Business 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.
Business History
Generated: Jun 7, 2026 5:12pmPrice Overview
Last updated: Jun 7, 2026 5:09pm (19d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 30.13
Total Equity: $7.10B
Shares: 47,900,000
Total Debt: $0.00
Cash: $1.56B
EBITDA: $1.82B
Total Debt: $0.00
Cash: $1.56B
Revenue: $3.18B
Revenue: $3.18B
Revenue: $3.18B
Total Equity: $7.10B
Tax Rate: 22.1%
Equity: $7.10B
Total Debt: $0.00
Cash: $1.56B
Current Liabilities: $560.60M
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $7.10B
Shares: 47,900,000
Shares: 47,900,000
CapEx: -$520.50M
Shares: 47,900,000
Stock Price: $549.87
Net Income: $1.33B
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 5:16pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $1.9B | $2.3B | $2.9B | $3.2B |
| Cost of Revenue | $122.5M | $146.7M | $257.5M | $309.7M | $384.4M |
| Gross Profit | $1.6B | $1.8B | $2.1B | $2.6B | $2.8B |
| Operating Expenses | $1.0B | $809.9M | $885.1M | $1.2B | $1.3B |
| Operating Income | $555.9M | $979.7M | $1.2B | $1.4B | $1.5B |
| Net Income | $475.8M | $727.3M | $984.8M | $1.2B | $1.3B |
| EBITDA | $736.8M | $1.0B | $1.4B | $1.7B | $1.8B |
| EPS | $10.60 | $15.98 | $21.04 | $26.44 | $30.13 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 5:12pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $894.8M | $961.2M | $1.2B | $1.7B | $1.6B |
| Total Current Assets | $2.3B | $3.4B | $3.6B | $3.9B | $3.7B |
| Total Assets | $5.2B | $6.0B | $7.2B | $7.4B | $7.9B |
| Current Liabilities | $305.4M | $343.2M | $804.4M | $738.1M | $560.6M |
| Long-Term Debt | $800.0M | $800.0M | $300.0M | $0 | $0 |
| Total Liabilities | $1.2B | $1.2B | $1.2B | $920.0M | $783.8M |
| Total Equity | $4.0B | $4.8B | $6.0B | $6.4B | $7.1B |
| Retained Earnings | $4.3B | $5.0B | $6.0B | $7.2B | $8.6B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 5:16pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $598.2M | $802.5M | $978.0M | $1.3B | $1.6B |
| Capital Expenditure | -$120.8M | -$138.8M | -$230.4M | -$246.5M | -$520.5M |
| Free Cash Flow | $477.4M | $663.7M | $747.6M | $1.1B | $1.0B |
| Acquisitions (net) | $0 | -$1.5M | -$89.2M | -$30.5M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$10.8M | -$11.4M | -$13.8M | -$1.0B | -$1.0B |
| Net Change in Cash | $156.1M | $66.4M | $246.5M | $489.5M | -$140.1M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 5:09pm (19d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$3.7B $3.3B – $4.4B
|
$4.3B $4.3B – $4.3B
|
$5.1B $4.7B – $5.7B
|
$6.2B $5.7B – $6.9B
|
| EBITDA |
$2.5B $2.3B – $3.0B
|
$2.9B $2.9B – $2.9B
|
$3.5B $3.2B – $3.9B
|
$4.3B $3.9B – $4.7B
|
| Net Income |
$1.5B $1.3B – $2.0B
|
$1.7B $1.3B – $2.3B
|
$2.3B $2.0B – $2.6B
|
$2.7B $2.4B – $3.1B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 5:16pm (19d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +14.9% | +20.2% | +23.6% | +10.6% |
| Gross Profit Growth | +14.5% | +15.7% | +24.0% | +9.0% |
| Operating Income Growth | +76.2% | +20.9% | +16.2% | +10.2% |
| Net Income Growth | +52.9% | +35.4% | +21.4% | +11.7% |
| EBITDA Growth | +41.2% | +33.3% | +19.3% | +9.9% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 5:15pm (19d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-25 | ROTHBLATT MARTINE A | M-Exempt | 9,500.00 | $135.42 | $1.3M |
| 2026-06-25 | ROTHBLATT MARTINE A | M-Exempt | 9,500.00 | $135.42 | $1.3M |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 684.00 | $543.54 | $371,780 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 418.00 | $545.08 | $227,845 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 301.00 | $546.38 | $164,460 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 441.00 | $547.87 | $241,612 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 645.00 | $548.77 | $353,957 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 762.00 | $549.55 | $418,756 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 1,617.00 | $550.86 | $890,747 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 1,814.00 | $551.61 | $1.0M |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 1,778.00 | $552.68 | $982,666 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 800.00 | $553.97 | $443,173 |
| 2026-06-25 | ROTHBLATT MARTINE A | S-Sale | 240.00 | $554.84 | $133,162 |
| 2026-06-24 | ROTHBLATT MARTINE A | M-Exempt | 9,500.00 | $135.42 | $1.3M |
| 2026-06-24 | ROTHBLATT MARTINE A | M-Exempt | 9,500.00 | $135.42 | $1.3M |
| 2026-06-24 | ROTHBLATT MARTINE A | S-Sale | 760.00 | $545.93 | $414,904 |
| 2026-06-24 | ROTHBLATT MARTINE A | S-Sale | 2,234.00 | $547.03 | $1.2M |
| 2026-06-24 | ROTHBLATT MARTINE A | S-Sale | 2,086.00 | $548.01 | $1.1M |
| 2026-06-24 | ROTHBLATT MARTINE A | S-Sale | 1,300.00 | $548.74 | $713,364 |
| 2026-06-24 | ROTHBLATT MARTINE A | S-Sale | 1,357.00 | $550.06 | $746,426 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
The raw trajectory tells a more interesting story than the "steady compounder" framing. Revenue went from $735.9M (Q4 24) → $794.4M → $798.6M → $799.5M → $790.2M → $781.5M. That's not deceleration, that's a peak and rollover. Q1 26 revenue is down 2.2% sequentially from the Q3 25 high and only +1.6% YoY against an easy compare. Net income compression is sharper: $364.3M in Q4 25 collapsed to $274.9M in Q1 26 — a 24.5% sequential drop and margin contraction from 46.1% to 35.2% in a single quarter. The five-year revenue CAGR of 16.9% and the synthesis "slight upside" verdict both rely on extrapolating a trend that the most recent two prints explicitly broke. The pre-flight thesis ("mature, durable, modest growth") is closer to right than the momentum module, which is reading stale annual data.
