Every material Form 8-K United Therapeutics has filed with the SEC since February 26, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
United Therapeutics Corporation reported third-quarter 2026 total revenues of $832.5 million, a 4% increase year-over-year, driven by higher sales of Tyvaso DPI and Orenitram. However, net income decreased to $258.6 million, down from $338.7 million in the third quarter of 2025, largely due to increased research and development expenses associated with the Thymmune acquisition.
Total revenues for the quarter ended September 30, 2026, rose 4% to $832.5 million compared to $799.5 million for the same period in 2025.
Net income declined 24% to $258.6 million, or $5.71 per diluted share, compared to $338.7 million, or $7.16 per diluted share, in the third quarter of 2025.
Research and development expenses increased 119% to $279.2 million, driven by the acquisition of Thymmune Therapeutics, Inc. and ongoing organ alternative projects.
The board approved a new share repurchase program in October 2026 authorizing up to $2.0 billion in aggregate repurchases through October 21, 2027.
United Therapeutics' Board approved a share repurchase program of up to $2.0 billion of common stock on October 21, 2026, effective for one year through October 21, 2027. The company says the authorization gives it capacity to buy back shares, though it is not obligated to use it.
Authorization covers up to $2.0 billion of common stock, running through October 21, 2027.
Repurchases may be made through accelerated share repurchases, open market or privately negotiated transactions, or other means, and may start or stop at any time.
An existing accelerated share repurchase entered in September 2026 under the prior authorization has a scheduled termination in the fourth quarter of 2026 and will not reduce the new authorization.
United Therapeutics entered an accelerated share repurchase agreement with Citibank to buy back about $477.6 million of its common stock, using the remainder of its $2 billion repurchase authorization. The company will pay the amount upfront on or around September 10, 2026, and will receive an initial delivery of about 719,376 shares, with final settlement expected in the fourth quarter of 2026.
Upfront payment of about $477.6 million to Citibank on or around September 10, 2026
Initial delivery of about 719,376 shares, about 75% of the shares expected under the agreement at the September 8, 2026 closing price
Final share count depends on the average daily VWAP during the term, less a discount; final settlement expected in Q4 2026
Company previously completed ASR agreements totaling $1.5 billion in March 2026 and bought $22.4 million in open-market purchases in Q3 2026
United Therapeutics reported second quarter 2026 results for the period ended June 30, 2026. Total revenues fell 2% to $783.3 million, while net income rose 8% to $333.0 million and diluted earnings per share rose 13% to $7.27, helped by a lower income tax expense and a lower share count.
Total revenues were $783.3 million, down from $798.6 million in the second quarter of 2025.
Nebulized Tyvaso revenue fell 18% to $126.0 million, while Tyvaso DPI revenue rose 4% to $326.6 million.
Net income was $333.0 million, or $7.27 per diluted share, versus $309.5 million, or $6.41 per diluted share, a year earlier.
As of June 30, 2026, $500 million remained under the share repurchase program, which expires March 9, 2027.
United Therapeutics expanded its Board of Directors to 13 members and appointed Victor Dzau, M.D., effective July 22, 2026. Dr. Dzau will not initially serve on a board committee, and the company granted him director equity awards under its standard director compensation program.
Board size increased to 13 members; Dr. Dzau appointed July 22, 2026, with no initial committee assignment
Initial grant of 380 restricted stock units and 1,190 stock options, plus pro-rata grants of 350 RSUs and 1,110 options for the 2026-2027 board service year
Dr. Dzau previously served as President of the National Academy of Medicine for 12 years, with that term expiring in June 2026
Company describes the appointment as part of its ongoing board refreshment effort
At its June 26, 2026 annual meeting, United Therapeutics shareholders approved the 2026 Stock Incentive Plan, which adds 1,500,000 new shares to the pool along with shares left unused under the prior 2015 plan. The plan passed with 25,872,075 votes for and 10,070,290 against, and it lets the company grant options, restricted stock, RSUs and other awards, which can increase the number of shares outstanding over time.
The 2026 Plan received 25,872,075 votes for, 10,070,290 against, 276,512 abstentions and 1,194,857 broker non-votes.
