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United Therapeutics
(NASDAQ:UTHR)
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Rating:74Outperform
Price Target:
$581.00
▲(9.94% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by strong financial quality (high margins, strong cash generation, and essentially zero leverage) and a constructive longer-term narrative from the earnings call (positive clinical results and multiple regulatory catalysts), partially offset by weak near-term technical momentum and elevated uncertainty from the sharp TTM revenue decline and the lack of reaffirmed 2026 revenue guidance.
Positive Factors
Conservative balance sheet
Essentially zero debt and substantial equity (~$6.4B TTM) give United Therapeutics durable financial flexibility. This reduces refinancing risk, supports multi-year R&D and organ-manufacturing builds, and enables opportunistic M&A or commercial investments without pressuring liquidity metrics.
Negative Factors
Sharp TTM revenue decline
A near‑50% TTM revenue contraction materially increases base‑line uncertainty for sales and growth modeling. Even with high margins, such a large decline can pressure investment returns, complicate commercial scale economics and make multi-quarter recovery dependent on successful launches and execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Essentially zero debt and substantial equity (~$6.4B TTM) give United Therapeutics durable financial flexibility. This reduces refinancing risk, supports multi-year R&D and organ-manufacturing builds, and enables opportunistic M&A or commercial investments without pressuring liquidity metrics.
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
$21.98B
Dividend YieldN/A
Average Volume (3M)468.75K
Price to Earnings (P/E)17.7
Beta (1Y)0.54
Revenue Growth5.87%
EPS Growth8.18%
CountryUS
Employees1,400
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)30.23
Shares Outstanding42,446,730
10 Day Avg. Volume369,531
30 Day Avg. Volume468,750
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$655.13Price Target Upside23.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)26.82
Revenue Forecast (FY)$3.24B
United Therapeutics Business Overview & Revenue Model
Company Description
United Therapeutics Corporation, a biotechnology firm, is dedicated to discovering, developing, and bringing to market medical solutions for individuals suffering from chronic and severe, often life-threatening, illnesses. Its operations span both...
How the Company Makes Money
United Therapeutics primarily makes money by selling prescription pharmaceutical products, with the large majority of revenue historically derived from its PAH franchise. Key revenue streams include: (1) Product sales to specialty pharmacies, dist...
United Therapeutics Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call balanced significant near-term commercial challenges with very strong clinical and pipeline momentum. Short-term results (Q2 revenue) came in below expectations and Tyvaso faces competitive pressure, creating uncertainty for 2026 revenue. Offsetting this are multiple highly positive Phase III outcomes, major regulatory filings (ralinepag NDA and Tyvaso IPF sNDA), planned additional filings (DPI and SMI), near-complete enrollment for a large PPF trial, aggressive commercial investments (≈100% sales force expansion), and progress across a differentiated xenotransplantation/organ pipeline. Given the material potential of the recent clinical wins and the company’s execution initiatives that could drive meaningful upside in 2027 and beyond, the positives outweigh the near-term lowlights.Positive Updates
Total Revenue (Q2 2026)
Reported approximately $783 million in total revenue for Q2 2026, essentially flat versus Q1 2026 (≈0% QoQ).
Negative Updates
Quarter Below Expectations
Management acknowledged Q2 revenue results were below expectations and explicitly stated the quarter did not meet internal investor expectations despite underlying momentum.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenue (Q2 2026)
Reported approximately $783 million in total revenue for Q2 2026, essentially flat versus Q1 2026 (≈0% QoQ).
