United Therapeutics Corporation

Merck is relying on newer products, recent acquisitions, and pipeline candidates to support long-term growth as it prepares for the 2028 loss of exclusivity on blockbuster cancer drug Keytruda. Keytruda generated $16.40 billion in first-half 2026 sales, up nearly 4.2% year over year, and still accounts for more than 55% of Merck's total pharmaceutical sales. Newer products Capvaxive and Winrevair posted first-half sales of $325 million and $1.1 billion respectively, while Welireg sales surged approximately 57% to $470 million. Merck expects more than $70 billion of potential non-risk-adjusted commercial opportunity for its current pipeline by the mid-2030s, more than double the peak consensus Keytruda sales estimate of $35 billion in 2028. Management expects the Keytruda loss-of-exclusivity period to look like a shallow dip with a fast return back to growth.

United Therapeutics Corporation announced full enrollment of its TETON-PPF study evaluating nebulized Tyvaso for progressive pulmonary fibrosis, with 754 patients enrolled. Topline data from the phase 3 trial are expected in the second half of 2027. The company intends to use positive results to support a supplemental New Drug Application to add PPF to the labeled indications for nebulized Tyvaso, which remains investigational for this indication. United Therapeutics is also seeking priority review of an sNDA submitted in June 2026 to add idiopathic pulmonary fibrosis to the label based on the TETON-1 and TETON-2 studies.

BETA Technologies reported second-quarter 2026 revenue of $14.7 million, up 146% year-over-year and above guidance, driven by EPFD program and charger deliveries. The company's backlog reached 1,001 aircraft valued at $3.9 billion, nearly hitting its $4 billion year-end target by mid-year. Adjusted EBITDA remained deeply negative at negative $110 million, with full-year guidance widened to negative $400 million to negative $445 million, while operating expenses were $166 million. BETA achieved certification milestones including resolving FAA policy issues for the H500A motor and completing the CX-300 requirements definition phase, and launched EIPP operations with United Therapeutics as the first company to do so. The company also expanded its charging network to 138 sites and unveiled the MV-250 military aircraft, targeting a rapid prototyping contract with the Army within the next year.

United Therapeutics is expected to report higher earnings and revenue for the quarter ended June 2026. The consensus estimate calls for earnings of $6.83 per share, a 6.6% increase from a year ago, on revenue of $804.28 million, up 0.7%. The Zacks Earnings ESP of +1.70% and a Zacks Rank of #3 suggest the company is likely to beat the consensus EPS estimate. In the prior quarter, United Therapeutics posted earnings of $5.82 per share, missing the $6.73 estimate by 13.52%, though it has beaten estimates in two of the last four quarters.

MannKind Corporation EVP General Counsel & Secretary David Thomson sold 123,000 shares of common stock between July 15 and July 17, 2026, at a weighted average price of $4.08 per share, totaling about $500,000. The majority of the disposition, 98,426 shares, was a non-discretionary withholding by the company to cover tax liabilities from the vesting of performance-based restricted stock units that paid out at 83% of target after MannKind's total shareholder return ranked at the 41.5th percentile of the Russell 3000 Pharmaceutical & Biotechnology Index over a three-year period ending June 30, 2026. The remaining 24,109 shares were sold under a Rule 10b5-1 trading plan established on December 2, 2025. Following the transactions, Thomson directly holds nearly 798,000 shares valued at $3.21 million based on the July 17, 2026 close. The filing comes as MannKind faces uncertainty over its Tyvaso DPI royalty stream, which generated $32.7 million in the first quarter, after United Therapeutics launched a competing inhaler called Tresmi.

A MannKind insider sold 65,808 shares for about $269,000, but the transaction was a non-discretionary disposition to cover tax withholding obligations, not a voluntary market sale. The shares came from a May 2023 performance-based award that vested at 83% of target after the company met stock-price and total-shareholder-return goals relative to the Russell 3000 Pharmaceutical & Biotechnology Index. Following the sale, Chief People & Workplace Officer Stuart A. Tross still directly holds roughly 1.1 million shares. More significant for investors is the risk to MannKind's 9% royalty on Tyvaso DPI, which generated $32.7 million in the first quarter, after United Therapeutics unveiled a competing soft-mist inhaler called Tresmi that its CEO labeled a category killer.

BETA Technologies and the Multistate Collaborative completed the first flights under the US DOT and FAA's eVTOL Integration Pilot Program on July 10. The inaugural missions spanned a corridor between Virginia and Maryland, using electric aircraft to transport manufactured organs developed by United Therapeutics. This marks the first phase of a broader initiative expected to expand across at least 26 states, helping regulators evaluate the integration of electric aircraft into the National Airspace System. The program aims to establish the operational framework for routine commercial use through public-private partnerships and specialized charging infrastructure.

United Therapeutics received U.S. FDA premarket approval for its LungFX device for centralized ex vivo lung perfusion. The stock has returned 85.12% over the past year and 10.13% year to date, with shares recently trading at $547.06. A Simply Wall St narrative fair value estimate places the stock at $665.23, suggesting it is 18% undervalued. The company’s pipeline includes Tyvaso, studies in progressive fibrosis, next-generation delivery platforms, and organ manufacturing technologies. Analysts note a P/E of 18x, slightly above the U.S. biotech industry average of 17.8x but below a fair ratio of 25.5x.

