v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information 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 to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 26, 2025.
Our CODM is regularly provided with revenue and expense forecasts, including product development plans, to manage the operations of our operating segment. Our CODM compares 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’s 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 were as follows (in millions):
Three Months Ended June 30,
2025
Tyvaso DPI(1)
Nebulized Tyvaso(1)
Remodulin(2)
OrenitramUnituxinAdcircaOtherTotal
Total revenues$315.2 $154.4 $134.7 $123.9 $58.4 $6.5 $5.5 $798.6 
Cost of sales48.5 5.6 14.3 6.7 2.8 2.7 7.0 87.6 
Gross profit (loss)$266.7 $148.8 $120.4 $117.2 $55.6 $3.8 $(1.5)$711.0 
2024
Total revenues$258.3 $139.9 $147.3 $107.1 $51.7 $5.7 $4.9 $714.9 
Cost of sales37.6 8.4 12.8 5.9 3.8 2.6 6.7 77.8 
Gross profit (loss)$220.7 $131.5 $134.5 $101.2 $47.9 $3.1 $(1.8)$637.1 
Six Months Ended June 30,
2025
Tyvaso DPI(1)
Nebulized Tyvaso(1)
Remodulin(2)
OrenitramUnituxinAdcircaOtherTotal
Total revenues$617.7 $318.2 $272.9 $244.6 $116.6 $12.5 $10.5 $1,593.0 
Cost of sales96.6 14.1 28.1 15.0 8.0 5.3 13.0 180.1 
Gross profit (loss)$521.1 $304.1 $244.8 $229.6 $108.6 $7.2 $(2.5)$1,412.9 
2024
Total revenues$485.8 $284.9 $275.3 $213.3 $110.1 $12.1 $11.1 $1,392.6 
Cost of sales70.9 17.3 20.7 15.1 7.4 5.2 14.1 150.7 
Gross profit (loss)
$414.9 $267.6 $254.6 $198.2 $102.7 $6.9 $(3.0)$1,241.9 
(1) Total revenues and cost of sales include both the drug product and the respective inhalation device.
(2) Total revenues and cost of sales include sales of infusion devices, including the Remunity Pump.
Geographic revenues are determined based on the country to which our products are shipped. 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):
Three Months Ended June 30,
20252024
U.S.ROWTotalU.S.ROWTotal
Net product sales:
Tyvaso DPI(1)
$314.8 $0.4 $315.2 $258.3 $— $258.3 
Nebulized Tyvaso(1)
140.5 13.9 154.4 130.2 9.7 139.9 
Total Tyvaso
455.3 14.3 469.6 388.5 9.7 398.2 
Remodulin(2)
113.7 21.0 134.7 122.5 24.8 147.3 
Orenitram
123.9 — 123.9 107.1 — 107.1 
Unituxin
55.4 3.0 58.4 46.8 4.9 51.7 
Adcirca
6.5 — 6.5 5.7 — 5.7 
Other5.0 0.5 5.5 4.6 0.3 4.9 
Total revenues
$759.8 $38.8 $798.6 $675.2 $39.7 $714.9 
Six Months Ended June 30,
20252024
U.S.ROWTotalU.S.ROWTotal
Net product sales:
Tyvaso DPI(1)
$617.3 $0.4 $617.7 $485.8 $— $485.8 
Nebulized Tyvaso(1)
279.1 39.1 318.2 263.9 21.0 284.9 
Total Tyvaso
896.4 39.5 935.9 749.7 21.0 770.7 
Remodulin(2)
233.9 39.0 272.9 230.8 44.5 275.3 
Orenitram
244.6 — 244.6 213.3 — 213.3 
Unituxin
112.3 4.3 116.6 100.2 9.9 110.1 
Adcirca
12.5 — 12.5 12.1 — 12.1 
Other9.7 0.8 10.5 10.6 0.5 11.1 
Total revenues
$1,509.4 $83.6 $1,593.0 $1,316.7 $75.9 $1,392.6 
(1) Net product sales include both the drug product and the respective inhalation device.
(2) Net product sales include sales of infusion devices, including the Remunity Pump.
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:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Distributor 151 %51 %51 %51 %
Distributor 236 %36 %35 %35 %