United Therapeutics Corporation

United Therapeutics reported approximately $783 million in total revenue for Q2 2026, essentially flat versus Q1. Tyvaso revenue was $453 million. Management did not give EPS, gross margin, or a full set of year-over-year figures in the call remarks. On guidance, the company said it expects the second half of 2026 to be stronger than the first half, but it is not reaffirming or updating prior 2026 revenue growth expectations. It also said the IPF sNDA was submitted in late June, and that if priority review is granted the review period would be six months versus 10 months otherwise.

Martine Rothblatt framed the first half of 2026 as one of the most consequential periods in company history, pointing to positive ADVANCE OUTCOMES and TETON-1 results and the recent FDA filings for Tyvaso in IPF and ralinepag in PAH. She described these as “not incremental opportunities” and said they could become multibillion-dollar catalysts that change the company’s growth trajectory. Rothblatt also emphasized momentum in xenotransplantation, ongoing organ-pipeline studies, and disciplined capital allocation, including the Thymmune acquisition.

James Edgemond did not speak in the prepared remarks provided here, so there were no CFO-specific comments on margins, cash, or capital allocation beyond management’s broader references to discipline. Financially, the call centered on the approximately $783 million in Q2 revenue and the $453 million Tyvaso revenue figure. Management said the quarter came in below expectations, but it sees improving trends and stronger second-half performance even though it is not updating 2026 revenue guidance.

Analysts focused on whether ralinepag and the new SMI platform can offset competitive pressure in inhaled prostacyclin and how quickly launches could ramp. Management said ralinepag is viewed as a multibillion-dollar opportunity and called it a “super-prostacyclin,” while SMI is expected to be a differentiated delivery system that could help across indications. On IPF, management said only nebulized Tyvaso is expected to launch next year, that physicians see IPF moving toward polytherapy, and that more detail on launch ramps, bridging data, and potential priority review will come later as regulatory discussions progress.