Download PDF

1. Company Snapshot

1.a. 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 internationally.Its commercial therapies include Remodulin to treat patients with pulmonary arterial hypertension (PAH) to diminish symptoms associated with exercise; Tyvaso, an inhaled formulation of prostacyclin analogue treprostinil to enhance the exercise ability in PAH patients and pulmonary hypertension associated with interstitial lung disease (PH-ILD); Orenitram, a tablet dosage form of treprostinil to enhance the exercise capacity in PAH patients; Unituxin, a monoclonal antibody for treating high-risk neuroblastoma; and Adcirca, an oral PDE-5 inhibitor to enhance the exercise ability in PAH patients.The company also engages in developing Tyvaso DPI, a dry powder inhalation form of Tyvaso; Remunity Pump, a small, lightweight, durable pump and separate controller; RemoPro and Ralinepag for the treatment of PAH; Aurora-GT, a gene therapy product to rebuild the blood vessels in the lungs; and Tyvaso PERFECT and TETON studies, which are the studies of Tyvaso in patients with World Health Organization (WHO) Group 3 pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD).


It has licensing and collaboration agreements with DEKA Research & Development Corp.to develop a semi-disposable system for the subcutaneous delivery of treprostinil; MannKind Corporation to develop and license treprostinil inhalation powder and the Dreamboat device; and Arena Pharmaceuticals, Inc.to develop Ralinepag.


The company was incorporated in 1996 and is headquartered in Silver Spring, Maryland.

Show Full description

1.b. Last Insights on UTHR

Breaking News: United Therapeutics Corporation announced a new $2 billion stock repurchase program authorized by its Board of Directors, with an initial $1.5 billion accelerated share repurchase program entered into with Citibank. The remaining $500 million will be available for additional repurchases over the next year. This move indicates the company's confidence in its financial position and commitment to returning value to shareholders. Analysts at Leerink Global Healthcare Conference 2026 were updated on the company's strategies. No recent earnings release was found. A buy recommendation was given by some analysts.

1.c. Company Highlights

2. United Therapeutics Beats Earnings Expectations with Strong Revenue Growth

United Therapeutics Corporation reported a strong fourth quarter 2025, with total revenue reaching $790 million, representing 7% growth from the same period in 2024. The company's full-year 2025 revenue surpassed $3 billion for the first time in its history, driven by double-digit percent revenue growth from Tyvaso and Orenitram. Earnings per share (EPS) came in at $7.61, beating analyst estimates of $6.78. The company's revenue growth is expected to continue, with management confident in achieving double-digit growth this year. As Michael Benkowitz, the company's executive, noted, "2025 marked another year of record-breaking revenue, driven by double-digit percent revenue growth from Tyvaso and Orenitram."

Publication Date: Feb -26

📋 Highlights
  • Revenue Growth:: Total revenue surpassed $3 billion in 2025, with $790 million in Q4, reflecting 11% annual growth and 7% Q4-Q4 growth.
  • Tresmi Launch:: Soft mist inhaler (reduces coughing by 90%) will file for PAH/ILD approval in 2026 and launch in 2027, targeting $4 billion revenue by 2027.
  • Tyvaso IPF Trial:: Second pivotal trial (TETON 1) will unblind next month, with FDA approval and IPF launch expected by June 2027, projected to outperform existing IPF drugs.
  • Competitive Dynamics:: Tyvaso remains market leader in PH, with patient starts expected to rebound in February 2026 due to seasonality, restoring sequential revenue growth by Q2.

Revenue Growth Drivers

The growth in revenue is largely attributed to the success of Tyvaso, which remains the market leader for inhaled therapy in pulmonary hypertension. The company's primary market research insights and underlying demand trends support the importance of consistent delivery in one breath, a key attribute of Tyvaso. The launch of new products, including the soft mist inhaler, Tresmi, is expected to further drive growth, with management projecting a $4 billion revenue run rate by 2027.

Pipeline Updates and Competitive Advantage

United Therapeutics is making significant progress in its development pipeline, with the unblinding of its outcome study for ralinepag expected next week. The company is also anticipating the results of its TETON 1 trial for Tyvaso in IPF next month, with high confidence in a positive outcome given the success of TETON 2. The soft mist inhaler, Tresmi, is expected to be a category-crusher product, with its cough-reducing benefit, once-a-day dosing, and treatment of IPF making it highly competitive.

Valuation and Outlook

With a P/E Ratio of 17.76 and an EV/EBITDA of 12.45, United Therapeutics appears to be reasonably valued given its strong growth prospects. The company's ROE of 19.3% and ROIC of 15.88% indicate a high level of profitability. As the company continues to drive growth through its existing products and new launches, investors can expect a continued upward trajectory in the stock price. The projected $4 billion revenue run rate by 2027 suggests significant upside potential, making the stock an attractive investment opportunity for those looking for growth in the biotech sector.

