Core Insights - United Therapeutics reported Q2 2025 earnings of $6.41 per share, missing the Zacks Consensus Estimate of $6.80, but showing a 10% year-over-year increase due to higher product sales [1][6] - Revenues for the quarter reached $798.6 million, surpassing the Zacks Consensus Estimate of $796 million, and reflecting a 12% year-over-year growth driven by strong sales of Tyvaso and Orenitram [2][6] Financial Performance - Tyvaso sales amounted to $469.6 million, an 18% increase year-over-year, although it fell short of the Zacks Consensus Estimate of $473 million [3][6] - Tyvaso DPI generated $315.2 million in sales, up 22% year-over-year, supported by higher volumes and price increases [4][6] - Sales from nebulized Tyvaso were $154.4 million, reflecting a 10% increase, primarily due to volume growth [7] - Orenitram sales rose 16% year-over-year to $123.9 million, driven by increased volumes following the implementation of the Part D redesign under the Inflation Reduction Act [7][8] - Unituxin sales increased by 13% year-over-year to $58.4 million [8] Expenses and Cost Management - Research and development expenses decreased by 4% year-over-year to $134 million, attributed to lower costs for ongoing clinical development and reduced share-based compensation [8] - Selling, general, and administrative expenses surged by 20% to $212.5 million, driven by higher personnel costs and legal expenses [8] Pipeline Developments - Key phase III programs include Tyvaso for chronic fibrosing interstitial lung disease and oral ralinepag for PAH indications [9] - Enrollment for the TETON 1 and TETON 2 studies evaluating Tyvaso for idiopathic pulmonary fibrosis is complete, with top-line data expected in September 2025 and the first half of 2026, respectively [10] - The ADVANCE OUTCOMES study for ralinepag has also completed enrollment, with data expected in the first half of 2026 [11]

The quarter saw continued double-digit revenue growth, marking the twelfth straight period of robust expansion. The Tyvaso product line -- which includes Tyvaso DPI (a dry powder inhaler for pulmonary hypertension) and nebulized Tyvaso (an inhaled formulation) -- delivered $469.6 million in combined sales. Tyvaso made up 58.8% of total company revenue. Tyvaso DPI revenue grew 22% year over year while nebulized Tyvaso climbed 10%. These gains were driven by more patients starting therapy and increased use fo ...

Core Viewpoint - United Therapeutics reported a revenue of $798.6 million for the quarter ended June 2025, reflecting an 11.7% increase year-over-year, and an EPS of $6.41, up from $5.85 in the previous year [1] Revenue Performance - U.S. revenues reached $759.8 million, exceeding the average estimate of $749.74 million by analysts, marking a 12.5% increase year-over-year [4] - Revenues from the Rest-of-World segment were $38.8 million, slightly above the average estimate of $33.98 million, but represented a 2.3% decline year-over-year [4] - Tyvaso generated $455.3 million in U.S. revenues, slightly above the average estimate of $452.61 million [4] - Unituxin in the U.S. brought in $55.4 million, surpassing the average estimate of $53.07 million [4] - Adcirca revenues were $6.5 million, exceeding the average estimate of $4.81 million, reflecting a 14% increase year-over-year [4] - Orenitram generated $123.9 million, above the average estimate of $118.65 million, with a 15.7% year-over-year increase [4] - Tyvaso reported $469.6 million, slightly below the average estimate of $473.16 million, but still a 17.9% increase year-over-year [4] - Remodulin revenues were $134.7 million, below the average estimate of $137.99 million, representing an 8.6% decline year-over-year [4] - Unituxin generated $58.4 million, exceeding the average estimate of $55.58 million, with a 13% year-over-year increase [4] - Tyvaso DPI revenues were $315.2 million, in line with the average estimate of $313.48 million [4] - Nebulized Tyvaso brought in $154.4 million, slightly below the average estimate of $154.53 million [4] - Other products generated $5.5 million, exceeding the average estimate of $4.95 million, reflecting a 12.2% year-over-year increase [4] Stock Performance - United Therapeutics shares returned +2.3% over the past month, compared to the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - United Therapeutics reported record total revenue of $799 million, reflecting a 12% growth over 2024, marking the twelfth consecutive quarter of double-digit year-over-year revenue growth [12][10] - The Tyvaso DPI device achieved record total revenue of $315 million, representing a 22% growth over 2024, with record patient shipments for both Tyvaso DPI and the total Tyvaso franchise [12][13] Business Line Data and Key Metrics Changes - The Tyvaso franchise continues to perform strongly, with double-digit revenue growth for nebulized Tyvaso, Orenitram, and Unituxin [14] - Orenitram achieved record total revenue and patient shipments during the