United Therapeutics shares have gained 14% year to date, outperforming the industry's 0.8% decline, driven by clinical breakthroughs and improved long-term growth visibility. In March 2026, the company announced positive phase III data from the TETON-1 study of nebulized Tyvaso in idiopathic pulmonary fibrosis, which exceeded the strong results previously reported in TETON-2, supporting a planned FDA supplemental application. The company also reported positive phase III data for its PAH candidate ralinepag from the ADVANCE OUTCOMES study and intends to submit a new drug application in the second half of 2026. United Therapeutics is advancing its organ manufacturing platform, including FDA clearance for a phase I study of its xenotransplantation heart candidate UHeart and premarket approval for the LungFX ex-vivo lung perfusion device. However, the company faces increasing competitive pressure on its core PAH franchise, with nebulized Tyvaso sales declining after loss of exclusivity and the launch of Liquidia's Yutrepia, which posted 44% sequential sales growth in the first quarter of 2026.

United Therapeutics has acquired Thymmune Therapeutics, a privately held biotechnology company, for $140 million in cash with potential additional earn-out payments of up to $160 million tied to clinical and regulatory milestones through 2031. Thymmune focuses on developing regenerative thymic cell therapies using human-induced pluripotent stem cells to create thymic cells that may restore functional T-cell activity, with its lead program THY-100 targeting congenital athymia. The acquisition was announced on July 2 and follows the FDA's premarket approval of LungFX, which Leerink Partners views as a positive development reinforcing United Therapeutics' long-term organ manufacturing strategy. United Therapeutics is a biotechnology company with FDA-approved pulmonary arterial hypertension therapies and innovations in xenotransplantation, 3D bioprinting, and ex vivo lung perfusion.

A bullish thesis on MannKind Corporation highlights the company's transformation into a diversified healthcare business with three revenue streams: Afrezza inhaled insulin, Furoscix for heart failure, and high-margin royalties from Tyvaso DPI through its partnership with United Therapeutics. Management has shifted focus toward pulmonary and cardiovascular diseases and broadened the revenue base with the acquisition of scPharmaceuticals. Financially, MannKind generated $349 million in 2025 revenue, grew sales by 22%, eliminated its remaining debt, and held $134 million in cash as of March 2026. A risk-adjusted sum-of-the-parts valuation derives a target price of $8.50 per share, implying approximately 134% upside from the June 24th price of $3.84, with a blue-sky range of $10 to $12 per share if regulatory and clinical milestones are met.

SpaceX launched a previously little-known reentry vehicle called Starfall on a Falcon 9 rocket from Cape Canaveral on Tuesday, June 23. The disc-shaped pod, measuring 10.2 feet wide and 2.5 feet tall, is designed to carry up to one metric ton of cargo from low-Earth orbit back to Earth's surface. While SpaceX publicly described it as a microgravity lab for scientific research and in-space manufacturing, a Federal Aviation Administration environmental assessment called it a vehicle to enable point-to-point delivery of critical cargo through space on rapid timelines. The Pentagon has been pursuing space-based cargo delivery for years, and in 2022 the Air Force Research Laboratory awarded SpaceX a 102-million-dollar contract to demonstrate the concept using Starship. Starfall, which relies on its launch vehicle for de-orbit and descends by parachute to a splashdown zone, is a complementary tool for lighter deliveries that do not require Starship's enormous footprint. The vehicle also positions SpaceX in the emerging commercial in-space manufacturing market, where Varda Space Industries has partnered with United Therapeutics to manufacture drugs in microgravity, with launch costs now around 2.2 million dollars making pharmaceutical microgravity viable at commercial scale. SpaceX is the only company flying a working reentry vehicle today, giving it a lead over competitors like Rocket Lab, Blue Origin, and Inversion Space, whose systems remain in development. While Starfall's commercial potential is real, revenue is not yet material on SpaceX's financials, and the company's near-term story remains Starlink, which generated 4.42 billion dollars in operating income in 2025. The successful test validates SpaceX's long-term thesis but does not change the short-term math, especially with the stock already down nearly 30 percent from its peak due to valuation concerns.

A new Spherix Global Insights study finds that only 15% of connective tissue disease-associated interstitial lung disease patients achieve drug-free remission, and most physicians remain dissatisfied with current treatments. The survey of 54 rheumatologists and 53 pulmonologists in March 2026 shows heavy reliance on mycophenolate mofetil, corticosteroids, rituximab, tocilizumab, and antifibrotics, while Boehringer Ingelheim's newly approved Jascayd has gained early traction and is viewed favorably over OFEV on tolerability and efficacy. Rheumatologists express strong interest in GSK's Benlysta and Bristol Myers Squibb's investigational CAR-T therapy zola-cel for its potential to reverse fibrosis, while pulmonologists favor United Therapeutics' Tyvaso and oral LPA1 antagonists as next-generation antifibrotics. The findings highlight a rapidly evolving pipeline that physicians hope will move beyond slowing progression to meaningful disease modification.