United Therapeutics Q1 2025: Key Contradictions on Tyvaso Sales, Patient Split, and Capital Strategy

Tyvaso DPI and nebulizer patient start split, Part D redesign impact on Tyvaso sales, Immunosuppression management in UTHYMOKIDNEY study, Tyvaso DPI and nebulizer split in new patient starts, capital allocation and investment priorities are the key contradictions discussed in United Therapeutics' latest 2025Q1 earnings call.



Revenue Growth and Product Performance:
- United Therapeutics reported record revenue of $794 million for Q1 2025, representing a 17% growth from the first quarter of 2024.
- This growth was driven by robust results for treprostinil products, including Tyvaso, both DPI and nebulizer, Orenitram, and Remodulin, as well as Unituxin.

Treprostinil Market Dominance:
- United Therapeutics products, such as Tyvaso, continue to be an important part of the treatment armamentarium for pulmonary hypertension, with strong patient demand and increased referrals, starts, and patient shipments.
- The company's Treprostinil, especially Tyvaso DPI, is positioned for sustained growth due to its convenience, unlimited dosing potential, and extensive patient experience.

Innovation and Pipeline Development:
- The company has a strong pipeline with 5 registration phase studies underway, a pending marketing application at the FDA, and new preclinical candidates, including 3 xeno organs.
- United Therapeutics is planning for the first transplant in its UKidney clinical study and expects to submit investigational new drug applications for the EXTEND and EXPRESS studies within the next year.

Capital Allocation and Strategic Investments:
- United Therapeutics has returned $1 billion to shareholders through an accelerated share repurchase program while continuing to invest in CapEx, acquisitions, and real estate.
- The company remains committed to capital allocation, focusing on internal research and development, manufacturing facilities, and external corporate development.

Regulatory and Clinical Milestones:
- United Therapeutics received positive feedback from the FDA on its UTHYMOKIDNEY program, which gives confidence to file INDs for both the UTHYMOKIDNEY and UHeart without additional baboon clinical studies.
- The company is planning its first kidney transplant in the UKidney clinical study in the middle of the year, marking a significant milestone in its organ alternative development efforts.