quarter, while Remodulin remains a top five product in total patient shipments [14] Market Data and Key Metrics Changes - The company noted strong underlying dynamics with record levels of referrals and starts for Tyvaso DPI during the quarter [14] - The competitive landscape includes a new treprostinil dry powder inhaler launched by Liquidia, prompting United Therapeutics to address misinformation regarding Tyvaso DPI's dosing and tolerability [15][16] Company Strategy and Development Direction - United Therapeutics is focused on sustaining growth in its foundational business while progressing its innovative small molecule pipeline and organ alternative technologies [11] - The company has authorized a share repurchase of up to $1 billion, reflecting confidence in its commercial business and upcoming catalysts [10][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of the business, anticipating sustained growth driven by the foundational business and upcoming clinical catalysts [11] - The company is optimistic about the potential of its TETON studies in idiopathic pulmonary fibrosis and advanced outcome studies in pulmonary arterial hypertension, with results expected to start reporting in September [8][30] Other Important Information - The company has launched a new pipeline website to provide detailed information about its pipeline candidates [9] - United Therapeutics is on track to conduct the first transplant in its EXPAND U kidney clinical study shortly [8] Q&A Session Summary Question: Comments on Utopia uptake in PH and ILD - Management indicated that the launch is proceeding as expected, with strong shipments and orders in June, and July looks promising [53] Question: Variability in FVC decline in IPF studies - Management has implemented central reading of SEC results and training at site levels to standardize measurements and reduce variability [62] Question: Reading across from IPF subgroup data - Treprostinil has multiple mechanisms of action that may benefit IPF patients, and management believes it can work on fibrosis, leading to efficacy in IPF [70] Question: Share repurchase authorization - The Board authorized a share repurchase due to the strength of the commercial business and confidence in upcoming catalysts, viewing the stock as an excellent investment opportunity [72] Question: Clinically meaningful FVC results from TETON trial - The study is powered to detect an 80 milliliter change in FVC, and management anticipates a clinically meaningful effect greater than this threshold [98] Question: Background therapy use in TETON studies - There is a higher background therapy use in TETON studies compared to previous studies, which may mute the efficacy of the investigational drug, but management remains optimistic [104]

Financial Data and Key Metrics Changes - United Therapeutics reported record total revenue of $799 million, reflecting a 12% growth over 2024, marking the twelfth consecutive quarter of double-digit year-over-year revenue growth [13][7] - The company generated nearly $1.5 billion in annual operating cash flow, demonstrating exceptional operating efficiency [10] Business Line Data and Key Metrics Changes - The Tyvaso DPI franchise achieved record revenue of $315 million, representing a 22% growth over 2024, with record patient shipments [13][14] - Orenitram, Remodulin, and Unituxin also showed strong performance, contributing to the overall commercial portfolio [8][14] Market Data and Key Metrics Changes - The underlying dynamics for Tyvaso DPI remain strong, with record levels of referrals and starts during the quarter [14] - The company is preparing for the launch of its next-generation pump for Immunity Pro later this year, which is expected to enhance its market position [14] Company Strategy and Development Direction - The company is focused on its innovation wave, including TETON studies in idiopathic pulmonary fibrosis and advanced outcome studies in pulmonary arterial hypertension, with results expected to start reporting in September [8][12] - United Therapeutics has authorized a share repurchase of up to $1 billion, reflecting confidence in its commercial business and upcoming catalysts [11][71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth in its foundational business while progressing its innovative small molecule pipeline and organ alternative technologies [12] - The company believes the recent dislocation in its share price presents a compelling investment opportunity [11] Other Important Information - The company has filed an investigational new drug application for its EXTEND study evaluating U thymo kidney and expects to file for the EXPRESS study evaluating U Heart [9] - The TETON program consists of three studies, with TETON-two expected to report data in September and TETON-one in 2026 [25][30] Q&A Session Summary Question: Comments on Utopia uptake in PH and ILD - Management indicated that the launch is proceeding as expected, with strong