United Therapeutics hits record $3.2B annual revenue as Tyvaso DPI adoption surges

United Therapeutics (NASDAQ:UTHR) reported record-breaking financial results for fiscal year 2025 on Wednesday, marking the fourth consecutive year of all-time high revenues.

The Silver Spring-based public benefit corporation posted full-year revenue of $3.18 billion, an 11% increase over 2024, anchored by the rapid market penetration of its inhaled dry powder therapy, Tyvaso DPI.

For the fourth quarter, revenue grew 7.4% year-over-year to $790.2 million.

While this figure slightly missed Wall Street’s expectation of $810 million, the company’s profitability remained robust.

Fourth-quarter GAAP net income rose to $364.3 million ($7.70 per diluted share), a 14% beat over analyst estimates, largely due to disciplined operating expenses and a significantly lower tax rate compared to the prior-year period.

The star of the 2025 portfolio was the Tyvaso product line, which saw total revenues rise 16% to $1.88 billion.

Within that segment, Tyvaso DPI—a more convenient dry-powder formulation for pulmonary hypertension—delivered $1.29 billion in sales, a 25% increase over 2024.

This growth more than offset a 12% decline in the older nebulized version of the drug.