United Therapeutics Q1 2025 Earnings

Revenue and Profit
- Total revenue: $794.4 million, up 17 percent from $677.7 million in Q1 2024
- Net income: $322.2 million, up 5 percent from $306.6 million
- Diluted earnings per share: $6.63, up 7 percent
- Operating income: $382.8 million
- Effective tax rate: 24 percent

Key Product Sales
- Total Tyvaso (Tyvaso DPI and Nebulized Tyvaso): $466.3 million, up 25 percent
- Tyvaso DPI: $302.5 million, up 33 percent
- Nebulized Tyvaso: $163.8 million, up 13 percent
- Remodulin: $138.2 million, up 8 percent
- Orenitram: $120.7 million, up 14 percent
- Unituxin: $58.2 million, flat
- Adcirca: $6.0 million, down 6 percent

Revenue by Region
- U.S.: $749.6 million
- Rest of World: $44.8 million

Expenses
- Cost of sales: $92.5 million, up 27 percent
- Research and development: $149.0 million, up 43 percent (due to milestone and licensing payments)
- Selling, general, and administrative: $170.1 million, up 18 percent
- Share-based compensation: $31.8 million, up 24 percent

Cash and Balance Sheet
- Cash, cash equivalents, and marketable investments: $5.03 billion
- Total assets: $7.74 billion
- Total liabilities: $936.7 million
- Total stockholders' equity: $6.81 billion

Notable Developments
- Record quarterly revenue driven by continued growth of Tyvaso DPI
- Advancement in pipeline with expected TETON 2 readout (IPF), first-in-human UKidney trial, and IND filings for UHeart and UThymoKidney
- Medicare Part D redesign contributed to increased product utilization