United Therapeutics Corporation (UTHR) Stock Price & Analysis
United Therapeutics Corporation (UTHR) closed at USD 584.79 on Thursday, October 22, 2026, up 3.78% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 563.49; the Oct 22, 2026 session ranged USD 562.86–590.76 on volume of 895,436 shares. Market capitalization is $25.08B, with a 52-week range of USD 409.07–609.35 (NMS). Source: Nexqual, retrieved October 23, 2026 at 08:35 UTC.
Also available as compact Markdown for AI agents: nexqual.com/UTHR.md
Key facts (UTHR)
- Last four reported quarters (through Jun 30, 2026): revenue $3.15B, net income $1.31B (41.6% margin), free cash flow $1.09B (SEC filings).
- Valuation: P/E 19.1x (avg 14.3x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (15 analysts), mean target USD 661.29 (range 368–728).
- Total return with dividends: 1Y +37.2% vs S&P 500 +14.9%; 5Y +206.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 6.05, revenue estimate $782M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (UTHR)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.69B | $1.94B | $2.33B | $2.88B | $3.18B | $3.15B |
| Gross profit | $1.56B | $1.78B | $2.07B | $2.57B | $2.80B | — |
| Operating income | $556M | $980M | $1.18B | $1.38B | $1.49B | $1.40B |
| Net income | $476M | $727M | $985M | $1.20B | $1.33B | $1.31B |
| EPS (diluted) | $10.06 | $15.00 | $19.81 | $24.64 | $27.86 | — |
| Free cash flow | $477M | $664M | $748M | $1.08B | $1.04B | $1.09B |
| Gross margin | 92.7% | 92.2% | 88.9% | 89.2% | 87.9% | — |
| Operating margin | 33.0% | 50.6% | 50.9% | 47.9% | 46.9% | 44.4% |
| Net margin | 28.2% | 37.6% | 42.3% | 41.5% | 41.9% | 41.6% |
| Revenue growth | +13.6% | +14.9% | +20.2% | +23.6% | +10.6% | — |
| Cash + short-term investments | $1.93B | $2.84B | $2.99B | $3.27B | $2.92B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (UTHR)
P/E 19.1x · P/S 8.0x · P/FCF 22.9x · P/B 3.9x · FCF yield 4.36% · Earnings yield 5.23% · Buyback yield (TTM) 9.97%
P/E at fiscal year-ends: Dec 2025 17.5x, Dec 2024 14.3x, Dec 2023 11.1x.
Analysts (UTHR)
Consensus Buy (mean 2.13 on a 1–5 scale), 15 analysts; mean target USD 661.29 (low 368, high 728).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | RBC Capital | Target lowered | Outperform | $708 → $697 |
| 2026-10-19 | Leerink Partners | Target raised | Outperform | $685 → $725 |
| 2026-10-08 | RBC Capital | Target raised | Outperform | $677 → $708 |
| 2026-10-07 | Morgan Stanley | Target raised | Equal-Weight | $515 → $566 |
| 2026-10-01 | BTIG | Upgrade | Neutral → Buy | $728 |
| 2026-09-24 | Goldman Sachs | Initiated | Sell | $321 |
| 2026-08-06 | RBC Capital | Target lowered | Outperform | $704 → $677 |
| 2026-07-23 | JP Morgan | Target raised | Overweight | $685 → $687 |
| 2026-07-10 | B of A Securities | Target lowered | Neutral | $620 → $613 |
| 2026-07-07 | RBC Capital | Target raised | Outperform | $701 → $704 |
Total return (dividends reinvested) (UTHR)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +37.2% | +206.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +37.4% | +25.0% |
| Volatility (annualized) | 34.7% | 33.3% |
| Max drawdown | -20.9% (May 2026→Sep 2026) | -31.4% (Nov 2024→Apr 2025) |
UTHR revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Total Tyvaso | $452.6M | 57.8% | -3.6% |
| — Tyvaso DPI (part of Total Tyvaso) | $326.6M | 41.7% | +3.6% |
| — Nebulized Tyvaso (part of Total Tyvaso) | $126.0M | 16.1% | -18.4% |
| Remodulin | $126.3M | 16.1% | -6.2% |
| Orenitram | $125.7M | 16.0% | +1.5% |
| Unituxin | $65.2M | 8.3% | +11.6% |
| Other | $6.8M | 0.9% | +23.6% |
| Adcirca | $6.7M | 0.9% | +3.1% |
| Total revenue | $783.3M | 100% | — |
UTHR revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| U.S. | $733.6M | 93.7% | -3.4% |
| ROW | $49.7M | 6.3% | +28.1% |
| Total revenue | $783.3M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
