United Therapeutics (UTHR)
Builds pulmonary-hypertension medicines and investigational organ-manufacturing platforms.
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United Therapeutics sells one medicine, treprostinil, in four forms — inhaled as a powder or a mist, pumped under the skin, or swallowed as a tablet — to people with dangerously high blood pressure in the lungs. That franchise pays for everything, and it has stopped growing now that a rival sells the same inhaled powder. What the company is becoming sits in germ-free barns: gene-edited pigs whose organs are made for transplant into people.
Item facts: FY2025 · year ended December 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 11 more below
Tyvaso DPI
Inhaled treprostinil as a dry powder, $1.29B in 2025 and the company's biggest product — with its misted sibling, about three-fifths of all sales. Growth fell from 25% for the year to 4% in the latest quarter as a rival powder took share.
Competes with YUTREPIA (Liquidia) · TPIP (Insmed) · WINREVAIR / sotatercept (Merck)
In plain English
Picture an asthma puffer, except the powder inside treats dangerously high pressure in the blood vessels of the lungs. A patient clicks a small pre-filled cartridge into the inhaler and breathes the dose straight in, instead of sitting with a machine that turns liquid into mist.
That convenience is why it became the company's biggest product. Very few people need it and a year of treatment costs six figures, and nearly half of everything United Therapeutics sells travels through just two specialty pharmacies, Accredo and CVS Specialty. The inhaler is not made in-house: MannKind builds it in Connecticut and earns on every unit.
Nebulized Tyvaso
The older misted version of the same drug: $586M in 2025, and down about 18% year over year last quarter as patients move to the powder or to the rival. It is also the format tested in scarred lungs.
Competes with YUTREPIA (Liquidia) · Tyvaso DPI (United Therapeutics)
In plain English
The original way to breathe this drug. A small ultrasonic machine turns the liquid into a fine mist and the patient sits and inhales it — more of a ritual than clicking a cartridge into an inhaler.
The powder version replaced it for most people, which means the company's own upgrade is pulling its own patients away, quarter after quarter. What keeps money here is the group who cannot tolerate dry powder because it makes them cough, and buyers abroad: this is the only Tyvaso format sold outside the United States, and the company's overseas sales have been picking up. It is also the version tested in scarring lung disease, so a fading product may get a second life.
Nebulized Tyvaso for pulmonary fibrosis
Permission to sell misted Tyvaso for scarred, stiffening lungs — a disease affecting roughly a hundred thousand Americans, most of them on no approved treatment. The FDA's answer is expected in 2027, and management's path back to growth runs through it.
Competes with JASCAYD / nerandomilast (Boehringer Ingelheim) · TPIP (Insmed)
In plain English
Not a new drug — a new permission. The same misted treprostinil, tested in people whose lungs are slowly scarring and stiffening, which leaves them short of breath and short of options.
Two large trials hit their goals, and the FDA is reviewing the request now, with an answer expected in 2027. The prize is the size of the crowd waiting outside the gate: roughly a hundred thousand Americans have this scarring disease and about two in three take nothing approved for it, largely because the existing treatments make them feel awful. Those treatments still sell more than four billion dollars a year worldwide, which is the yardstick for what a new option could earn.
Orenitram
The slow-release tablet of the same molecule: $496.9M in 2025, up 14%, the one line still growing cleanly. The catch is internal — the once-a-day pill waiting at the FDA is built for these same patients.
Competes with Ralinepag (United Therapeutics) · WINREVAIR / sotatercept (Merck)
In plain English
Same molecule again, this time pressed into a tablet that releases slowly through the day. For someone early in the disease, or unwilling to wear a pump or sit with an inhaler, swallowing a pill is the easiest door into this class of drug.
The company is pushing to have this class of drug started earlier in the disease than it usually is, because that widens the pool of people who take pills rather than infusions. Hence the steady growth here while everything else flattens. The awkward part: the once-a-day pill United Therapeutics has waiting at the FDA is positioned to take these very patients.
Ralinepag
A once-a-day pill for lung artery pressure, and the rare thing here not built from treprostinil. Its final trial cut the risk of patients worsening by 55%; the FDA answers by June 2027.
Competes with WINREVAIR / sotatercept (Merck) · Orenitram (United Therapeutics)
In plain English
Almost everything this company sells is one molecule. This is not: a different compound, licensed years ago from Arena Pharmaceuticals, made into a pill taken once a day for high pressure in the lung arteries.
In its final trial it cut the risk of patients getting worse by more than half compared with a dummy pill, and the FDA has agreed to review it with an answer due in June 2027. Management calls it a multibillion-dollar opportunity and will not be more precise. The one solid yardstick is the rival twice-a-day pill in the same class, which sells over a billion and a half dollars a year in the United States.
