United Thera Phase III win for Tyvaso

3 September 2025

US drugmaker United Therapeutics (Nasdaq: UTHR) announced that its TETON-2 study evaluating the use of nebulized Tyvaso (treprostinil) Inhalation Solution for the treatment of idiopathic pulmonary fibrosis (IFP)) met its primary efficacy endpoint of demonstrating improvement in absolute forced vital capacity (FVC) relative to placebo.

Shares in United Therapeutics climbed nearly 33% to $404.81 on Tuesday, adding $4.5 billion to its valuation. Shares of MannKind (Nasdaq: MNKD), which partners with United Therapeutics on a dry powder formulation of Tyvaso, also spiked, climbing nearly 36% before the market opened yesterday.

Analysts at Jefferies raised their price target on the company to $564.00 from $432.00 on Tuesday, maintaining a Buy rating following positive Phase III trial results for Tyvaso in idiopathic pulmonary fibrosis (IPF).

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK