United Therapeutics Corporation (UTHR): Business Model Canvas [Dec-2025 Updated]

You're trying to map out how United Therapeutics Corporation (UTHR) is playing the long game, balancing its current rare disease dominance with a truly revolutionary bet. Honestly, after two decades in this seat, this model is fascinating: they are printing cash from their established Pulmonary Hypertension (PAH) franchise-Tyvaso DPI alone pulled in $478.0 million in Q3 2025 net product sales-while simultaneously sinking serious capital, over $0.544 billion in TTM R&D through Q3 2025, into xenotransplantation to solve the organ shortage crisis. It's a high-stakes strategy where the current revenue funds the future, all guided by their Public Benefit Corporation status. Dive into the canvas below to see exactly how they structure the partnerships, resources, and costs supporting this dual mission.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Key Partnerships

You're looking at the structure that lets United Therapeutics Corporation deliver its specialized therapies and advance its organ technology pipeline. These external relationships are critical for scaling manufacturing, getting drugs to patients, and running complex trials.

Contract Research Organizations (CROs) for clinical trials

Clinical trial execution relies heavily on external expertise. United Therapeutics Corporation reported fully enrolling three Phase III trials as of the third quarter of 2025. External research and development expenses, which cover payments to third parties like clinical trial sites and CROs, contribute to the overall Research and development expense. For the three months ended September 30, 2025, Research and development expense increased compared to the same period in 2024, partly due to increased expenditures related to manufactured organ and organ alternative projects, and a $5.0 million milestone payment for drug delivery technologies. The TETON-2 study, which showed breakthrough results for idiopathic pulmonary fibrosis (IPF), is one such trial involving these external research partners.

Specialty pharmacies and distributors for drug fulfillment

Getting products like Tyvaso and Orenitram to patients involves a network of specialty pharmacies and distributors. United Therapeutics Corporation has ongoing agreements, such as amendments to its Specialty Pharmacy Network Agreement with Accredo Health Group, Inc. and its Wholesale Product Purchase Agreement with Priority Healthcare Distribution, Inc. The commercial execution through this network supports significant revenue generation. Total revenues for the third quarter of 2025 reached $799.5 million, with Tyvaso revenues alone hitting $478.0 million in that quarter.

Here's a quick look at the revenue scale these distribution partnerships support:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Revenues	$799.5 million	7%
Total Tyvaso Revenues	$478.0 million	10%
Net Income	$338.7 million	10%

Academic and research institutions for xenotransplantation R&D

The technology expansion for transplantable organs involves deep collaboration with research bodies. The xeno-kidney program is a key focus, with IND clearance received for the program. The study involves 50 patients across two centers, as discussed earlier in 2025. These projects drive increased Research and development expenditures, reflecting the investment required for these novel technologies.

Third-party contract manufacturers for drug product and devices

Manufacturing scale and device supply are outsourced to specialized partners. United Therapeutics Corporation relies on MannKind to manufacture Tyvaso DPI finished drug product and inhalers. For the nebulized Tyvaso delivery system, the company relies on contract manufacturers Minnetronix Inc. and Phillips-Medisize Corp. for the Tyvaso Inhalation System. Furthermore, the company has agreements with BETA Technologies, Inc., dating back to 2017, to support the development of all-electric aircraft for future organ distribution requirements.

Key manufacturing dependencies include:

• MannKind: Tyvaso DPI drug product and inhalers.
• Minnetronix Inc.: Component of the Tyvaso Inhalation System.
• Phillips-Medisize Corp.: Component of the Tyvaso Inhalation System.
• BETA Technologies, Inc.: Zero-carbon footprint aircraft for organ delivery.

Potential future pharma partners for pipeline assets, as discussed in Q3 2025

Management confirmed in the Q3 2025 update that the company is actively engaged in all manner of business development. This signals an openness to external partnerships for pipeline assets, though specific financial terms or named potential partners for late-stage assets were not disclosed in the public Q3 2025 commentary. The focus remains on advancing assets like the ralinepag outcomes trial and leveraging the strong commercial performance of the existing portfolio to support future deal-making.

