Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Net Product Sales, Cost of Product Sales and Gross Profit for Each Commercial Products

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)		Orenitram		Unituxin		Adcirca		Other		Total
Total revenues		$	315.2	$	154.4	$	134.7	$	123.9	$	58.4	$	6.5	$	5.5	$	798.6
Cost of sales		48.5		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 sales		37.6		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)		Orenitram		Unituxin		Adcirca		Other		Total
Total revenues		$	617.7	$	318.2	$	272.9	$	244.6	$	116.6	$	12.5	$	10.5	$	1,593.0
Cost of sales		96.6		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 sales		70.9		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.

Schedule of Net Revenues from External Customers by Geographic Area

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,
	2025						2024
	U.S.		ROW		Total		U.S.		ROW		Total
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
Other	5.0		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,
	2025						2024
	U.S.		ROW		Total		U.S.		ROW		Total
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
Other	9.7		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.

Schedule of Revenue from Two Specialty Pharmaceutical Distributors in the United States as a Percentage of Total Revenue

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,
	2025		2024		2025		2024
Distributor 1	51	%	51	%	51	%	51	%
Distributor 2	36	%	36	%	35	%	35	%