United Therapeutics (UTH) Q3 2026 Earnings Report

The call was strongly positive, led by record total and Tyvaso revenue, improving referral and demand trends, favorable intellectual property and settlement developments, and confidence in a broad pipeline and upcoming launches. The main negatives were execution and regulatory timing issues, including the delayed soft mist inhaler filing, the ralinepag API supplier’s OAI status, uncertainty around the triple oral pill filing path, and moderate near-term patient switching expectations.

Management expects near-term transitions from YUTREPIA to Tyvaso to be moderate, with a PH-ILD referral inflection expected over the next couple weeks, and into December, and then obviously the first part of the year, followed by a new baseline in referrals over the next few weeks; it expects to submit the soft mist inhaler NDA in 2027 and not at the end of this year, while oral ralinepag has a PDUFA date of June 24 of next year. Management also expects nebulized Tyvaso in IPF and ralinepag in PAH to become multi-billion dollar growth drivers, expects to enter 2027 with substantially more momentum than entering 2026, and reported $833 million of third-quarter total revenue, $504 million of Tyvaso revenue, over 1,000 referrals in October, and that one in three patients starting TYVASO DPI since the introduction of higher-strength cartridges achieved higher doses, twice as what it was beforehand.