# United Therapeutics Corporation (UTHR)

> Source: Nexqual · https://nexqual.com/UTHR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, United Therapeutics Corporation (UTHR), nexqual.com/UTHR" · informational, not investment advice.

**Price:** USD 584.79 (+3.78% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 563.49 · day 562.86–590.76 · 52w 409.07–609.35 · market cap $25.1B · NMS

## Key facts
- 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)
| 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)
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
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)
|  | 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) |

## Peers (Drug Manufacturers - Specialty & Generic)
VTRS (Viatris Inc.) USD 18.48 +0.16% · ZTS (Zoetis Inc.) USD 82 +2.99% · NBIX (Neurocrine Biosciences, Inc.) USD 143.29 +1.40% · 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%

## More
Full page: https://nexqual.com/UTHR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in UTHR's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1082554/000108255426000006/uthr-20251231.htm):

| 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 Inha…" |
| 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 expi…" |
| 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. (…" |
| 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." |

Other companies that name UTHR in their own reports (relationship from UTHR's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | BETA Technologies, Inc. (BETA) | 10-K 2026-03-09 | "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 2026-03-05 | "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 …" |
| partner | SUPERNUS PHARMACEUTICALS, INC. (SUPN) | 10-K 2026-03-02 | "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 e…" |
| partner | MANNKIND CORP (MNKD) | 10-K 2026-02-26 | "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 202…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $733.6M | 93.7% | -3.4% |
| ROW | $49.7M | 6.3% | +28.1% |
| Total revenue | $783.3M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 48%, 37% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.05 | $7.00 | -13.6% | $781.5M | 14 |
| Next quarter (ends 2026-12-31) | $7.32 | $7.05 | +3.9% | $840.4M | 14 |
| Current fiscal year (ends 2026-12-31) | $26.53 | $26.92 | -1.5% | $3.19B | 14 |
| Next fiscal year (ends 2027-12-31) | $31.02 | $31.51 | -1.6% | $3.62B | 14 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±8.3%; last 8 reports averaged ±5.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 36.6% | ±8.3% |
| 2026-12-18 | 56 | 34.4% | ±10.9% |
| 2027-01-15 | 84 | 33.8% | ±13.1% |
| 2027-02-19 | 119 | 33.8% | ±15.5% |
| 2027-05-21 | 210 | 34.2% | ±20.8% |