Filing Flows › United Therapeutics (UTHR) › Q1 2025
United Therapeutics (UTHR) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
United Therapeutics (UTHR) reported revenue of $794M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +8% from the quarter before. Operating margin was 48.2%, net earnings $322M (40.6% of revenue).
United Therapeutics, Q1 2025: revenue $794M (+17% year over year), operating margin 48.2%, net earnings $322M, operating cash flow $461M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $794M | +8% | +17% |
| Gross profit | $702M | +6% | +16% |
| Operating profit | $383M | +7% | +7% |
| Net earnings | $322M | +7% | +5% |
| Operating cash flow | $461M | +35% | +22% |
| Free cash flow | $386M | +52% | +14% |
What changed
Revenue was $794.4M in Q1 2025, up 17% year over year and up 8% from the previous quarter. Tyvaso DPI was the largest line at 38% of revenue. Tyvaso DPI added $75.0M year over year (up 33%), 64% of the total change. Other declined 19%.
Gross margin was 88.4%, down 0.9 points from a year earlier. Operating profit was $382.8M, a 48.2% margin (down 4.4 points year over year). Of the extra revenue versus a year earlier, 23% reached operating profit, below the 53% margin then. Operating expenses grew 28% against revenue growth of 17%. The fastest-growing cost line was Research & development (+43%). Net earnings were $322.2M, up 5% year over year. The effective tax rate was 23.9%.
Operating cash flow was $461.2M (up 22% year over year), 143% of net earnings. Non-cash charges added back $19.8M of depreciation and amortization and $31.8M of share-based compensation. Working capital and other items added $87.4M. Capital expenditures of $74.9M left free cash flow of $386.3M.
Questions
What was United Therapeutics' revenue in the first quarter 2025?
United Therapeutics (UTHR) reported revenue of $794M for the first quarter 2025 (Q1 2025), +17% from a year earlier and +8% from the quarter before.
Was United Therapeutics profitable in the first quarter 2025?
Operating profit was $383M (48.2% of revenue) and net earnings $322M.