United Therapeutics Beats Earnings Estimates Despite Revenue Miss

Core Insights - United Therapeutics Corporation reported fourth-quarter results that exceeded earnings expectations but fell short on revenue, leading to a more than 9% increase in shares intra-day [1] Financial Performance - Adjusted earnings per share for the fourth quarter were $7.70, surpassing the consensus estimate of $7.10 by $0.60 [1] - Revenue for the fourth quarter totaled $790.2 million, below expectations of $815.24 million, but represented a 7% increase from $735.9 million in the prior-year quarter [2] - Full-year 2025 revenue reached a record $3.18 billion, up 11% from 2024 [2] Product Revenue Breakdown - Total Tyvaso revenue grew 12% to $464.3 million in the fourth quarter, driven by Tyvaso DPI, which increased 24% to $338.6 million [3] - Growth in Tyvaso revenue was attributed to higher quantities sold due to continued patient expansion and increased commercial utilization linked to Medicare Part D redesign under the Inflation Reduction Act [3] - Orenitram revenue rose 12% to $121.2 million [3] Net Income and Future Outlook - Net income for the quarter reached $364.3 million, or $7.70 per diluted share, compared to $301.3 million, or $6.19 per diluted share, in the fourth quarter of 2024 [4] - For full-year 2025, net income totaled $1.33 billion, up from $1.20 billion in 2024 [4] - Management indicated that the ADVANCE OUTCOMES and TETON-1 clinical programs are expected to deliver pivotal data that could expand treatment options [4]