TYVASO (treprostinil) - (TETON)

July 30, 2025: United Therapeutics Corporation (Nasdaq: UTHR) reported Q2 2025 financial results and highlighted upcoming late-stage clinical catalysts. Total revenue was a record $798.6 million (+12% YoY) and net income was $309.5 million (+11% YoY). Tyvaso DPI revenue was $315.2 million (+22% YoY); total Tyvaso (DPI + nebulized) revenue was $469.6 million (+18% YoY). Orenitram revenue was $123.9 million (+16% YoY; record quarter). Nebulized Tyvaso revenue was $154.4 million (+10% YoY) and Unituxin was $58.4 million (+13% YoY); Remodulin declined to $134.7 million (-9% YoY).

Pipeline/clinical catalysts:

• Nebulized Tyvaso (treprostinil) in idiopathic pulmonary fibrosis: Phase 3 TETON 2 study is complete; data expected September 2025. Phase 3 TETON 1 data expected in 1H 2026.
• Ralinepag in pulmonary arterial hypertension: Phase 3 ADVANCE OUTCOMES enrollment is complete; data expected in 1H 2026.

Capital allocation: Board authorized up to $1 billion in share repurchases, expiring March 31, 2026. A webcast to discuss results is scheduled for July 30, 2025 at 9:00 a.m. ET.