Remodulin
The original product: treprostinil pumped continuously under the skin or into a vein, $526.8M in 2025 and drifting down since copies arrived. Its job now is to throw off cash while the newer things are built.
Competes with Generic treprostinil injection (Sandoz) · Tyvaso DPI (United Therapeutics)
In plain English
The business started here, in 2002. The drug is a liquid, delivered without pause through a thin tube by a small pump the patient wears all day, either under the skin or into a vein.
Cheap copies of the same liquid have been on the market since 2019, so what United Therapeutics really competes on now is the hardware around it: the Remunity pump, built by DEKA, with a newer version cleared in January 2025. Patients who settle in with the pump stay on the branded drug. Revenue drifts down a little each year rather than falling away.
Organ Manufacturing Platform
Gene-edited pig organs for people who will never be offered a human one. The first kidney went into a patient in November 2025 and three trials are cleared. No price, no approval date — company building spending more than doubled in 2025, to $520M.
Competes with EGEN-2784 (eGenesis) · Dialysis clinics (Fresenius) · Dialysis clinics (DaVita)
In plain English
There are not enough human kidneys for the people who need one. The answer being built here is to raise pigs whose genes have been edited — ten changes in the kidney version — so a human body is less likely to reject the organ, raised in barns kept free of disease-causing germs.
The first of those kidneys was transplanted at NYU Langone Health in November 2025, and two further organ trials are cleared, one of them a heart. Nobody has paid for any of it yet: no price, no approval, no launch date. What exists is cost — the company's building spending more than doubled in 2025, split between pig facilities and new inhaler capacity.
Unituxin
An antibody for high-risk neuroblastoma, a cancer of young children — $226.8M in 2025 and the only product outside lung medicine. Roughly 800 American children a year are diagnosed, so the line moves on price and new countries, not on demand.
Competes with DANYELZA / naxitamab (Y-mAbs Therapeutics) · Qarziba / dinutuximab beta (Europe) (maker unconfirmed)
In plain English
The odd one out, and not a lung drug at all. Dinutuximab is a lab-made protein aimed at a marker carried by neuroblastoma cells — a cancer that mostly strikes young children.
It is given at children's cancer centres, as part of the standard course after the main treatment is finished. Roughly eight hundred American children a year are diagnosed with the high-risk form, and that fixed, tiny number is the whole market: the line grows on price and on reaching more countries, never on selling harder. In the United States a single distributor, Cencora, handles all of it.
Tyvaso DPIInhaled treprostinil as a dry powder, $1.29B in 2025 and the company's biggest product — with its misted sibling, about three-fifths of all sales. Growth fell from 25% for the year to 4% in the latest quarter as a rival powder took share.Inhaled treprostinil as a dry powder, $1.29B in 2025 and the company's biggest product — with its misted sibling, about three-fifths of all sales. Growth fell from 25% for the year to 4% in the latest quarter as a rival powder took share.
In plain English
Picture an asthma puffer, except the powder inside treats dangerously high pressure in the blood vessels of the lungs. A patient clicks a small pre-filled cartridge into the inhaler and breathes the dose straight in, instead of sitting with a machine that turns liquid into mist.
That convenience is why it became the company's biggest product. Very few people need it and a year of treatment costs six figures, and nearly half of everything United Therapeutics sells travels through just two specialty pharmacies, Accredo and CVS Specialty. The inhaler is not made in-house: MannKind builds it in Connecticut and earns on every unit.
Competes with YUTREPIA (Liquidia) · TPIP (Insmed) · WINREVAIR / sotatercept (Merck)
Nebulized TyvasoThe older misted version of the same drug: $586M in 2025, and down about 18% year over year last quarter as patients move to the powder or to the rival. It is also the format tested in scarred lungs.The older misted version of the same drug: $586M in 2025, and down about 18% year over year last quarter as patients move to the powder or to the rival. It is also the format tested in scarred lungs.
In plain English
The original way to breathe this drug. A small ultrasonic machine turns the liquid into a fine mist and the patient sits and inhales it — more of a ritual than clicking a cartridge into an inhaler.
The powder version replaced it for most people, which means the company's own upgrade is pulling its own patients away, quarter after quarter. What keeps money here is the group who cannot tolerate dry powder because it makes them cough, and buyers abroad: this is the only Tyvaso format sold outside the United States, and the company's overseas sales have been picking up. It is also the version tested in scarring lung disease, so a fading product may get a second life.
Competes with YUTREPIA (Liquidia) · Tyvaso DPI (United Therapeutics)
Nebulized Tyvaso for pulmonary fibrosisPermission to sell misted Tyvaso for scarred, stiffening lungs — a disease affecting roughly a hundred thousand Americans, most of them on no approved treatment. The FDA's answer is expected in 2027, and management's path back to growth runs through it.Permission to sell misted Tyvaso for scarred, stiffening lungs — a disease affecting roughly a hundred thousand Americans, most of them on no approved treatment. The FDA's answer is expected in 2027, and management's path back to growth runs through it.
