UNITED THERAPEUTICS Corp (NASDAQ: UTHR)

United Therapeutics develops and commercializes therapies for serious diseases with unmet medical needs. The company focuses on pulmonary arterial hypertension, pulmonary hypertension associated with interstitial lung disease, oncology, and technologies that increase the supply of transplantable organs. Its product portfolio includes inhaled, injectable, and oral treatments for pulmonary hypertension and an antibody therapy for high risk neuroblastoma. In addition, United Therapeutics pursues organ manufacturing programs such as xenotransplantation, regenerative medicine, and ex vivo lung perfusion to address organ shortage. As a public benefit corporation, its charter specifies a purpose to provide a brighter future for patients through novel pharmaceutical therapies and organ availability technologies. The company was founded with the goal of finding a cure for pulmonary arterial hypertension and has expanded its mission to treat other rare diseases with limited therapeutic options. United Therapeutics markets Tyvaso DPI and Nebulized Tyvaso for both pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease. It sells Remodulin and Orenitram for pulmonary arterial hypertension and offers Adcirca as a phosphodiesterase five inhibitor for the same indication. Unituxin is indicated for the treatment of high risk neuroblastoma. The organ manufacturing efforts include developing gene edited pig kidneys and hearts for xenotransplantation, creating decellularized porcine scaffolds for regenerative medicine organs such as the ULobe lung alternative and the ULung lung alternative, and providing ex vivo lung perfusion services to improve the usability of donor lungs.

United Therapeutics generates revenue primarily from sales of its commercial pharmaceutical products. In the United States it sells Tyvaso DPI, Nebulized Tyvaso, Remodulin, Orenitram, Adcirca, and Unituxin. Outside the United States it derives revenues from Nebulized Tyvaso, Remodulin, and Unituxin. Sales of the Remunity and RemunityPRO pumps used to deliver Remodulin are included in Remodulin revenue. For the fiscal year ended December 31 2025, combined net product sales of Tyvaso DPI and Nebulized Tyvaso were $1,878.2 million representing 59 percent of total revenues. Remodulin net product sales were $526.8 million or 17 percent of total revenues. Orenitram net product sales were $496.9 million or 16 percent of total revenues. Unituxin net product sales were $226.8 million or 7 percent of total revenues. Adcirca net product sales were $30.0 million or 1 percent of total revenues. The company also receives income from licensing arrangements and royalties on its patented technologies. Year over year, the Tyvaso DPI and Nebulized Tyvaso franchise grew from $1,620.4 million in 2024 to $1,878.2 million in 2025, reflecting increased adoption of the dry powder inhaler. Remodulin sales remained stable at $526.8 million in 2025 compared with $538.1 million in 2024. Orenitram sales increased to $496.9 million in 2025 from $434.3 million in 2024. Unituxin sales rose to $226.8 million in 2025 from $238.7 million in 2024, while Adcirca sales were $30.0 million in 2025 versus $23.8 million in 2024.

United Therapeutics holds a strong position in the pulmonary hypertension market as one of the few providers of inhaled, oral, and intravenous prostacyclin therapies. Competitors include companies offering oral endothelin receptor antagonists such as Letairis, Opsumit, and Tracleer; prostacyclin analogues like Uptravi, Veletri, and Ventavis; phosphodiesterase five inhibitors such as Revatio and generic tadalafil; soluble guanylate cyclase stimulators like Adempas; and activin signaling inhibitors such as Winrevair. The company also faces competition from generic versions of its products, including generic treprostinil and generic tadalafil. Competitive advantages stem from its early market entry with inhaled and oral treprostinil formulations, the convenience of the Tyvaso dry powder inhaler, the proprietary Remunity pump system for subcutaneous Remodulin delivery, and its portfolio of orphan drug exclusivities that provide periods of market protection. Additionally, its status as a public benefit corporation underscores a commitment to patient impact alongside financial performance. The company maintains a robust intellectual property portfolio with numerous patents covering its treprostinil formulations, delivery devices, and manufacturing processes, which helps defend its market share against emerging competitors. United Therapeutics also benefits from a diversified product pipeline that includes the investigational oral prostacyclin receptor agonist ralinepag and ongoing studies of inhaled treprostinil for interstitial lung diseases such as idiopathic pulmonary fibrosis and progressive pulmonary fibrosis.

The company serves patients, healthcare providers, and specialty pharmacy distributors. In the United States its treprostinil based products are distributed through Accredo Health Group Inc and Caremark L L C (CVS Specialty). Unituxin is distributed in the United States through Cencora Global Procurement Ltd. Internationally, Remodulin is sold via Grupo Ferrer Internacional S A in Europe, the Middle East, Asia, and Latin America. Nebulized Tyvaso is distributed in Japan through Mochida Pharmaceutical Co Ltd and through various regional distributors in Asia, the Middle East, and Latin America. Unituxin is sold in Japan through Ohara Pharmaceutical Co Ltd. Additionally, United Therapeutics relies on third party contract manufacturers such as Simtra BioPharma Solutions and Woodstock Sterile Solutions for certain product components. The company also works with hospitals and clinics that administer its therapies to patients, and with patient assistance programs that provide free treatment to eligible uninsured or under insured individuals in the United States. United Therapeutics further collaborates with academic medical centers and research institutions to advance its organ manufacturing programs and to conduct clinical trials for its investigational therapies.