United Therapeutics Corporation (NASDAQ:UTHR) reported fourth-quarter results on Wednesday that exceeded profit expectations but fell short on revenue, sending shares down 4.88% in premarket trading.
The biotechnology company posted adjusted earnings per share of $7.70 for the quarter, beating the analyst consensus estimate of $7.10 by $0.60.
Revenue totaled $790.2 million, below expectations of $815.24 million, although it represented a 7% increase from $735.9 million recorded in the same quarter a year earlier. For full-year 2025, revenue reached a record $3.18 billion, marking an 11% increase compared with 2024.
Total Tyvaso revenue rose 12% year on year to $464.3 million in the fourth quarter, supported by strong performance from Tyvaso DPI, which grew 24% to $338.6 million.
The increase was primarily driven by higher volumes as patient adoption continued to expand following the product’s launch, along with greater commercial usage linked to Medicare Part D benefit redesign under the Inflation Reduction Act. Revenue from Orenitram increased 12% to $121.2 million.
“As we close out another remarkable year with record total revenue for the fourth year in a row, I extend my thanks to our Unitherians whose unwavering commitment to innovation and excellence fuels our mission,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer.
Net income for the quarter reached $364.3 million, or $7.70 per diluted share, compared with $301.3 million, or $6.19 per diluted share, in the fourth quarter of 2024. For the full year, net income totaled $1.33 billion, up from $1.20 billion in 2024.
Management added that the company’s ADVANCE OUTCOMES and TETON-1 clinical programmes are expected to deliver pivotal data that could open new treatment pathways for patients.