Finance: draft 13-week cash view by Friday.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Key Activities

You're looking at the core engine driving United Therapeutics Corporation's performance as of late 2025. The company's key activities are split between maximizing their established pulmonary hypertension franchise and aggressively pursuing revolutionary organ manufacturing.

Commercialization of treprostinil-based therapies (Tyvaso, Remodulin, Orenitram)

This activity centers on driving sales for their prostacyclin-based treatments. The momentum is clearly still there, even as they manage generic competition for older products.

For the three months ended September 30, 2025, United Therapeutics Corporation reported total revenues of $799.5 million, a 7% increase year-over-year from $748.9 million in the third quarter of 2024. The first quarter of 2025 saw total revenue hit $794.4 million, representing a 17% jump compared to Q1 2024.

The Tyvaso franchise remains the primary driver. Total Tyvaso revenues in Q3 2025 reached $478.0 million, marking a 10% increase from the prior year. The dry powder inhaler (DPI) formulation was particularly strong, with revenues surging 22% to $336.2 million in Q3 2025. For context, Q2 2025 saw Tyvaso DPI revenue at $315 million, up 22% year-over-year.

Orenitram sales also showed solid growth, reaching $131.1 million in Q3 2025, a 16% increase. In Q1 2025, Orenitram generated $121 million in revenue, up 14% year-over-year. Remodulin contributed $138 million in worldwide revenue in Q1 2025, an 8% increase.

The company's operational efficiency is reflected in its margins; the operating margin for Q3 2025 was 48.6%. Plus, operating cash flow reached nearly $1.5 billion annually as of the Q2 2025 call.

Metric	Period Ended September 30, 2025	Year-over-Year Change
Total Revenues	$799.5 million	7%
Total Tyvaso Revenues	$478.0 million	10%
Tyvaso DPI Revenues	$336.2 million	22%
Orenitram Sales	$131.1 million	16%

Extensive Research and Development (R&D) for pipeline expansion

United Therapeutics Corporation is channeling significant resources into its innovation wave, particularly in organ alternatives. This is a major focus area, showing up directly in the expense line items.

For the three months ended September 30, 2025, Research and Development expense increased to $127.5 million, which is up 23% year-over-year. This increase was primarily due to expenditures related to manufactured organ and organ alternative projects, along with a $5.0 million milestone payment for drug delivery technologies.

The R&D activity is geared toward near-term catalysts:

• Phase 3 TETON 2 study in idiopathic pulmonary fibrosis completed, with data expected in September 2025.
• Phase 3 TETON 1 data expected in the first half of 2026.
• Enrollment for the phase 3 ADVANCE OUTCOMES study of ralinepag is complete, with data expected in the first half of 2026.

Developing organ manufacturing and xenotransplantation technologies (UKidney, UHeart)

This is the company's revolution wave, aimed at creating an unlimited supply of transplantable organs. You see the commitment to this in the R&D spend mentioned above.

In the first quarter of 2025, management highlighted the planned commencement of the UKidney first-in-human clinical study. Furthermore, the company expressed excitement about advancing its approach to organ alternatives with anticipated filings of Investigational New Drug applications with the FDA for its UHeart and UThymoKidney products.

Managing complex regulatory pathways for rare disease and organ products

Navigating the FDA for both rare disease drugs and novel organ technologies requires intense regulatory management. The company is actively defending its existing products while pushing novel ones through trials.

On May 9, 2025, United Therapeutics Corporation filed a lawsuit against Liquidia in the U.S. District Court for the Middle District of North Carolina, alleging that Yutrepia infringes U.S. Patent No. 11,357,782. This is part of managing the competitive landscape for their inhaled therapies.

The company has 5 approved products in the market, focusing on cardiovascular, infectious diseases, and cancer.

Maintaining and defending a large global patent portfolio

The intellectual property supporting both the current drug portfolio and the future organ pipeline is extensive. You can't run a specialty pharma/biotech without this moat.