The bear case the market-forces model gestures at — 2026-2028 treprostinil patent cliffs and Liquidia/generic encroachment on Tyvaso DPI — is not hypothetical; it's the most plausible explanation for the Q1 26 print. Tyvaso DPI is the growth engine of the franchise, and any pricing concession or share loss shows up exactly as we're seeing: revenue plateau plus margin compression as R&D on xenotransplant programs (UKidney, UHeart, organ perfusion) continues to scale. The synthesis's $488 DCF anchor is probably the more honest number; the $570 signal-adjusted figure is contaminated by momentum signals that just inverted. At $549.87 and 18.6x TTM P/E, the stock isn't expensive on backward-looking earnings — but TTM earnings include three quarters of pre-rollover prints. Forward, if Q1 26 margins are the new run-rate, NI annualizes near $1.1B and the multiple is closer to 21x on a decelerating, capital-intensive biotech with binary pipeline bets.
The contrarian read in the other direction: one quarter doesn't make a trend, $1.56B cash with no apparent debt and a 6.6x current ratio gives enormous balance-sheet optionality, and the xenotransplant program — if it works even partially — is a genuine category-creator that nothing in the valuation reflects. Operating CF of $1.56B against a $23.3B market cap is a 6.7% FCF yield-equivalent for a debt-free company with 88% gross margins; that is not where durable franchises typically trade. Insider activity is muddier than "unusual selling" suggests — the volumes are small (a few thousand shares each, paired with M-Exempt option exercises), consistent with routine 10b5-1 plan execution, not informed bailing. The narrative model's "minimal intensity, durable" read is correct; this is not a sentiment-driven name and won't unwind on story collapse.
I dissent from the synthesis's "slight upside" framing and side with the market-forces "neutral" call, but for sharper reasons than either articulated. The Q1 26 print is a yellow flag the models haven't ingested — revenue and margins both rolled simultaneously, which is the signature of pricing pressure rather than a one-time R&D timing issue or tax anomaly. Fair value is probably the $488 DCF, not the $570 adjusted composite; current $549.87 implies ~12% downside to honest intrinsic value, offset by xenotransplant optionality worth maybe $30-50/share in expected value terms. Net: roughly fairly valued with negatively skewed near-term risk. I would not be a buyer here; I would want either (a) Q2 26 to confirm Q1 was an anomaly with revenue back above $795M and margins above 40%, or (b) a drawdown to the $470-490 range that prices in the patent cliff explicitly. The "sector leader" and "good FCF quality" tags are true but backward-looking; the franchise is entering its hardest three-year window and the multiple has not yet adjusted.
GPT Critique
United Therapeutics Corporation presents a complex picture with both strengths and looming challenges. Reviewing the raw data, the company showcases impressive historical growth with a revenue CAGR of 16.9% over the past five years, reaching $3.18 billion in 2025. Net income has followed a similar trajectory, reflecting strong profitability with a 42% net margin. However, the most recent quarter (Q1 2026) shows a worrying trend with revenue declining to $781.5 million from a peak of $799.5 million in Q3 2025, and net income sharply dropping to $274.9 million, representing a significant sequential decline in margins from 46.1% to 35.2%. This suggests potential pressure from patent cliffs and competitive threats, particularly to key products like Tyvaso DPI.
I find myself in agreement with Claude Opus's analysis regarding the emerging risks the company faces. Opus notes the stark revenue and margin rollover in Q1 2026, identifying it as a potential sign of pricing pressures rather than a temporary anomaly. This aligns with my interpretation of the data, suggesting that the market's confidence in UTHR's sustainable growth may be overly optimistic in light of the upcoming patent expirations and competitive pressures. Opus's conclusion that the stock is fairly valued with negative near-term risk is supported by these observations, particularly when considering the 18.6x P/E ratio on TTM earnings, which may not fully account for the recent margin contraction.
However, I diverge from Opus's cautious stance on the potential upside from the xenotransplant program. While he acknowledges the program's category-creating potential, I believe the market is underestimating the impact of United Therapeutics' cash position and lack of debt, which provides significant strategic flexibility. This financial strength could enable the company to navigate the challenging patent landscape and invest heavily in its pipeline, potentially offsetting some of the risks associated with revenue and margin declines.
A careful skeptic might argue that both Opus and I are overly focused on the recent quarterly performance and might underestimate the long-term strategic moves the company can make with its cash reserves. Moreover, the insider selling activity, while notable, is relatively modest and could be misinterpreted as a signal of internal pessimism rather than routine financial planning.