In plain English
Not a new drug — a new permission. The same misted treprostinil, tested in people whose lungs are slowly scarring and stiffening, which leaves them short of breath and short of options.
Two large trials hit their goals, and the FDA is reviewing the request now, with an answer expected in 2027. The prize is the size of the crowd waiting outside the gate: roughly a hundred thousand Americans have this scarring disease and about two in three take nothing approved for it, largely because the existing treatments make them feel awful. Those treatments still sell more than four billion dollars a year worldwide, which is the yardstick for what a new option could earn.
Competes with JASCAYD / nerandomilast (Boehringer Ingelheim) · TPIP (Insmed)
OrenitramThe slow-release tablet of the same molecule: $496.9M in 2025, up 14%, the one line still growing cleanly. The catch is internal — the once-a-day pill waiting at the FDA is built for these same patients.The slow-release tablet of the same molecule: $496.9M in 2025, up 14%, the one line still growing cleanly. The catch is internal — the once-a-day pill waiting at the FDA is built for these same patients.
In plain English
Same molecule again, this time pressed into a tablet that releases slowly through the day. For someone early in the disease, or unwilling to wear a pump or sit with an inhaler, swallowing a pill is the easiest door into this class of drug.
The company is pushing to have this class of drug started earlier in the disease than it usually is, because that widens the pool of people who take pills rather than infusions. Hence the steady growth here while everything else flattens. The awkward part: the once-a-day pill United Therapeutics has waiting at the FDA is positioned to take these very patients.
Competes with Ralinepag (United Therapeutics) · WINREVAIR / sotatercept (Merck)
RalinepagA once-a-day pill for lung artery pressure, and the rare thing here not built from treprostinil. Its final trial cut the risk of patients worsening by 55%; the FDA answers by June 2027.A once-a-day pill for lung artery pressure, and the rare thing here not built from treprostinil. Its final trial cut the risk of patients worsening by 55%; the FDA answers by June 2027.
In plain English
Almost everything this company sells is one molecule. This is not: a different compound, licensed years ago from Arena Pharmaceuticals, made into a pill taken once a day for high pressure in the lung arteries.
In its final trial it cut the risk of patients getting worse by more than half compared with a dummy pill, and the FDA has agreed to review it with an answer due in June 2027. Management calls it a multibillion-dollar opportunity and will not be more precise. The one solid yardstick is the rival twice-a-day pill in the same class, which sells over a billion and a half dollars a year in the United States.
Competes with WINREVAIR / sotatercept (Merck) · Orenitram (United Therapeutics)
RemodulinThe original product: treprostinil pumped continuously under the skin or into a vein, $526.8M in 2025 and drifting down since copies arrived. Its job now is to throw off cash while the newer things are built.The original product: treprostinil pumped continuously under the skin or into a vein, $526.8M in 2025 and drifting down since copies arrived. Its job now is to throw off cash while the newer things are built.
In plain English
The business started here, in 2002. The drug is a liquid, delivered without pause through a thin tube by a small pump the patient wears all day, either under the skin or into a vein.
Cheap copies of the same liquid have been on the market since 2019, so what United Therapeutics really competes on now is the hardware around it: the Remunity pump, built by DEKA, with a newer version cleared in January 2025. Patients who settle in with the pump stay on the branded drug. Revenue drifts down a little each year rather than falling away.
Competes with Generic treprostinil injection (Sandoz) · Tyvaso DPI (United Therapeutics)
Organ Manufacturing PlatformGene-edited pig organs for people who will never be offered a human one. The first kidney went into a patient in November 2025 and three trials are cleared. No price, no approval date — company building spending more than doubled in 2025, to $520M.Gene-edited pig organs for people who will never be offered a human one. The first kidney went into a patient in November 2025 and three trials are cleared. No price, no approval date — company building spending more than doubled in 2025, to $520M.
In plain English
There are not enough human kidneys for the people who need one. The answer being built here is to raise pigs whose genes have been edited — ten changes in the kidney version — so a human body is less likely to reject the organ, raised in barns kept free of disease-causing germs.
The first of those kidneys was transplanted at NYU Langone Health in November 2025, and two further organ trials are cleared, one of them a heart. Nobody has paid for any of it yet: no price, no approval, no launch date. What exists is cost — the company's building spending more than doubled in 2025, split between pig facilities and new inhaler capacity.
