United Therapeutics Announces Buydown of Ralinepag Royalty

United Therapeutics (NASDAQ: UTHR) will pay $525M upfront to end Pfizer royalties on ralinepag, an investigational pulmonary disease treatment. The deal removes future royalties but keeps $400M in potential milestone payments. Ralinepag's FDA review is set for June 2027.

United Therapeutics (UTHR) acquired Pfizer's (PFE) royalty interest in ralinepag, a lung disease therapy, for $525M. This eliminates UTHR's royalty obligations to PFE. UTHR reported Q3 2026 revenue of $832.5M, up 4% YoY, beating estimates by $51.3M. The FDA is reviewing a new drug application for ralinepag, with a decision expected by June 24, 2027.

United Therapeutics (UTHR) reported Q3 2026 revenue of $832.5M, up 4% YoY, but net income fell 24% to $258.6M due to higher R&D spending and competitive pressures. EPS declined 20% to $5.71. Tyvaso DPI sales rose 13%, while nebulized Tyvaso fell 12%. R&D expenses surged 119% to $279.2M, partly due to the Thymmune acquisition. The company repurchased shares under a 10b5-1 plan and a $2B repurchase program.

United Therapeutics (UTHR) will pay $525M to Pfizer's Arena subsidiary to end royalty obligations on ralinepag, a drug for pulmonary arterial hypertension. The FDA is reviewing an application for oral ralinepag, with a decision expected by June 24, 2027. United Therapeutics acquired rights to ralinepag in 2018 and is also developing an inhaled version. According to the company, the transaction reflects confidence in the drug's revenue potential.

United Therapeutics (UTHR) reported Q3 2026 revenue of $832.5M, beating estimates by 6.4% but missing EPS expectations. Revenue grew 4.1% YoY, while operating margin declined to 37%. The company's stock surged 5.9% post-results. Analysts expect 4.5% revenue growth over the next 12 months, with EPS projected to rise 10.1%.

United Therapeutics (UTHR) reported Q3 earnings of $5.71 per share, missing estimates by $0.50, despite revenue of $832.5M, beating forecasts. Shares fell 3.11%. R&D expenses surged 119% due to acquisitions and organ development. Tyvaso DPI revenues grew 13%, while Nebulized Tyvaso declined 12%.