UTHR Q2 2025 Earnings
Reported Jul 30, 2025 at 6:36 AM ET · SEC Source
Q2 25 EPS
$6.41
MISS 7.31%
Est. $6.92
Q2 25 Revenue
$798.6M
MISS 0.63%
Est. $803.6M
vs S&P Since Q2 25
+78.8%
BEATING MARKET
UTHR +92.4% vs S&P +13.6%
Market Reaction
Did UTHR Beat Earnings? Q2 2025 Results
United Therapeutics fell short of Wall Street expectations in the second quarter of 2025, posting earnings of $6.41 per diluted share against a consensus estimate of $6.92, a miss of 7.31%, while revenue of $798.60 million edged just 0.63% below the … Read more United Therapeutics fell short of Wall Street expectations in the second quarter of 2025, posting earnings of $6.41 per diluted share against a consensus estimate of $6.92, a miss of 7.31%, while revenue of $798.60 million edged just 0.63% below the $803.65 million estimate despite climbing 11.7% year-over-year. The headline disappointment, however, obscures a fundamentally healthy quarter, with management touting a record 12th consecutive period of double-digit revenue growth. The primary engine was Tyvaso DPI, which generated record quarterly revenue of $315.20 million, up 22% year-over-year, fueled by growing patient volumes and a boost in commercial utilization tied to the Medicare Part D redesign under the Inflation Reduction Act. Total Tyvaso revenues reached $469.60 million, up 18%, while Orenitram contributed a record $123.90 million. The company also authorized a $1.00 billion share repurchase program, and investors are closely watching September 2025 for Phase 3 TETON 2 data on nebulized Tyvaso in idiopathic pulmonary fibrosis, a readout that could reshape the company's long-term growth trajectory.
Key Takeaways
- • Tyvaso DPI revenue growth driven by increased patient volumes and utilization in PH-ILD
- • Medicare Part D benefit redesign under the Inflation Reduction Act boosted commercial utilization for Tyvaso DPI and Orenitram
- • Nebulized Tyvaso growth from increased quantities sold and price increases
- • 12 consecutive quarters of double-digit year-over-year total revenue growth
UTHR YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
UTHR Revenue by Segment
With YoY comparisons, source: SEC Filings
UTHR Revenue by Geography
With YoY comparisons, source: SEC Filings
“Our second quarter yet again produced record-setting results driven by the strength of our foundational commercial business. We continue to believe there is no other biotech company like ours that provides this combination of sales growth and operating cash flow with near- to medium-term catalysts positioned for sustained long-term growth, starting with data from the TETON 2 study of nebulized treprostinil in idiopathic pulmonary fibrosis expected in September that could fundamentally improve options for patients with this progressive, deadly disease with few treatments available.”
— Martine Rothblatt, Q2 2025 Earnings Press Release
UTHR Earnings Trends
UTHR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
UTHR EPS Trend
Earnings per share: estimate vs actual
UTHR Revenue Trend
Quarterly revenue: estimate vs actual
UTHR Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $7.10 | $7.70 | +8.45% | $790.2M | -2.18% |
| FY Full Year | $26.95 | $27.86 | +3.39% | $3.18B | -0.55% |
| Q3 25 BEAT | $6.96 | $7.16 | +2.86% | $799.5M | -1.65% |
| Q2 25 MISS | $6.92 | $6.41 | -7.31% | $798.6M | -0.63% |
| Q1 25 BEAT | $6.28 | $6.63 | +5.62% | $794.4M | +9.37% |