United Therapeutics第二季度初步看法；Tyvaso不及预期，IPF和Raleni申报已提交

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

United Therapeutics

Initial Take on 2Q; Tyvaso Miss, IPF & Raleni Filings

Are In

Overweight

UTHR, UTHR US

Price (04 Aug 26):$518.68

Biotechnology - Large Cap

UTHR reported total revs of $783mm (-2% YoY), which missed JPMe/company

cons of $811mm/$810mm with closely watched Tyvaso sales of $453mmm

coming in $33mm below JPMe/cons. On the positive side, however, both the

sNDA for Tyvaso in IPF and the NDA for oral ralenipag have been submitted (both

in June). On the call, we will listen for how mgmt frames these commercial opptys,

in addition to any updates on TRESMI/RALDPI, and of course what to make of this

quarter’s Tyvaso result. Heading into 2Q, we heard investors cautious on the 2Q

print itself, while trying to balance this against enthusiasm about the IPF oppty and

the potential for positive surprises on the conference call. While we think the

buyside expected a miss, we think this magnitude may still be viewed as

disappointing. That said, with the IPF filing starting the countdown to approval, we

continue to see UTHR as a stock to own heading into what we expect will be a

strong IPF launch for Tyvaso which we see transforming the financial profile of the

company with more upside in the stock yet to be realized.

Tyvaso declines 4% YoY, comes in below JPMe/cons. Tyvaso posted 2Q revs

of $453mm, falling 4% YoY and 1% QoQ and coming in ~$33mm below

JPMe/company cons of $486mm (i.e. about 7% below). Nebulized Tyvaso was

the main source of weakness, down 18% YOY while Tyvaso DPI grew 4%

YOY and still delivered record referrals, starts, and patients in 2Q.

Rounding out the quarter. Remodulin revs of $126mm dropped 6% YoY (flat

QoQ) and missed JPMe/company cons by $6mm/$3mm. Orenitram revs of

$126mm grew 1% YoY (-7% QoQ), and were shy of JPMe/cons of $130mm/

$131mm. Unituxin was a bright spot with $65mm of sales, $7mm/$9mm above

JPMe/cons of $58mm/$56mm.

Moving down the P&L, combined SG&A/R&D of $353mm came in $7mm

above our ests, with SG&A ~$6mm below our est and R&D ~$12mm above

our est. UTHR delivered 42% GAAP operating margin in the quarter (JPMe:

45%). The 11% tax rate came in below our 24% estimate.…