US Market News
3日前
United Therapeutics Corporation Acquires Thymmune TherapeuticsJuly 2, 2026 6:30 AM
Business Wire United Therapeutics Corporation (Nasdaq: UTHR) announced today it has acquired Thymmune Therapeutics, Inc. (Thymmune), a privately held, preclinical stage biotechnology company developing scalable, regenerative thymic cell therapies for the potential treatment of post-transplant organ tolerance, immunodeficiencies, and autoimmune diseases. The thymus is a critical organ for the development and proper function of key parts of the immune system, including training T-cells, which are essential for fighting infections and other diseases. Thymmune has a proprietary process for converting human-induced pluripotent stem cells (iPSC) into thymic cells, which — once inside the body — mature into cell types that can restore healthy T-cell function. Thymmune’s lead candidate, THY-100, is in preclinical development for congenital athymia, an ultra-rare and life-threatening condition in which infants are born without a functional thymus. Animal studies have shown that treatment with THY-100 results in the in vivo formation of a neo-thymus that is capable of facilitating T-cell development. The clinical proof of concept and further development of THY-100 has the potential to broaden thymic regenerative medicine approaches for transplant tolerance, serious immune-mediated diseases, and enhanced longevity for older adults with diminished T-cell function. “Thymmune’s platform complements United Therapeutics’ broader mission to expand the supply of transplantable organs, building on our UThymoKidney™ clinical development program and our growing strength in immunomodulatory therapeutics,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “By restoring or modulating T-cell receptor diversity, Thymmune’s technology could make fundamental contributions to human health care and potentially resolve the root causes of dozens of life-threatening diseases.” “Thymmune was founded to harness the biology of the thymus to restore immune function for patients with serious immune-mediated diseases,” said Stan Wang, M.D., Ph.D., Chief Executive Officer and Founder of Thymmune Therapeutics. “United Therapeutics shares our conviction that regenerative medicine can transform the lives of patients, and we believe its leadership in organ alternatives and cell-based technologies makes it the ideal partner to advance our platform toward broad clinical impact.” Under the terms of the agreement, United Therapeutics acquired Thymmune for $140 million in cash, subject to certain post-closing adjustments, plus potential earn-out payments to former Thymmune equityholders of up to $160 million based upon the achievement of certain clinical and regulatory milestones by the end of 2031. About United Therapeutics Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build. Visit us at www.unither.com and follow us on LinkedIn, Facebook, and Instagram. Forward-Looking Statements Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements regarding our plans to develop THY-100 and other products based on Thymmune’s technology, including the potential to broaden thymic regenerative medicine approaches for transplant tolerance, serious immune-mediated diseases, and enhanced longevity for older adults with diminished T-cell function, the potential for Thymmune’s technology to support our organ manufacturing programs, the potential for Thymmune’s technology to make fundamental contributions to human health care and potentially resolve the root causes of dozens of life-threatening diseases, the potential earn-out payments to the former Thymmune stockholders, our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language, and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of July 2, 2026, and assume no obligation to update or revise the information contained in this press release whether because of new information, future events, or any other reason. UTHYMOKIDNEY is a trademark of United Therapeutics Corporation. View source version on businesswire.com: https://www.businesswire.com/news/home/20260702920280/en/ For Further Information Contact:
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communications@unither.com Original: United Therapeutics Corporation Acquires Thymmune Therapeutics
US Market News
6日前
United Therapeutics Corporation Announces FDA Approval of the LungFX™ Device for Centralized Ex Vivo Lung PerfusionJune 29, 2026 6:30 AM
Business Wire LungFX™ is the first device approved for centralized ex vivo lung perfusion for donor organs not otherwise used for transplant, an important step in advancing United Therapeutics’ platforms United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced that the U.S. Food and Drug Administration (FDA) has granted premarket approval (PMA) of the LungFXTM device (LungFX) for use in centralized ex vivo lung perfusion (EVLP), a procedure that enables donor lungs to be assessed outside the body after procurement and before transplantation. The PMA, submitted by United Therapeutics’ wholly owned subsidiary, Lung Bioengineering Inc., included comprehensive safety and effectiveness data supporting use of LungFX to perform EVLP in a centralized facility. LungFX is indicated for centralized, ex vivo (outside the body) evaluation of deceased-donor lungs (single and double) that cannot be placed for transplantation by an organ procurement organization (OPO) with any of the matched candidates if using direct-to-recipient procurement and preservation procedures. LungFX provides normothermic perfusion and ventilation of procured donor lungs initially stored with cold static preservation solution. LungFX is intended to allow for re-assessment, in a controlled environment, of the suitability of procured donor lungs for transplantation into male and female patients aged 18 years or older with end-stage lung disease awaiting first-time (double or single) lung transplantation. Lungs accepted for transplantation after LungFX require a second period of storage with cold static preservation solution, and cumulative preservation time of transplanted lungs is not intended to exceed 20 hours. To date, Lung Bioengineering has performed 1,100 EVLP procedures using other approved devices, with 600 lungs accepted for transplant. Lung Bioengineering expects to add LungFX to its available services in 2027. “Today’s approval is a big step forward in reducing the large number of donor lungs — over 80% — that are unfortunately left behind instead of being transplanted,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “The FDA approval of our LungFX device also marks an important milestone on our path toward using advanced technologies to create an unlimited supply of transplantable organs.” “Too many donor lungs go unused today,” said Dr. Kenneth McCurry, M.D., Director of the Cleveland Clinic Enterprise Transplant Center and investigator in the LungFX pivotal trial. “EVLP with this device provides additional clinical data to transplant teams to help determine whether donated lungs that might otherwise go unused are suitable for transplant. Our work with Lung Bioengineering over the last ten years has significantly increased the number of patients we have been able to successfully transplant.” “LungFX is the first EVLP device approved specifically for use in a fit-for-purpose centralized facility, expanding access for transplant programs without requiring them to build EVLP capabilities within their own hospitals. It also strengthens United Therapeutics’ platform for advancing new technologies designed to enhance donor lung function,” said Brandi Zofkie, M.P.H., Associate Vice President of Lung Bioengineering. Lung Bioengineering Inc., a wholly owned subsidiary of United Therapeutics, is the global leader in centralized EVLP. The company owns and operates facilities in Silver Spring, Maryland, and Jacksonville, Florida, dedicated to performing centralized EVLP procedures designed to extend preservation and enable assessment of donor lungs that might otherwise be deemed unsuitable for transplant. IMPORTANT SAFETY INFORMATION CONTRAINDICATIONS There are no known contraindications. WARNINGS AND PRECAUTIONS The LungFX device is not intended for the preservation of donor lungs that could be matched and successfully placed by an OPO without utilization of the device. In the CLES Pivotal Study, the observed 12-month survival rate among recipients of LungFX lungs did not meet the pre-specified performance goal (> 95% posterior probability of 1 year survival > 81.2%); rates of 12-month overall mortality and Clinical Events Committee (CEC)-adjudicated lung graft-related mortality were higher in EVLP subjects as compared to non-EVLP contemporaneous control subjects; and two-year survival within several pre-specified subgroups were clinically less favorable among EVLP donor lungs than among