Research · Sep 3, 2026
[UTHR] United Therapeutics Thesis 2026: Tyvaso DPI Drives PAH Dominance, Xenotransplantation Waits
United Therapeutics extended its Tyvaso DPI growth run in FY2025 with revenue of ~$3.05B and EPS of ~$21.50, as the DPI formulation's convenience advantage over nebulized therapy drove continued PAH and PH-ILD adoption. Operating margin held at ~44% as xenotransplantation R&D investment offset commercial leverage. The xenotransplantation program (pig-to-human organ transplants via Revivicor) achieved clinical milestones in 2024 but remains pre-commercial; the regulatory pathway to approval is unprecedented.