Filing Flows › United Therapeutics (UTHR) › Q2 2025
United Therapeutics (UTHR) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
United Therapeutics (UTHR) reported revenue of $799M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +0.5% from the quarter before. Operating margin was 45.6%, net earnings $310M (38.8% of revenue).
United Therapeutics, Q2 2025: revenue $799M (+12% year over year), operating margin 45.6%, net earnings $310M, operating cash flow $192M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $799M | +0.5% | +12% |
| Gross profit | $711M | +1% | +12% |
| Operating profit | $364M | -5% | +14% |
| Net earnings | $310M | -4% | +11% |
| Operating cash flow | $192M | -58% | -17% |
| Free cash flow | $130M | -66% | -31% |
What changed
Revenue was $798.6M in Q2 2025, up 12% year over year and up 1% from the previous quarter. Tyvaso DPI was the largest line at 39% of revenue. Tyvaso DPI added $56.9M year over year (up 22%), 68% of the total change. Remodulin declined 9%.
Gross margin was 89.0%, down 0.1 points from a year earlier. Operating profit was $364.5M, a 45.6% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 53% reached operating profit, above the 45% margin then. Operating expenses grew 9% against revenue growth of 12%. The fastest-growing cost line was SG&A (+20%). Net earnings were $309.5M, up 11% year over year. The effective tax rate was 24.2%.
Operating cash flow was $191.7M (down 17% year over year), 62% of net earnings. Non-cash charges added back $21.1M of depreciation and amortization and $37.8M of share-based compensation. Working capital and other items used $176.7M. Capital expenditures of $62.2M left free cash flow of $129.5M.
Questions
What was United Therapeutics' revenue in the second quarter 2025?
United Therapeutics (UTHR) reported revenue of $799M for the second quarter 2025 (Q2 2025), +12% from a year earlier and +0.5% from the quarter before.
Was United Therapeutics profitable in the second quarter 2025?
Operating profit was $364M (45.6% of revenue) and net earnings $310M.