联合治疗 2026年季度报告

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: Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐ 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 PARTI. FINANCIAL INFORMATION Item 1. Consolidated Financial Statements Consolidated Balance Sheets(In millions, except share and per share data) Consolidated Statements of Operations Consolidated Statements of Comprehensive Income Consolidated Statements of Stockholders’ Equity Table of Contents 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 benefit 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 in In our management’s opinion, the accompanying consolidated financial statements contain all adjustments, including normal, recurringadjustments, necessary to fairly present our financial position as of March31, 2026 and December31, 2025, and our statements of operations,comprehensive income, stockholders’ equity, and cash flows for the three-month periods ended March31, 2026 and 2025. Interim results arenot necessarily indicative of results for an entire year. Certain prior year amounts have been reclassified to conform to the current year Recently Issued Accounting Standards Accounting Standards Adopted During the Period None. Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03,Income Statement—Reporting Comprehensive Income—Expense DisaggregationDisclosures (Topic 220): Disaggregation of Income Statement Expenses, whichrequires public business entities to disclose, on an annual andinterim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Publicbusiness entities are required to apply the guidance prospectively and may elect to apply it retrospectively. This ASU is effective for annual 8United Therapeutics, a public benefit corporation 3. Investments Marketable Investments Available-for-Sale Debt Securities Available-for-sale debt securities are recorded at fair value, with the portion of the unrealized gains and losses that are not credit-relatedincluded as a component ofaccumulated other comprehensive (loss) incomein stockholders’ equity, until realized. Available-for-sale debt The following tables present gross unrealized losses and fair value for those available-for-sale debt securities that were in an unrealized lossposition as of March31, 2026 and December31, 2025, aggregated by investment category and length of time that the individual securities havebeen in a continuous loss position (in millions): Table of Contents Part I. Financial Information As of March31, 2026 and December31, 2025, we held 98 and 87 available-for-sale debt securities, r