UTHR Tops Q4 Earnings Estimates, Shares Surge 13% on Strong Guidance

United Therapeutics UTHR reported fourth-quarter 2025 earnings per share (EPS) of $7.70, which surpassed the Zacks Consensus Estimate of $6.78. Earnings increased 24% year over year, driven by higher product sales.

United Therapeutics markets four products for pulmonary arterial hypertension (PAH): Tyvaso, Orenitram, Adcirca and Remodulin. It also markets Unituxin for treating pediatric patients with high-risk neuroblastoma.

Revenues in the fourth quarter came in at $790.2 million but missed the Zacks Consensus Estimate of $805 million. Revenues rose 7.3% year over year, driven by growth of key products — Tyvaso and Orenitram.

Despite the mixed results in the fourth quarter, shares of United Therapeutics rose 13% on Wednesday after the company announced a bullish soft outlook for the upcoming years. During the conference call, management stated that it expects “double-digit revenue growth” in 2026.

The company also said that it expects $4 billion in annualized revenue run rate in the second half of 2027.

Over the past year, shares of United Therapeutics have rallied 68.4% compared with the industry’s 3.9% gain.

UTHR's Q4 Earnings in Detail

A key driver of the company’s top line is Tyvaso products. United Therapeutics markets two versions of Tyvaso — Tyvaso dry powder inhalation (DPI) and nebulized Tyvaso. Both versions are approved for the treatment of PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD) indications.

Combined Tyvaso sales were $464.3 million, up 12% year over year. Tyvaso sales missed the Zacks Consensus Estimate of $488 million.

Tyvaso DPI generated revenues of $338.6 million, climbing 24% year over year, supported by stronger commercialization efforts following changes to Medicare Part D under the Inflation Reduction Act (IRA), which boosted patient uptake and volumes.

Revenues from nebulized Tyvaso (treprostinil) were $125.7 million, down 12%, due to lower volumes.

Sales of Orenitram rose 12% year over year to $121.2 million, primarily driven by higher volumes and improved commercialization efforts.

Remodulin (including Remunity Pump) sales declined 5% year over year to $128 million.

Unituxin sales were down 8% year over year to $62.3 million.

Adcirca sales were $7.8 million, up 66% year over year.

Research and development expenses were $139.5 million in the quarter, up 4.3% year over year, reflecting higher clinical development costs and increased share-based compensation.

Selling, general and administrative expenses increased 13.1% to $190.6 million in the quarter, primarily driven by increased consulting expenses and personnel costs tied to headcount expansion.

As of Dec. 31, 2025, UTHR had cash, cash equivalents and investments of $4.6 billion compared with $4.3 billion as of Sept. 30, 2025. It had no debt.

UTHR’s Full-Year 2025 Results

For 2025, United Therapeutics reported total revenues of $3.18 billion, up 11% year over year.

For full-year 2025, the company recorded net earnings of $27.86 per share, higher than the EPS of $24.64 reported in 2024.

UTHR's Pipeline & Other Updates

United Therapeutics’ key phase III programs include Tyvaso in patients with various forms of chronic fibrosing interstitial lung disease (TETON studies) and oral ralinepag in PAH indications (ADVANCE OUTCOMES study).

In September 2025, the company announced data from the TETON-2 study, which showed clinical benefit in idiopathic pulmonary fibrosis (IPF) patients after a year-long treatment with nebulized Tyvaso. The study met its primary and key secondary endpoints. Management believes that the data from the TETON-2 study could broaden Tyvaso’s therapeutic reach.

Besides TETON-2, the company is also conducting the phase III TETON-1 study of nebulized Tyvaso in IPF patients. A data readout from the TETON-1 study is expected in the first half of 2026. The company plans to meet with the FDA to potentially expedite the regulatory review process once the study data are available. If the drug is approved in IPF indication, United Therapeutics expects Tyvaso sales in the IPF indication to exceed the drug’s sales in the PAH indication. It is also enrolling patients in the phase III TETON PPF study evaluating the drug in patients with progressive pulmonary fibrosis.

United Therapeutics is conducting the phase III ADVANCE OUTCOMES study evaluating ralinepag for the treatment of PAH. Top-line data from the same is expected in the first half of 2026.

United Therapeutics Corporation Price, Consensus and EPS Surprise

United Therapeutics Corporation price-consensus-eps-surprise-chart | United Therapeutics Corporation Quote

UTHR's Zacks Rank & Stocks to Consider

United Therapeutics currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks in the biotech sector are Castle Biosciences CSTL, which currently sports a Zacks Rank #1 (Strong Buy), as well as ANI Pharmaceuticals ANIP and Assertio Holdings ASRT, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, estimates for Castle Biosciences’ 2026 loss per share have narrowed from $1.06 to 96 cents. CSTL shares have risen 18.4% over the past year.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters and missed in the remaining one, with the average surprise being 66.11%.

Over the past 60 days, estimates for Assertio’s 2026 loss per share have narrowed from 30 cents to 28 cents. ASRT shares have gained 1% over the past year.

Assertio’s earnings beat estimates in one of the trailing four quarters and missed in the remaining three quarters, with the average negative surprise being 35.21%.

Over the past 60 days, estimates for ANI Pharmaceuticals’ earnings per share have increased from $8.08 to $8.22 for 2026. Over the past year, shares of ANIP have surged 38.7%.

ANI Pharmaceuticals' earnings beat estimates in each of the trailing four quarters, the average surprise being 21.24%.

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