shipments and orders in June, and July looks promising [52][53] Question: Variability in FVC decline in placebo arms of IPF studies - Management noted that they have implemented central reading of SEC results and training at site levels to reduce variability in FVC measures [60] Question: How to read across from IPF subgroup with pulmonary hypertension - Management explained that treprostinil has multiple mechanisms of action that may benefit IPF patients, and they believe it can work on fibrosis [68][69] Question: Circumstances for deploying share repurchase authorization - The Board authorized the share repurchase due to the strength of the commercial business and confidence in upcoming catalysts [71] Question: Clinically meaningful FVC results from TETON trial - Management stated that they anticipate a clinically meaningful effect greater than an 80 milliliter change in FVC [94] Question: Background therapy use in TETON studies - Management acknowledged that increased background therapy use could mute the efficacy of the investigational drug but expressed confidence in the upcoming results [101]

Financial Performance - Total revenue increased by 12% year-over-year to $799 million in 2Q 2025[21, 35] - Tyvaso DPI®/ Nebulized Tyvaso® revenue increased by 18% year-over-year to $470 million in 2Q 2025[21, 35] - Remodulin® revenue decreased by 9% year-over-year to $135 million in 2Q 2025[21, 35] - Orenitram® revenue increased by 16% year-over-year to $124 million in 2Q 2025[21, 35] - Unituxin® revenue increased by 13% year-over-year to $58 million in 2Q 2025[21, 35] - The company has $50 billion in cash, cash equivalents, & marketable investments[22] - The company has $14 billion TTM operating cash flow[22] Pipeline and Clinical Trials - Tyvaso DPI has been studied and published at higher doses than Yutrepia[39] - The company has a $10 billion repurchase authorization through March 31, 2026[31] - TETON 1 and TETON 2 studies for Idiopathic Pulmonary Fibrosis (IPF) are fully enrolled with 598 and 597 patients respectively[73, 74, 127] - The ADVANCE OUTCOMES study for Ralinepag in Pulmonary Arterial Hypertension (PAH) is fully enrolled with approximately 700 patients[134] TPIP Concerns - TPIP phase 2b patients on active drug discontinued therapy 10% vs zero on placebo[98]

Exhibit 99.1 For Immediate Release United Therapeutics Corporation Reports Record Second Quarter 2025 Financial Results Record total revenue of $799 million, reflecting 12 percent growth over the second quarter of 2024 and 12 consecutive quarters of double-digit, year-over-year total revenue growth Share repurchase of up to $1 billion authorized by the Board of Directors, expiring March 31, 2026 Tyvaso DPI® record total revenue of $315 million, reflecting 22 percent growth over the second quarter of 2024; n ...

Part I Financial Information [Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) The consolidated financial statements present the company's financial position, results of operations, and cash flows for the periods ended June 30, 2025 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets increased to $7.91 billion from $7.36 billion at year-end 2024, driven by growth in marketable investments and property, plant, and equipment Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$7,908.0** | **$7,364.0** | | Cash and cash equivalents | $1,593.1 | $1,697.2 | | Total marketable investments | $3,373.3 | $3,045.1 | | Property, plant, and equipment, net | $1,362.4 | $1,222.4 | | **Total Liabilities** | **$734.4** | **$920.0** | | Line of credit | $— | $300.0 | | **Total Stockholders' Equity** | **$7,173.6** | **$6,444.0** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the six months ended June 30, 2025, revenues grew 14.4% to $1.59 billion, with net income reaching $631.7 million and diluted EPS of $13.02 Statement of Operations Summary (in millions, except per share data) | Metric | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total revenues | $798.6 | $714.9 | +11.7% | $1,593.0 | $1,392.6 | +14.4% | | Operating income | $364.5 | $319.9 | +13.9% | $747.3 | $676.2 | +10.5% | | Net income | $309.5 | $278.1 | +11.3% | $631.7 | $584.7 | +8.0% | | Diluted EPS | $6.41 | $5.85 | +9.6% | $13.02 | $12.03 | +8.2% | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased 7% to $652.9 million for the six months ended June 30, 2025, while investing activities shifted to a net use of $464.6 million Six Months Ended June 30, Cash Flow Summary (in millions) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $652.9 | $608.7 | | Net cash (used in) provided by investing activities | $(464.6) | $655.3 | | Net cash used in financing activities | $(292.4) | $(1,116.0) | | **Net (decrease) increase in cash** | **$(104.1)** | **$148.0** | [Notes to Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed information on revenues, share-based compensation, a new $2.5 billion credit facility, and ongoing litigation - In April 2025, the company