The plan covers 1,500,000 new shares plus 2,413,730 shares remaining under the prior plan as of June 26, 2026.
Shareholders also ratified Ernst & Young LLP as independent auditor for 2026, with 35,753,887 votes for and 1,647,415 against.
United Therapeutics reported first quarter 2026 results with total revenues down 2% year over year to $781.5 million and net income down 15% to $274.9 million. Diluted earnings per share fell 12% to $5.82, and the company cited a $26.8 million estimated loss tied to a commercial supply agreement for Tyvaso DPI inventory, which weighed on cost of sales.
Total revenues were $781.5 million versus $794.4 million in Q1 2025, with Nebulized Tyvaso down 22% to $127.2 million and Tyvaso DPI up 9% to $330.3 million.
Net income was $274.9 million versus $322.2 million; diluted EPS was $5.82 versus $6.63.
Cost of sales rose 44% to $133.4 million, including $26.8 million tied to an estimated loss from a commercial supply agreement.
Board approved up to $2.0 billion in share repurchases in March 2026; $500 million remained available as of March 31, 2026, and accelerated share repurchase agreements covered about $1.5 billion.
United Therapeutics approved a share repurchase program of up to $2.0 billion through March 9, 2027, and on March 9, 2026 entered two accelerated share repurchase agreements with Citibank for $1.5 billion of its common stock. The company will make a $1.5 billion upfront payment to Citi by March 11, 2026, and leaves $500 million of the authorization available for future repurchases.
Board approved up to $2.0 billion in share repurchases on March 8, 2026, with the program running before March 9, 2027.
Two ASRs with Citi: $750 million uncollared and $750 million collared, with an aggregate upfront payment of $1.5 billion on or before March 11, 2026.
Initial share deliveries on March 11, 2026 of about 992,120 shares (uncollared) and 708,657 shares (collared), with final share counts set by VWAP averages.
Uncollared ASR is scheduled to terminate in Q2 2026 and collared ASR in Q3 2026; $500 million remains available for repurchases over the next year.
United Therapeutics reported fourth quarter and full year 2025 results, with full year revenue rising 11% to a record $3.18 billion. Fourth quarter revenue was $790.2 million, up from $735.9 million a year earlier, and diluted earnings per share were $7.70 versus $6.19. The filing shows growth in both the quarter and the year, though it does not include new financial guidance.
Q4 2025 total revenues were $790.2 million, up 7% from $735.9 million in Q4 2024.
Full year 2025 net income was $1,334.7 million, or $27.86 per diluted share, compared with $1,195.1 million, or $24.64 per diluted share, in 2024.
Tyvaso DPI revenues rose 25% for the full year to $1,292.5 million, while Nebulized Tyvaso revenues were roughly flat at $585.7 million.
Cash, cash equivalents, and marketable investments were $4,697.0 million at December 31, 2025.
United Therapeutics appointed Kevin J. Tracey, M.D., to its Board of Directors on January 21, 2026, increasing the Board to 13 members. The Board also adopted an Eleventh Amended and Restated Bylaws, which lowers the shareholder vote needed to alter, repeal, or amend the bylaws from 80% to a majority of voting power and adds a cure process for certain director nomination notices.
Kevin J. Tracey, M.D., joined the Board on January 21, 2026; he will not serve on a Board committee initially.
Board size increased to 13 members; Dr. Tracey received 1,220 restricted stock units on January 21, 2026.
Shareholder vote needed to amend the bylaws drops from 80% to a majority of voting power of outstanding shares entitled to vote generally in director elections.
Bylaws now allow shareholders to cure certain deficiencies in director nomination notices within the specified time period.
United Therapeutics reported record third-quarter 2025 results, with total revenues up 7% year over year to $799.5 million and net income up 10% to $338.7 million. Diluted earnings per share rose 12% to $7.16, and the company said Tyvaso DPI growth drove the increase.
Total revenues of $799.5 million for the quarter ended September 30, 2025, compared with $748.9 million a year earlier.
Diluted earnings per share of $7.16, compared with $6.39 in the third quarter of 2024, up 12%.
