Abstract

United Therapeutics will report fourth-quarter results on February 25, 2026 Pre-Market; this preview synthesizes the company’s latest quarter trends, current-quarter forecasts, and the balance of institutional opinions from January 01, 2026 to February 18, 2026.

Market Forecast

Consensus points to solid growth for the current quarter, with United Therapeutics’ internal projection showing revenue of $0.81 billion, up 10.66% year over year, estimated EBIT of $0.40 billion with 8.71% growth, and estimated EPS of 6.87 with 8.91% growth. Margin expectations remain constructive based on the last quarter’s structure, though the company has not issued explicit gross margin or net margin guidance; the last quarter’s mix implies elevated gross and net profitability alongside rising adjusted EPS year over year. The main business remains pulmonary arterial hypertension therapies led by Tyvaso, with continued adoption and device penetration shaping near-term performance. The most promising segment is Tyvaso, which generated $0.48 billion last quarter; management and street models anticipate continued double-digit year-over-year growth as patient starts expand and supply continuity improves.

Last Quarter Review

United Therapeutics delivered last quarter revenue of $0.80 billion, gross profit margin of 87.38%, GAAP net profit attributable to the parent company of $0.34 billion with a net profit margin of 42.36%, and adjusted EPS of 7.16, reflecting year-over-year growth of 12.05%. Net profit rose sequentially by 9.43% due to operating leverage and favorable product mix. The main business highlight centered on pulmonary hypertension therapies: Tyvaso contributed $478.00 million, treprostinil franchise $131.10 million, Remodulin $125.90 million, Unituxin $47.90 million, tadalafil $9.70 million, and other revenue $6.90 million.

Current Quarter Outlook (with major analytical insights)

Pulmonary Hypertension Core Franchise

The core revenue engine remains pulmonary hypertension therapies anchored by Tyvaso across inhaled and dry powder formulations. Given the prior quarter’s 87.38% gross margin and 42.36% net margin, unit economics are favorable and provide a buffer against moderate pricing or volume fluctuations. For this quarter, the company’s forecast of approximately $0.81 billion in revenue with 10.66% year-over-year growth suggests resilient demand and sustained patient enrollment trends. Continued expansion in prescriber breadth and retention among chronic users, combined with device reliability enhancements, should support stable refill dynamics and adherence. Assuming stable reimbursement, the margin framework from last quarter indicates scope to maintain gross margin at an elevated level even as operating expenses step up for pipeline advancement.

Tyvaso as the Principal Growth Driver

Tyvaso remains the largest and fastest-growing product in the portfolio by absolute dollars, posting $478.00 million last quarter. The growth outlook draws on increasing penetration among pulmonary hypertension patients and continued adoption across centers familiar with treprostinil-based therapies. With the company’s quarterly revenue forecast implying double-digit growth, Tyvaso volume expansion is likely the critical bridge to achieving the guided EPS of 6.87 and EBIT of $0.40 billion. The previous quarter demonstrated strong operating leverage when Tyvaso outperformance supports both top line and profitability. Near-term watchpoints include capacity and device reliability, which historically have influenced dispensing cadence; incremental improvements there can improve shipment linearity and reduce quarter-to-quarter volatility. If the Tyvaso demand curve remains intact, the company’s model points to a high likelihood of sustaining revenue growth near the forecasted trajectory while keeping gross margin at a structurally high level.

Key Stock Price Sensitivities This Quarter

The largest swing factors for shares this quarter are: the pace of Tyvaso prescription growth versus the prior quarter’s high base, any signals on payer mix and discounting, and the degree of operating expense investment for late-stage pipeline programs. A modest beat or miss on revenue can quickly translate into a noticeable EPS delta given the high gross margin structure; therefore, volume trends within the treprostinil franchise will be closely scrutinized. The sequential pattern in net profit last quarter indicates operating leverage is present, so management’s commentary on SG&A and R&D allocations will frame how much of the incremental gross profit drops to EBIT. Investors will also pay close attention to qualitative updates on product manufacturing and device availability to gauge the sustainability of double-digit growth without margin tradeoffs.

Analyst Opinions

Institutional perspectives skew bullish over the covered period, with multiple buy reiterations anchoring the majority view. UBS, via analyst Ashwani Verma, maintained a Buy rating and a $645.00 price target, pointing to underappreciated upside in pulmonary arterial hypertension beyond near-term noise around Tyvaso and highlighting progress in late-stage development programs. Leerink Partners, through analyst Roanna Ruiz, also reaffirmed a Buy rating, underscoring confidence in the company’s ability to deliver above-market growth backed by durable treprostinil demand and disciplined cost control. The preponderance of positive stances suggests the market anticipates United Therapeutics to meet or modestly exceed its internal benchmarks on revenue and EPS this quarter, with the debate focused on the durability of Tyvaso growth and potential incremental contributions from the broader portfolio. Within this consensus, the crux of the bull case rests on the combination of sustained double-digit revenue growth, high gross margins near the recent 87.38% level, and the prospect for operating leverage to keep adjusted EPS on an upward path as long as volume growth remains healthy.