3. NewsRoom

Card image cap

United Therapeutics Corporation Announces Full Results of TETON-2 Phase 3 Clinical Trial Published in The New England Journal of Medicine

Mar -11

Source: businesswire.com

Card image cap

United Therapeutics: Ralinepag Is The Ultimate Defense Against Yutrepia (Rating Upgrade)

Mar -11

Source: seekingalpha.com

Card image cap

United Therapeutics (UTHR) Surges 10.7%: Is This an Indication of Further Gains?

Mar -10

Source: zacks.com

Card image cap

United Therapeutics Corporation (UTHR) Presents at Leerink Global Healthcare Conference 2026 Transcript

Mar -09

Source: seekingalpha.com

Card image cap

United Therapeutics Corporation Announces $2 Billion Stock Repurchase Authorization and Enters into $1.5 Billion Accelerated Share Repurchase Program

Mar -09

Source: businesswire.com

Card image cap

Ray Kurzweil Sells 4,910 Shares of United Therapeutics (NASDAQ:UTHR) Stock

Mar -07

Source: defenseworld.net

Card image cap

Paul Mahon Sells 8,300 Shares of United Therapeutics (NASDAQ:UTHR) Stock

Mar -07

Source: defenseworld.net

Card image cap

United Therapeutics Corporation to Present at the Leerink Global Healthcare Conference

Mar -03

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.00%)

6. Segments

Pharmaceutical

Expected Growth: 6.0%

United Therapeutics Corporation's 6.0% growth in the pharmaceutical segment is driven by increasing demand for its pulmonary arterial hypertension (PAH) treatments, expansion into new markets, and a strong pipeline of novel therapies. Additionally, strategic partnerships and investments in research and development are expected to contribute to the company's continued growth.

7. Detailed Products

Remodulin

A prostacyclin vasodilator indicated for the treatment of pulmonary arterial hypertension (PAH) in patients with NYHA Class II-IV symptoms.

Tyvaso

A prostacyclin vasodilator indicated for the treatment of PAH in patients with NYHA Class III and IV symptoms.

Orenitram

An oral prostacyclin vasodilator indicated for the treatment of PAH in patients with NYHA Class II-IV symptoms.

Adcirca

A phosphodiesterase type 5 inhibitor indicated for the treatment of PAH in patients with NYHA Class I-IV symptoms.

Unituxin

A monoclonal antibody indicated for the treatment of high-risk neuroblastoma in patients older than 12 months.

8. United Therapeutics Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

United Therapeutics Corporation has a moderate threat of substitutes due to the presence of alternative treatments for pulmonary arterial hypertension (PAH) and other diseases. However, the company's proprietary technologies and strong R&D capabilities help to mitigate this threat.

Bargaining Power Of Customers

United Therapeutics Corporation has a low bargaining power of customers due to the specialized nature of its products and the lack of alternative treatment options for patients with PAH and other rare diseases.

Bargaining Power Of Suppliers

United Therapeutics Corporation has a moderate bargaining power of suppliers due to its dependence on a few key suppliers for raw materials and manufacturing services. However, the company's strong relationships with suppliers and its diversified supply chain help to mitigate this risk.

Threat Of New Entrants

United Therapeutics Corporation has a low threat of new entrants due to the high barriers to entry in the biotechnology industry, including the need for significant R&D investments and regulatory approvals.

Intensity Of Rivalry

United Therapeutics Corporation operates in a highly competitive industry with several established players, leading to a high intensity of rivalry. The company must continually innovate and invest in R&D to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 10.47%
Debt Cost 6.63%
Equity Weight 89.53%
Equity Cost 6.63%
WACC 6.63%
Leverage 11.70%

11. Quality Control: United Therapeutics Corporation passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Royalty Pharma

A-Score: 6.4/10

Value: 4.7

Growth: 3.8

Quality: 7.4

Yield: 4.0

Momentum: 9.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Halozyme Therapeutics

A-Score: 6.0/10

Value: 4.0

Growth: 9.1

Quality: 8.0

Yield: 0.0

Momentum: 9.0

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Exelixis

A-Score: 5.9/10

Value: 4.1

Growth: 8.0

Quality: 9.4

Yield: 0.0

Momentum: 8.5

Volatility: 5.3

1-Year Total Return ->

View Full Report
Stock-Card
Incyte

A-Score: 5.7/10

Value: 3.8

Growth: 5.4

Quality: 9.1

Yield: 0.0

Momentum: 9.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
United Therapeutics

A-Score: 5.6/10

Value: 3.9

Growth: 8.6

Quality: 7.9

Yield: 0.0

Momentum: 9.0

Volatility: 4.3

1-Year Total Return ->

View Full Report
Stock-Card
Arcellx

A-Score: 4.2/10

Value: 6.2

Growth: 5.8

Quality: 5.0

Yield: 0.0

Momentum: 4.5

Volatility: 3.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

544.71$

Current Price

544.71$

Potential

-0.00%

Expected Cash-Flows