United Therapeutics Corporation

Filing receipts

“Financial Information Three Months Ended March 31, Dollar Change Percentage Change 2026 2025 Cost of sales $ 1.0 $ 0.9 $ 0.1 11 % Research and development 5.4 6.9 (1.5) (22) % Selling, general, and administrative 27.5 24.0 3.5 15 % Total share-based compensation expense $ 33.9 $ 31.8 $ 2.1 7 % The increase in share-based compensation expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to an increase in the number of unvested and outstanding performance-based stock options during the three months ended March 31, 2026, as compared to the same period in 2025.”

“The decrease in research and development expense for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to a decrease in milestone payments for drug delivery device technologies, partially offset by an increase in personnel expenses.”

“Investing Activities The increase of $908.4 million in net cash provided by investing activities for the three months ended March 31, 2026, as compared to the same period in 2025, was primarily due to a $955.8 million increase in net proceeds from marketable investments; partially offset by: (1) a $25.9 million increase in cash paid to purchase property, plant, and equipment and (2) a $25.0 million increase in cash paid to purchase an investment in a privately held company.”