United Therapeutics Corp. (UTHR)
NASDAQ:UTHR
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United Therapeutics
(NASDAQ:UTHR)
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Rating:79Outperform
Price Target:
$647.00
▲(9.96% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial quality (high margins, strong cash generation, and a debt-free balance sheet) and a positive earnings-call backdrop with significant clinical wins and clear regulatory/launch milestones. Offsetting factors are the sharp TTM revenue decline and only mixed near-term technical momentum; valuation appears reasonable but not clearly cheap given near-term top-line uncertainty.
Positive Factors
High profitability margins
United Therapeutics’ very high gross and operating margins reflect a premium product mix and durable pricing power in specialty PAH therapies. Sustained margins support internal R&D, launch funding and shareholder returns even if top-line growth is lumpy, underpinning long-term free cash potential.
Negative Factors
Sharp recent revenue decline
A roughly 40% TTM revenue drop materially weakens topline durability and raises uncertainty about near-term growth trajectories. Even with high margins, sustained top-line pressure can compress absolute profits and limit reinvestment capacity until new product launches or recovery in demand restore revenue trends.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability margins
United Therapeutics’ very high gross and operating margins reflect a premium product mix and durable pricing power in specialty PAH therapies. Sustained margins support internal R&D, launch funding and shareholder returns even if top-line growth is lumpy, underpinning long-term free cash potential.
Read all positive factors
United Therapeutics Key Performance Indicators (KPIs)
Any
Revenue by Geography
Shows where United Therapeutics earns its sales and highlights dependence on key markets—typically the U.S. versus international regions—so you can judge how sensitive revenue is to U.S. reimbursement decisions, regional regulatory shifts, and currency moves. A heavy U.S. skew signals vulnerability to domestic pricing and payer actions, while growing ex‑U.S. sales point to new patient pools and diversification of risk.
Shows where United Therapeutics earns its sales and highlights dependence on key markets—typically the U.S. versus international regions—so you can judge how sensitive revenue is to U.S. reimbursement decisions, regional regulatory shifts, and currency moves. A heavy U.S. skew signals vulnerability to domestic pricing and payer actions, while growing ex‑U.S. sales point to new patient pools and diversification of risk.
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The Fly
The FlyUnited Therapeutics (UTHR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.86B
Dividend YieldN/A
Average Volume (3M)434.20K
Price to Earnings (P/E)18.8
Beta (1Y)0.52
Revenue Growth5.87%
EPS Growth8.18%
CountryUS
Employees1,305
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)29.27
Shares Outstanding42,446,730
10 Day Avg. Volume424,320
30 Day Avg. Volume434,196
Financial Highlights & Ratios
PEG Ratio1.16
Price to Book (P/B)3.04
Price to Sales (P/S)6.78
P/FCF Ratio20.74
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue7.19
Enterprise Value/Gross Profit8.30
Enterprise Value/Ebitda13.26
Forecast
1Y Price Target
$656.85Price Target Upside11.64% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering13
EPS Forecast (FY)28.63
Revenue Forecast (FY)$3.26B
United Therapeutics Business Overview & Revenue Model
Company Description
United Therapeutics Corporation, a biotechnology company, engages in the development and commercialization of products to address the unmet medical needs of patients with chronic and life-threatening diseases in the United States and international...
How the Company Makes Money
United Therapeutics primarily makes money by selling prescription pharmaceuticals, with the majority of revenue coming from its commercial PAH franchise. Key revenue streams include net product sales of PAH therapies such as treprostinil-based pro...
United Therapeutics Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call communicated strong clinical and commercial momentum: major positive clinical readouts (ADVANCE OUTCOMES and TETON 1/2), concrete revenue figures ($782M total; $458M Tyvaso) and clear growth drivers (Tyvaso DPI adoption, ralinepag oral and inhaled programs, RALDPI moving into Phase I). Operational headwinds and several regulatory/development uncertainties were acknowledged but described as addressed or manageable. On balance, the highlights—particularly the transformative phase III results and multiple near-term regulatory milestones—substantially outweigh the quarter-specific operational issues and the normal regulatory risks associated with new-device/formulation filings.Positive Updates
Q1 2026 Revenue and Near-Term Growth Outlook
Total revenue of $782 million in Q1 2026 with Tyvaso revenue of $458 million. Company expects to return to sequential growth in the near term and targets a revenue run rate moving from $3 billion to $4 billion by the end of 2027.
Negative Updates
Seasonal and Operational Headwinds Impacted Q1 Sales
Typical seasonality plus severe winter weather and pharmacy operations issues slowed new patient starts in the quarter—particularly in February—and negatively impacted Q1 sales. Management stated these issues have been rectified.
Read all updates
Q1-2026 Updates
Positive
Negative
Q1 2026 Revenue and Near-Term Growth Outlook
Total revenue of $782 million in Q1 2026 with Tyvaso revenue of $458 million. Company expects to return to sequential growth in the near term and targets a revenue run rate moving from $3 billion to $4 billion by the end of 2027.