entered into a new **$2.5 billion unsecured revolving credit facility**, maturing in 2030, with a zero outstanding balance as of June 30, 2025[37](index=37&type=chunk)[39](index=39&type=chunk)[43](index=43&type=chunk) - Total share-based compensation expense for the six months ended June 30, 2025 was **$69.6 million**, a decrease from $75.3 million in 2024 due to the exercise of remaining STAP awards[47](index=47&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) - The effective tax rate for the first six months of 2025 was **24%**, up from 22% in 2024, primarily due to decreased excess tax benefits from share-based compensation[66](index=66&type=chunk) Revenues by Product - Six Months Ended June 30 (in millions) | Product | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Tyvaso DPI | $617.7 | $485.8 | +27.2% | | Nebulized Tyvaso | $318.2 | $284.9 | +11.7% | | Remodulin | $272.9 | $275.3 | -0.9% | | Orenitram | $244.6 | $213.3 | +14.7% | | Unituxin | $116.6 | $110.1 | +5.9% | | **Total Revenues** | **$1,593.0** | **$1,392.6** | **+14.4%** | - The company is involved in multiple legal proceedings, including patent and trade secret litigation with Liquidia, and accrued a **$72.6 million liability** from Sandoz litigation as of June 30, 2025[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) [Management's Discussion and Analysis (MD&A)](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance driven by Tyvaso DPI and Orenitram sales, competitive pressures, R&D pipeline progress, and capital expenditure plans [Results of Operations](index=35&type=section&id=Results%20of%20Operations) For the six months ended June 30, 2025, revenues increased 14% to $1.59 billion, with R&D and SG&A expenses rising due to milestone payments, organ manufacturing, and a PP&E impairment charge Six Months Ended June 30, 2025 vs 2024 (in millions) | Line Item | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $1,593.0 | $1,392.6 | $200.4 | 14% | | Cost of Sales | $180.1 | $150.7 | $29.4 | 20% | | Research & Development | $283.0 | $243.7 | $39.3 | 16% | | Selling, General, & Administrative | $382.6 | $322.0 | $60.6 | 19% | | Operating Income | $747.3 | $676.2 | $71.1 | 11% | - Tyvaso DPI net product sales increased by **$131.9 million (27%)** for the first six months of 2025, driven by patient growth and increased utilization following Medicare Part D redesign[167](index=167&type=chunk)[169](index=169&type=chunk) - R&D expense growth was driven by a **$35.0 million increase** in milestone payments for drug delivery technologies and increased spending on manufactured organ projects[182](index=182&type=chunk) - SG&A expenses included a **$21.7 million impairment charge** for certain property, plant, and equipment during the second quarter of 2025[183](index=183&type=chunk)[185](index=185&type=chunk) [Research and Development](index=29&type=section&id=Research%20and%20Development) R&D focuses on expanding existing product indications and advancing manufactured organs, with key milestones including TETON 2 data expected in September 2025 and FDA IND clearance for UKidney - Enrollment is complete for the TETON 1 and TETON 2 Phase 3 studies of Nebulized Tyvaso for Idiopathic Pulmonary Fibrosis (IPF), with topline data from TETON 2 expected in **September 2025**[130](index=130&type=chunk)[134](index=134&type=chunk) - The FDA cleared an Investigational New Drug (IND) application for the **UKidney xenotransplant product** in January 2025, allowing a clinical trial to commence[142](index=142&type=chunk)[143](index=143&type=chunk)[146](index=146&type=chunk) - Recent acquisitions of Miromatrix and IVIVA have expanded capabilities in regenerative medicine, with a Phase 1 study of miroliverELAP® initiated in **June 2025**[159](index=159&type=chunk) [Financial Condition, Liquidity, and Capital Resources](index=40&type=section&id=Financial%20Condition%2C%20Liquidity%2C%20and%20Capital%20Resources) The company maintains a strong liquidity position with $4.97 billion in cash and marketable investments, secured a new $2.5 billion credit facility, and authorized a $1.0 billion share repurchase program - Total cash, cash equivalents, and marketable investments stood at **$4.97 billion** as of June 30, 2025[193](index=193&type=chunk) - In April 2025, the company entered into a new five-year, **$2.5 billion unsecured revolving credit facility**, with a zero balance as of June 30, 2025[192](index=192&type=chunk)[199](index=199&type=chunk) - In July 2025, the board authorized a new share repurchase program for up to **$1.0 billion** of common stock, expiring March 31, 2026[191](index=191&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that its exposure to market risk has not materially changed since December 31, 2024 - There have been no material changes in the company's exposure to market risk since the end of the previous fiscal year[202](index=202&type=chunk) [Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2025, disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures