A Business at a Glance
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UNITED THERAPEUTICS Corp
UTHR
$25.3B
Mkt Cap
$528.47
-0.20%
UNITED THERAPEUTICS Corp (UTHR) has a current P/E ratio of 19.0, compared to its historical median P/E of 14.6. The stock is currently considered Expensive based on its historical valuation range.
UNITED THERAPEUTICS Corp (UTHR) has a 5-year average return on invested capital (ROIC) of 24.6%. This indicates strong capital allocation and a potential competitive advantage.
UNITED THERAPEUTICS Corp (UTHR) has a market capitalization of $22.3B. It is classified as a large-cap stock.
UNITED THERAPEUTICS Corp (UTHR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 11.22%.
Based on historical P/E analysis, UNITED THERAPEUTICS Corp (UTHR) appears expensive. The current P/E of 19.0 is 30% above its historical median of 14.6. The estimated fair value CAGR (P/E method) is 28.9%.
UNITED THERAPEUTICS Corp (UTHR) operates in the Pharmaceutical Preparations industry, within the Healthcare sector.
United Therapeutics is a public benefit corporation founded to develop therapies for serious rare diseases with unmet medical needs, with a primary focus on pulmonary arterial hypertension (PAH) and related conditions. The company's commercial portfolio includes five FDA-approved therapies for PAH in the United States—Tyvaso DPI (inhalation powder), Nebulized Tyvaso (inhalation solution), Remodulin (injection), Orenitram (oral tablets), and Adcirca (oral tablets)—as well as Unituxin for high-risk neuroblastoma, with select products marketed internationally across Europe, Japan, Asia, the Middle East, and Latin America. Tyvaso DPI and Nebulized Tyvaso are also approved to treat pulmonary hypertension associated with interstitial lung disease (PH-ILD), and the company is advancing a pipeline of novel therapies including Ralinepag (a next-generation oral prostacyclin) and inhaled formulations targeting PAH, idiopathic pulmonary fibrosis (IPF), and progressive pulmonary fibrosis (PPF). The business model is built on proprietary drug-device combinations and targeted therapies addressing distinct molecular pathways in pulmonary hypertension, with a commercial engine focused on expanding market share in a large but undercaptured patient population; the company also pursues a parallel strategy of developing organ manufacturing and transplant technologies to expand the availability of transplantable organs. United Therapeutics operates as a high-performing commercial organization with significant cash generation from its established product portfolio, enabling reinvestment in pipeline development and capital allocation initiatives.
【Multiple growth catalysts ahead】 Management expects to achieve a $4 billion revenue run rate by the back half of 2026, driven by anticipated FDA approvals and commercial launches of Ralinepag (oral and inhalable formulations) and nebulized Tyvaso for IPF, with the company targeting $1 billion in quarterly revenue by 2027. The company anticipates filing a supplemental new drug application for nebulized Tyvaso in IPF by the end of summer 2025 and expects potential expedited approval through priority review, with a standard review timeline pointing to a Q2 2026 launch; Ralinepag is expected to launch mid-2026 assuming standard FDA review. Management is making targeted sales force investments to expand reach in the PH-ILD market and capture additional share in PAH, positioning Tyvaso as the most prescribed inhaled prostacyclin and Ralinepag as the most prescribed prostacyclin for PAH, while nebulized Tyvaso is expected to become the most prescribed therapy for IPF. The company expects to double its PAH patient population to over 30,000 within two years of Ralinepag launch and views the oral Ralinepag opportunity as multi-billion dollar, with combination therapy expected to be the standard of care in IPF similar to PAH treatment patterns.
