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

United Therapeutics' recent performance was driven by strong Q3 earnings, with the company beating estimates with $7.16 per share, surpassing the Zacks Consensus Estimate of $6.89 per share. The company's Tyvaso and Orenitram products showed solid growth. Additionally, AXQ Capital LP boosted its position in the company by 495.4%. United Therapeutics also presented at the UBS Global Healthcare Conference and Jefferies London Healthcare Conference, highlighting its product pipeline and financials. The company received a "Moderate Buy" rating from analysts, with nine recommending a buy.

1.c. Company Highlights

2. United Therapeutics' Q3 2025 Earnings: A Record-Breaking Quarter

United Therapeutics Corporation reported a record total revenue of $800 million for the third quarter of 2025, representing a 7% growth from the same period in 2024. The company's earnings per share (EPS) came in at $7.16, beating analyst estimates of $6.89. The strong financial performance was driven by the continued growth of its pulmonary hypertension treatments, including Tyvaso DPI and Orenitram. As Michael Benkowitz, President and Chief Operating Officer, noted, the company's underlying metrics, such as patient shipments and prescriber breadth, showed a strong upward trend, nearing pre-YUTREPIA launch levels.

Publication Date: Oct -30

📋 Highlights
  • Total Revenue Growth:: Achieved record $800 million revenue, up 7% from Q3 2024.
  • Tyvaso DPI Expansion:: Drove double-digit revenue growth, with 80mcg cartridges launching in 30-60 days for dosing flexibility.
  • Remodulin Innovation:: Launched RemunityPRO pump to improve parenteral therapy experience for patients.
  • Phase III Trial Progress:: Three trials fully enrolled, with IPF results showing best-ever reported outcomes.
  • 2027 Revenue Target:: Guided toward $4 billion annualized run rate, projecting $1.5 billion in 2027 driven by IPF advancements.

Revenue Growth Drivers

Tyvaso DPI was a key driver of the company's revenue growth, with double-digit sales increases. The convenience and unlimited dosing potential of the DPI device contributed to its success. The company is expected to launch Tyvaso DPI 80 microgram cartridges, which will offer a clear competitive edge in dosing flexibility. The launch is planned for the next 30-60 days, aiming to provide easier dosing for patients.

Pipeline Progress

United Therapeutics made significant progress in its pipeline, with the full enrollment of three Phase III trials and the sharing of unblinded results for pulmonary fibrosis. The results demonstrated the best outcomes ever reported for the condition, and the company is guiding towards a $4 billion revenue run rate by 2027, driven by the strength of its IPF results.

Valuation Metrics

With a P/E Ratio of 15.68 and an EV/EBITDA of 11.28, the company's valuation appears reasonable, considering its strong growth prospects. The ROE of 18.83% and ROIC of 16.75% indicate a high level of profitability. Analysts estimate next year's revenue growth at 5.7%, which is slightly lower than the current year's growth rate. The company's strong financial performance and growth prospects make it an attractive investment opportunity.

Future Outlook

The company expects continued growth in both PAH and PH-ILD indications in 2026 and beyond. The TETON-PPF study is halfway through enrollment, and results suggest that inhaled treprostinil may offer a treatment option for PPF patients. United Therapeutics plans to meet with the FDA before year-end to discuss expedited review, and the opportunity in pulmonary fibrosis is more than twice the size of the opportunity in pulmonary hypertension.

3. NewsRoom

Card image cap

Flurry of Bullish Inflows Sends United Therapeutics Higher

Dec -03

Source: fxempire.com

Card image cap

Advisors Asset Management Inc. Has $1.15 Million Stake in United Therapeutics Corporation $UTHR

Dec -01

Source: defenseworld.net

Card image cap

Charles Schwab Investment Management Inc. Decreases Holdings in United Therapeutics Corporation $UTHR

Nov -29

Source: defenseworld.net

Card image cap

United Therapeutics Corporation $UTHR Position Boosted by AXQ Capital LP

Nov -22

Source: defenseworld.net

Card image cap

United Therapeutics Corporation (UTHR) Presents at Jefferies London Healthcare Conference 2025 Transcript

Nov -18

Source: seekingalpha.com

Card image cap

United Therapeutics Corporation (UTHR) Presents at UBS Global Healthcare Conference 2025 Transcript

Nov -10

Source: seekingalpha.com

Card image cap

United Therapeutics Corporation to Present at Upcoming Investor Conferences

Nov -04

Source: businesswire.com

Card image cap

World Investment Advisors Trims Stock Position in United Therapeutics Corporation $UTHR

Nov -04

Source: defenseworld.net

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: 6.2/10

Value: 4.9

Growth: 3.8

Quality: 7.4

Yield: 4.0

Momentum: 8.5

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Exelixis

A-Score: 5.8/10

Value: 3.4

Growth: 7.9

Quality: 9.2

Yield: 0.0

Momentum: 9.5

Volatility: 5.0

1-Year Total Return ->

View Full Report
Stock-Card
Incyte

A-Score: 5.8/10

Value: 4.2

Growth: 5.4

Quality: 9.1

Yield: 0.0

Momentum: 8.5

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Halozyme Therapeutics

A-Score: 5.8/10

Value: 3.5

Growth: 9.1

Quality: 7.8

Yield: 0.0

Momentum: 8.5

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
United Therapeutics

A-Score: 5.5/10

Value: 3.8

Growth: 8.6

Quality: 8.2

Yield: 0.0

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Arcellx

A-Score: 3.9/10

Value: 6.0

Growth: 5.7

Quality: 5.0

Yield: 0.0

Momentum: 3.0

Volatility: 4.0

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

489.31$

Current Price

489.31$

Potential

-0.00%

Expected Cash-Flows