United Therapeutics Q1 revenue falls 2% to $781.5 million; net income down 15%
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.
Key points
- 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.
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 06, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.