non-EVLP control donor lungs. Before deciding to proceed with LungFX organ preservation, a physician should fully consider the risks and benefits of this device and those of other organ preservation modalities. Transplant physicians are advised to carefully review the available clinical data in the LungFX device labeling when considering its use for any donor lungs and recipients. Only qualified Lung Bioengineering personnel can operate the LungFX device. Only trained physicians can evaluate lung suitability for transplantation after LungFX device evaluation. Safety and effectiveness of the LungFX device is derived principally from clinical data collected prospectively in the CLES Pivotal Study within 1 year after organ preservation and transplantation and from 2 years of observational, post-transplantation survival. Therefore, the impact of the LungFX device on clinical outcomes such as longer-term recipient survival and graft function (e.g., chronic lung allograft dysfunction (CLAD)) is uncertain. Other approved devices allow for pre-transplant assessment of procured donor lungs under conditions of ex vivo normothermic perfusion and ventilation, and there are various approaches available for isolated cold static storage preservation of procured donor lungs. Each alternative has its own advantages and disadvantages. A physician should fully discuss these alternatives with transplant candidates to identify the type of donor organ and preservation method that best meets patient expectations. Safety and effectiveness of the LungFX device have not been studied in: Patients: individuals under 18 years of age; patients listed for same-side lung re-transplantation, multiple-organ transplantation involving the lung and another organ, or live donor lobar lung transplantation; and patients with HIV infection or Burkholderia cenocepacia infection. Donors/donor lungs: donors or donor lungs with confirmed pneumonia, persistent purulent secretions identified by bronchoscopy before donor lung excision, confirmed evidence of aspiration, significant mechanical lung injury or trauma, HIV or active hepatitis C. A device malfunction or User error could lead to a potential loss of a donor lung. ADVERSE EVENTS Patients receiving a lung evaluated with LungFX may experience adverse events (AEs) including those experienced with any lung transplant. Below is a list of some of the AEs observed during clinical studies of the device. Death Primary graft dysfunction (PGD) Chronic lung allograft dysfunction (CLAD) Respiratory failure Lung transplant rejection Pulmonary embolism Pneumonia Bronchostenosis Hypoxia Dysphagia These AEs were also observed in transplant recipients whose lungs did not undergo evaluation with the LungFX device prior to transplantation. PRESCRIPTION INFORMATION Caution: Federal law (USA) restricts this device to sale by or on the order of a physician. Please see the LungFX Physician Labeling and Instructions for Use for further detailed information. About United Therapeutics Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build. Visit us at www.unither.com and follow us on LinkedIn, Facebook, and Instagram. Forward-Looking Statements Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements regarding Lung Bioengineering’s expectation to add LungFX to its available services in 2027; our goal of reducing the number of donor lungs that are left behind not transplanted; our goal of using advanced technologies to create an unlimited supply of transplantable organs; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. Forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language, and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of June 29, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events or any other reason. View source version on businesswire.com: https://www.businesswire.com/news/home/20260629284898/en/ For Further Information Contact:
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communications@unither.com Original: United Therapeutics Corporation Announces FDA Approval of the LungFX™ Device for Centralized Ex Vivo Lung Perfusion
US Market News
2月前
United Therapeutics Corporation Announces FDA Clearance to Proceed with UHeart Xenotransplantation Clinical TrialMay 15, 2026 6:00 PM
Business Wire First-ever human clinical trial of a xenoheart intended to support potential registration through the submission of a Biologics License Application to the U.S. FDA United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced that the U.S. Food and Drug Administration (FDA) has granted clearance under the company’s Investigational New Drug application to proceed with a clinical study of its investigational UHeart™ derived from a pig with 10 gene edits. The study, known as EXPRESS, will enroll an initial cohort of up to two participants. United Therapeutics will provide the FDA with safety and efficacy data from the first UHeart xenotransplant recipient in the study before enrolling a second participant. Following FDA review of available safety and efficacy data from the initial two transplants, the study may then be further expanded, with the intent to support a Biologics License Application (BLA) with the FDA. “Moving a porcine-derived heart into human clinical trials represents another defining advancement for the field of xenotransplantation,” said Kristina DeSmet, Ph.D., DABT, Senior Director, Product Development at United Therapeutics. “The heart is one of the most complex solid organs to transplant, and proceeding into the clinic reflects years of coordinated scientific progress. For United Therapeutics, this milestone represents our third clinical trial in xenotransplantation and underscores the breadth of our platform, spanning end-stage renal disease and now life-threatening heart disease. Together, these programs reinforce our commitment to expanding transplant options for patients who currently have no other alternatives.” Noah Byrd, Ph.D., RAC, Vice President, Global Regulatory Affairs at United Therapeutics, added: “Patients with end stage heart disease continue to face profound limitations in available treatment options. This FDA clearance to proceed with our EXPRESS clinical trial will allow us to begin evaluating an innovative therapeutic option designed to address this unmet need.” About EXPRESS Study Design The study will start at a single center enrolling up to two participants. If safety and efficacy data from these initial participants are supportive, United Therapeutics intends to expand the study to enroll participants at additional centers to support submission of a BLA. The study is designed as a phase 1/2/3 trial (sometimes referred to as a “phaseless” study) to evaluate safety and efficacy of the UHeart seamlessly without moving through separate phase 1, phase 2, and phase 3 studies that are typically associated with conventional drug approvals. Participants will receive a UHeart transplant followed by a 24-week post-transplant follow-up period, including the evaluation of all study endpoints and safety assessments. After the 24-week post-transplant follow-up period, participants who received a UHeart will continue to be followed for the rest of their lives, including for survival, UHeart survival, and screening for zoonotic infections. Safety and efficacy data will be reviewed frequently by an independent Data Monitoring Committee. After at least 12 weeks post-transplant of the first participant, United Therapeutics will provide data to FDA prior to initiating a second transplant. If safety and efficacy results from the first 2 participants are supportive, the study sample size will be increased to enable the study to support registration. Efficacy Endpoints Efficacy endpoints include participant survival rate, UHeart survival rate, UHeart function1, change in quality of life in participants2 at 24 weeks post-transplant, and participant exercise capacity3. Overall survival time of participants receiving a UHeart and overall survival time of the UHearts themselves are also efficacy endpoints. Safety Endpoints Safety endpoints include the incidence of adverse events and serious adverse events, all-cause mortality, and the incidence of arrythmias, thromboembolic and ischemic strokes, zoonotic infections, and opportunistic infections. Key Participation Criteria Key participation criteria include those ≥50 years of age, diagnosed with end-stage or advanced heart failure (HF) classified as American College of Cardiology/American Heart Association stage D and New York Heart Association Class IV, and no remaining therapeutic options. Participants will be screened using a crossmatch assay to assess expected immunological compatibility with the UHeart. Participants must not need multiple organ transplants; must not have had a prior solid organ transplant; must not have support with venoarterial ECMO; must not have severe medical