Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

We operate as one operating segment with a focus on the development and commercialization of products to address the unmet needs of patients with chronic and life-threatening conditions. Our Chief Executive Officer, as our chief operating decision maker, manages and allocates resources to the operations of our company on a consolidated basis. This enables our Chief Executive Officer to assess our overall level of available resources and determine how best to deploy these resources across functions, therapeutic areas, and research and development projects in line with our long-term company-wide strategic goals.

Total revenues, cost of sales, and gross profit (loss) for each of our commercial products and other were as follows (in millions):

	Three Months Ended March 31,
2024		Tyvaso DPI(1)		Nebulized Tyvaso(1)		Remodulin(2)		Orenitram		Unituxin		Adcirca		Other		Total
Total revenues		$	227.5	$	145.0	$	128.0	$	106.2	$	58.4	$	6.4	$	6.2	$	677.7
Cost of sales		33.3		8.9		7.9		9.2		3.6		2.6		7.4		72.9
Gross profit (loss)		$	194.2	$	136.1	$	120.1	$	97.0	$	54.8	$	3.8	$	(1.2)	$	604.8
2023
Total revenues		$	118.7	$	119.7	$	121.4	$	88.2	$	49.1	$	7.3	$	2.5	$	506.9
Cost of sales		20.7		6.2		6.9		7.6		4.7		3.1		3.1		52.3
Gross profit (loss)		$	98.0	$	113.5	$	114.5	$	80.6	$	44.4	$	4.2	$	(0.6)	$	454.6

(1) Total revenues and cost of sales include both the drug product and the respective inhalation device.

(2) Total revenues and cost of sales include sales of infusion devices, including the Remunity Pump.

Geographic revenues are determined based on the country in which our customers (distributors) are located. 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,
	2024						2023
	U.S.		ROW		Total		U.S.		ROW		Total
Net product sales:
Tyvaso DPI(1)	$	227.5	$	—	$	227.5	$	118.7	$	—	$	118.7
Nebulized Tyvaso(1)	133.7		11.3		145.0		115.7		4.0		119.7
Total Tyvaso	361.2		11.3		372.5		234.4		4.0		238.4
Remodulin(2)	108.3		19.7		128.0		93.2		28.2		121.4
Orenitram	106.2		—		106.2		88.2		—		88.2
Unituxin	53.4		5.0		58.4		44.3		4.8		49.1
Adcirca	6.4		—		6.4		7.3		—		7.3
Other	6.0		0.2		6.2		2.3		0.2		2.5
Total revenues	$	641.5	$	36.2	$	677.7	$	469.7	$	37.2	$	506.9

(1) Net product sales include both the drug product and the respective inhalation device.

(2) Net product sales include sales of infusion devices, including the Remunity Pump.

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,	2024		2023
Distributor 1	51	%	50	%
Distributor 2	34	%	33	%