United Therapeutics Corp (NASDAQ: UTHR) is a biotechnology company that develops and commercializes therapies for pulmonary arterial hypertension (PAH), pulmonary hypertension associated with interstitial lung disease (PH-ILD), and oncology. Revenue comes entirely from prescription drug product sales, primarily through specialty pharmaceutical distributors in the United States and internationally. The commercial portfolio centers on four PAH/PH-ILD products: Tyvaso DPI (inhaled dry powder treprostinil), Nebulized Tyvaso (inhaled solution treprostinil), Remodulin (continuous subcutaneous and intravenous treprostinil), and Orenitram (oral treprostinil), plus Unituxin (dinutuximab) for high-risk neuroblastoma. Combined Tyvaso DPI and Nebulized Tyvaso net product sales were $1,878.2 million in FY2025, representing 59% of total revenues. Remodulin contributed $526.8 million (17% of FY2025 revenues), Orenitram contributed $496.9 million (16%), and Unituxin contributed $226.8 million (7%). The company is headquartered in Silver Spring, Maryland and Durham, North Carolina.

Revenue model

Transactional prescription drug product sales through specialty pharmaceutical distributors. No subscription or royalty model disclosed. All revenue derives from net product sales of five commercial drugs, with no service or device revenue reported separately (Remunity and RemunityPRO pump sales are included within Remodulin net product sales per FY2025 10-K).

Products and services

Tyvaso DPI (inhaled dry powder treprostinil, PAH and PH-ILD, U.S. launch June 2022); Nebulized Tyvaso (inhaled treprostinil solution, PAH and PH-ILD, U.S. and select international markets); Remodulin (subcutaneous and intravenous treprostinil, PAH, approved by FDA 2002/2004, sold globally); Orenitram (oral treprostinil, PAH, the only FDA-approved oral prostacyclin analogue titratable to maximum tolerated dose without a dose ceiling); Unituxin (dinutuximab injection, high-risk neuroblastoma, U.S. and select international). Pipeline includes Nebulized Tyvaso in Phase 3 for IPF (TETON 1 and TETON 2) and PPF (TETON PPF), and ralinepag (oral IP receptor agonist) in Phase 3 for PAH (ADVANCE OUTCOMES). The company is also developing xenotransplantation, regenerative medicine, and ex vivo lung perfusion technologies.

Customers and end markets

Specialty pharmaceutical distributors in the United States are the direct customers for all commercial PAH/PH-ILD products and Unituxin. End patients are adults with PAH, PH-ILD, and pediatric/adult patients with high-risk neuroblastoma. The PAH patient population is estimated at approximately 500,000 individuals worldwide per the FY2025 10-K, with a significant fraction undiagnosed or untreated.

Value-chain role

Fully integrated pharmaceutical company: drug discovery, clinical development, regulatory approval, manufacturing (including proprietary pump systems developed with third-party contract manufacturers), and commercialization through specialty distributor networks.

Geographic exposure

Primary revenue from United States commercial sales. International sales of Nebulized Tyvaso, Remodulin, and Unituxin in Japan, Europe, Canada, and select countries in Asia, the Middle East, and Latin America per FY2025 10-K.

Competitors

selexipag (competing oral PAH prostacyclin therapy referenced in FY2025 10-K)

Source: SEC 10-K, filed 2026-02-25

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