Morgan Stanley analyst Terence Flynn maintained a Hold rating on United Therapeutics (UTHR – Research Report) yesterday and set a price target of $348.00.
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Terence Flynn’s rating is based on the recent approval of LQDA’s Yutrepia, which poses a competitive threat to United Therapeutics’ Tyvaso. The approval was anticipated by investors and represents a potential challenge for Tyvaso, as both products are approved for similar indications. LQDA’s strategic launch preparations, including pricing at parity with Tyvaso and emphasizing Yutrepia’s unique features, further intensify the competitive landscape.
Flynn also considers the broader market dynamics, noting that while PAH sales may decline due to this competition, there is potential for continued growth in PH-ILD due to its low market penetration. These factors have been incorporated into the revenue projections for Tyvaso, with expected revenues of $1.75 billion in 2025 and $1.74 billion in 2026. The combination of these competitive pressures and market opportunities underpins the Hold rating for United Therapeutics.