United Therapeutics Corporation (NASDAQ: UTHR) reported fourth-quarter results that exceeded earnings expectations but fell short on revenue, with shares rising more than 9% intra-day Wednesday.
The company posted adjusted earnings per share of $7.70, surpassing the consensus estimate of $7.10 by $0.60.
Revenue totaled $790.2 million, below expectations of $815.24 million, though it represented a 7% increase from $735.9 million in the prior-year quarter. Full-year 2025 revenue reached a record $3.18 billion, up 11% from 2024.
Total Tyvaso revenue grew 12% to $464.3 million in the fourth quarter, driven by Tyvaso DPI, which increased 24% to $338.6 million. Growth was primarily attributed to higher quantities sold following continued patient expansion and increased commercial utilization tied to Medicare Part D redesign under the Inflation Reduction Act. Orenitram revenue rose 12% to $121.2 million.
Net income for the quarter reached $364.3 million, or $7.70 per diluted share, compared with $301.3 million, or $6.19 per diluted share, in the fourth quarter of 2024. For full-year 2025, net income totaled $1.33 billion, up from $1.20 billion in 2024.
Management indicated that the ADVANCE OUTCOMES and TETON-1 clinical programs are expected to deliver pivotal data that could expand treatment options.