UTHR suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Eli Lilly (LLY) | “Under our manufacturing and supply agreement with Lilly, Lilly manufactures and distributes Adcirca on our behalf through its wholesaler network in the same manner that it distributes its own pharmaceutical products.” |
| Supplier | Forj Medical and Phillips-Medisize | “We rely on Forj Medical and Phillips-Medisize Corp. to manufacture the nebulizer used in our Tyvaso Inhalation System and various third parties to manufacture the monthly disposable device accessories for the Tyvaso Inhalation System.” |
| Customer | CVS Health (CVS) | “In the United States, we derive substantially all our treprostinil-based revenues from sales to two distributors, Accredo and CVS Specialty.” |
| Partner | MANNKIND CORP (MNKD) | “Additionally, our license agreement with MannKind includes rights to a substantial portfolio of additional issued U.S. patents related to a component of the drug product and methods of making the drug product, which expire at various dates through 2035, and pending applications that, if issued, could provide protection to 2042 or beyond.” |
| Partner | Arena Pharmaceuticals | “On November 15, 2018, we entered into an exclusive license agreement with Arena Pharmaceuticals, Inc. (Arena) related to ralinepag.” |
| Partner | DEKA Research & Development | “In February 2021, we launched commercial sales of the Remunity Pump, which is a semi-disposable system for subcutaneous delivery of treprostinil that we developed in collaboration with DEKA Research & Development Corp. (DEKA) under an exclusive development and license agreement.” |
| Partner | Cencora Global Procurement | “We distribute Unituxin in the United States through an exclusive distribution agreement with Cencora Global Procurement Ltd (Cencora).” |
| Partner | SUPERNUS PHARMACEUTICALS, INC. (SUPN) | “In 2006, we entered into an exclusive license agreement with Supernus to use certain of its technologies in manufacturing Orenitram.” |
| Partner | Cencora (COR) | “We distribute Unituxin in the United States through an exclusive distribution agreement with Cencora Global Procurement Ltd (Cencora).” |
| Competitor | Merck (MRK) | “For example, Merck commercially launched Winrevair (sotatercept-csrk) in the United States in March 2024, which competes with our treprostinil-based products.” |
Quoted from the company's 10-K filed Feb 25, 2026.
Companies that name UTHR in their SEC reports
| Relationship to UTHR | Company | Filing | Sentence |
|---|---|---|---|
| supplier | BETA Technologies, Inc. (BETA) | 10-K Mar 9, 2026 | “We have also completed successful cargo and logistics demonstrations with medical partners and customers such as UPS and United Therapeutics Corporation ("United Therapeutics").” |
| partner | Liquidia Corp (LQDA) | 10-K Mar 5, 2026 | “Similarly, Corsair Pharma, a former partner of United Therapeutics, is developing a prodrug and transdermal patch intended to provide continuous and consistent blood levels of treprostinil comparable to an infusion pump.” |
| partner | SUPERNUS PHARMACEUTICALS, INC. (SUPN) | 10-K Mar 2, 2026 | “Historically, royalty revenues also included noncash royalty revenues for amounts earned pursuant to its royalty agreement with United Therapeutics Corporation (United Therapeutics) and was based on estimated product sales of Orenitram by United Therapeutics.” |
| partner | MANNKIND CORP (MNKD) | 10-K Feb 26, 2026 | “Our development and marketing partner (sometimes referred to as our collaboration partner), United Therapeutics Corporation ("United Therapeutics" or "UT") began commercializing Tyvaso DPI in June 2022 and is obligated to pay us a royalty on net sales of the product.” |
UTHR customer concentration
In the period ended Jun 30, 2026, 2 direct customers each accounted for at least 10% (48%, 37%) of revenue, per the company's 10-Q filed Aug 5, 2026. The company does not name them.