Read all positive updates
Company Guidance
On the call management outlined near‑term and medium‑term guidance anchored by concrete metrics: Q2 2026 total revenue was about $783 million (essentially flat with Q1) with Tyvaso sales of $453 million; the company said starts, referrals, total patients and commercial patients all reached record levels exiting the quarter and the sales force was roughly doubled with new reps in the field by July 1 to deepen community reach; management is not reaffirming 2026 revenue guidance but expects H2 2026 to be stronger than H1 2026 and still sees a path (albeit narrowed) to a previously projected ~$4 billion revenue run rate by end‑2027; regulatory and development milestones include late‑June submission of the Tyvaso IPF sNDA (priority review possible — 6‑month review vs. 10‑month standard), an NDA for ralinepag in PAH (recently submitted), planned filings later this year for a ralinepag DPI IND and a treprostinil SMI NDA, projected potential approvals in 2027 for nebulized Tyvaso in IPF, ralinepag in PAH and the SMI device in PAH/PH‑ILD, TETON‑PPF enrollment ~95%+ and a Phase III readout expected in H2 2027, ADVANCE OUTCOMES and TETON‑1/2 were positive, UKidney EXPAND’s initial six‑patient cohort expected to complete this year with UThymoKidney EXTEND and EXPRESS‑UHeart progressing, and two additional commercial‑scale DPFs in Minnesota and Texas slated for completion by year‑end.United Therapeutics Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
93
Very Positive
Cash Flow
85
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.15B | 3.18B | 2.88B | 2.33B | 1.94B | 1.69B |
| Gross Profit | 2.72B | 2.80B | 2.57B | 2.07B | 1.79B | 1.56B |
| EBITDA | 1.65B | 1.82B | 1.65B | 1.39B | 1.04B | 736.80M |
| Net Income | 1.31B | 1.33B | 1.20B | 984.80M | 727.30M | 475.80M |
Balance Sheet | ||||||
| Total Assets | 7.22B | 7.88B | 7.36B | 7.17B | 6.04B | 5.17B |
| Cash, Cash Equivalents and Short-Term Investments | 2.66B | 1.56B | 3.27B | 2.99B | 2.84B | 1.93B |
| Total Debt | 0.00 | 37.60M | 300.00M | 700.00M | 800.00M | 800.00M |
| Total Liabilities | 819.80M | 783.80M | 920.00M | 1.18B | 1.25B | 1.21B |
| Stockholders Equity | 6.40B | 7.10B | 6.44B | 5.98B | 4.80B | 3.96B |
Cash Flow | ||||||
| Free Cash Flow | 1.09B | 1.04B | 1.08B | 747.60M | 663.70M | 477.40M |
| Operating Cash Flow | 1.69B | 1.56B | 1.33B | 978.00M | 802.50M | 598.20M |
| Investing Cash Flow | 744.50M | -551.30M | 417.20M | -719.60M | -811.50M | -486.90M |
| Financing Cash Flow | -2.22B | -1.15B | -1.25B | -11.90M | 75.40M | 44.80M |
United Therapeutics Technical Analysis
Negative
528.47
Price Trends
541.50
Negative
552.92
Negative
515.67
Positive
Market Momentum
-7.22
Positive
38.54
Neutral
31.55
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 528.47 is below the 20-day moving average (MA) of 529.12, below the 50-day MA of 541.50, and above the 200-day MA of 515.67, indicating a neutral trend. The MACD of -7.22 indicates Positive momentum. The RSI at 38.54 is Neutral, neither overbought nor oversold. The STOCH value of 31.55 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 | $13.33B | 17.00 | 40.21% | ― | 3.33% | 38.64% | |
84 Outperform | $24.23B | 14.70 | 29.70% | ― | 26.93% | 80.66% | |
74 Outperform | $21.98B | 17.69 | 19.24% | ― | 5.87% | 8.18% | |
71 Outperform | $11.60B | 42.87 | 4.41% | ― | 12.53% | -49.09% | |
63 Neutral | $17.12B | 21.56 | 14.55% | ― | 21.02% | -24.83% | |
61 Neutral | $15.21B | 25.82 | -5641.90% | ― | 155.14% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
UTHR
United Therapeutics
519.01
216.60
71.62%
BMRN
BioMarin Pharmaceutical
59.91
-0.76
-1.25%
EXEL
Exelixis
56.70
18.99
50.36%
INCY
Incyte
119.80
42.15
54.28%
ASND
Ascendis Pharma
244.20
61.60
33.73%
GMAB
Genmab
29.26
7.75
36.03%
United Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board Changes
United Therapeutics Adds Victor Dzau to Board
Positive
Jul 23, 2026
On July 22, 2026, United Therapeutics expanded its Board of Directors to 13 members and appointed renowned physician-scientist Victor Dzau, M.D., as a new director, with his appointment announced publicly on July 23, 2026. Dzau, a former President...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
United Therapeutics Shareholders Endorse 2026 Governance and Pay
Positive
Jun 29, 2026
At United Therapeutics’ 2026 Annual Meeting of Shareholders held on June 26, 2026, investors approved the election of all nominated directors to one-year terms, with each candidate receiving strong support despite some varying levels of oppo...
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.