Filing Flows › United Therapeutics (UTHR) › Q3 2026 › vs Q3 2025
United Therapeutics (UTHR) Q3 2026 vs Q3 2025 (year over year)
United Therapeutics's revenue rose $33.0M (+4%) from $800M in Q3 2025 to $832M in Q3 2026. The biggest changes: Total Tyvaso +$25.8M (+5%); Orenitram +$13.9M (+11%); Adcirca −$5.2M (-54%). Gross margin 88.1% against 87.4% (+0.7 pts).
United Therapeutics, Q3 2026: revenue $832M (+4% year over year), operating margin 37.0%, net earnings $259M, operating cash flow $306M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 88.1% | 87.4% | +0.7 pts |
| Operating margin | 37.0% | 48.6% | -11.6 pts |
| Net margin | 31.1% | 42.4% | -11.3 pts |
| Free cash flow margin | 15.1% | 44.0% | -28.9 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Tyvaso DPI | $378M | $336M | $42.3M | +13% |
| Nebulized Tyvaso | $125M | $142M | −$16.5M | -12% |
| Total Tyvaso | $504M | $478M | $25.8M | +5% |
| Orenitram | $145M | $131M | $13.9M | +11% |
| Remodulin | $122M | $126M | −$3.9M | -3% |
| Unituxin | $52.3M | $47.9M | $4.4M | +9% |
| Other | $4.9M | $6.9M | −$2.0M | -29% |
| Adcirca | $4.5M | $9.7M | −$5.2M | -54% |
| Revenue | $832M | $800M | $33.0M | +4% |
| Gross profit | $733M | $699M | $34.8M | +5% |
| Cost of revenue | $99.1M | $101M | −$1.8M | -2% |
| Other income, net | $65.0M | $49.5M | $15.5M | +31% |
| Operating profit | $308M | $388M | −$80.7M | -21% |
| Operating expenses | $426M | $310M | $116M | +37% |
| Pre-tax earnings | $373M | $438M | −$65.2M | -15% |
| Research & development | $279M | $128M | $152M | +119% |
| SG&A | $146M | $183M | −$36.2M | -20% |
| Net earnings | $259M | $339M | −$80.1M | -24% |
| Income tax | $114M | $99.3M | $14.9M | +15% |
| Depreciation & amortization | $26.4M | $21.9M | $4.5M | +21% |
| Share-based compensation | $41.0M | $39.1M | $1.9M | +5% |
| Working capital & other | $19.5M | −$162M | $182M | — |
| Operating cash flow | $306M | $562M | −$256M | -45% |
| Free cash flow (OCF − capex) | $126M | $352M | −$226M | -64% |
| Capital expenditures | $181M | $210M | −$29.8M | -14% |
Questions
How much did United Therapeutics's revenue grow year over year in Q3 2026?
United Therapeutics's revenue rose $33.0M (+4%) from $800M in Q3 2025 to $832M in Q3 2026.
What drove United Therapeutics's revenue change in Q3 2026?
Total Tyvaso +$25.8M (+5%); Orenitram +$13.9M (+11%); Adcirca −$5.2M (-54%).