As of a recent analysis referencing 2025 data, United Therapeutics Corporation holds a total of 1017 patents globally, with 494 granted. More than 57% of these patents are active.

The focus on future technologies is evident in the portfolio breakdown:

• Over 150 pending patent applications and multiple issued patents cover the 3D organ alternative bioprinting program.
• The xenotransplantation patent portfolio includes over 150 pending applications and issued patents, with nearly one hundred issued patents in the U.S. and abroad.
• The regenerative medicine portfolio includes over 300 pending applications and issued patents.

The company continues to secure new IP, evidenced by a granted patent for Prodrugs of treprostinil dated July 15, 2025.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Key Resources

You're looking at the core assets United Therapeutics Corporation (UTHR) relies on to execute its strategy as of late 2025. These aren't just things they own; they are the engines driving their unique mission as a Public Benefit Corporation (PBC).

The foundation of their commercial strength is definitely the proprietary treprostinil drug substance and the specialized delivery systems. Tyvaso, for example, is a massive revenue driver. For the third quarter of 2025, total Tyvaso revenues hit $478.0 million, a 10 percent year-over-year growth. This growth was fueled by an increase in quantities sold valued at $58.1 million compared to the same period in 2024. To be fair, the exclusivity period for the Tyvaso DPI formulation was set to expire around May 23, 2025, which means the continued strength of this product line relies heavily on their ongoing innovation in delivery platforms.

The company backs this commercial success with a substantial intellectual property moat. They hold a significant number of patents globally, which is critical for protecting their core treprostinil-based treatments.

Key Resource Metric	Value as of Late 2025 Data	Reference Period/Context
Total Global Patents	1017	As reported
Active Patents	582 (or over 57%)	As reported
Patents Granted	494	As reported
Cash, Cash Equivalents, and Marketable Investments	$4,334.9 million	As of September 30, 2025
Research & Development Expenses (TTM)	$0.544B	Twelve months ending September 30, 2025

You can see the financial muscle right there on the balance sheet. As of September 30, 2025, United Therapeutics Corporation held $4,334.9 million in cash, cash equivalents, and marketable investments. This robust liquidity supports their aggressive R&D strategy. For instance, Research and Development expenses for the twelve months ending September 30, 2025, totaled $0.544B. A portion of the Q3 2025 R&D increase was specifically tied to expenditures related to their manufactured organ and organ alternative projects, including a $5.0 million milestone payment for drug delivery technologies.

Speaking of R&D, their specialized facilities are focused on the most ambitious areas of medicine. Their public benefit purpose explicitly includes developing technologies that expand the availability of transplantable organs. This focus on xenotransplantation and organ alternatives is a major non-financial asset, evidenced by the increased R&D spending directed toward these 'manufactured organ and organ alternative projects' in recent quarters.

Finally, the corporate structure itself is a key resource that guides decision-making. United Therapeutics Corporation is the first publicly-traded biotech or pharmaceutical company organized as a public benefit corporation (PBC).

• PBC conversion followed shareholder approval in September 2021.
• The stated public benefit purpose is to provide a brighter future for patients through novel therapies and technologies that expand the availability of transplantable organs.
• This structure is intended to balance superior financial performance for shareholders with their patient-focused mission.

The company's ability to generate strong revenue, like the $799.5 million total revenue in Q3 2025, while maintaining this dual focus is what makes this resource set unique. Finance: draft 13-week cash view by Friday.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Value Propositions

United Therapeutics Corporation provides value through several distinct avenues, centered on specialized therapies and revolutionary, long-term solutions for rare diseases.

Improved convenience via Tyvaso DPI, a single-breath inhaled therapy.

The Tyvaso franchise, which includes the dry powder inhaler (DPI) formulation, shows strong commercial traction. Tyvaso DPI recorded total revenue of $315 million in the second quarter of 2025, reflecting a 22 percent growth over the second quarter of 2024. This device is differentiated because no other commercially available treprostinil dry powder inhaler has been studied at higher doses and can be dosed with only one breath per cartridge, four times a day. Total Tyvaso revenues, combining DPI and nebulized forms, reached $478.0 million in the third quarter of 2025.