co-morbidities, including but not limited to chronic liver disease, severe central vascular disease, severe neurologic diseases, and uncontrolled diabetes; and must not have a history of medical noncompliance that may preclude adherence to the demands and requirements of xenotransplantation. Full inclusion and exclusion criteria for this study will be provided in a future listing on the clinicaltrials.gov website. About Advanced Heart Failure According to the Journal of Cardiac Failure, in the United States nearly 6.7 million adults 20 years of age or older have HF, and in 2023, HF was responsible for 14.6% of all causes of death according to a CDC report4. In 2023, only a fraction of Americans with HF were considered candidates and waitlisted for a human heart transplant (0.12% or 8,000 Americans), and only approximately 4,000 heart transplants were performed5. About UHeart United Therapeutics’ xenoheart, known by the proposed trade name UHeart, is an investigational xenoheart from a pig with 10 gene edits. Six human genes are added to the pig genome to facilitate immunological acceptance and compatibility of the organ in the human recipient. Four porcine genes are inactivated or “knocked out” to reduce the risk of organ rejection and to moderate growth. About United Therapeutics Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build. Visit us at www.unither.com and follow us on LinkedIn, Facebook, and Instagram. Forward-Looking Statements Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others: our plans with respect to the conduct of the EXPRESS study of our UHeart product, including the potential to expand the study following review of data from the first two participants; our plan to submit a BLA seeking FDA approval of the UHeart; our commitment to expanding transplant options for patients through our xenotransplant programs; our belief that presentations of data from our clinical studies will provide important clinical insights that can meaningfully reshape how diseases are managed and improve outcomes; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language, and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of May 15, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events or any other reason. UHEART is a trademark of United Therapeutics Corporation. ____________________ 1 UHeart function defined as left ventricular ejection fraction, global longitudinal strain, and right ventricular free-wall strain. 2 Quality of life will be measured using the following three surveys: the EuroQol 5-Dimension 5-Level, the Kansas City Cardiomyopathy Questionnaire-23, and the Patient Global Impression of Change. 3 Exercise capacity will be measured by change in 6-minute walk distance from baseline to 24 weeks post transplant. 4 About Heart Failure, Centers for Disease Control, https://www.cdc.gov/heart-disease/about/heart-failure.html. 5 Organ Procurement and Transplantation Network/Scientific Registry of Transplant Recipients 2025. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515765117/en/ For Further Information Contact:
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communications@unither.com Original: United Therapeutics Corporation Announces FDA Clearance to Proceed with UHeart Xenotransplantation Clinical Trial
US Market News
2月前
United Therapeutics Corporation Presents New Data from TETON-1, ADVANCE OUTCOMES, and Additional Research in Pulmonary Hypertension and Pulmonary Fibrosis at ATS 2026May 11, 2026 6:30 AM
Business Wire Presentations of results from the positive TETON phase 3 pivotal studies of inhaled treprostinil in idiopathic pulmonary fibrosis (IPF) include efficacy and safety results from TETON-1 and integrated results from TETON-1 and TETON-2 Results from the successful ADVANCE OUTCOMES study of ralinepag in pulmonary arterial hypertension (PAH) will be presented Additional presentations include an interim analysis from the TETON-PPF study of inhaled treprostinil in progressive pulmonary fibrosis (PPF), preliminary results from the PHINDER study of patients with interstitial lung disease (ILD) with and without pulmonary hypertension (PH), and interim results from the ARTISAN study of parenteral treprostinil in PAH United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced that 12 new data presentations across its commercial and development portfolio will be presented at the American Thoracic Society (ATS) International Conference, May 15-20, in Orlando. “We are thrilled to share additional positive data from the TETON-1 study in IPF and the ADVANCE OUTCOMES study in PAH, our pivotal studies that achieved unprecedented results in these two life-threatening diseases that have significant unmet needs. The data we are sharing from our research programs in pulmonary hypertension and ILD, including PHINDER, ARTISAN, and TETON-PPF, will also provide important clinical insights that may meaningfully impact how these devastating diseases are managed and help improve outcomes for the people living with them,” said Andrew Nelsen, PharmD, Vice President, Global Medical Affairs at United Therapeutics. Poster Presentations Include: ARTISAN Interim Analysis: Early Treatment with High-Dose Treprostinil Reduces Mean Pulmonary Artery Pressure and Improves Risk Status in Pulmonary Arterial Hypertension, Oral Session AQ19, Sunday, May 17, 9:27 - 9:39 am Patient Insights into Subcutaneous Pump Therapy in Pulmonary Arterial Hypertension, Poster Session A65, Sunday, May 17, 11:30 am - 1:15 pm Accuracy of Clinician Suspicion for Pulmonary Hypertension in Interstitial Lung Disease by Care Setting: Interim Comparison from the PHINDER Study, Poster Session B41, Monday, May 18, 11:30 am - 1:15 pm Real-world Dosing of Parenteral Treprostinil Post-Sotatercept Launch, Poster Session B67, Monday, May 18, 11:30 am - 1:15 pm Real-World Persistence to Oral Treprostinil in Patients with Pulmonary Arterial Hypertension: A Decade in Review, Poster Session B106, Monday, May 18, 2:15 pm - 4:15 pm TETON Phase 3 Clinical Trials of Inhaled Treprostinil for the Treatment of Idiopathic Pulmonary Fibrosis: Integrated Efficacy and Safety Results for TETON-1 and TETON-2, Mini-Symposium B95, Monday, May 18, 3:51 pm - 4:03 pm Clinical Outcomes with Parenteral Induction Therapy in Patients with Methamphetamine-Associated PAH: A Subgroup Analysis of the EXPEDITE Study, Poster Session C65, Tuesday, May 19, 11:30 am - 1:15 pm Patient Reported Outcomes in Interstitial Lung Disease with and without Pulmonary Hypertension: Interim Results from the PHINDER Study, Poster Session C104, Tuesday, May 19, 2:15 pm - 4:15 pm TETON-1 Phase 3 Clinical Trial of Inhaled Treprostinil for the Treatment of Idiopathic Pulmonary Fibrosis, Poster Session C103, Tuesday, May 19, 2:15 pm - 4:15 pm TETON-PPF Clinical Trial of Inhaled Treprostinil for the Treatment of Progressive Pulmonary Fibrosis, Poster Session C103, Tuesday, May 19, 2:15 pm - 4:15 pm ADVANCE OUTCOMES: A Phase 3, Double-Blind, Placebo-Controlled Clinical Trial of Ralinepag for the Treatment of Pulmonary Arterial Hypertension, Poster Session D28, Wednesday, May 20, 8:15 am - 10:15 am Real-World Comparison of Antifibrotic-Treated and Untreated Patients with Idiopathic Pulmonary Fibrosis in a Commercial and Medicare Advantage Population, Poster Session D22, Wednesday, May 20, 8:15 am - 10:15 am Sponsored events include: Patients and Experts Forum, Saturday, May 16, 10:00 AM - 2:00 PM, Hyatt Regency Orlando ATS Research Program Benefit, Saturday, May 16, 6:00 pm - 7:30 pm, Hyatt Regency Orlando Sponsored Symposium: Unmet Needs in IPF – Understanding Disease Burden and Current Approaches, Monday, May 18, 1:15 pm - 2:00 pm, Innovation Theater 5 Sponsored Symposium: Treating PAH – Are We Ready to Aim Higher? Tuesday, May 19, 12:00 pm - 12:30 pm, Innovation Theater 8 About United Therapeutics Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build. Visit us at www.unither.com and follow us on LinkedIn, Facebook, and Instagram. Forward-Looking Statements Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others: our belief that presentations of data from our clinical studies will provide important clinical insights that can meaningfully reshape how diseases are managed and improve outcomes; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language, and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of May 11, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events or any other reason. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511030304/en/ For Further Information Contact:
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communications@unither.com Original: United Therapeutics Corporation Presents New Data from TETON-1, ADVANCE OUTCOMES, and Additional Research in Pulmonary Hypertension and Pulmonary Fibrosis at ATS 2026
US Market News
2月前
United Therapeutics Corporation Reports First Quarter 2026 Financial ResultsMay 6, 2026 6:30 AM
