United Therapeutics has published full Phase 3 TETON-2 trial data for nebulised Tyvaso in idiopathic pulmonary fibrosis in the New England Journal of Medicine. The study demonstrated preservation of lung function and reduced clinical worsening in IPF patients. If approved by the FDA, Tyvaso would become the first and only inhaled anti-fibrotic treatment for IPF, significantly expanding United Therapeutics' addressable market. The company's shares currently trade at $536.12, with one-year returns of 74.5%. The publication in a top-tier journal represents a significant milestone for the drug developer. Investors are now monitoring potential FDA review milestones and how IPF could influence revenue beyond the current $3.2 billion base, though regulatory or reimbursement challenges remain key risks.

United Therapeutics shares fell 7.2% after the biotechnology company reported fourth-quarter revenue of $790.2 million, missing analysts' consensus estimates of over $805 million. Whilst revenue grew 7% year-over-year, Tyvaso sales, though up 12%, also fell short of projections. The company did beat earnings expectations with adjusted earnings of $7.70 per share versus the forecasted $7.10. However, the revenue miss overshadowed the earnings beat, prompting negative market reaction. The stock has shown relatively low volatility over the past year, with only eight moves greater than 5%. United Therapeutics is currently trading at $500.08 per share, near its 52-week high of $535.10. Shares are flat year-to-date.

United Therapeutics reported fourth-quarter 2025 results, with full-year revenue surpassing $3 billion for the first time, representing 11% growth. Fourth-quarter revenue reached $790 million, whilst Tyvaso generated $464 million with dry-powder inhaler sales growing 24% year-over-year. The company plans to file its soft-mist treprostinil inhaler, Tresmi, for approval this year, targeting a 2026 commercial launch. Early studies suggest the device could reduce coughing by up to 90% compared to dry-powder alternatives. Near-term catalysts include a once-daily "super prostacyclin" readout next week and TETON-1 IPF trial results next month, with potential launch by June 2027. The company's Zeno xenotransplant programme has transplanted two patients, targeting a commercial product by 2030.