Tyvaso DPI net product sales rose 22% to $336.2 million, while Nebulized Tyvaso sales fell 11% to $141.8 million.
On August 1, 2025, United Therapeutics entered two accelerated share repurchase agreements with Citibank, N.A., totaling $1 billion under the $1 billion program its board approved on July 30, 2025. The company makes the full $1 billion upfront payment to Citi on August 4, 2025, and receives initial share deliveries that day, with the final number of shares repurchased to be set by future average prices. For shareholders, the buyback is a large use of company cash, and the filing does not yet state the total number of shares that will be repurchased.
Two agreements of $500 million each: an uncollared ASR and a collared ASR with Citi.
Aggregate upfront payment of $1 billion to Citi due August 4, 2025.
Initial deliveries on August 4, 2025 of about 1,274,296 shares (uncollared) and about 849,531 shares (collared).
Final settlement expected in the fourth quarter of 2025 (uncollared) and the first quarter of 2026 (collared).
United Therapeutics reported record second quarter 2025 total revenue of $798.6 million, up 12 percent from $714.9 million a year earlier, and net income of $309.5 million, up 11 percent. Diluted EPS rose 10 percent to $6.41, and the Board authorized share repurchases of up to $1 billion expiring March 31, 2026.
Total revenue $798.6 million vs. $714.9 million in Q2 2024, up 12 percent
Tyvaso DPI revenue $315.2 million, up 22 percent; Nebulized Tyvaso $154.4 million, up 10 percent
Net income $309.5 million vs. $278.1 million; diluted EPS $6.41 vs. $5.85
Share repurchase authorization of up to $1 billion, expiring March 31, 2026; $21.7 million PP&E impairment recorded
United Therapeutics reported first quarter 2025 results for the quarter ended March 31, 2025, with total revenues up 17% year over year to $794.4 million. Net income rose 5% to $322.2 million, and diluted earnings per share rose 7% to $6.63, though research and development expense grew 43% to $149.0 million.
Total Tyvaso revenues rose 25% to $466.3 million, led by Tyvaso DPI at $302.5 million, up 33%.
Net income was $322.2 million versus $306.6 million a year earlier; diluted EPS was $6.63 versus $6.17.
Research and development expense rose to $149.0 million from $104.1 million, including a $30.0 million increase in milestone payments for drug delivery device technologies.
The filing contains no revenue or earnings guidance; the company said it would host a webcast on April 30, 2025 at 9:00 a.m. Eastern Time.
On April 25, 2025, United Therapeutics entered a five-year unsecured revolving credit agreement with Wells Fargo as administrative agent, providing up to $2.5 billion, with an option to increase it by up to $750 million. The company borrowed $200.0 million at closing and used the funds to pay off and terminate its 2022 credit agreement with no early termination penalties. The filing shows a refinancing of existing debt rather than a change in operating results, and the new facility includes leverage and interest coverage covenants and a change-of-control default.
Unsecured revolving credit facility of up to $2.5 billion, maturing five years after closing, with up to two one-year extensions
Borrowed $200.0 million at closing on April 25, 2025, and used the proceeds to repay the 2022 Credit Agreement
2022 Credit Agreement, dated March 31, 2022, paid off and terminated with no early termination penalties
Covenants require total indebtedness to EBITDA of no more than 3.50 to 1.00 and interest coverage of at least 3.00 to 1.00
United Therapeutics reported fourth quarter and full year 2024 results on February 26, 2025. Revenue for the quarter rose 20% to $735.9 million and net income rose to $301.3 million, while full year revenue reached a record $2.88 billion, up 24%. Higher earnings for both periods point to strong sales of its treprostinil products for shareholders, though the company also booked a $71.1 million litigation accrual tied to Sandoz Inc. for 2024.
Q4 2024 diluted EPS was $6.19, compared with $4.36 in Q4 2023.
Full year 2024 net income was $1,195.1 million, compared with $984.8 million in 2023.
Total Tyvaso revenue grew 19% to $415.9 million in Q4 2024.
A $71.1 million accrual related to ongoing litigation with Sandoz Inc. was recorded as of December 31, 2024.
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