Key Highlights

• Total revenues reached a record $832.5 million in Q3 2026, a 4% year-over-year increase from $799.5 million

• Tyvaso DPI revenues grew 13% year-over-year to $378.5 million, driving total Tyvaso Revenue to $503.8 million

• Research and Development expenses increased 119% to $279.2 million, partly due to Acquisition of Thymmune Therapeutics

• Net Income was $258.6 million, or $5.71 per diluted share, compared to $338.7 million, or $7.16 per diluted share, in Q3 2025

United Therapeutics Corporation (NASDAQ:UTHR), a public benefit corporation focused on therapies for pulmonary and rare diseases, has posted record third quarter 2026 revenue of $832.5 million, representing a 4% increase over the $799.5 million reported in the same period last year. However, net income declined 24% year-over-year to $258.6 million due in part to elevated research and development spending.

Revenue Breakdown by Product

The Tyvaso Franchise remained the largest revenue contributor, generating $503.8 million in the quarter, up 5% from $478.0 million a year earlier. Tyvaso DPI, the dry powder inhaler formulation, led the way with $378.5 million in revenue, a 13% year-over-year increase driven primarily by an increase in quantities sold of $43.9 million along with a price increase. Nebulized Tyvaso, however, declined 12% to $125.3 million, reflecting a $20.0 million decrease in U.S. quantities sold, which the company attributed in part to the availability of competitive therapies.

Orenitram revenue increased 11% to $145.0 million, primarily from higher quantities sold of $14.9 million and a price increase. Remodulin revenue dipped 3% to $122.0 million, while Unituxin grew 9% to $52.3 million. Adcirca, whose Patent exclusivity has long expired, saw a 54% revenue decline to $4.5 million.

Geographically, the United States accounted for $808.5 million of total revenue, with the remaining $24.0 million coming from international markets, broadly consistent with the prior year's distribution.

Cost and Expense Trends

The quarter's most notable line item was research and development expense, which surged 119% to $279.2 million from $127.5 million in Q3 2025. The increase was primarily attributable to in-process research and development expense related to the acquisition of Thymmune Therapeutics, increased expenditures on manufactured organ and organ alternative projects, and higher spending on cardiopulmonary treatment projects.

Cost of sales edged down 2% to $99.1 million. Selling, general and administrative expenses fell 20% to $146.4 million, primarily reflecting the Reversal of a previously accrued litigation Liability related to the Sandoz matter, which was settled in October 2026 in connection with the company's settlement with Liquidia Technologies. The Sandoz litigation was dismissed on October 28, 2026.

Net Income and Profitability

Net income for the quarter was $258.6 million, or $5.71 per diluted share, compared to $338.7 million, or $7.16 per diluted share, in the year-ago period. The 24% decline in net income was driven by the significant increase in R&D spending, which more than offset the revenue growth and lower SG&A costs.

Income tax expense was $85.1 million for the quarter, compared to $55.9 million in Q3 2025, reflecting a higher effective tax rate.

The Path Forward

United Therapeutics continues to expand its presence in the pulmonary arterial hypertension market while investing heavily in its organ Manufacturing and alternative therapy programs. The Thymmune acquisition signals the company's intention to advance its xenotransplantation efforts. With Tyvaso DPI continuing to gain Market Share and a pipeline of organ-related R&D initiatives underway, the company's revenue trajectory and Investment priorities will remain in focus for the quarters ahead.