United Therapeutics Q3 Revenue Rises 4% as Net Income Falls 24%

United Therapeutics’ third-quarter 2026 revenue rose 4% to $832.5 million, while net income fell 24% to $258.6 million, pairing higher sales with lower profit for the quarter ended Sept. 30.

Diluted earnings per share declined 20% to $5.71, compared with $7.16 a year earlier. Net income was down from $338.7 million in the year-earlier quarter, while revenue increased from $799.5 million.

Research and development expense climbed 119% to $279.2 million from $127.5 million. The company allocated $133.6 million of an acquisition’s purchase price to an in-process research and development asset and expensed the amount immediately.

Tyvaso, the company’s largest listed product revenue category, generated $503.8 million, up 5%. Tyvaso DPI revenue rose 13% to $378.5 million, while revenue from nebulized Tyvaso fell 12% to $125.3 million. Orenitram revenue increased 11% to $145 million.

“Our record third quarter revenue performance reflects a business operating at a very high level, driven by strong commercial momentum and focused execution across our organization,” United Therapeutics President and Chief Operating Officer Michael Benkowitz said.