Competes with EGEN-2784 (eGenesis) · Dialysis clinics (Fresenius) · Dialysis clinics (DaVita)
UnituxinAn antibody for high-risk neuroblastoma, a cancer of young children — $226.8M in 2025 and the only product outside lung medicine. Roughly 800 American children a year are diagnosed, so the line moves on price and new countries, not on demand.An antibody for high-risk neuroblastoma, a cancer of young children — $226.8M in 2025 and the only product outside lung medicine. Roughly 800 American children a year are diagnosed, so the line moves on price and new countries, not on demand.
In plain English
The odd one out, and not a lung drug at all. Dinutuximab is a lab-made protein aimed at a marker carried by neuroblastoma cells — a cancer that mostly strikes young children.
It is given at children's cancer centres, as part of the standard course after the main treatment is finished. Roughly eight hundred American children a year are diagnosed with the high-risk form, and that fixed, tiny number is the whole market: the line grows on price and on reaching more countries, never on selling harder. In the United States a single distributor, Cencora, handles all of it.
Competes with DANYELZA / naxitamab (Y-mAbs Therapeutics) · Qarziba / dinutuximab beta (Europe) (maker unconfirmed)
Named in filings, launches and programs
- Tresmi (treprostinil soft mist inhaler)Product · AnnouncedA soft mist inhaler built by an in-house skunkworks group, claiming up to 90% less cough; filing planned for 2026, approval guided to 2027.
- AdcircaProductTadalafil for lung artery pressure, $30.0M in 2025 — Lilly makes and distributes it and pays milestones tied to its sales.
- Remunity / RemunityPRO pumpsProductThe wearable pumps DEKA builds to deliver Remodulin; the newer PRO version was cleared in January 2025 and launched later that year.
- Lung BioengineeringBrandKeeps donated lungs alive on a machine, charged per case, from sites in Maryland and Florida — the whole of the 'Other' line, $24.0M in 2025.
- LungFXProductThe machine behind that donated-lung service; the FDA approved it in June 2026.
- RALDPI (ralinepag dry powder)Product · Pre-revenueRalinepag as an inhaled powder, under an exclusive option with MannKind; permission to start human testing was planned for 2026.
- TETON-PPFProduct · Pre-revenueMisted Tyvaso tested in a second scarring lung disease management sizes at least double the first; 754 patients enrolled, results due late 2027.
- Thymmune Therapeutics (THY-100)Brand · Pre-revenueBought in July 2026 on undisclosed terms: early thymus cell work for children born without one, and for making transplants easier to accept.
- miroliverELAPProduct · Pre-revenueAn external liver-assist product from the Miromatrix side; its first human study met its goal in January 2026.
- miroliver, mirokidney, IVIVA Kidney, ULung, ULobeProduct · Pre-revenueLab-grown liver, kidney and lung programmes from Miromatrix and IVIVA Medical, all still at the animal and bench stage.
- PH-COPD programmeProduct · Pre-revenueA mid-stage study of the soft mist inhaler in lung pressure caused by chronic obstructive lung disease.
Tresmi (treprostinil soft mist inhaler)Product · Announced
A soft mist inhaler built by an in-house skunkworks group, claiming up to 90% less cough; filing planned for 2026, approval guided to 2027.
AdcircaProduct
Tadalafil for lung artery pressure, $30.0M in 2025 — Lilly makes and distributes it and pays milestones tied to its sales.
Remunity / RemunityPRO pumpsProduct
The wearable pumps DEKA builds to deliver Remodulin; the newer PRO version was cleared in January 2025 and launched later that year.
Lung BioengineeringBrand
Keeps donated lungs alive on a machine, charged per case, from sites in Maryland and Florida — the whole of the 'Other' line, $24.0M in 2025.
LungFXProduct
The machine behind that donated-lung service; the FDA approved it in June 2026.
RALDPI (ralinepag dry powder)Product · Pre-revenue
Ralinepag as an inhaled powder, under an exclusive option with MannKind; permission to start human testing was planned for 2026.
TETON-PPFProduct · Pre-revenue
Misted Tyvaso tested in a second scarring lung disease management sizes at least double the first; 754 patients enrolled, results due late 2027.
Thymmune Therapeutics (THY-100)Brand · Pre-revenue
Bought in July 2026 on undisclosed terms: early thymus cell work for children born without one, and for making transplants easier to accept.
miroliverELAPProduct · Pre-revenue
An external liver-assist product from the Miromatrix side; its first human study met its goal in January 2026.
miroliver, mirokidney, IVIVA Kidney, ULung, ULobeProduct · Pre-revenue
Lab-grown liver, kidney and lung programmes from Miromatrix and IVIVA Medical, all still at the animal and bench stage.
PH-COPD programmeProduct · Pre-revenue
A mid-stage study of the soft mist inhaler in lung pressure caused by chronic obstructive lung disease.