联合治疗 2026年季度报告

FORM10-Q (Mark One) OR Commission file number 0-26301 United Therapeutics Corporation(Exact Name of Registrant as Specified in Its Charter) (301) 608-9292(Registrant’s Telephone Number,Including Area Code) (Former Name, Former Address and Former Fiscal Year,If Changed Since Last Report)Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule12b-2 of the Exchange Act: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The number of shares outstanding of the registrant’s common stock, par value $.01 per share, as of April29, 2026, was 42,446,733. TABLE OF CONTENTS INDEX FINANCIAL INFORMATION (UNAUDITED)Consolidated Financial StatementsConsolidated Balance SheetsConsolidated Statements of OperationsConsolidated Statements of Comprehensive IncomeConsolidated Statements of Stockholders’ EquityConsolidated Statements of Cash FlowsNotes to Consolidated Financial StatementsManagement's Discussion and Analysis of Financial Condition and Resultsof OperationsQuantitative and Qualitative Disclosures About Market RiskControls and Procedures Item 2.Item 3.Item 4. Legal ProceedingsRisk FactorsUnregistered Sales of Equity Securities and Use of ProceedsOther InformationExhibits Item 1.Item 1A.Item 2.Item 5.Item 6. 2United Therapeutics, a public benefit corporation PARTI. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Balance Sheets(In millions, except share and per share data) Consolidated Statements of Operations(In millions, except per share data) Consolidated Statements of Comprehensive Income(In millions) See accompanying notes to consolidated financial statements. Consolidated Statements of Stockholders’ Equity(In millions) Consolidated Statements of Cash Flows(In millions) Notes to Consolidated Financial StatementsMarch31, 2026 (Unaudited) 1. Organization and Business Description United Therapeutics Corporation is a biotechnology company focused on the development and commercialization of innovative products toaddress the unmet medical needs of patients with chronic and life-threatening conditions. In 2021, we converted to a Delaware public benefitcorporation, with the express public benefit purposeto provide a brighter future for patients through (a) the development of novelpharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs. We have approval from the U.S. Food and Drug Administration (FDA) to market the following therapies: Tyvaso DPI(treprostinil) InhalationPowder (Tyvaso DPI), Tyvaso(treprostinil) Inhalation Solution (Nebulized Tyvaso), Remodulin(treprostinil) Injection (Remodulin),Orenitram(treprostinil) Extended-Release Tablets (Orenitram), Unituxin(dinutuximab) Injection (Unituxin), and Adcirca(tadalafil) Tablets(Adcirca). We also derive revenues outside the United States from sales of Nebulized Tyvaso, Remodulin, and Unituxin, and within the UnitedStates from sales of commercialex vivolung perfusion services.®®®®®® As used in these notes to our consolidated financial statements, unless the context otherwise requires, the terms “we”, “us”, “our”, and similarterms refer to United Therapeutics Corporation and its consolidated subsidiaries. 2. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rulesand regulations of the U.S.Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information required byU.S. generally accepted accounting principles for complete financial statements. These consolidated financial statements should be read inconjunction with our audited consolidated financial state