UNITED THERAPEUTICS CorpUTHR

UNITED THERAPEUTICS Corp Segments Disclosure

10-KFiled Feb 25, 20263 min read
Segment Information
Our Chief Executive Officer, as our Chief Operating Decision Maker (CODM), manages our company as a single operating and reporting segment at the consolidated level. Our operating segment focuses on the development and commercialization of products to address the unmet needs of patients with chronic and life-threatening conditions. The accounting policies of our one operating segment are the same as those described in Note 2—Summary of Significant Accounting Policies.
Our CODM is regularly provided with revenue and expense forecasts, including product development plans, to manage the operations of our operating segment. Our CODM monitors forecasted to actual results for net income when assessing performance and allocating resources across the operating segment. Significant segment expenses are presented as operating expenses in our consolidated statements of operations.
The measure of the operating segment assets is reported in our consolidated balance sheets as total assets.
Total revenues, cost of sales, and gross profit (loss) for each of our commercial products and other sources of revenues were as follows (in millions):
Year Ended December 31, 2025
Tyvaso DPI
Nebulized Tyvaso
Remodulin(1)
OrenitramUnituxinAdcircaOtherTotal
Total revenues$1,292.5 $585.7 $526.8 $496.9 $226.8 $30.0 $24.0 $3,182.7 
Cost of sales210.6 27.2 49.3 28.7 17.5 13.1 38.0 384.4 
Gross profit (loss)$1,081.9 $558.5 $477.5 $468.2 $209.3 $16.9 $(14.0)$2,798.3 
Year Ended December 31, 2024
Total revenues$1,033.6 $586.8 $538.1 $434.3 $238.7 $23.8 $22.1 $2,877.4 
Cost of sales148.4 34.1 47.4 28.4 14.4 10.1 26.9 309.7 
Gross profit (loss)
$885.2 $552.7 $490.7 $405.9 $224.3 $13.7 $(4.8)$2,567.7 
Year Ended December 31, 2023
Total revenues$731.1 $502.6 $494.8 $359.4 $198.9 $28.9 $11.8 $2,327.5 
Cost of sales115.6 32.4 38.2 24.2 16.5 12.3 18.3 257.5 
Gross profit$615.5 $470.2 $456.6 $335.2 $182.4 $16.6 $(6.5)$2,070.0 
(1)Total revenues and cost of sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.
Geographic revenues are determined based on the country in which our customers (distributors) are located. Total revenues from external customers in the United States and rest-of-world (ROW) for each of our commercial products were as follows (in millions):
Year Ended December 31,
 202520242023
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI
$1,291.8 $0.7 $1,292.5 $1,033.2 $0.4 $1,033.6 $731.1 $— $731.1 
Nebulized Tyvaso
531.9 53.8 585.7 545.5 41.3 586.8 477.1 25.5 502.6 
Total Tyvaso
1,823.7 54.5 1,878.2 1,578.7 41.7 1,620.4 1,208.2 25.5 1,233.7 
Remodulin(1)
448.9 77.9 526.8 464.2 73.9 538.1 414.6 80.2 494.8 
Orenitram
496.9 — 496.9 434.3 — 434.3 359.4 — 359.4 
Unituxin
214.7 12.1 226.8 219.6 19.1 238.7 181.3 17.6 198.9 
Adcirca
30.0 — 30.0 23.8 — 23.8 28.9 — 28.9 
Other
22.8 1.2 24.0 19.1 3.0 22.1 9.8 2.0 11.8 
Total revenues$3,037.0 $145.7 $3,182.7 $2,739.7 $137.7 $2,877.4 $2,202.2 $125.3 $2,327.5 
(1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.
We recorded revenue from two distributors in the United States that exceeded ten percent of total revenues. Revenue from these two distributors as a percentage of total revenues is as follows:
Year Ended December 31,202520242023
Distributor 151 %51 %51 %
Distributor 236 %35 %34 %
Long-lived assets, including PP&E and right-of-use assets, located by geographic area are as follows (in millions):
Year Ended December 31,202520242023
United States$1,743.5 $1,240.6 $1,057.8 
Rest-of-World15.8 11.7 12.0 
Total$1,759.3 $1,252.3 $1,069.8 

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 26, 2025
2023Feb 21, 2024
2022Feb 22, 2023
2021Feb 24, 2022
2020Feb 24, 2021
2019Feb 26, 2020
2018Feb 27, 2019
2017Feb 21, 2018
2016Feb 22, 2017
2015Feb 25, 2016

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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