2Q26 First Take

Research evidence excerpt

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M

Update

August 5, 2026 11:05 AM GMT

United Therapeutics Corp | North America

Morgan Stanley & Co. LLC

Terence C Flynn, Ph.D.

Equity Analyst

2Q26 First Take

Chris Yu, J.D., Ph.D.

Equity Analyst

UTHR posted a 2Q miss vs. cons and Tyvaso sales of $453mn

were below cons $482mn. We look to the call for commentary

on competitive dynamics. NDAs for ralinepag in PAH and

nebulized Tybaso in IPF have been submitted. We expect the

shares to trade down slightly.

Hailey Horowitz

Research Associate

Alexander Yevdokimov, Ph.D.

Research Associate

Damien H Kerner

Research Associate

2Q top-line and bottom-line: Revenues were $783mn, 3% below cons' $805mn and

1% below our $795mn. Operating income was $331mn, 14% below cons' $386mn and

Connor M Massari

Equity Analyst

8% below our $360mn. GAAP EPS was $7.27, 6% above cons' $6.86 and 3% above

our $7.04. $0.01 per share equates to `$0.5mn pretax.

Morgan Stanley India Company Private Limited+

Saket Agarwal

Tyvaso 2Q sales were $453mn vs. MSe/cons. $457mn/$482mn: Tyvaso DPI sales

were ~$327mn (vs. $330mn in 1Q26), and nebulized Tyvaso sales were ~$126mn (vs.

Research Associate

$127mn in 1Q26). This was the fifth consecutive Tyvaso miss vs. VA cons, and it

United Therapeutics Corp (UTHR.O, UTHR US)

appears to us that competition remains a headwind. Recall UTHR noted on 1Q26

Biotechnology | United States of America

EPS that they expected Tyvaso to return to sequential revenue growth in the near

term. For context Tyvaso 1Q26 sales were $458mn.

Pipeline updates: UTHR submitted the NDAs for ralinepag in PAH and nebulized

Tybaso in IPF. The UThymokidney EXTEND study has been cleared and the first

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Equal-weight

Attractive

$516.00

$518.68

$23,889

$609.35-287.65

transplant is expected shortly. The UHeart EXPRESS clinical trial is cleared to

proceed by the FDA.

Share repo: During the three months ended June 30, 2026, UTHR received an

additional ~379k shares of our common stock upon the first to settle of the 2026

ASR agreements (up to $2bn).…