Business Wire United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended March 31, 2026. Total revenues in the first quarter of 2026 decreased by two percent year-over-year to $781.5 million, compared to $794.4 million in the first quarter of 2025. “In the first quarter of 2026, we extended our run of clinical success, with positive results from both our ADVANCE OUTCOMES and TETON-1 studies,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “These readouts have the potential to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease. Moreover, given these successes, we’re excited to announce our development plans in pulmonary hypertension and fibrosis for ralinepag DPI, which we believe has the potential to achieve once-daily dosing and help broaden our therapeutic reach greater than ever before.” Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, added, “While the competitive landscape for inhaled prostacyclins remains dynamic, our continued growth for Tyvaso DPI reflects the resilience of our commercial strategy. Going forward, we are committed to further sharpening our execution with relentless drive and unwavering discipline to return to sequential quarterly revenue growth across our commercial portfolio in the near term.” First Quarter 2026 Financial Results Key financial highlights include (dollars in millions, except per share data): Three Months Ended
March 31, Dollar
Change Percentage
Change 2026 2025 Total revenues $ 781.5 $ 794.4 $ (12.9 ) (2 )% Net income $ 274.9 $ 322.2 $ (47.3 ) (15 )% Net income, per basic share $ 6.32 $ 7.18 $ (0.86 ) (12 )% Net income, per diluted share $ 5.82 $ 6.63 $ (0.81 ) (12 )% Revenues The table below presents the components of total revenues (dollars in millions): Three Months Ended
March 31, Dollar
Change Percentage
Change 2026 2025 Net product sales: Tyvaso DPI® $ 330.3 $ 302.5 $ 27.8 9 % Nebulized Tyvaso® 127.2 163.8 (36.6 ) (22 )% Total Tyvaso 457.5 466.3 (8.8 ) (2 )% Remodulin®(1) 126.6 138.2 (11.6 ) (8 )% Orenitram® 135.6 120.7 14.9 12 % Unituxin® 53.6 58.2 (4.6 ) (8 )% Adcirca® 2.9 6.0 (3.1 ) (52 )% Other 5.3 5.0 0.3 6 % Total revenues $ 781.5 $ 794.4 $ (12.9 ) (2 )% (1) Net product sales include sales of infusion devices, including the Remunity® and RemunityPRO® Pumps. Total Tyvaso revenues decreased by two percent to $457.5 million in the first quarter of 2026, compared to $466.3 million in the first quarter of 2025, driven by a decrease in Nebulized Tyvaso revenues, partially offset by growth in Tyvaso DPI revenues. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $16.0 million and, to a lesser extent, a price increase. The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in U.S. quantities sold of $33.3 million and, to a lesser extent, a decrease in international revenues, partially offset by a price increase. The decrease in Remodulin revenues resulted primarily from a decrease in quantities sold of $11.1 million. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $10.2 million. The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions): Three Months Ended March 31, 2026 2025 U.S. ROW Total U.S. ROW Total Net product sales: Tyvaso DPI $ 330.3 $ — $ 330.3 $ 302.5 $ — $ 302.5 Nebulized Tyvaso 112.6 14.6 127.2 138.6 25.2 163.8 Total Tyvaso 442.9 14.6 457.5 441.1 25.2 466.3 Remodulin(1) 108.8 17.8 126.6 120.2 18.0 138.2 Orenitram 135.6 — 135.6 120.7 — 120.7 Unituxin 49.0 4.6 53.6 56.9 1.3 58.2 Adcirca 2.9 — 2.9 6.0 — 6.0 Other 5.0 0.3 5.3 4.7 0.3 5.0 Total revenues $ 744.2 $ 37.3 $ 781.5 $ 749.6 $ 44.8 $ 794.4 (1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps. Expenses Cost of sales. The table below summarizes cost of sales by major category (dollars in millions): Three Months Ended
March 31, Dollar
Change Percentage
Change 2026 2025 Category: Cost of sales $ 132.4 $ 91.6 $ 40.8 45 % Share-based compensation expense(1) 1.0 0.9 0.1 11 % Total cost of sales $ 133.4 $ 92.5 $ 40.9 44 % (1) See Share-based compensation expense below for discussion. Cost of sales, excluding share-based compensation. The increase in cost of sales for the three months ended March 31, 2026, compared to the same period in 2025, was mainly due to an increase in inventory reserve expense. Of this increase amount, $26.8 million relates to an estimated loss from a commercial supply agreement that we maintain to provide sufficient Tyvaso DPI inventory to meet the needs of our patients. Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions): Three Months Ended
March 31, Dollar
Change Percentage
Change 2026 2025 Category: External research and development(1) $ 57.8 $ 57.2 $ 0.6 1 % Internal research and development(2) 58.3 48.3 10.0 21 % Share-based compensation expense(3) 5.4 6.9 (1.5 ) (22 )% Other(4) 16.7 36.6 (19.9 ) (54 )% Total research and development expense $ 138.2 $ 149.0 $ (10.8 ) (7 )% (1) External research and development primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before regulatory approval of the relevant product. (2) Internal research and development primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before regulatory approval, and internal facilities-related expenses, including depreciation, related to research and development activities. (3) See Share-based compensation expense below for discussion. (4) Other primarily includes upfront fees and milestone payments to third parties under license agreements related to development-stage products and adjustments to the fair value of our contingent consideration obligations. Research and development, excluding share-based compensation. The decrease in research and development expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to a decrease in milestone payments for drug delivery device technologies, partially offset by an increase in personnel expenses. Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions): Three Months Ended
March 31, Dollar
Change Percentage
Change 2026 2025 Category: General and administrative $ 127.9 $ 119.5 $ 8.4 7 % Sales and marketing 28.7 26.6 2.1 8 % Share-based compensation expense(1) 27.5 24.0 3.5 15 % Total selling, general, and administrative expense $ 184.1 $ 170.1 $ 14.0 8 % (1) See Share-based compensation expense below for discussion. Share-based compensation expense. The table below summarizes share-based compensation expense by major category (dollars in millions): Three Months Ended
March 31, Dollar
Change Percentage
Change 2026 2025 Category: Stock options $ 11.5 $ 8.5 $ 3.0 35 % Restricted stock units 21.5 23.4 (1.9 ) (8 )% Share tracking awards plan — (0.8 ) 0.8 100 % Employee stock purchase plan 0.9 0.7 0.2 29 % Total share-based compensation expense $ 33.9 $ 31.8 $ 2.1 7 % The increase in share-based compensation expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in the number of unvested and outstanding performance-based stock options during the three months ended March 31, 2026, as compared to the same period in 2025. Other expense, net. The change in other expense, net for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to net unrealized losses on equity securities. Income tax expense. Income tax expense for the three months ended March 31, 2026 and 2025 was $43.4 million and $101.3 million, respectively. Our effective income tax rate (ETR) for the three months ended March 31, 2026 and 2025 was 14 percent and 24 percent, respectively. Our ETR for the three months ended March 31, 2026 decreased compared to our ETR for the three months ended March 31, 2025, primarily due to increased excess tax benefits from share-based compensation. Share repurchase. In March 2026, our Board of Directors approved a share repurchase program authorizing up to $2.0 billion in aggregate repurchases of our common stock, which program expires on March 9, 2027. In March 2026, we also entered into accelerated share repurchase agreements (the 2026 ASR agreements) with Citibank, N.A. to repurchase approximately $1.5 billion of our common stock. During the three months ended March 31, 2026, we received 2,164,459 shares of our common stock under the 2026 ASR agreements. As of March 31, 2026, $500 million remained available under our Board's share repurchase authorization through March 9, 2027. Webcast We will host a webcast to discuss our first quarter 2026 financial results on Wednesday, May 6, 2026, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website at https://ir.unither.com/events-and-presentations. An investor presentation is available now, and after the webcast a replay of the webcast will also be available, at the same location on our website. About United Therapeutics Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build. Forward-Looking Statements Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements related to the potential for the results of our ADVANCE OUTCOMES and TETON-1 clinical studies to meaningfully expand the breadth of our future growth and support further revenue diversification while reinforcing our long-term commitment to advancing therapies for patients with serious cardiopulmonary and respiratory disease; our development plans for ralinepag DPI; the potential for ralinepag DPI to achieve once-daily dosing and help broaden our therapeutic reach; our efforts to return to sequential quarterly revenue growth across our commercial portfolio; the potential that we may utilize the remaining $500 million under our $2.0 billion share repurchase authorization; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of May 6, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason. ORENITRAM, REMODULIN, REMUNITY, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation. REMUNITYPRO is a trademark of United Therapeutics Corporation. ADCIRCA is a registered trademark of Eli Lilly and Company. UNITED THERAPEUTICS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) Three Months Ended