Life-extending treatments for rare, severe conditions like Pulmonary Hypertension (PH).

United Therapeutics Corporation targets a specific patient population in the U.S. market. The estimated number of accessible patients for Group 1 Pulmonary Arterial Hypertension (PAH) and Group 3 Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD) is 75,000+. This breaks down to an estimated 45,000+ patients with Group 1 PAH and 30,000+ patients with Group 3 PH-ILD. The company has more than 12,500 patients on its therapies across its portfolio. The number of Tyvaso patients on therapy has more than doubled since the PH-ILD approval in March 2021.

Differentiation through multiple delivery methods (oral, inhaled, infused) of treprostinil.

The company offers treprostinil across various modalities, catering to different patient needs and preferences. This multi-platform approach is a core differentiator in the treprostinil market. Based on 2023 U.S. net sales data, the inhaled segment (Tyvaso/Tyvaso DPI) represented $1.208 Billion of the total treprostinil market revenue, which was 59% of the total treprostinil analog and agonist net sales that year. The company's portfolio includes:

Delivery Method	Product Example	Q1 2025 Revenue (Millions USD)
Inhaled (DPI)	Tyvaso DPI	$302.5
Inhaled (Nebulized)	Nebulized Tyvaso	$163.8
Oral	Orenitram	$120.7
Infused (Parenteral)	Remodulin	$138.2

The inhalation route of administration is forecasted to witness the highest growth in the treprostinil drug market through 2031.

Revolutionary long-term solution: Creating an unlimited supply of transplantable organs.

United Therapeutics Corporation is pursuing a revolution wave of growth through organ manufacturing. This effort involves three platforms: xenotransplantation, allogeneic regenerative medicine, and autologous regenerative medicine, covering hearts, kidneys, livers, and lungs. The company announced a new $100 million organ production facility in Silver Spring. Key milestones include the planned commencement of the UKidney first-in-human clinical study and preparing to file Investigational New Drug (IND) applications for its UHeart and UThymoKidney products. Furthermore, a subsidiary achieved the world's first patient treatment using a bioengineered external liver assist product, miroliverELAP, in a phase 1 study in June 2025.

High-touch patient support and assistance programs.

The scale of the patient base requiring support is substantial, with over 75,000+ estimated accessible patients for its core Tyvaso indications. The company reported achieving record patient shipments during the first quarter of 2025 for its Tyvaso, Orenitram, and Remodulin products. The company's foundational commercial business generated record total revenue of $794.4 million in the first quarter of 2025.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Customer Relationships

You're managing patient support for complex, chronic conditions like Pulmonary Arterial Hypertension (PAH) and PH-ILD; the relationship with the customer-the patient and the prescribing physician-has to be incredibly tight. United Therapeutics Corporation builds its customer relationship block around intensive, personalized support, which is essential given the nature of their specialty therapies.

The Dedicated Regional Nurse Specialist Team acts as a core educational resource. These specialists work directly with healthcare professionals-physicians, nurses, and support staff-in both clinic and hospital settings. Their mission is to provide non-promotional clinical training and product education. This support covers critical, hands-on aspects like device and infusion pump sessions, adverse event mitigation, and therapy dosing and titration discussions. This direct clinical engagement ensures that the complex administration of therapies, some of which require dilution or specific device handling, is executed correctly from the start.

This necessity for high-touch, specialized support stems directly from the complexity of rare disease treatments. For patients starting therapy, the initial period is make-or-break. United Therapeutics mapped this journey and found that patients often can't absorb all the necessary information in the provider's office alone. This high-touch model aims to prevent patients from becoming discouraged by cost concerns or process complexity, which can lead to treatment discontinuation.