are effective[203](index=203&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, such controls[203](index=203&type=chunk) Part II Other Information [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the detailed discussion of litigation from Note 12 of the financial statements, including disputes with Sandoz and Liquidia - The company refers to Note 12 of the consolidated financial statements for details on legal proceedings[205](index=205&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company outlines significant risks including reliance on treprostinil therapies, intense competition, IRA impact, manufacturing challenges, and unique litigation risks as a Public Benefit Corporation - The company relies heavily on sales of its **treprostinil-based therapies**, which comprise the vast majority of its revenues[206](index=206&type=chunk) - Competition is a major risk, with over fifteen competing PAH drugs and new entrants like Merck's Winrevair and Liquidia's Yutrepia, approved in **May 2025**[210](index=210&type=chunk) - The Inflation Reduction Act (IRA) is expected to significantly impact revenues, particularly the Medicare Part D manufacturer discounting program affecting Tyvaso DPI and Orenitram starting in **2025**[244](index=244&type=chunk)[246](index=246&type=chunk) - Significant manufacturing risks exist, including reliance on third-party manufacturers like MannKind for Tyvaso DPI and complex processes for manufactured organ programs[214](index=214&type=chunk)[215](index=215&type=chunk)[225](index=225&type=chunk) - The company's status as a Public Benefit Corporation (PBC) requires balancing shareholder interests with its public benefit purpose, exposing it to unique litigation risks[293](index=293&type=chunk)[294](index=294&type=chunk)[296](index=296&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or repurchases of its outstanding equity securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, the company did not repurchase any of its equity securities or sell any unregistered equity securities[297](index=297&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) In Q2 2025, Chairperson and CEO Dr. Martine Rothblatt and officer Michael Benkowitz adopted Rule 10b5-1(c) trading plans to exercise stock options and sell shares - On May 2, 2025, Chairperson and CEO Dr. Martine Rothblatt adopted a Rule 10b5-1(c) trading plan to exercise up to **294,000 stock options**[298](index=298&type=chunk) - On June 3, 2025, trusts beneficially owned by officer Michael Benkowitz adopted a Rule 10b5-1(c) trading plan to exercise up to **576,940 stock options**[299](index=299&type=chunk) [Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the new Credit Agreement from April 2025 and amended Stock Incentive Plan - Key exhibits filed include the Credit Agreement dated **April 25, 2025**, and the Amended and Restated 2015 Stock Incentive Plan[301](index=301&type=chunk)

Technical Analysis - United Therapeutics (UTHR) has recently reached a key level of support and has overtaken the 50-day moving average, indicating a short-term bullish trend [1] - The 50-day simple moving average is considered important as it helps establish support and resistance levels, and UTHR shares have increased by 6.9% over the past four weeks [2] Earnings Estimates - Positive earnings estimate revisions for UTHR strengthen the bullish case, with no estimates decreasing in the past two months and two estimates increasing, leading to a rise in the consensus estimate [3] - The current Zacks Rank for UTHR is 3 (Hold), suggesting potential for continued gains [2][3]

Company Overview - United Therapeutics (UTHR) shares increased by 3.5% to close at $286.14, following a period of decline where the stock lost 7.7% over the past four weeks [1] - The rise in share price is linked to a recovery after a decline due to positive results from a pulmonary arterial hypertension (PAH) study conducted by Insmed, which evaluated a prodrug formulation of UTHR's treprostinil [2] Financial Performance - United Therapeutics is expected to report quarterly earnings of $6.87 per share, reflecting a year-over-year increase of 17.4% [3] - Revenue projections for the upcoming quarter stand at $796.42 million, which is an 11.4% increase compared to the same quarter last year [3] Earnings Estimates and Market Sentiment - The consensus EPS estimate for United Therapeutics has been revised 0.7% higher in the last 30 days, indicating a positive trend that typically correlates with stock price appreciation [4] - The company currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook in the market [4] Industry Context - United Therapeutics operates within the Zacks Medical - Drugs industry, where BioCryst Pharmaceuticals (BCRX) is another player, having closed 2% lower at $10.40 [4] - BioCryst's consensus EPS estimate remains unchanged at $0.02, representing a significant year-over-year change of 133.3% [5]