Filing Flows › United Therapeutics (UTHR) › Q2 2026 › vs Q1 2026
United Therapeutics (UTHR) Q2 2026 vs Q1 2026 (quarter over quarter)
United Therapeutics's revenue rose $1.8M (+0.2%) from $782M in Q1 2026 to $783M in Q2 2026. The biggest changes: Unituxin +$11.6M (+22%); Orenitram −$9.9M (-7%); Total Tyvaso −$4.0M (-0.9%). Gross margin 87.3% against 82.9% (+4.4 pts).
United Therapeutics, Q2 2026: revenue $783M (-2% year over year), operating margin 42.2%, net earnings $333M, operating cash flow $314M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 87.3% | 82.9% | +4.4 pts |
| Operating margin | 42.2% | 41.7% | +0.5 pts |
| Net margin | 42.5% | 35.2% | +7.3 pts |
| Free cash flow margin | 26.2% | 46.4% | -20.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Tyvaso DPI | $327M | $330M | −$3.7M | -1% |
| Remodulin | $126M | $127M | −$300K | -0.2% |
| Total Tyvaso | $453M | $457M | −$4.0M | -0.9% |
| Nebulized Tyvaso | $126M | $127M | −$1.2M | -0.9% |
| Orenitram | $126M | $136M | −$9.9M | -7% |
| Unituxin | $65.2M | $53.6M | $11.6M | +22% |
| Other | $6.8M | $5.3M | $1.5M | +28% |
| Adcirca | $6.7M | $2.9M | $3.8M | +131% |
| Revenue | $783M | $782M | $1.8M | +0.2% |
| Gross profit | $684M | $648M | $35.7M | +6% |
| Cost of revenue | $99.5M | $133M | −$33.9M | -25% |
| Other income, net | $41.9M | −$7.5M | $49.4M | — |
| Operating profit | $331M | $326M | $5.0M | +2% |
| Operating expenses | $353M | $322M | $30.7M | +10% |
| Pre-tax earnings | $373M | $318M | $54.4M | +17% |
| Research & development | $146M | $138M | $8.1M | +6% |
| SG&A | $207M | $184M | $22.6M | +12% |
| Net earnings | $333M | $275M | $58.1M | +21% |
| Income tax | $39.7M | $43.4M | −$3.7M | -9% |
| Depreciation & amortization | $24.2M | $22.6M | $1.6M | +7% |
| Share-based compensation | $43.4M | $33.9M | $9.5M | +28% |
| Working capital & other | $87.0M | −$132M | $219M | — |
| Operating cash flow | $314M | $463M | −$150M | -32% |
| Free cash flow (OCF − capex) | $206M | $362M | −$157M | -43% |
| Capital expenditures | $108M | $101M | $7.2M | +7% |
Questions
How much did United Therapeutics's revenue grow quarter over quarter in Q2 2026?
United Therapeutics's revenue rose $1.8M (+0.2%) from $782M in Q1 2026 to $783M in Q2 2026.
What drove United Therapeutics's revenue change in Q2 2026?
Unituxin +$11.6M (+22%); Orenitram −$9.9M (-7%); Total Tyvaso −$4.0M (-0.9%).