| Metric | Target | Period |
|---|---|---|
| Revenue run rate | $4 billion | Back half of 2026 |
| Quarterly revenue | $1 billion | 2027 |
| PAH patient population | Over 30,000 total | Within two years of Ralinepag launch |
Revenue run rate (Back half of 2026): “we can clearly double down on our commitment to hit that $4 billion revenue run rate next year. It will, you know, be in the back half of the year”
Quarterly revenue (2027): “We do expect to hit $1 billion in the quarter in 2027”
PAH patient population (Within two years of Ralinepag launch): “I fully expect within two years of launch, it will double our number of PAH patients to over 30,000 total”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.2B | 2.9B | 2.3B | 1.9B | 1.7B |
| Net Income | 1.3B | 1.3B | 1.2B | 985M | 727M | 476M |
| EPS | $29.61 | $27.86 | $24.64 | $19.81 | $15.00 | $10.06 |
| Free Cash Flow | 1.0B | 1.0B | 1.1B | 748M | 664M | 477M |
| ROIC | 30.7% | 31.6% | 31.6% | 25.6% | 20.9% | 13.1% |
| Gross Margin | 86.6% | 87.9% | 89.2% | 88.9% | 92.2% | 92.7% |
| Debt/Equity | 0.00 | 0.11 | 0.00 | 0.10 | 0.33 | 0.40 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.4B | 1.5B | 1.4B | 1.2B | 980M | 556M |
| Operating Margin | 45.3% | 46.9% | 47.9% | 50.9% | 50.6% | 33.0% |
| ROE | 21.8% | 19.7% | 19.2% | 18.3% | 16.6% | 12.9% |
| Shares Outstanding | 42M | 48M | 49M | 50M | 48M | 47M |
UNITED THERAPEUTICS Corp passes 7 of 9 quality checks, indicating strong fundamentals.
UNITED THERAPEUTICS Corp trades at 19.0x trailing earnings, compared to its 15-year median P/E of 14.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 22.3x vs a median of 16.2x. The company's 5-year average ROIC is 24.6% with a gross margin of 90.2%. Total shareholder yield (buybacks) is 11.2%. At current prices, the estimated annualized return to fair value is +19.4%.
UNITED THERAPEUTICS Corp (UTHR) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
UNITED THERAPEUTICS Corp (UTHR) has a net profit margin of 41.9%. This is a strong margin indicating high profitability.
UNITED THERAPEUTICS Corp (UTHR) generated $1.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
UNITED THERAPEUTICS Corp (UTHR) has a debt-to-equity ratio of 0.11. This indicates a conservatively financed balance sheet.
UNITED THERAPEUTICS Corp (UTHR) reported earnings per share (EPS) of $27.86 in its most recent fiscal year.
UNITED THERAPEUTICS Corp (UTHR) has a return on equity (ROE) of 19.7%. This indicates the company generates strong returns for shareholders.
UNITED THERAPEUTICS Corp (UTHR) has a 5-year average gross margin of 90.2%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for UNITED THERAPEUTICS Corp (UTHR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
UNITED THERAPEUTICS Corp (UTHR) has a book value per share of $148.12, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects to achieve a $4 billion revenue run rate by the back half of 2026, driven by anticipated FDA approvals and commercial launches of Ralinepag (oral and inhalable formulations) and nebulized Tyvaso for IPF, with the company targeting $1 billion in quarterly revenue by 2027. The company anticipates filing a supplemental new drug application for nebulized Tyvaso in IPF by the end of summer 2025 and expects potential expedited approval through priority review, with a standard review timeline pointing to a Q2 2026 launch; Ralinepag is expected to launch mid-2026 assuming standard FDA review. Management is making targeted sales force investments to expand reach in the PH-ILD market and capture additional share in PAH, positioning Tyvaso as the most prescribed inhaled prostacyclin and Ralinepag as the most prescribed prostacyclin for PAH, while nebulized Tyvaso is expected to become the most prescribed therapy for IPF. The company expects to double its PAH patient population to over 30,000 within two years of Ralinepag launch and views the oral Ralinepag opportunity as multi-billion dollar, with combination therapy expected to be the standard of care in IPF similar to PAH treatment patterns.
Based on recent SEC filings and earnings calls, UNITED THERAPEUTICS Corp (UTHR) has provided the following forward guidance: Revenue run rate: $4 billion (Back half of 2026); Quarterly revenue: $1 billion (2027); PAH patient population: Over 30,000 total (Within two years of Ralinepag launch).