March 31, 2026 2025 (Unaudited) Total revenues $ 781.5 $ 794.4 Operating expenses: Cost of sales 133.4 92.5 Research and development 138.2 149.0 Selling, general, and administrative 184.1 170.1 Total operating expenses 455.7 411.6 Operating income 325.8 382.8 Interest income 41.8 51.1 Interest expense (3.0 ) (6.1 ) Other expense, net (46.3 ) (4.3 ) Total other (expense) income, net (7.5 ) 40.7 Income before income taxes 318.3 423.5 Income tax expense (43.4 ) (101.3 ) Net income $ 274.9 $ 322.2 Net income per common share: Basic $ 6.32 $ 7.18 Diluted $ 5.82 $ 6.63 Weighted average number of common shares outstanding: Basic 43.5 44.9 Diluted 47.2 48.6 SELECTED CONSOLIDATED BALANCE SHEET DATA (Unaudited, in millions) March 31,
2026 Cash, cash equivalents, and marketable investments $ 3,471.1 Total assets 6,714.2 Total liabilities 813.1 Total stockholders’ equity 5,901.1 Category: Earnings View source version on businesswire.com: https://www.businesswire.com/news/home/20260506844951/en/ For Further Information Contact: Investor Inquiries
https://ir.unither.com/contact-ir Media Inquiries
communications@unither.com Original: United Therapeutics Corporation Reports First Quarter 2026 Financial Results
US Market News
3月前
United Therapeutics Corporation Presents New Data Spanning Pulmonary Hypertension Treatment, Lung Donor Expansion, and Xenotransplantation at ISHLT 2026April 20, 2026 6:30 AM
Business Wire
An interim analysis of the PHINDER study identifies non-invasive measures that may facilitate earlier detection and management of pulmonary hypertension (PH) in patients with interstitial lung disease (ILD)
An interim analysis from the ARTISAN study indicates that early, high-dose treatment with treprostinil reduced afterload, improved right ventricular function, and reversed cardiac remodeling in pulmonary arterial hypertension (PAH)
Additional presentations include comparing real-world outcomes for patients with ILD with and without PH after lung transplantation and data from United Therapeutics’ ex vivo lung perfusion (EVLP) and xenotransplantation programs
United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced that 11 new data presentations across its commercial and development portfolio will be presented at the International Society for Heart and Lung Transplantation (ISHLT) 46th Annual Meeting and Scientific Sessions taking place April 22-25, 2026, in Toronto, Canada.
"The data from ARTISAN and PHINDER suggest that earlier detection and intervention are key to improving outcomes for patients with PH. Whether it is identifying PH sooner in patients with ILD or indicating that aggressive, early treatment with treprostinil can meaningfully reverse right heart remodeling in PAH, we believe these findings have the potential to reshape how these devastating diseases are managed,” said Andrew Nelsen, PharmD, Vice President, Global Medical Affairs at United Therapeutics. “Importantly, presentations highlighting innovations from our EVLP and xenotransplantation programs reflect the breadth of our scientific portfolio and our determination to address the shortage of transplantable organs.”
Posters and presentations include:
Machine-Learning–Based Prediction of Donor Lung Acceptance based on Ex-vivo Lung Perfusion (EVLP) Deflation Videos, Oral Session 9, Artificial Intelligence for Advancing Lung Transplantation, Wednesday, April 22, 5:07-5:15 pm
ARTISAN Interim Analysis: Early and High-Dose Treprostinil Reduces mPAP and Improves Right Heart Function in PAH, Poster Session 1-P, Pulmonary Vascular Disease, Wednesday, April 22, 6:00-7:00 pm
From Decline to Donor: Lungs Transplanted After List Exhaustion, Poster Session 2-I, CT Surgery, Thursday, April 23, 4:30-5:30 pm
Machine Learning Leads to Earlier, Real-Time Predictions of Lung Transplant Acceptance During rc-EVLP, Poster Session 2-E, CT Surgery, Thursday, April 23, 4:30-5:30 pm
Transesophageal Echocardiographic Sizing of Genetically Modified Porcine Hearts for Xenotransplantation, Poster Session 2-A, Cardiology, Thursday, April 23, 4:30-5:30 pm
Lung Allograft Recovery – A Complex Story: Perspective from Remote, Centralized Ex Vivo Lung Perfusion, Mini Oral Session 6, Temperature and Perfusion: The Tip of the Iceberg in Lung Preservation, Thursday, April 23, 4:54-4:58 pm
Use of Novel Serum Based Assays to Improve Complement Monitoring in Porcine to Human Cardiac Xenotransplantation, Oral Session 30, Innovations in Xenotransplantation and Cardiogenetics, Friday, April 24, 4:01-4:09 pm
Interstitial Lung Disease with and without Mean Pulmonary Artery Pressure >20 mmHg: Interim Results from the PHINDER Study, Poster Session 3-M, Pulmonology, Friday, April 24, 4:30-5:30 pm
Lung Transplantation in Patients with ILD with or without PH: Clinical Characteristics and Outcomes Pre- and Post-Transplant Using Linked Data, Poster Session 3-M Pulmonology, Friday, April 24, 4:30-5:30 pm
Comparison of Static Cold Storage and Controlled Hypothermic Storage in Ex Vivo Lung Perfusion Outcomes, Poster Session 3-L, Pulmonology, Friday, April 24, 4:30-5:30 pm
Prolonged Pig-to-baboon Lung Xenograft Survival with 11GE Pigs with HLA-E Expression and Macrophage Depletion, Oral Session 43, Surgical Management of Lung Transplantation, Saturday, April 25, 12:46-12:54 pm
Sponsored events include:
Reception honoring US and Canada-based investigators who are recipients of the United Therapeutics’ 2026 Jenesis Innovative Research Awards™ and Jenesis Trailblazer Awards™ for their innovative research and scientific contributions in PH, IPF, and lung transplantation. Wednesday, April 22, 7:00-9:00 pm. Registration details are available here.
Lung Bioengineering Through The Eras – From Innovation to Standardization: What 1000 Ex Vivo Lung Perfusions Have Taught Us. Industry Sponsored Symposium. Thursday, April 23, 11:45 AM. Room 718B.
About United Therapeutics
Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build. Visit us at www.unither.com and follow us on LinkedIn, Facebook, and Instagram.
Forward-Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others: our expectation that an interim analysis of the PHINDER study identifies non-invasive measures that may facilitate earlier detection and management of PH in patients with ILD; the potential that earlier detection and intervention will improve outcomes for patients with PH; our belief that early treatment with treprostinil can meaningfully reverse right heart remodeling in PAH; our expectation that findings from the ARTISAN and PHINDER studies have the potential to reshape how PAH and PH-ILD are managed; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language, and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of April 20, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events or any other reason.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260420097319/en/
For Further Information Contact:
Investor Inquiries
https://ir.unither.com/contact-ir
Media Inquiries
communications@unither.com
Original: United Therapeutics Corporation Presents New Data Spanning Pulmonary Hypertension Treatment, Lung Donor Expansion, and Xenotransplantation at ISHLT 2026
US Market News
4月前
United Therapeutics Corporation Reports Fourth Quarter and Full Year 2025 Financial ResultsFebruary 25, 2026 6:30 AM
Business Wire
United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter and year ended December 31, 2025. Full year 2025 revenues rose to a record $3.18 billion, reflecting 11% growth over 2024.
“As we close out another remarkable year with record total revenue for the fourth year in a row, I extend my thanks to our Unitherians whose unwavering commitment to innovation and excellence fuels our mission,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “Looking ahead, our ADVANCE OUTCOMES and TETON-1 clinical programs are on the cusp of unveiling pivotal data that could unlock significant new treatment options for patients, launching a period of transformational growth for UT.”
Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, added, “This was an exceptional year for our commercial organization, highlighted by strong double-digit revenue growth and disciplined execution by our teams. Tyvaso continued its impressive trajectory in a growing market where we are steadily increasing our share of voice. Looking ahead, we believe our commercial strength, differentiated therapies, and expanding market opportunities position us well to continue delivering durable double-digit revenue growth.”
Fourth Quarter and Full Year 2025 Financial Results
Key financial highlights include (in millions, except per share data):
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
Total revenues
$
790.2
$
735.9
$
3,182.7
$
2,877.4
Net income
$
364.3
$
301.3
$
1,334.7
$
1,195.1
Net income, per basic share
$
8.41
$
6.74
$
30.13
$
26.44
Net income, per diluted share
$
7.70
$
6.19
$
27.86
$
24.64
Revenues
The table below presents the components of total revenues (dollars in millions):
Three Months Ended
December 31,
Dollar
Change
Percentage
Change
Year Ended
December 31,
Dollar
Change
Percentage
Change
2025
2024
2025
2024
Net product sales:
Tyvaso DPI®
$
338.6
$
273.2
$
65.4
24
%
$
1,292.5
$
1,033.6
$
258.9
25
%
Nebulized Tyvaso®
125.7
142.7
(17.0
)
(12
)%
585.7
586.8
(1.1
)
—
%
Total Tyvaso
464.3
415.9
48.4
12
%
1,878.2
1,620.4
257.8
16
%
Remodulin®(1)
128.0
134.5
(6.5
)
(5
)%
526.8
538.1
(11.3
)
(2
)%
Orenitram®
121.2
107.8
13.4
12
%
496.9
434.3
62.6
14
%
Unituxin®
62.3
67.5
(5.2
)
(8
)%
226.8
238.7
(11.9
)
(5
)%
Adcirca®
7.8
4.7
3.1
66
%
30.0
23.8
6.2
26
%
Other
6.6
5.5
1.1
20
%
24.0
22.1
1.9
9
%
Total revenues
$
790.2
$
735.9
$
54.3
7
%
$
3,182.7
$
2,877.4
$
305.3
11
%
(1)
Net product sales include sales of infusion devices, including the Remunity® and RemunityPRO™ Pumps.
Fourth Quarter 2025 Compared to Fourth Quarter 2024. Total Tyvaso revenues grew by 12 percent to $464.3 million in the fourth quarter of 2025, compared to $415.9 million in the fourth quarter of 2024. The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold of $63.5 million, primarily due to continued growth in the number of patients following the product’s launch and, to a lesser extent, increased commercial utilization following implementation of the Medicare Part D benefit redesign under the Inflation Reduction Act (IRA). The decrease in Nebulized Tyvaso revenues resulted primarily from a decrease in quantities sold. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $10.3 million, driven, at least in part, by increased commercial utilization following the implementation of the Medicare Part D benefit redesign under the IRA.
Full Year 2025 Compared to Full Year 2024. Total Tyvaso revenues grew by 16 percent to $1,878.2 million in 2025, compared to $1,620.4 million in 2024, driven by growth in Tyvaso DPI revenues. The growth in Tyvaso DPI revenues resulted from an increase in quantities sold of $268.5 million, primarily due to continued growth in the number of patients following the product’s launch and, to a lesser extent, increased commercial utilization following implementation of the Medicare Part D benefit redesign under the IRA. The growth in Orenitram revenues resulted primarily from an increase in quantities sold of $46.0 million, driven, at least in part, by increased commercial utilization following the implementation of the Medicare Part D benefit redesign under the IRA.
The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):
Three Months Ended December 31,
Year Ended December 31,
2025
2024
2025
2024
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI
$
338.3
$
0.3
$
338.6
$
272.8
$
0.4
$
273.2
$
1,291.8
$
0.7
$
1,292.5
$
1,033.2
$
0.4
$
1,033.6
Nebulized Tyvaso
118.9
6.8
125.7
136.4
6.3
142.7
531.9
53.8
585.7
545.5
41.3
586.8
Total Tyvaso
457.2
7.1
464.3
409.2
6.7
415.9
1,823.7
54.5
1,878.2
1,578.7
41.7
1,620.4
Remodulin(1)
104.3
23.7
128.0
118.0
16.5
134.5
448.9
77.9
526.8
464.2
73.9
538.1
Orenitram
121.2
—
121.2
107.8
—
107.8
496.9
—
496.9
434.3
—
434.3
Unituxin
55.9
6.4
62.3
61.8
5.7
67.5
214.7
12.1
226.8
219.6
19.1
238.7
Adcirca
7.8
—
7.8
4.7
—
4.7
30.0
—
30.0
23.8
—
23.8
Other
6.4
0.2
6.6
4.2
1.3
5.5
22.8
1.2
24.0
19.1
3.0
22.1
Total revenues
$
752.8
$
37.4
$
790.2
$
705.7
$
30.2
$
735.9
$
3,037.0
$
145.7
$
3,182.7
$
2,739.7
$
137.7
$
2,877.4
(1)
Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.
Expenses
Cost of sales. The table below summarizes cost of sales by major category (dollars in millions):
Three Months Ended
December 31,
Dollar
Change
Percentage
Change
Year Ended
December 31,
Dollar
Change
Percentage
Change
2025
2024
2025
2024
Category:
Cost of sales
$
102.3
$
74.8
$
27.5
37
%
$
380.5
$
304.3
$
76.2
25
%
Share-based compensation expense(1)
1.1
1.1
—
—
%
3.9
5.4
(1.5
)
(28
)%
Total cost of sales
$
103.4
$
75.9
$
27.5
36
%
$
384.4
$
309.7
$
74.7
24
%
(1)
See Share-based compensation section below for discussion.
Cost of sales, excluding share-based compensation. The increase in cost of sales for the quarter and year ended December 31, 2025, as compared to the same periods in 2024, was primarily due to increases in: (1) royalty expense resulting from a growth in revenues; (2) inventory reserve expense; and (3) the cost of products and services sold.
Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):
Three Months Ended
December 31,
Dollar Change
Percentage Change
Year Ended
December 31,
Dollar Change
Percentage Change
2025
2024
2025
2024
Category:
External research and development(1)
$
62.7
$
63.7
$
(1.0
)
(2
)%
$
245.8
$
217.5
$
28.3
13
%
Internal research and development(2)
57.3
50.3
7.0
14
%
212.3
183.6
28.7
16
%
Share-based compensation expense(3)
8.9
6.7
2.2
33
%
32.3
29.1
3.2
11
%
Other(4)
10.6
13.1
(2.5
)
(19
)%
59.6
50.8
8.8
17
%
Total research and development expense
$
139.5
$
133.8
$
5.7
4
%
$
550.0
$
481.0
$
69.0
14
%
(1)
External research and development primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before regulatory approval of the relevant product.
(2)
Internal research and development primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before regulatory approval, and internal facilities-related expenses, including depreciation, related to research and development activities.
(3)
See Share-based compensation section below for discussion.
(4)
Other primarily includes upfront fees and milestone payments to third parties under license agreements related to development-stage products, adjustments to the fair value of our contingent consideration obligations, and costs to acquire certain in-process research and development assets. During the year ended December 31, 2025, we recorded (a) $42.2 million in expense related to milestone payments for drug delivery device and formulation technologies; and (b) $10.8 million in expense related to adjustments to the fair value of contingent consideration obligations for manufactured organ and organ alternative projects. During the year ended December 31, 2024, we recorded $40.2 million and $8.0 million in expense related to upfront non-refundable licensing payments for drug delivery device technologies and ex vivo lung perfusion technology, respectively.
