$UTHR · UNITED THERAPEUTICS Corp
United Therapeutics filed its Q3 FY2026 10-Q. Total revenue grew 4.1% YoY to $832.5M, driven by Tyvaso DPI ($378.5M, up from $336.2M). Net income fell to $258.6M from $338.7M as R&D expense more than doubled to $279.2M from $127.5M. Diluted EPS dropped to $5.71 from $7.16. The company repurchased $2.0B of stock in the first nine months of 2026.
- Revenue rose 4.1% YoY to $832.5M in Q3 FY2026.
- R&D expense more than doubled to $279.2M from $127.5M.
- Diluted EPS fell 20% to $5.71 from $7.16.
- Tyvaso DPI revenue grew to $378.5M from $336.2M.
- Company repurchased $2.0B of stock in nine months ended Sept 30, 2026.
Extended-hours trading shows shares up 6.15% to $638.30 vs the $601.32 regular close, suggesting investors are rewarding the revenue growth and buyback despite the EPS decline.
A rare quarter where revenue growth and aggressive buybacks coexist with a 20% EPS decline from surging R&D investment.
The treprostinil franchise (Tyvaso, Remodulin, Orenitram) remains the growth engine, with Tyvaso DPI offsetting declines in Nebulized Tyvaso and Adcirca.
R&D expense more than doubling signals heavy pipeline investment that is compressing near-term earnings; inventory reserve expense rose to $75.5M for nine months from $27.1M.