United Therapeutics Q2 2025: Unpacking Contradictions in Tyvaso Growth, Share Buybacks, and Market Dynamics

Tyvaso and Tyvaso DPI growth and market dynamics, share repurchase authorization and financial strategy, Remodulin and Orenitram market dynamics and demand, impact of contracting efforts on Tyvaso growth, capital allocation and share repurchase are the key contradictions discussed in United Therapeutics' latest 2025Q2 earnings call.



Record Revenue Growth:
- United Therapeutics reported record total revenue of $799 million for Q2 2025, reflecting 12% growth over the second quarter of 2024 and marking their 12th consecutive quarter of double-digit year-over-year revenue growth.
- The growth was driven by robust results across their commercial portfolio, including record results from the Tyvaso franchise and strong performance from Orenitram, Remodulin, and Unituxin.

Tyvaso Franchise Performance:
- The Tyvaso franchise achieved a record total revenue of $315 million, representing 22% growth over the second quarter of 2024.
- This growth was supported by record patient shipments, increased referrals and starts, and the enduring market fundamentals of the Tyvaso DPI device.

Pipeline Innovation and Development:
- United Therapeutics' next wave of growth is supported by the TETON studies in idiopathic pulmonary fibrosis and the ADVANCE outcome study in pulmonary arterial hypertension, with TETON 2 data expected in September.
- The company continues to progress in its organ alternative technologies, with the first transplant in the EXPAND-UKidney clinical study expected shortly.

Share Buyback Authorization:
- The Board of Directors authorized a share repurchase of up to $1 billion in shares, reflecting confidence in the company's share price potential and financial strength.
- This action is seen as an investment opportunity given the company's strong cash flow and upcoming catalysts.