EarningsQ2 2026 Earnings Report
MX:UTHR Q2 2026 EPS Results
Actual EPS$132.03
Consensus EPS$124.62
Beat/MissBeat by +$7.41
One Year Ago EPS$116.41
MX:UTHR Q2 2026 Revenue Results
Actual Revenue$14.23B
Expected Revenue$14.61B
Beat/MissMissed by -$387.64M
YoY Revenue Growth-1.92%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
MX:UTHR Upcoming Earnings
United Therapeutics's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:UTHR Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call balanced significant near-term commercial challenges with very strong clinical and pipeline momentum. Short-term results (Q2 revenue) came in below expectations and Tyvaso faces competitive pressure, creating uncertainty for 2026 revenue. Offsetting this are multiple highly positive Phase III outcomes, major regulatory filings (ralinepag NDA and Tyvaso IPF sNDA), planned additional filings (DPI and SMI), near-complete enrollment for a large PPF trial, aggressive commercial investments (≈100% sales force expansion), and progress across a differentiated xenotransplantation/organ pipeline. Given the material potential of the recent clinical wins and the company’s execution initiatives that could drive meaningful upside in 2027 and beyond, the positives outweigh the near-term lowlights.Company Guidance
Total Revenue (Q2 2026)
Reported approximately $783 million in total revenue for Q2 2026, essentially flat versus Q1 2026 (≈0% QoQ).
Tyvaso Quarterly Revenue and Franchise Momentum
Tyvaso generated $453 million in Q2 2026 (≈57.9% of total revenue). Management reported record levels in starts, referrals, total patients and commercial patients exiting the quarter, indicating underlying demand and momentum despite near-term headwinds.
Major Positive Clinical Readouts and Regulatory Filings
ADVANCE OUTCOMES (ralinepag) and TETON-1/TETON-2 (nebulized Tyvaso in IPF) delivered highly statistically significant, positive results. United Therapeutics submitted an NDA for ralinepag in PAH and an sNDA for nebulized Tyvaso in IPF, and expects potential approvals in 2027.
Pipeline Expansion: Additional Filings and Devices
Company plans further filings later in 2026 including an IND for ralinepag DPI and an NDA for treprostinil SMI (SMI device), positioning multiple inhalation technologies for potential near-term launches.
TETON-PPF Enrollment Near Completion
Enrollment in the TETON-PPF trial is nearly complete (>95% enrolled reported), setting the stage for a potential Phase III readout in H2 2027 that could materially expand the addressable pulmonary fibrosis market.
Xenotransplantation and Organ Pipeline Progress
UKidney EXPAND study progressing (initial six-patient cohort completion expected later this year); preparing to initiate UThymoKidney EXTEND registration-enabling study; FDA cleared EXPRESS-UHeart study; completion of two additional commercial-scale DPFs in Minnesota and Texas expected by year-end.
Sales Force Expansion
Field sales force was roughly doubled (~100% increase) with new reps deployed in early July to increase reach and frequency across PAH and PH-ILD and to support an IPF launch strategy focused on deeper community penetration.
Strategic Capital Deployment and M&A
Acquired Thymmune Therapeutics to add a thymus-based regenerative medicine platform, broadening the organ-alternative strategy; management emphasized a disciplined capital-allocation approach and strong operating efficiency.
Management Expectation for Improved H2 Performance
Management expects the second half of 2026 to be stronger than the first half based on observed trends and commercial initiatives, while reserving detailed guidance until more visibility on regulatory timing and launch logistics.
MX:UTHR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed