Income StatementBalance SheetCash FlowSegments
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United Therapeutics Business Segments

Business, geographic, and product segment breakdowns

United Therapeutics generates $3.2B in annual revenue across 3 key segments: Adcirca (0.1), Tyvaso DPI (0.1), and Unituxin (0). The company-wide operating margin is 45.29%. Based on the Q1 2026 filing.

Adcirca (TTM)10.0%Tyvaso DPI (TTM)10.0%Unituxin (TTM)1.0%
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$23.6B
P/E Ratio18.36
ROE20.26%

Products & Services

Cost of Sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Tyvaso DPI$38.4M$48.1M$48.5M$55.3M$58.7M$83.2M
Remodulin$13.4M$13.8M$14.3M$13.1M$8.1M$16.1M
Nebulized Tyvaso$7.4M$8.5M$5.6M$6.7M$6.4M$8.6M
Orenitram$5.7M$8.3M$6.7M$6.8M$6.9M$7.4M
Unituxin$2.2M$5.2M$2.8M$3.6M$5.9M$5.0M
Adcirca$1.8M$2.6M$2.7M$4.4M$3.4M$1.0M

Gross Profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Tyvaso DPI$234.8M$254.4M$266.7M$280.9M$279.9M$247.1M
Orenitram$102.1M$112.4M$117.2M$124.3M$114.3M$128.2M
Nebulized Tyvaso$135.3M$155.3M$148.8M$135.1M$119.3M$118.6M
Remodulin$121.1M$124.4M$120.4M$112.8M$119.9M$110.5M
Unituxin$65.3M$53.0M$55.6M$44.3M$56.4M$48.6M
Adcirca$2.9M$3.4M$3.8M$5.3M$4.4M$1.9M

Milestone payment to be made

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Adcirca$81.3K$81.3K$81.3K$81.3K$81.3K—

Royalty as a percentage of net sales

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Adcirca2.5%2.5%2.5%2.5%2.5%—
Tyvaso DPI2.5%2.5%2.5%2.5%2.5%—
Unituxin0.3%0.3%0.3%0.3%0.3%—

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Tyvaso DPI$273.2M$302.5M$315.2M$336.2M$338.6M$330.3M
Orenitram$107.8M$120.7M$123.9M$131.1M$121.2M$135.6M
Nebulized Tyvaso$142.7M$163.8M$154.4M$141.8M$125.7M$127.2M
Remodulin$134.5M$138.2M$134.7M$125.9M$128.0M$126.6M
Unituxin$67.5M$58.2M$58.4M$47.9M$62.3M$53.6M
Adcirca$4.7M$6.0M$6.5M$9.7M$7.8M$2.9M

Inventory reserve

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Tyvaso DPI—$5.8M———$39.2M

Loss related to commercial supply agreement

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Tyvaso DPI—————$26.8M

Milestone payments paid

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UHeart, UKidney, and UThymoKidney—$625.0K$625.0K$625.0K$625.0K—

Geographic

Total long-lived assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rest-of-World$11.7M———$15.8M—
United States$1.2B———$1.7B—

Total revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
U.S.$705.7M$749.6M$759.8M$774.8M$752.8M$744.2M
ROW$30.2M$44.8M$38.8M$24.7M$37.4M$37.3M