United Therapeutics Posts Record Q3 Revenue of $832.5 Million as Net Income Falls 23.6% on R&D Spending

United Therapeutics posted record third-quarter revenue of $832.5 million, up 4.1% from $799.5 million a year earlier, but net income fell 23.6% to $258.6 million as research spending jumped, according to its 8-K released Wednesday.

Diluted earnings dropped 20.3% to $5.71 per share from $7.16.

Tyvaso DPI carries the quarter

Total Tyvaso revenue rose 5.4% to $503.8 million. Tyvaso DPI, the dry-powder inhaler version, grew 12.6% to $378.5 million on higher volume and a price increase, while nebulized Tyvaso fell 11.6% to $125.3 million on lower U.S. quantities.

Orenitram sales rose 10.6% to $145.0 million, and Remodulin slipped 3.1% to $122.0 million. The company said it believes competing therapies weighed on sales of nebulized Tyvaso, Tyvaso DPI and Remodulin in the quarter.

What hit earnings

Research and development expense rose mainly because of in-process R&D expense tied to the acquisition of Thymmune Therapeutics, along with higher spending on manufactured organ and cardiopulmonary projects. Because that IPR&D charge was not tax-deductible, the effective tax rate climbed to 31% from 23%.

Selling, general and administrative expense fell 19.8% to $146.4 million, helped by the reversal of a $66.5 million litigation accrual tied to the Sandoz matter, which the company agreed to settle in October alongside its settlement with Liquidia Technologies. The Sandoz case was dismissed on Oct. 28, 2026.

Interest income declined to $33.7 million from $46.4 million after the company sold securities to fund accelerated share repurchases under a $2.0 billion buyback program, including March 2026 agreements covering an estimated $1.5 billion of stock and a September agreement covering an estimated $477.6 million, the company said.

Chairperson and CEO Martine Rothblatt said the company "is entering a period of extraordinary growth."

By the numbers

• Q3 revenue: $832.5 million, up 4.1%
• Net income: $258.6 million, down 23.6%
• Diluted EPS: $5.71, down 20.3%
• Tyvaso DPI revenue: $378.5 million, up 12.6%
• Effective tax rate: 31%

Sources

1. United Therapeutics Form 8-K with third-quarter 2026 earnings release, filed Nov. 4, 2026 (accession 0001082554-26-000036)

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