Read all positive updates
Company Guidance
The company reiterated concrete near‑term commercial and regulatory guidance: Q1 2026 total revenue was $782 million with Tyvaso revenue of $458 million (Tyvaso DPI delivered ~9% YoY growth), patient shipments have grown for the last 5 months, and referral/prescription rates are roughly back to pre‑YUTREPIA levels; management expects a return to sequential growth and sustained double‑digit long‑term growth. Regulatory milestones include filing a nebulized Tyvaso supplemental NDA by the end of this summer (possible priority review; with a standard review they expect launch by Q2 next year) and an anticipated oral ralinepag launch mid‑next year assuming a smooth FDA review. Clinical and product timing metrics for inhaled ralinepag (RALDPI): the program was initiated ~6 months ago, formulation and tox‑supply work are complete, a positive pre‑IND meeting was held, an IND/Phase I study is expected to be completed before year‑end, and broader PAH/IPF/PH‑ILD development will follow. Efficacy and market assumptions cited include a p‑value <0.0001 for the two recent pivotal results, a three‑fold reduction in PAH disease progression on ralinepag versus background therapy (durable through 4 years with superior hazard ratios), an expectation that ralinepag will double PAH patients to >30,000 within two years of launch, a current revenue run‑rate target moving from $3 billion to $4 billion by end‑2027, and management’s view that the combined new approvals could more than double that run rate.United Therapeutics Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.17B | 3.18B | 2.88B | 2.33B | 1.94B | 1.69B |
| Gross Profit | 2.74B | 2.80B | 2.57B | 2.07B | 1.79B | 1.56B |
| EBITDA | 1.72B | 1.82B | 1.65B | 1.39B | 1.04B | 736.80M |
| Net Income | 1.29B | 1.33B | 1.20B | 984.80M | 727.30M | 475.80M |
Balance Sheet | ||||||
| Total Assets | 6.71B | 7.88B | 7.36B | 7.17B | 6.04B | 5.17B |
| Cash, Cash Equivalents and Short-Term Investments | 2.15B | 1.56B | 3.27B | 2.99B | 2.84B | 1.93B |
| Total Debt | 0.00 | 0.00 | 300.00M | 700.00M | 800.00M | 800.00M |
| Total Liabilities | 813.10M | 783.80M | 920.00M | 1.18B | 1.25B | 1.21B |
| Stockholders Equity | 5.90B | 7.10B | 6.44B | 5.98B | 4.80B | 3.96B |
Cash Flow | ||||||
| Free Cash Flow | 1.02B | 1.04B | 1.08B | 747.60M | 663.70M | 477.40M |
| Operating Cash Flow | 1.56B | 1.56B | 1.33B | 978.00M | 802.50M | 598.20M |
| Investing Cash Flow | 357.10M | -551.30M | 417.20M | -719.60M | -811.50M | -486.90M |
| Financing Cash Flow | -2.54B | -1.15B | -1.25B | -11.90M | 75.40M | 44.80M |
United Therapeutics Technical Analysis
Negative
588.38
Price Trends
566.88
Negative
528.54
Positive
481.36
Positive
Market Momentum
-0.61
Positive
43.16
Neutral
38.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UTHR, the sentiment is Negative. The current price of 588.38 is above the 20-day moving average (MA) of 571.52, above the 50-day MA of 566.88, and above the 200-day MA of 481.36, indicating a neutral trend. The MACD of -0.61 indicates Positive momentum. The RSI at 43.16 is Neutral, neither overbought nor oversold. The STOCH value of 38.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for UTHR.
United Therapeutics Risk Analysis
United Therapeutics disclosed 32 risk factors in its most recent earnings report. United Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
United Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $12.93B | 15.65 | 40.21% | ― | 3.33% | 38.64% | |
81 Outperform | $19.48B | 13.47 | 29.31% | ― | 21.48% | 1853.63% | |
79 Outperform | $23.86B | 18.81 | 19.24% | ― | 5.87% | 8.18% | |
70 Outperform | $10.19B | 41.04 | 4.41% | ― | 12.53% | -49.09% | |
63 Neutral | $15.83B | 6.24 | 20.51% | ― | 21.02% | -24.83% | |
62 Neutral | $14.81B | 23.40 | -5641.90% | ― | 155.14% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
UTHR
United Therapeutics
556.82
237.97
74.63%
BMRN
BioMarin Pharmaceutical
57.29
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-1.34%
EXEL
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50.48
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17.29%
INCY
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96.74
31.68
48.69%
ASND
Ascendis Pharma
224.11
61.27
37.63%
GMAB
Genmab
26.33
5.38
25.68%
United Therapeutics Corporate Events
Business Operations and StrategyProduct-Related Announcements
United Therapeutics’ Tyvaso Shows Pivotal Success in IPF
Positive
Mar 30, 2026
On March 30, 2026, United Therapeutics reported that its 598-patient phase 3 TETON-1 trial of nebulized Tyvaso in idiopathic pulmonary fibrosis met its primary endpoint, showing a 130.1 mL advantage in forced vital capacity over placebo at 52 week...
Business Operations and StrategyStock Buyback
United Therapeutics Launches Major Accelerated Share Repurchase Program
Positive
Mar 9, 2026
United Therapeutics’ board on March 8, 2026 authorized a new stock repurchase program of up to $2 billion through March 9, 2027, signaling confidence in the company’s growth prospects and cash-flow trajectory. Management framed the mov...
Business Operations and StrategyProduct-Related Announcements
United Therapeutics’ Ralinepag Trial Success Boosts PAH Outlook
Positive
Mar 2, 2026
On March 2, 2026, United Therapeutics reported that its pivotal phase 3 ADVANCE OUTCOMES trial of ralinepag in pulmonary arterial hypertension met its primary endpoint, cutting the risk of clinical worsening events by 55% versus placebo and showin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.