Research and development, excluding share-based compensation. The increase in research and development expense for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to: (1) increased expenditures related to manufactured organ and organ alternative projects; and (2) increased expenditures for drug delivery device and formulation technologies.
Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):
Three Months Ended
December 31,
Dollar
Change
Percentage
Change
Year Ended
December 31,
Dollar
Change
Percentage
Change
2025
2024
2025
2024
Category:
General and administrative(1)
$
128.1
$
116.3
$
11.8
10
%
$
501.0
$
432.8
$
68.2
16
%
Impairment of property, plant, and equipment (PP&E)
—
—
—
—
%
21.7
—
21.7
NM(3)
Litigation accrual
0.8
6.0
(5.2
)
(87
)%
3.0
71.1
(68.1
)
(96
)%
Sales and marketing
32.7
27.0
5.7
21
%
118.6
96.3
22.3
23
%
Share-based compensation expense(2)
29.0
19.2
9.8
51
%
111.5
109.5
2.0
2
%
Total selling, general, and administrative expense
$
190.6
$
168.5
$
22.1
13
%
$
755.8
$
709.7
$
46.1
6
%
(1)
Excluding impairment of PP&E and litigation accrual. See Impairment of PP&E and Litigation accrual sections below.
(2)
See Share-based compensation section below for discussion.
(3)
Calculation is not meaningful.
General and administrative, excluding impairment of PP&E, litigation accrual, and share-based compensation. The increase in general and administrative expense for the quarter ended December 31, 2025, as compared to the same period in 2024, was primarily due to increases in: (1) personnel expense due to growth in headcount; and (2) consulting expenses. The increase in general and administrative expense for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to increases in: (1) personnel expense due to growth in headcount; and (2) legal expenses related to litigation matters.
Impairment of PP&E. During the second quarter of 2025, we recorded a $21.7 million impairment charge to write down the carrying value of certain PP&E.
Litigation accrual. During the years ended December 31, 2025 and 2024, we recorded accruals of $3.0 million and $71.1 million, respectively, related to ongoing litigation with Sandoz Inc. We currently do not expect that the amount of any loss in excess of this accrual would be material to our financial results; however, the amount ultimately payable, if any, could be higher or lower than this amount depending on the amount of post judgment interest and the outcome of appeals, as discussed in Note 14—Litigation, to our consolidated financial statements included within our Annual Report on Form 10-K for the year ended December 31, 2025. The litigation accrual is included within selling, general, and administrative in our consolidated statements of operations.
Sales and marketing, excluding share-based compensation. The increase in sales and marketing expense for the year ended December 31, 2025, as compared to the same period in 2024, was primarily due to increases in: (1) personnel expense due to growth in headcount; and (2) marketing expenses.
Share-based compensation. The table below summarizes share-based compensation expense by major category (dollars in millions):
Three Months Ended
December 31,
Dollar
Change
Percentage
Change
Year Ended
December 31,
Dollar
Change
Percentage
Change
2025
2024
2025
2024
Category:
Stock options
$
11.4
8.0
$
3.4
43
%
$
42.3
$
29.8
$
12.5
42
%
Restricted stock units
26.6
17.8
8.8
49
%
103.1
79.7
23.4
29
%
Share tracking awards plan (STAP)
—
0.6
(0.6
)
(100
)%
(0.8
)
32.3
(33.1
)
(102
)%
Employee stock purchase plan
1.0
0.6
0.4
67
%
3.1
2.2
0.9
41
%
Total share-based
compensation
expense
$
39.0
$
27.0
$
12.0
44
%
$
147.7
$
144.0
$
3.7
3
%
The increase in share-based compensation expense for the quarter and year ended December 31, 2025, as compared to the same periods in 2024, was primarily due to: (1) an increase in restricted stock unit expense due to a greater number of outstanding performance-based restricted stock units during the quarter and year ended December 31, 2025, as compared to the same periods in 2024; and (2) an increase in stock option expense due to a greater number of unvested and outstanding performance-based stock options during the quarter and year ended December 31, 2025, as compared to the same periods in 2024, partially offset by a decrease in STAP expense, as all remaining STAP awards were exercised during the first quarter of 2025.
Other income (expense), net. The changes in other income (expense), net for the quarter and year ended December 31, 2025, as compared to the same periods in 2024, were primarily due to net unrealized gains on equity securities.
Income tax expense. Income tax expense was $379.2 million for the year ended December 31, 2025, as compared to $343.9 million for the same period in 2024. Our effective income tax rate was approximately 22 percent for the years ended December 31, 2025 and 2024.
Share repurchases. We entered into accelerated share repurchase agreements (ASR agreements) with Citibank, N.A. to repurchase approximately $1.0 billion of our common stock in each August 2025 and March 2024 ($2.0 billion in the aggregate). During the quarter and year ended December 31, 2025, we received 3,882 shares and 2,642,498 shares of our common stock, respectively, under these ASR agreements. During the quarter and year ended December 31, 2024, we received zero and 3,547,374 shares of our common stock, respectively, under these ASR agreements.
Webcast
We will host a webcast to discuss our fourth quarter and full year 2025 financial results on Wednesday, February 25, 2026, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website at https://ir.unither.com/events-and-presentations. A replay of the webcast will also be available at the same location on our website.
About United Therapeutics
Founded by CEO Martine Rothblatt to discover a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. From our innovative therapies to our groundbreaking manufactured organs, we are bold and unconventional. We move quickly from scientific theory to practical technologies that can save lives. As a public benefit corporation, even our legal structure reflects our commitments. We serve patients, act with integrity, create long-term shareholder value, and operate with sustainable practices that protect the future we are working to build.
Forward-Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements related to our anticipated readouts of our ADVANCE OUTCOMES and TETON-1 clinical trials and their impacts, including the possibility that they may result in significant new treatment options for patients or a period of transformational growth for our company; our expectation that we will continue delivering double-digit revenue growth; and our goals of expanding the supply of transplantable organs, developing practical technologies that can save lives, creating long-term shareholder value, and operating with sustainable practices. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of February 25, 2026, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.
ORENITRAM, REMODULIN, REMUNITY, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation and/or its subsidiaries.
REMUNITYPRO is a trademark of United Therapeutics Corporation and/or its subsidiaries.
ADCIRCA is a registered trademark of Eli Lilly and Company.