UTHR analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $6.05 | $7.00 | -13.6% | $781.5M | 14 |
| Next quarter (ends Dec 2026) | $7.32 | $7.05 | +3.9% | $840.4M | 14 |
| Current fiscal year (ends Dec 2026) | $26.53 | $26.92 | -1.5% | $3.19B | 14 |
| Next fiscal year (ends Dec 2027) | $31.02 | $31.51 | -1.6% | $3.62B | 14 |
UTHR options: expected move
Options price a move of about ±8.3% (±$48.35) by Nov 20, 2026, which includes earnings on Nov 4, 2026. Over the last 8 reports the stock moved ±5.5% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 36.6% | ±8.3% |
| Dec 18, 2026 | 56 | 34.4% | ±10.9% |
| Jan 15, 2027 | 84 | 33.8% | ±13.1% |
| Feb 19, 2027 | 119 | 33.8% | ±15.5% |
| May 21, 2027 | 210 | 34.2% | ±20.8% |
30-day implied volatility 34.3% vs 47.5% realized over the last 30 trading days. Put/call ratio (volume) 5.66. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 08:35 UTC)
| Price | USD 584.79 |
|---|---|
| Change | ▲ 3.78% (up) |
| Previous Close | USD 563.49 |
| Open | USD 568.69 |
| Day Range | USD 562.86 – 590.76 |
| 52-Week Range | USD 409.07 – 609.35 |
| Volume | 895,436 shares |
| Market Cap | $25.08B |
| Exchange | NMS |
Technical Analysis (UTHR)
Nexqual's technical model rates UTHR "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 08:35 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 69.98 (neutral) |
| vs SMA50 | Above (USD 517.66) |
| MACD | 13.81 (positive) |
Analyst Ratings (UTHR)
Wall Street analysts rate UTHR "Buy" based on 15 analysts, with a mean price target of USD 661.29 (range USD 368–728), per Nexqual as of October 23, 2026 at 08:35 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 15 |
| Mean Target | USD 661.29 |
| High Target | USD 728 |
| Low Target | USD 368 |
| Buy / Hold / Sell | 11 / 3 / 1 |
Earnings (UTHR)
| Next Earnings Date | 2026-11-04 |
|---|---|
| EPS Estimate | USD 6.36 |
| Revenue Estimate | $781.53M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 7.27 vs est 6.86 ▲ beat |
| 2026-03-31 | USD 5.82 vs est 6.86 ▼ miss |
| 2025-12-31 | USD 7.7 vs est 6.76 ▲ beat |
| 2025-09-30 | USD 7.16 vs est 6.96 ▲ beat |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
Financials & Fundamentals (UTHR)
| Total Revenue | $3.15B |
|---|---|
| Revenue Growth (latest quarter, YoY) | -1.90% |
| Gross Margin | +86.14% |
| Operating Margin | +42.23% |
| Profit Margin | +41.56% |
| ROE | +19.31% |
| Current Ratio | 5.73 |
| Total Cash | $2.66B |
| Total Debt | $0 |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $1.09B (34.6% of revenue) |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
Financial Health Score (UTHR)
Nexqual rates United Therapeutics Corporation's overall financial health "Solid" across five dimensions, as of October 23, 2026 at 08:35 UTC.
