United Therapeutics authorizes new $2 billion share buyback

The program runs through October 2027 and sits on top of an existing accelerated repurchase started in September 2026

United Therapeutics' board has authorized a new share repurchase program of up to $2 billion, available through October 21, 2027.

The company said the authorization is separate from an accelerated share repurchase it entered into in September 2026 under its prior authorization. That transaction is scheduled to end in the fourth quarter of 2026 and will not reduce the amount available under the new program.

"We have the balance sheet and free cash flow to fund our long-term ambitions and the confidence to act decisively when our own shares represent a compelling investment," said CFO and Treasurer James Edgemond.

The new program comes after United Therapeutics settled patent litigation with Liquidia on October 14, an agreement that fixed roughly $330 million in payments to United Therapeutics over the next several quarters and closed out the dispute over its PH-ILD treatment. Layering a $2 billion authorization on top of an existing buyback suggests management sees the settlement proceeds and its underlying cash flow as enough to cover both the incoming payments and continued spending on its own stock. The move also shifts the company's recent story from legal risk toward balance sheet strength, with Edgemond pointing to confidence in the shares now that the dispute is behind it rather than still pending.