United Therapeutics reported second-quarter 2026 results with total revenues of $783.3 million and net income of $333.0 million. Diluted net income per share was $7.27 for the quarter, while operating income totaled $330.8 million. The company highlighted recent regulatory filings for ralinepag tablets and Nebulized Tyvaso and continued progress in organ manufacturing and device adoption.

Financial Highlights

  • Total revenues: $783.3 million for the three months ended June 30, 2026 (down 2% year-over-year from $798.6 million).
  • Operating income: $330.8 million for the quarter.
  • Net income: $333.0 million for the quarter, compared with $309.5 million in Q2 2025.
  • Net income per share, diluted: $7.27 for the quarter (basic: $7.82).
  • Selected balance sheet: cash, cash equivalents, and marketable investments of $3,803.4 million; total assets $7,220.1 million; total liabilities $819.8 million; total stockholders’ equity $6,400.3 million.

Business Highlights

  • Regulatory progress: Submitted NDAs for ralinepag tablets in PAH and Nebulized Tyvaso in IPF; plans to file an IND for ralinepag DPI and an NDA for treprostinil SMI later in the year.
  • Product momentum: Tyvaso DPI reached record levels of starts, referrals, commercial patients, and total patients exiting the quarter, driving Tyvaso DPI revenue growth versus prior year.
  • Revenue mix shifts: Total Tyvaso revenues declined 4% to $452.6 million driven by a notable decrease in Nebulized Tyvaso sales offset partly by Tyvaso DPI growth.
  • Organ manufacturing pipeline: Clinical trials are ongoing or planned for liver, kidney, heart, and lung products, and the company expects to launch two xeno-organ production facilities later in the year (Minnesota and Texas).
  • Share repurchase activity: Board authorized up to $2.0 billion; entered accelerated share repurchase agreements in March 2026 repurchasing approximately $1.5 billion of common stock with remaining authorization of $500 million as of June 30, 2026.

Original SEC Filing:

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