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United Therapeutics reported Q2 FY2026 revenue of $783.3 million, below the consensus of $803.5 million, while adjusted EPS of $7.27 exceeded the consensus of $6.82. Revenue fell from $798.6 million a year earlier, while diluted EPS rose from $6.41 to $7.27.
The company’s filing said total Tyvaso sales fell as lower Nebulized Tyvaso sales were partly offset by growth in Tyvaso DPI. It attributed the Nebulized Tyvaso decline primarily to lower U.S. quantities sold, while Tyvaso DPI benefited from higher quantities and a price increase. Remodulin sales also fell, primarily because of lower U.S. quantities sold, partly offset by higher international sales.
United Therapeutics reported gross margin of 87.3%, down from 89.0% a year earlier, and operating margin of 42.2%, down from 45.6%. The filing attributed higher cost of sales primarily to increased inventory reserve expense and higher research and development expense partly to cardiopulmonary treatment projects. The company reported free cash flow of $205.6 million, up from $129.5 million a year earlier.
| Q2 FY2026 | Q2 FY2025 | Change | |
|---|---|---|---|
| Revenue | $783.3 million | $798.6 million | −1.92% |
| Diluted EPS | $7.27 | $6.41 | 13.4% |
| Gross margin | 87.3% | 89.0% | −1.7 percentage points |
| Operating margin | 42.2% | 45.6% | −3.4 percentage points |
| Free cash flow | $205.6 million | $129.5 million | 58.8% |
| Against the consensus | Reported | Consensus | Result |
|---|---|---|---|
| Adjusted EPS | $7.27 | $6.82 | Beat by 6.60% |
| Revenue | $783.3 million | $803.5 million | Missed by 2.51% |
Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.
What management said on the call
An earnings call is not available, so management’s comments and analysts’ questions cannot be reported.
Guidance
Management’s guidance is not available, so the company’s current outlook cannot be compared with any previous guidance, including changes or guidance it may have stopped providing.