Filing Flows › United Therapeutics (UTHR) › Q2 2026 › vs Q2 2025
United Therapeutics (UTHR) Q2 2026 vs Q2 2025 (year over year)
United Therapeutics's revenue fell $15.3M (-2%) from $799M in Q2 2025 to $783M in Q2 2026. The biggest changes: Nebulized Tyvaso −$28.4M (-18%); Unituxin +$6.8M (+12%); Total Tyvaso +$3.0M (+0.7%). Gross margin 87.3% against 89.0% (-1.7 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 87.3% | 89.0% | -1.7 pts |
| Operating margin | 42.2% | 45.6% | -3.4 pts |
| Net margin | 42.5% | 38.8% | +3.8 pts |
| Free cash flow margin | 26.2% | 16.2% | +10.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Tyvaso DPI | $327M | $315M | $11.4M | +4% |
| Remodulin | $126M | $135M | −$8.4M | -6% |
| Total Tyvaso | $453M | $450M | $3.0M | +0.7% |
| Nebulized Tyvaso | $126M | $154M | −$28.4M | -18% |
| Orenitram | $126M | $124M | $1.8M | +1% |
| Unituxin | $65.2M | $58.4M | $6.8M | +12% |
| Other | $6.8M | $5.5M | $1.3M | +24% |
| Adcirca | $6.7M | $6.5M | $200K | +3% |
| Revenue | $783M | $799M | −$15.3M | -2% |
| Gross profit | $684M | $711M | −$27.2M | -4% |
| Cost of revenue | $99.5M | $87.6M | $11.9M | +14% |
| Other income, net | $41.9M | $43.9M | −$2.0M | -5% |
| Operating profit | $331M | $364M | −$33.7M | -9% |
| Operating expenses | $353M | $346M | $6.5M | +2% |
| Pre-tax earnings | $373M | $408M | −$35.7M | -9% |
| Research & development | $146M | $134M | $12.3M | +9% |
| SG&A | $207M | $212M | −$5.8M | -3% |
| Net earnings | $333M | $310M | $23.5M | +8% |
| Income tax | $39.7M | $98.9M | −$59.2M | -60% |
| Depreciation & amortization | $24.2M | $21.1M | $3.1M | +15% |
| Share-based compensation | $43.4M | $37.8M | $5.6M | +15% |
| Working capital & other | $87.0M | $177M | −$89.7M | -51% |
| Operating cash flow | $314M | $192M | $122M | +64% |
| Free cash flow (OCF − capex) | $206M | $130M | $76.1M | +59% |
| Capital expenditures | $108M | $62.2M | $45.8M | +74% |
Questions
How much did United Therapeutics's revenue grow year over year in Q2 2026?
United Therapeutics's revenue fell $15.3M (-2%) from $799M in Q2 2025 to $783M in Q2 2026.
What drove United Therapeutics's revenue change in Q2 2026?
Nebulized Tyvaso −$28.4M (-18%); Unituxin +$6.8M (+12%); Total Tyvaso +$3.0M (+0.7%).