UNITED THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2025
2024
2025
2024
(Unaudited)
Total revenues
$
790.2
$
735.9
$
3,182.7
$
2,877.4
Operating expenses:
Cost of sales
103.4
75.9
384.4
309.7
Research and development
139.5
133.8
550.0
481.0
Selling, general, and administrative
190.6
168.5
755.8
709.7
Total operating expenses
433.5
378.2
1,690.2
1,500.4
Operating income
356.7
357.7
1,492.5
1,377.0
Interest income
43.2
49.3
192.0
199.1
Interest expense
(3.1
)
(7.9
)
(19.5
)
(42.9
)
Other income (expense), net
47.2
(2.6
)
48.9
5.8
Total other income, net
87.3
38.8
221.4
162.0
Income before income taxes
444.0
396.5
1,713.9
1,539.0
Income tax expense
(79.7
)
(95.2
)
(379.2
)
(343.9
)
Net income
$
364.3
$
301.3
$
1,334.7
$
1,195.1
Net income per common share:
Basic
$
8.41
$
6.74
$
30.13
$
26.44
Diluted
$
7.70
$
6.19
$
27.86
$
24.64
Weighted average number of common shares outstanding:
Basic
43.3
44.7
44.3
45.2
Diluted
47.3
48.7
47.9
48.5
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In millions)
December 31,
2025
2024
Cash, cash equivalents, and marketable investments
$
4,697.0
$
4,742.3
Total assets
7,880.0
7,364.0
Total liabilities
783.8
920.0
Total stockholders' equity
7,096.2
6,444.0
Category: Earnings
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225523041/en/
For Further Information Contact:
Investor Inquiries
https://ir.unither.com/contact-ir
Media Inquiries
communications@unither.com
Original: United Therapeutics Corporation Reports Fourth Quarter and Full Year 2025 Financial Results
Kristallweizen
17年前
United Therapeutics Reports First Quarter 2009 Financial Results
- Revenues of $79.7 Million, Increase of 29% over First Quarter 2008
SILVER SPRING, Md., May 1 /PRNewswire-FirstCall/ -- United Therapeutics Corporation (NASDAQ:UTHR) today announced its results of operations for the quarter ended March 31, 2009. Total revenues for the first quarter of 2009 were $79.7 million, up from $62.0 million for the first quarter of 2008. Net income for the first quarter of 2009 was $13.2 million, or $0.50 per basic share, compared to $9.9 million, or $0.44 per basic share, for the first quarter of 2008. Gross margins from sales were $70.4 million for the first quarter of 2009, compared to $54.5 million for the first quarter of 2008. Earnings before non-cash charges, defined as net income before non-cash interest and income taxes, depreciation, amortization, impairment charges and share-based compensation (stock option and share tracking award expense), were $37.1 million for the first quarter of 2009, up 44% from $25.8 million for the first quarter of 2008.
Results for the first quarter of 2008 have been adjusted for the retrospective adoption of Financial Accounting Standards Board Staff Position No. APB 14-1 (FSP APB 14-1), which became effective January 1, 2009. The retrospective adoption of FSP APB 14-1 resulted in the recognition of additional non-cash interest expense of approximately $2.7 million. Also, net income was reduced by approximately $(1.5) million, representing a reduction in earnings per share of $(0.07) per basic share and $(0.06) per diluted share, from what was previously reported.
"I am pleased that we started the year with an extremely strong first quarter," said Martine Rothblatt, Ph.D., United Therapeutics' Chairman and Chief Executive Officer. "Our core Remodulin franchise continues to grow and is now the preferred form of prostacyclin in North America."
Research and Development Expenses
The table below summarizes research and development expenses by major project and non-project components (dollars in thousands):
Three Months Ended March 31, Percentage 2009 2008 Change Program: Cardiovascular $11,418 $14,485 (21.2)% Other 4,885 3,324 47.0% Share-based compensation 4,656 3,267 42.5% Total research and development expense $20,959 $21,076 (0.6)%
Cardiovascular. Cardiovascular expenses for the three months ended March 31, 2008, included a $3.0 million milestone payment made in connection with the development of a modified release version of the oral prostacyclin analogue, beraprost, under our amended agreement with Toray Industries, Inc. (Toray). There were no milestone payments made to Toray during the three months ended March 31, 2009.
Selling, General and Administrative Expenses
The table below summarizes selling, general and administrative expenses by major category (dollars in thousands):
Three Months Ended March 31, Percentage 2009 2008 Change Category: General and administrative $11,383 $8,839 28.8% Sales and marketing 8,459 6,884 22.9% Share-based compensation 9,376 3,608 159.9% Total selling, general and administrative expense $29,218 $19,331 51.2%
General and administrative. During the three months ended March 31, 2009, professional fees incurred related to follow-up services on the transactions we completed in the fourth quarter of 2008 were approximately $2.1 million higher than those for the three months ended March 31, 2008.
Share-based compensation. Share-based compensation increased for the three months ended March 31, 2009, compared to the three months ended March 31, 2008, as the result of the recognition of an estimated expense for anticipated stock option grants and the expense incurred for outstanding and unvested grants of stock options and share tracking awards.
Earnings Before Non-Cash Charges
The following table provides a reconciliation of net income to earnings before non-cash charges for the three-month periods ending March 31, 2009 and 2008 (in thousands, except per share data):
Three Months Ended March 31, 2009 2008 (as adjusted)(1)
Net income, as reported $13,197 $9,936 Add back: Amortization of debt discount 2,637 2,684 Income tax expense 5,401 5,337 Depreciation and amortization 1,765 974 Impairment charges - - Share-based compensation 14,055 6,891 Earnings before non-cash charges $37,055 $25,822 Earnings before non-cash charges per share(2): Basic $1.40 $1.16 Diluted $1.36 $1.07
(1) Adjusted for the retrospective adoption of FSP APB 14-1.
(2) Calculated by dividing earnings before non-cash charges by the weighted average number of common shares outstanding, as reported below in our Consolidated Statements of Operations.
Conference Call
United Therapeutics will host a half-hour teleconference on Friday, May 1, 2009, at 9:00 a.m. Eastern Time. The teleconference is accessible by dialing 877-718-5092, with international callers dialing 719-325-4795. A rebroadcast of the teleconference will be available for one week and can be accessed by dialing 888-203-1112, with international callers dialing 719-457-0820, and using passcode: 9448698.
This teleconference is also being webcast and can be accessed via United Therapeutics' website at http://ir.unither.com/events.cfm.
About United Therapeutics
United Therapeutics is a biotechnology company focused on the development and commercialization of unique products to address the unmet medical needs of patients with chronic and life-threatening cardiovascular and infectious diseases and cancer.
Non-GAAP Financial Information
This press release contains a financial measure that does not comply with U.S. generally accepted accounting principals (GAAP). This measure supplements our financial results prepared in accordance with GAAP as reported below.
We use earnings before non-cash charges, a financial non-GAAP measure, internally for operating, budgeting and financial planning purposes and as a metric to determine the efficiency of our operations and in calculating our employees' bonus compensation. We believe this measure enhances our investors' understanding of our performance. The presentation of this non-GAAP financial measure is not to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP.
Forward-looking Statements
Statements included in this press release that are not historical in nature are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, our expectations and intentions related to financial performance and results, including the growth and market prominence of our Remodulin business and our belief about the future prospects for Remodulin. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of May 1, 2009, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events or any other reason.
Remodulin is a registered trademark of United Therapeutics Corporation. [uthr-g]
UNITED THERAPEUTICS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data)
Three Months Ended March 31, 2009 2008 (as adjusted)(1) (unaudited) Revenues: Net product sales $76,858 $59,153 Service sales 2,530 2,227 License fees 342 667 Total revenues 79,730 62,047
Operating expenses: Research and development 20,959 21,076 Selling, general and administrative 29,218 19,331 Cost of product sales 8,066 6,175 Cost of service sales 920 711 Total operating expenses 59,163 47,293
Income from operations 20,567 14,754
Other income (expense): Interest income 1,721 3,716 Interest expense (2,637) (2,792) Equity loss in affiliate (19) (113) Other, net 364 (292) Total other income (expense), net (571) 519
Income before income tax 19,996 15,273
Income tax expense (6,799) (5,337)
Net income $13,197 $9,936
Net income per common share: Basic $0.50 $0.44 Diluted $0.49 $0.41
Weighted average number of common shares outstanding: Basic 26,440 22,333 Diluted 27,152 24,076
(1) Adjusted for the retrospective adoption of FSP APB 14-1.
CONSOLIDATED BALANCE SHEET DATA As of March 31, 2009 (unaudited, in thousands)
Cash, cash equivalents and marketable investments (excluding restricted amounts of $45,945) $319,365 Total assets $902,813 Total liabilities & common stock subject to repurchase $325,531 Total stockholders' equity $577,282
DATASOURCE: United Therapeutics Corporation
CONTACT: Andrew Fisher, +1-202-483-7000,
Web Site: http://www.unither.com/
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