v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
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 sources of revenues were as follows (in millions):
Three Months Ended June 30,
2026Tyvaso DPI
Nebulized Tyvaso
Remodulin(2)
OrenitramUnituxinAdcircaOtherTotal
Total revenues$326.6 $126.0 $126.3 $125.7 $65.2 $6.7 $6.8 $783.3 
Cost of sales(1)
51.1 8.9 17.4 6.1 2.0 3.0 11.0 99.5 
Gross profit (loss)$275.5 $117.1 $108.9 $119.6 $63.2 $3.7 $(4.2)$683.8 
2025
Total revenues$315.2 $154.4 $134.7 $123.9 $58.4 $6.5 $5.5 $798.6 
Cost of sales(1)
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 
Six Months Ended June 30,
2026Tyvaso DPI
Nebulized Tyvaso
Remodulin(2)
OrenitramUnituxinAdcircaOtherTotal
Total revenues$656.9 $253.2 $252.9 $261.3 $118.8 $9.6 $12.1 $1,564.8 
Cost of sales(1)
134.3 17.5 33.5 13.5 7.0 4.0 23.1 232.9 
Gross profit (loss)
$522.6 $235.7 $219.4 $247.8 $111.8 $5.6 $(11.0)$1,331.9 
2025
Total revenues$617.7 $318.2 $272.9 $244.6 $116.6 $12.5 $10.5 $1,593.0 
Cost of sales(1)
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 
(1)During the three and six months ended June 30, 2026, we recorded $19.2 million and $64.1 million of inventory reserve expense, respectively, as compared to $6.5 million and $15.5 million for the same periods in 2025. Tyvaso DPI inventory reserve expense accounts for $7.9 million and $47.1 million of the total inventory reserve expense recorded during the three and six months ended June 30, 2026, respectively, as compared to $5.1 million and $10.8 million for the same periods in 2025. The Tyvaso DPI inventory reserve expense increased in the three and six months ended June 30, 2026 primarily because we recorded estimated losses of $7.5 million and $34.3 million, respectively, related to a commercial supply agreement. This agreement is intended to provide us with sufficient inventory to meet the needs of our patients.
(2)Total revenues and cost of sales include sales of infusion devices, including the Remunity® and RemunityPRO® Pumps.
Schedule of Net Revenues from External Customers by Geographic Area 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,
2026
2025
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI
$
326.6 
$
— 
$
326.6 
$
314.8 
$
0.4 
$
315.2 
Nebulized Tyvaso
109.7 
16.3 
126.0 
140.5 
13.9 
154.4 
Total Tyvaso
436.3 
16.3 
452.6 
455.3 
14.3 
469.6 
Remodulin(1)
99.4 
26.9 
126.3 
113.7 
21.0 
134.7 
Orenitram
125.7 
— 
125.7 
123.9 
— 
123.9 
Unituxin
59.0 
6.2 
65.2 
55.4 
3.0 
58.4 
Adcirca
6.7 
— 
6.7 
6.5 
— 
6.5 
Other
6.5 
0.3 
6.8 
5.0 
0.5 
5.5 
Total revenues
$
733.6 
$
49.7 
$
783.3 
$
759.8 
$
38.8 
$
798.6 
Six Months Ended June 30,
2026
2025
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI
$
656.9 
$
— 
$
656.9 
$
617.3 
$
0.4 
$
617.7 
Nebulized Tyvaso
222.3 
30.9 
253.2 
279.1 
39.1 
318.2 
Total Tyvaso
879.2 
30.9 
910.1 
896.4 
39.5 
935.9 
Remodulin(1)
208.2 
44.7 
252.9 
233.9 
39.0 
272.9 
Orenitram
261.3 
— 
261.3 
244.6 
— 
244.6 
Unituxin
108.0 
10.8 
118.8 
112.3 
4.3 
116.6 
Adcirca
9.6 
— 
9.6 
12.5 
— 
12.5 
Other
11.5 
0.6 
12.1 
9.7 
0.8 
10.5 
Total revenues
$
1,477.8 
$
87.0 
$
1,564.8 
$
1,509.4 
$
83.6 
$
1,593.0 
(1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps.
Schedule of Concentration of Risk Disclosure Revenue from these two distributors as a percentage of total revenues is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Distributor 148 %51 %50 %51 %
Distributor 237 %36 %36 %35 %