United Therapeutics Reports Strong Q4 and Full Year 2024 Financial Results

United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, reported robust financial results for the fourth quarter and full year 2024. The company's strong performance was driven by its pulmonary hypertension franchise, particularly the Tyvaso product family, and its innovative pipeline.

Fourth Quarter and Full Year 2024 Financial Results

Key financial highlights include:

* Total revenues of $735.9 million in Q4 2024, up 23% year-over-year (YoY)
* Net income of $301.3 million in Q4 2024, up 41% YoY
* Full year 2024 revenues of $2.88 billion, up 24% YoY
* Net income of $1.195 billion in 2024, up 22% YoY

Tyvaso Product Family Drives Growth

The Tyvaso product family, which includes Tyvaso DPI and nebulized Tyvaso, contributed $1.62 billion (56% of total revenue) in 2024, growing 31% year-over-year. This growth was driven by:

* Continued penetration in the pulmonary hypertension associated with interstitial lung disease (PH-ILD) indication
* Increased commercial utilization following Medicare Part D redesign under the Inflation Reduction Act, which reduced patient out-of-pocket costs
* Successful transition to Tyvaso DPI, with substantial volume increases of $269.2 million year-over-year



Supporting Products Deliver Solid Growth

Other products, such as Remodulin, Orenitram, and Unituxin, also contributed to the company's growth. These products benefited from increased volumes and strategic price adjustments, providing revenue diversification while United Therapeutics advances its innovative pipeline.

Upcoming Clinical Milestones

United Therapeutics is approaching several potentially transformative catalysts in its pipeline:

* Fully-enrolled TETON studies in idiopathic pulmonary fibrosis (IPF) could potentially double Tyvaso's addressable market with data expected in H2 2025
* Ralinepag data in 2026 could establish a new oral prostacyclin standard
* FDA-cleared xenotransplantation study with UKidney represents a revolutionary approach to organ shortage

Share Repurchase and Strong Profitability

The company completed a $1 billion accelerated share repurchase program in 2024, resulting in 3,547,374 shares repurchased. This signals management's confidence in future prospects while providing immediate EPS accretion. Despite substantial R&D investments in manufactured organ technology and a $71.1 million litigation accrual, United Therapeutics maintains strong profitability with an effective tax rate of 22%.

United Therapeutics' 2024 results reveal a company successfully balancing current commercial growth with ambitious scientific innovation. The 2024 financial performance demonstrates the company's ability to deliver strong revenue growth while maintaining profitability, a rare combination in the biotech sector. As United Therapeutics continues to execute on its pipeline and commercial strategies, investors can expect the company to maintain its momentum through 2025 and beyond.