To directly address cost barriers, United Therapeutics Cares is a central pillar. This program pairs each newly prescribed patient with a dedicated Patient Navigator for ongoing, one-on-one education and support. The program covers insurance navigation, prescription coordination via Specialty Pharmacies, and financial assistance. The uptake has been strong; within the program's inaugural year following its 2024 launch, over 70 percent of all newly prescribed Tyvaso patients elected to sign up. Furthermore, through the Co-Pay Assistance Program, eligible patients prescribed a United Therapeutics treatment have options that can allow them to pay as little as a $0 co-pay for each prescription, though this is subject to state law restrictions.

Here's a quick look at the financial context underpinning this support structure, keeping in mind that total revenues for the third quarter ended September 30, 2025, reached $799.5 million.

Metric/Program Detail	Value/Data Point	Reporting Period/Context
United Therapeutics Cares Enrollment Rate	Over 70 percent	Newly prescribed Tyvaso patients, within inaugural year (post-2024 launch)
Co-Pay Assistance Program Potential	As little as $0 co-pay	For eligible patients per prescription
Total Revenues	$799.5 million	Three months ended September 30, 2025
Tyvaso Revenues	$478.0 million	Three months ended September 30, 2025
Market Capitalization	Approximately $12.72 billion	As of July 31, 2025

Finally, the relationship management extends outward to the broader medical community, especially prescribing physicians and transplant centers. United Therapeutics Corporation actively engages these stakeholders by presenting clinical data across its portfolio at major medical congresses, such as the CHEST 2025 Annual Meeting and the ISHLT 45th Annual Meeting in April 2025. This scientific exchange reinforces the relationship by sharing new developments and real-world data, like the impact of inhaled treprostinil initiation timing on hospitalizations in PH-ILD patients. Plus, the company maintains specialized services like the LBE 360° Transplant Support Service, showing a commitment beyond just their pharmaceutical products.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Channels

You're looking at how United Therapeutics Corporation gets its products to patients and advances its revolutionary organ manufacturing pipeline. It's a mix of specialized partners and internal teams, all focused on getting therapies to those with pulmonary hypertension and developing new organ solutions.

Specialty pharmacies and distributors for direct-to-patient drug delivery.

United Therapeutics Corporation uses a network of specialty pharmacies and distributors for its PAH products. For Tyvaso DPI, Nebulized Tyvaso, Remodulin, the Remunity Pump, and Orenitram in the United States, the company has non-exclusive distribution agreements with Accredo Health Group, Inc. (Accredo) and Caremark, L.L.C. (CVS Specialty). For Unituxin, the distribution is exclusive through ASD Specialty Healthcare, Inc., an affiliate of Cencora, Inc..

The commercial performance drives significant revenue through these channels. For example, Total Tyvaso revenues reached $469.6 million in the second quarter of 2025. Orenitram net product sales for the full year 2024 were $434.3 million.

Product	U.S. Distributor Type	Q2 2025 Net Product Sales (Millions USD)
Tyvaso DPI (and device)	Non-exclusive (Accredo, CVS Specialty)	Data not separately itemized from Total Tyvaso
Remodulin (and Remunity Pump)	Non-exclusive (Accredo, CVS Specialty)	$134.7
Orenitram	Non-exclusive (Accredo, CVS Specialty)	$123.9
Unituxin	Exclusive (Cencora affiliate)	$58.4

Direct sales force targeting pulmonologists and cardiologists.

The commercial team is responsible for expanding reach and solidifying the position in the pulmonary hypertension marketplace. As of October 2025, United Therapeutics Corporation has approximately 1.3K employees across 4 continents. The total employee count as of December 31, 2024, was 1,305.

Clinical trial sites for advancing the organ manufacturing pipeline.

Advancing the organ manufacturing pipeline involves clinical sites for investigational products. The phase 1 study for miroliverELAP, an external liver assist product, is open for enrollment at eight sites in the United States. The first patient in this study was treated at Intermountain Medical Center in Murray, Utah. The company plans to meet with the FDA by the end of 2025 to discuss the Teton trials. Research and development expense related to manufactured organ and organ alternative projects saw adjustments to contingent consideration obligations of $6.6 million for the three months ended March 31, 2025.

Proprietary drug delivery devices (e.g., Remunity Pump) for product administration.

