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Segment Information | 3 Months Ended
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Mar. 31, 2026
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, 2025, as filed with the SEC on February 25, 2026. Our CODM is regularly provided with revenue and expense forecasts, including product development plans, to manage the operations of our operating segment. Our CODM monitors 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 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 sources of revenues were as follows (in millions):
| Three Months Ended March 31,
2026 |  | Tyvaso DPI |  | Nebulized Tyvaso |  | Remodulin(2) |  | Orenitram |  | Unituxin |  | Adcirca |  | Other |  | Total
Total revenues |  | $ | 330.3 |  |  | $ | 127.2 |  |  | $ | 126.6 |  |  | $ | 135.6 |  |  | $ | 53.6 |  |  | $ | 2.9 |  |  | $ | 5.3 |  |  | $ | 781.5 |
Cost of sales(1) |  | 83.2 |  |  | 8.6 |  |  | 16.1 |  |  | 7.4 |  |  | 5.0 |  |  | 1.0 |  |  | 12.1 |  |  | 133.4 |
Gross profit (loss) |  | $ | 247.1 |  |  | $ | 118.6 |  |  | $ | 110.5 |  |  | $ | 128.2 |  |  | $ | 48.6 |  |  | $ | 1.9 |  |  | $ | (6.8) |  |  | $ | 648.1 |
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 302.5 |  |  | $ | 163.8 |  |  | $ | 138.2 |  |  | $ | 120.7 |  |  | $ | 58.2 |  |  | $ | 6.0 |  |  | $ | 5.0 |  |  | $ | 794.4 |
Cost of sales(1) |  | 48.1 |  |  | 8.5 |  |  | 13.8 |  |  | 8.3 |  |  | 5.2 |  |  | 2.6 |  |  | 6.0 |  |  | 92.5 |
Gross profit (loss) |  | $ | 254.4 |  |  | $ | 155.3 |  |  | $ | 124.4 |  |  | $ | 112.4 |  |  | $ | 53.0 |  |  | $ | 3.4 |  |  | $ | (1.0) |  |  | $ | 701.9 |
(1)During the three months ended March 31, 2026 and 2025, we recorded $44.9 million and $9.0 million of inventory reserve expense, respectively. Tyvaso DPI inventory reserve expense accounts for $39.2 million and $5.8 million of the total inventory reserve expense recorded during the three months ended March 31, 2026 and 2025, respectively. The Tyvaso DPI inventory reserve expense increased in 2026 mainly because we recorded an estimated $26.8 million loss 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. 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 March 31, |
| 2026 |  | 2025 |
| U.S. | ROW | Total |  | U.S. | ROW | Total |
Net product sales: |  |  |  |  |  |  |  |
Tyvaso DPI | $ | 330.3 |  | $ | — |  | $ | 330.3 |  |  | $ | 302.5 |  | $ | — |  | $ | 302.5 |  |
Nebulized Tyvaso | 112.6 |  | 14.6 |  | 127.2 |  |  | 138.6 |  | 25.2 |  | 163.8 |  |
Total Tyvaso | 442.9 |  | 14.6 |  | 457.5 |  |  | 441.1 |  | 25.2 |  | 466.3 |  |
Remodulin(1) | 108.8 |  | 17.8 |  | 126.6 |  |  | 120.2 |  | 18.0 |  | 138.2 |  |
Orenitram | 135.6 |  | — |  | 135.6 |  |  | 120.7 |  | — |  | 120.7 |  |
Unituxin | 49.0 |  | 4.6 |  | 53.6 |  |  | 56.9 |  | 1.3 |  | 58.2 |  |
Adcirca | 2.9 |  | — |  | 2.9 |  |  | 6.0 |  | — |  | 6.0 |  |
Other | 5.0 |  | 0.3 |  | 5.3 |  |  | 4.7 |  | 0.3 |  | 5.0 |  |
Total revenues | $ | 744.2 |  | $ | 37.3 |  | $ | 781.5 |  |  | $ | 749.6 |  | $ | 44.8 |  | $ | 794.4 |  |
(1) Net product sales include sales of infusion devices, including the Remunity and RemunityPRO Pumps. 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 March 31,
|  |  |  |  | 2026 |  | 2025
Distributor 1 |  |  |  |  | 52 | % |  | 52 | %
Distributor 2 |  |  |  |  | 35 | % |  | 34 | %

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- Definition The entire disclosure for reporting segments including data and tables. 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