United Therapeutics Corporation reported record full‑year 2025 revenue of $3.18 billion, an 11% increase from $2.88 billion in 2024, and net income of $1.33 billion, up 12% from $1.20 billion the prior year. The company’s diluted earnings per share (EPS) of $7.70 beat consensus estimates by $0.37 to $0.94, depending on the source, while the diluted EPS of $8.41 per basic share also surpassed expectations. However, the quarter‑ended‑December revenue of $790.2 million fell short of the consensus range of $810.4 million to $829.3 million, marking a miss of roughly $20 million to $40 million.
In the fourth quarter, United Therapeutics generated $790.2 million in revenue, up 7% from $735.9 million a year earlier, and net income of $364.3 million. The diluted EPS of $7.70 exceeded analyst expectations by a margin that ranged from $0.37 to $0.94, reflecting disciplined cost management and a favorable product mix. The company’s Tyvaso franchise, particularly the Tyvaso DPI inhaler, drove a double‑digit increase in sales, offsetting modest growth in other pulmonary hypertension products and supporting the strong earnings beat.
The revenue miss in Q4 can be attributed to weaker demand in certain market segments and a slight decline in pricing power, as consensus estimates were higher than the actual figure. While the company maintained a robust product mix, the overall revenue shortfall suggests that market share gains were not sufficient to offset the lower-than‑expected sales volume, a headwind that management acknowledged in its commentary.
Segment analysis shows that the Tyvaso franchise remains the primary growth engine, contributing a significant portion of the $3.18 billion in total revenue. Tyvaso DPI sales grew double‑digit, while other pulmonary hypertension products continued to perform strongly, reinforcing the company’s market leadership. The combination of a high‑margin product line and disciplined execution underpins the company’s profitability and supports the EPS beat.
"Martine Rothblatt, Ph.D., Chairperson and CEO, expressed gratitude for employee commitment and highlighted upcoming pivotal data from ADVANCE OUTCOMES and TETON‑1 clinical programs, which she believes will ‘unlock significant new treatment options for patients, launching a period of transformational growth for UT.’" "Michael Benkowitz, President and Chief Operating Officer, described the year as ‘exceptional’ for the commercial organization, with ‘strong double‑digit revenue growth and disciplined execution.’ He noted that ‘Tyvaso continued its impressive trajectory in a growing market where we are steadily increasing our share of voice.’ He added, ‘Looking ahead, we believe our commercial strength, differentiated therapies, and expanding market opportunities position us well to continue delivering durable double‑digit revenue growth.’"
Management reaffirmed its 2026 guidance, indicating confidence in continued growth and profitability. While specific revenue or EPS targets were not disclosed, the reaffirmation signals that the company expects to maintain its trajectory of record revenue and strong margins, supported by the expanding pipeline and ongoing product launches.
Investors reacted positively to the earnings beat, with analysts noting the company’s strong profitability and disciplined cost management. The revenue miss tempered the enthusiasm, highlighting the need for continued focus on market share and pricing strategy to sustain growth momentum.
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