United Therapeutics Corporation (NASDAQ:UTHR) reported record third-quarter revenue but fell short of Wall Street earnings estimates, sending shares down 0.08% in premarket trading Wednesday.
The biotech company posted revenue of $799.5 million, a 7% year-over-year increase from $748.9 million, but slightly below analyst expectations of $812.87 million. Adjusted earnings per share came in at $7.16, missing the $7.32 consensus estimate.
Product sales remained strong across key therapies, led by Tyvaso, which grew 10% to $478 million. Within that, Tyvaso DPI revenue jumped 22% to $336.2 million, offsetting an 11% drop in nebulized Tyvaso sales. Orenitram revenue increased 16% to $131.1 million, while Unituxin declined 22% to $47.9 million.
“Our commercial and clinical teams continue to deliver record results, validating our strategic objectives,” said Martine Rothblatt, Chairperson and Chief Executive Officer. “The breakthrough results from our TETON-2 study in idiopathic pulmonary fibrosis could significantly broaden our therapeutic reach and accelerate our growth.”
The company attributed Tyvaso DPI’s strong performance to higher sales volumes of $58.1 million, driven by growing patient adoption and expanded commercial access following Medicare Part D benefit redesign under the Inflation Reduction Act.
“This quarter we again achieved record total revenue and continued our double-digit growth for Tyvaso, reflecting a clear indication of the growing demand for our products,” added Michael Benkowitz, President and Chief Operating Officer.
Research and development expenses rose 23% to $127.5 million, reflecting higher investment in manufactured organ programs and a $5 million milestone payment for drug delivery technologies. The company’s effective tax rate increased to 23%, up from 20% a year ago, mainly due to changes in pre-tax earnings forecasts.