Net product sales figures explicitly include sales of infusion devices, such as the Remunity Pump. In January 2025, the FDA cleared a new version of the Remunity Pump, intended to be patient-filled, called RemunityPRO™, with a planned launch later in 2025. Milestone payments for drug delivery device technologies contributed to an increase of $30.0 million in Research and development expense for the three months ended March 31, 2025.

• Remodulin net product sales in Q2 2025 were $134.7 million.
• Total revenues for the second quarter of 2025 were a record $798.6 million.
• Tyvaso revenues grew by 18 percent year-over-year in Q2 2025.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Customer Segments

You're looking at the core patient populations United Therapeutics Corporation (UTHR) serves as of late 2025, which directly informs where their revenue is generated and where their R&D spend is aimed. This is a business built on specialized, often life-threatening, conditions.

Patients with Pulmonary Arterial Hypertension (PAH) represent the foundational customer base, served by a portfolio of prostacyclin-based therapies. The commercial success here is clear from the consistent revenue growth reported through the first three quarters of 2025.

For the nine months ending in Q3 2025, the revenue generated from the primary PAH drugs illustrates the segment's scale:

Product	Revenue (First Nine Months of 2025)
Tyvaso (all formulations)	$1.41 billion
Remodulin	$398.8 million
Orenitram	$375.7 million

Drilling down into the quarterly performance for the Tyvaso franchise, which includes both the inhaled and the dry powder inhaler (DPI) versions, shows sustained momentum. For instance, total Tyvaso revenues reached $478.0 million in the third quarter of 2025, up from $398.2 million in the second quarter of 2024. The growth in Tyvaso DPI quantities sold is driven by continued patient growth.

Patients with Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD) are an increasingly important sub-segment within the broader pulmonary hypertension market. United Therapeutics Corporation is actively pursuing label expansion for its inhaled therapies into this area. The TETON 2 study for nebulized Tyvaso in idiopathic pulmonary fibrosis (IPF), a condition often leading to PH-ILD, had its data readout in September 2025. Estimates suggest the U.S. patient population for IPF could exceed 180,000, a significant potential expansion pool if label expansions are successful.

Oncologists and patients requiring Unituxin for high-risk neuroblastoma form a distinct, though smaller, revenue stream. Unituxin is recognized as the most prescribed antibody therapy for high-risk neuroblastoma in the U.S.. However, this segment showed recent softness; Unituxin sales declined by 22% to $47.9 million in the third quarter of 2025, following double-digit growth in the second quarter of 2025.

Future segment: Patients with end-stage organ failure (kidney, heart, lung) awaiting transplant represents United Therapeutics Corporation's "Revolution" wave of growth, focused on creating transplantable organ alternatives. This segment is defined by massive unmet need, as evidenced by the following statistics for kidney failure:

• Approximately 808,000 patients in the United States have end-stage renal disease.
• Roughly 93,000 patients are on the U.S. kidney transplant waiting list.
• Only 21,000 deceased donor kidney transplants occurred in 2023.

The company is progressing its organ alternative programs:

• The UKidney™ xenokidney program planned to initiate its first in human clinical study in 2025.
• The MiroliverELAP™, an external liver assist product, initiated a phase 1 study.
• The Lung Bioengineering Inc. subsidiary's centralized ex vivo lung perfusion (EVLP) service has supported 500 lung transplants.

Finance: draft 13-week cash view by Friday.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Cost Structure

You're looking at the costs United Therapeutics Corporation racks up to keep its specialized business running, and honestly, it's a mix of traditional pharma spending and big bets on the future of transplantation.

High R&D expenses, totaling $0.544 billion TTM through Q3 2025, are definitely a major cost driver for the pipeline. This shows the commitment to developing new therapies beyond the current portfolio.