| Growth | Solid — Revenue +11% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 86%, operating 42% (last 12 months) |
| Balance Sheet | Mixed — $2.66B cash, no debt |
| Cash Flow | Strong — FCF $1.09B (last 4 quarters to Jun 2026, SEC), 35% margin |
| Efficiency | Solid — ROE 19%, ROA 11.6% |
Ownership (UTHR)
| Insider Ownership | +2.00% |
|---|---|
| Institutional Ownership | +100.18% |
| Shares Outstanding | 42.89M |
| Float | 39.21M |
| Short % of Float | +9.79% |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
Leadership (UTHR)
United Therapeutics Corporation is led by Martine A. Rothblatt J.D., Founder, Chairman & CEO, per Nexqual as of October 23, 2026 at 08:35 UTC.
| Founder, Chairman & CEO | Martine A. Rothblatt J.D. |
|---|---|
| President & COO | Michael I. Benkowitz |
| CFO & Treasurer | James C. Edgemond |
| Associate Vice President of Human Resources | Holly Hobson |
| Executive Vice President of Strategic Development | Patrick Poisson |
Major Backers & Investors (UTHR)
Notable institutional backers of United Therapeutics Corporation include Avoro Capital Advisors LLC, Renaissance Technologies, Wellington Management, according to Nexqual as of October 23, 2026 at 08:35 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Avoro Capital Advisors LLC | 6.48% |
| Renaissance Technologies | 3.98% |
| Wellington Management | 3.22% |
| Jupiter Topco LLC | 1.94% |
| NORGES BANK | 1.62% |
| Invesco | 0.69% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 12.34% |
| Vanguard Group | 8.95% |
| State Street | 4.43% |
| Geode Capital | 2.32% |
Source: Nexqual, October 23, 2026 at 08:35 UTC.
From United Therapeutics Corporation's Latest SEC 10-K Filing (filed 2026-02-25)
Key Strengths & Strategy (as disclosed to the SEC)
- Nebulized Tyvaso is administered four times a day using our proprietary Tyvaso Inhalation System, which consists of an ultrasonic nebulizer and related accessories.
- Nebulized Tyvaso is regulated by the FDA as a drug-device combination product approved under an NDA consisting of Tyvaso drug product and the Tyvaso Inhalation System.
- Our ex vivo lung perfusion (EVLP) program uses the first FDA-approved acellular EVLP technology on the market, the XVIVO Perfusion System (XPS™) with Steen Solution™ Perfusate, to offer the only commercially-available centralized EVLP service in the United States.
- In 2024, Lung Bioengineering completed a registrational study of another centralized EVLP technology called the Centralized Lung Evaluation System (CLES) and submitted a premarket approval application to the FDA in September 2024 for commercial approval of CLES, which is under review by the FDA.
Partnerships
- Under our agreement with 3D Systems, we also have the exclusive right to develop additional human solid organ alternatives using 3D Systems' printing technology.
- In February 2021, we launched commercial sales of the Remunity Pump, which is a semi-disposable system for subcutaneous delivery of treprostinil that we developed in collaboration with DEKA Research & Development Corp. (DEKA) under an exclusive development and license agreement.
Legal & Regulatory Risks (Item 1A, quoted)
- We must comply with extensive laws and regulations in the United States and other countries. Failure to obtain approvals on a timely basis or to comply with these requirements could delay, disrupt, or prevent commercialization of our products.
- Government healthcare reform and other reforms could adversely affect our revenue, costs, and results of operations.
- Our industry is highly regulated and changes in law or government health care programs, like Medicaid or Medicare, may adversely impact our business, operations, or financial results. We cannot predict how future federal or state legislative or administrative changes related to healthcare reform will affect our business.
- The IRA and other healthcare reform measures that may be adopted in the future may result in additional downward pressure on the payment that we receive for any approved product, and may adversely impact our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| VTRS | Viatris Inc. | USD 18.48 | ▲ 0.16% |
| ZTS | Zoetis Inc. | USD 82 | ▲ 2.99% |
| NBIX | Neurocrine Biosciences, Inc. | USD 143.29 | ▲ 1.4% |
| HLN | Haleon plc | USD 10.37 | ▲ 3.49% |
| TEVA | Teva Pharmaceutical Industries | USD 40.21 | ▼ 1.01% |
| ELAN | Elanco Animal Health Incorporat | USD 22.69 | ▲ 0.62% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 08:35 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt