepag (ralinepag DPI) Phase 1 study completion | Complete the initial Phase 1 study before the end of 2026 | Mar 2026 | additional filings planned later this year, including an IND for ralinepag | At Risk |
Claimed
- Exceptional clinical results from the ADVANCE OUTCOMES study for ralinepag, demonstrating its potential as a major new oral therapy for PAH.
- TETON 1 results for nebulized Tyvaso in IPF surpassed TETON 2, leading to an sNDA submission to the FDA.
- Submitted two important new drug applications to the FDA: sNDA for nebulized Tyvaso in IPF and NDA for ralinepag in PAH.
- Organ pipeline continues strong progress with UKidney EXPAND study and planned initiation of SIMO kidney extend study.
- Acquired Thymmune Therapeutics, adding a promising thymus-based regenerative medicine platform.
- Sales force roughly doubled and deployed by early July, increasing engagement with physicians.
Qualified
- Total revenue for Q2 FY26 was $783 million, essentially flat with Q1, and below expectations.
- Nebulized Tyvaso faced pressure from competitive dynamics within the inhaled prostacyclin category.
- The path to achieve a previously projected $4 billion revenue run rate by the end of 2027 with the existing commercial portfolio has "narrowed".
The full ledger
Open UNITED THERAPEUTICS Corp’s full ledger
A free account opens 5 company ledgers a month. All 32 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 6, 2026
United Therapeutics Q1 FY26 — Pipeline Success Drives Significant Future Revenue Growth
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
United Therapeutics Q4 FY25 — Transformative Product Launches and Strong Revenue Growth
Read the full callEvery analysed call
United Therapeutics earnings calls (UTHR)
Financials
What the filings say
Net profit, year on year: +8% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 749 | 736 | 794 | 799 | 800 | 790 | 782 | 783 |
| Expenses | 406 | 378 | 412 | 434 | 411 | 434 | 456 | 453 |
| Operating profit | 343 | 358 | 383 | 365 | 389 | 357 | 326 | 331 |
| Operating margin | 45.8% | 48.6% | 48.2% | 45.6% | 48.6% | 45.1% | 41.7% | 42.2% |
| Other income | 46 | 39 | 41 | 44 | 50 | 87 | -7 | 42 |
| Interest | 10 | 8 | 6 | 7 | 3 | 3 | 3 | 3 |
| Profit before tax | 389 | 397 | 424 | 408 | 438 | 444 | 318 | 373 |
| Tax rate | 20.5% | 24.0% | 23.9% | 24.2% | 22.7% | 17.9% | 13.6% | 10.7% |
| Net profit | 309 | 301 | 322 | 310 | 339 | 364 | 275 | 333 |
| EPS ($ per share) | 6.93 | — | 7.18 | 6.86 | 7.73 | — | 6.32 | 7.82 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 3,435 | 3,325 | 3,839 | 4,315 | 5,042 | 6,027 | 7,222 | 8,557 |
| Total liabilities | 593 | 1,133 | 1,220 | 1,210 | 1,248 | 1,182 | 920 | 784 |
| Fixed assets | 700 | 739 | 732 | 781 | 862 | 1,045 | 1,222 | 1,730 |
| Investments | 747 | 748 | 1,096 | 1,036 | 1,878 | 1,786 | 1,570 | 1,363 |
| Total assets | 3,401 | 3,913 | 4,615 | 5,169 | 6,045 | 7,167 | 7,364 | 7,880 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 778 | -207 | 756 | 598 | 803 | 978 | 1,327 | 1,561 |
| Cash from investing | -821 | -335 | -738 | -487 | -811 | -720 | 417 | -551 |
| Cash from financing | 6 | 611 | -17 | 45 | 75 | -12 | -1,255 | -1,150 |
| Net cash flow | -36 | 69 | 0 | 156 | 66 | 247 | 490 | -140 |
| Capital expenditure | -184 | -84 | -59 | -121 | -139 | -230 | -246 | -520 |
| Free cash flow | 594 | -290 | 696 | 477 | 664 | 748 | 1,081 | 1,041 |
UTHR revenue by segment
Tyvaso DPI shrank from 43% to 42% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Tyvaso DPI | 37% | 37% | 38% | 39% | 42% | 43% | 42% | 42% | +3.6% |
| Remodulin | 17% | 18% | 17% | 17% | 16% | 16% | 16% | 16% | -6.2% |
| Nebulized Tyvaso | 21% | 19% | 21% | 19% | 18% | 16% | 16% | 16% | -18.4% |
| Orenitram | 15% | 15% | 15% | 16% | 16% | 15% | 17% | 16% | +1.5% |
| Unituxin | 8% | 9% | 7% | 7% | 6% | 8% | 7% | 8% | +11.6% |
| Product and Service Other | 1% | 1% | 1% | 1% | 1% | 1% | 1% | 1% | +23.6% |
| Adcirca | 1% | 1% | 1% | 1% | 1% | 1% | <1% | 1% | +3.1% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 94% ↓ 2 pt
- Non Us 6% ↑ 2 pt
As UTHR cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
3047 filings between Oct 20, 2025 and Oct 15, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.43B
2697 sales by 12 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 340
- Option exercise — converted options into shares
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ROTHBLATT MARTINE A | — | $892.04M | Oct 15, 2026 |
| EDGEMOND JAMES | — | $211.57M | Jun 22, 2026 |
| BENKOWITZ MICHAEL | — | $197.44M | Feb 23, 2026 |
| MAHON PAUL A | — | $113.74M | Oct 15, 2026 |
| SULLIVAN LOUIS W | — | $3.05M | Dec 22, 2025 |
| PATUSKY CHRISTOPHER | — | $2.73M | Apr 24, 2026 |
| Thompson Tommy G | — | $2.51M | Mar 26, 2026 |
| KURZWEIL RAY | — | $2.40M | Mar 4, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 601 | $328.7K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 269 | $146.5K |
| Oct 15, 2026 | MAHON PAUL A EVP & GENERAL COUNSEL | Sale 10b5-1 plan | 2,615 | $1.43M |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 825 | $450.3K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 281 | $151.9K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 371 | $201.6K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 120 | $66.2K |
| Oct 15, 2026 | MAHON PAUL A EVP & GENERAL COUNSEL | Sale 10b5-1 plan | 268 | $145.2K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 2,039 | $1.12M |
| Oct 15, 2026 | MAHON PAUL A EVP & GENERAL COUNSEL | Sale 10b5-1 plan | 719 | $393.0K |
| Oct 15, 2026 | MAHON PAUL A EVP & GENERAL COUNSEL | Sale 10b5-1 plan | 1,924 | $1.04M |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 200 | $110.1K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,009 | $554.7K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 456 | $247.5K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Option exercise 10b5-1 plan | 9,500 | $1.12M |
| Oct 15, 2026 | MAHON PAUL A EVP & GENERAL COUNSEL | Option exercise 10b5-1 plan | 8,300 | $1.21M |
| Oct 15, 2026 | MAHON PAUL A EVP & GENERAL COUNSEL | Sale 10b5-1 plan | 791 | $431.0K |
| Oct 15, 2026 | MAHON PAUL A EVP & GENERAL COUNSEL | Sale 10b5-1 plan | 1,983 | $1.08M |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,163 | $629.9K |
| Oct 15, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 2,166 | $1.19M |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 633 | $340.0K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,127 | $606.3K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 240 | $128.3K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 525 | $283.0K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 400 | $214.4K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 40 | $21.3K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Option exercise 10b5-1 plan | 9,500 | $1.12M |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 40 | $21.0K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 160 | $84.8K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 480 | $261.8K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 400 | $217.3K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 2,002 | $1.08M |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,930 | $1.04M |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 883 | $478.6K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 120 | $63.7K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 480 | $261.3K |
| Oct 14, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 40 | $21.8K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 160 | $88.1K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 80 | $44.1K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,452 | $793.5K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 639 | $346.8K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Option exercise 10b5-1 plan | 9,500 | $1.12M |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 2,340 | $1.27M |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 630 | $344.9K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,492 | $812.5K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,507 | $822.1K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 698 | $382.8K |
| Oct 13, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 502 | $275.8K |
| Oct 12, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Sale 10b5-1 plan | 1,329 | $729.6K |
| Oct 12, 2026 | ROTHBLATT MARTINE A Chairperson & CEO | Option exercise 10b5-1 plan | 9,500 | $1.12M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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