For the three months ended September 30, 2025, the total Research and development expense was $127.5 million. Here's how that broke down:

Expense Category (Dollars in millions)	Q3 2025	Q3 2024
External research and development	$63.5	$51.7
Internal research and development	$50.8	$43.9
Share-based compensation expense	$8.4	$7.4
Other	$4.8	$0.5
Total research and development expense	$127.5	$103.5

Significant manufacturing and royalty costs are tied to the treprostinil products, like Tyvaso DPI. Cost of sales for the three months ended September 30, 2025, saw increases primarily due to a rise in royalty expense resulting from revenue growth, plus inventory reserve expense.

Personnel and clinical trial costs for the organ manufacturing projects are clearly escalating. Research and development expense for the three months ended September 30, 2025, included increased expenditures related to these manufactured organ and organ alternative projects. To give you a sense of the scale of the physical investment, United Therapeutics announced an ambitious expansion plan involving a new $100 million organ production facility in Silver Spring, subject to a land swap agreement.

Sales, General, and Administrative (SG&A) costs reflect the need for a specialized sales force and patient support infrastructure. For the three months ended September 30, 2025, SG&A expenses were $182.6 million, which was a decrease of 17% compared to the prior year, largely due to a significant reduction in litigation accruals. However, General and administrative expense (excluding litigation accrual and share-based compensation) increased due to growth in personnel headcount and legal expenses.

Litigation and legal expenses related to patent defense and competition are a specific, measurable cost. The litigation accrual included within selling, general, and administrative expenses stood at $73.3 million as of September 30, 2025, up from the $65.1 million liability accrued in the third quarter of 2024 related to ongoing litigation with Sandoz Inc..

Finance: draft 13-week cash view by Friday.

United Therapeutics Corporation (UTHR) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for United Therapeutics Corporation as of late 2025. Honestly, the revenue streams are tightly focused on their established pulmonary arterial hypertension (PAH) portfolio, though Unituxin still contributes. We have solid, recent numbers from the third quarter ending September 30, 2025, which gives us a clear snapshot of where the dollars are coming from right now.

The primary driver remains the Tyvaso franchise. For the third quarter of 2025, total Tyvaso revenues hit $478.0 million, which was a 10 percent increase year-over-year. This total is split between the dry powder inhaler and the nebulized formulation. To be fair, the growth in Tyvaso DPI sales was particularly strong, surging 22 percent year-over-year.

Here's the quick math on the product-specific net sales for the three months ended September 30, 2025, all in millions of USD:

Revenue Source	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Total Tyvaso (DPI and Nebulized)	$478.0	10 %
Tyvaso DPI	$336.2	22 %
Nebulized Tyvaso	$141.8	(11) %
Orenitram (oral treprostinil)	$131.1	16 %
Remodulin (infused treprostinil)	$125.9	(2) %
Unituxin (dinutuximab)	$47.9	(22) %
Adcirca	$9.7	39 %
Other	$6.9	25 %
Total Revenues	$799.5	7 %

You see the device revenue component baked into the drug sales. Specifically, net product sales for Remodulin include revenue from the proprietary drug delivery devices, such as the Remunity Pump and the RemunityPRO Pump. That Remodulin line itself generated $125.9 million in the quarter. Orenitram, the oral option for PAH, also showed solid growth, bringing in $131.1 million, up 16 percent.

It's important to note the dynamics across the portfolio. While Tyvaso and Orenitram are showing growth, Unituxin sales for neuroblastoma were down significantly, reporting $47.9 million, a 22 percent drop year-over-year. Still, the overall picture is one of continued top-line momentum, with total revenues reaching a record $799.5 million for the quarter.

The revenue streams can be summarized by their primary therapeutic area focus:

• Net product sales from Tyvaso (DPI and Nebulized), totaling $478.0 million in Q3 2025.
• Sales of Orenitram (oral treprostinil) for PAH, amounting to $131.1 million in Q3 2025.
• Sales of Remodulin (infused treprostinil) for PAH, which recorded $125.9 million in Q3 2025.
• Sales of Unituxin (dinutuximab) for neuroblastoma, generating $47.9 million in Q3 2025.
• Revenue from sales of proprietary drug delivery devices, such as the Remunity Pump, which is included within the $125.9 million reported for Remodulin net product sales.

Finance: draft 13-week cash view by Friday.