United Therapeutics (UTHR)

Market Price (9/30/2026): $545.06 | Market Cap: $23.2 BilSector: Health Care | Industry: Biotechnology

United Therapeutics (UTHR)

Market Price (9/30/2026): $545.06
Market Cap: $23.2 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 5.3%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 44%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%

Stock buyback support
Stock Buyback 3Y Total is 3.6 Bil

Low stock price volatility
Vol 12M is 32%

Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -1.9%

Key risks
UTHR key risks include [1] patent expirations on its core products, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 5.3%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -13%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 44%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34%
4	Stock buyback support Stock Buyback 3Y Total is 3.6 Bil
5	Low stock price volatility Vol 12M is 32%
6	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.
7	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -1.9%
8	Key risks UTHR key risks include [1] patent expirations on its core products, Show more.

UTHR in ETFs

Weight = UTHR's share of each fund

VTI0.03%

ITOT0.03%

IWB0.03%

IJH0.60%

VB0.27%

IBB1.4%

XBI1.4%

MDYG1.1%

+25 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	9/30/26	2025	2024	2023	2022
Share Price			$545.06	$487.25	$352.84	$219.89	$278.09
Mkt Cap ($ Bil)			23.2	21.1	15.8	10.4	12.8
+ Debt ($ Bil)			0.0	0.0	0.3	0.7	0.8
- Cash ($ Bil)			2.7	2.9	3.3	3.0	2.8
TEV ($ Bil)			20.6	21.1	16.1	11.1	13.6
Valuation Ratios
P/S	6.8	7.4	7.4	6.6	5.5	4.4	6.6
P/EBIT	12.9	14.1	14.6	12.2	10.0	7.8	13.0
P/E	16.9	18.6	17.7	15.8	13.3	10.5	17.6
P/FCF	—	—	21.4	20.4	14.7	13.9	19.3
Sector Ratios (* = sector average)
P/S *			4.0	4.0	3.8	4.2	4.4
P/EBIT *			-1.9	-1.7	-1.4	-1.6	-1.2
P/E *			-1.7	-1.8	-1.6	-1.7	-1.3
P/FCF *			-1.9	-1.8	-1.4	-1.6	-1.5

FYE: 12/31	Forward FYE		Now
	2027	2026	9/30/26
Share Price			$545.06
Mkt Cap ($ Bil)			23.2
+ Debt ($ Bil)			0.0
- Cash ($ Bil)			2.7
TEV ($ Bil)			20.6
Valuation Ratios
P/S	6.8	7.4	7.4
P/EBIT	12.9	14.1	14.6
P/E	16.9	18.6	17.7
P/FCF	—	—	21.4
Sector Ratios (* = sector average)
P/S *			4.0
P/EBIT *			-1.9
P/E *			-1.7
P/FCF *			-1.9

FYE: 12/31	UTHR [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$3.2 Bil	—
FY 2026 Sales	$3.1 Bil	—
FY 2027 Sales	$3.4 Bil	—
FY 2026 Sales Growth	-0.2%	—
FY 2027 Sales Growth	9.1%	12.9%
EARNINGS
LTM Net Income (GAAP) [3]	$1.3 Bil	—
FY 2026 Net Income (Non-GAAP)	$1.3 Bil	—
FY 2027 Net Income (Non-GAAP)	$1.4 Bil	—
FY 2027 Net Income Growth	9.9%	18.4%
FY 2026 EPS (Non-GAAP)	$26.11	—
FY 2027 EPS (Non-GAAP)	$28.78	—
FY 2027 EPS Growth	10.2%	—
VALUATION
FY 2026 P/S	7.4	1.6
FY 2027 P/S	6.8	—
FY 2026 P/E	18.6	7.6
FY 2027 P/E	16.9	—

[1] UTHR forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	UTHR	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	3.2
Rev Chg Q	-1.9%	9.3%
Rev Chg LTM	2.5%	8.3%
Rev Chg 3Y Avg	14.7%	5.8%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	1.4
CFO LTM ($ Bil)	1.7
Net Inc LTM ($ Bil)	1.3
Op Mgn LTM	44.5%	18.6%
CFO/Rev LTM	53.4%	21.8%
Net Inc Mgn	41.6%	13.1%
VALUATION	MODERATE
P/S	7.4	3.0
P/CFO	13.8	14.4
P/FCF	21.4	18.9
P/E	17.7	21.7
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21
Cash/Assets	0.37	0.07

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Metric	Value	Date	Source
Number of Active Patents	582	11102025	Link
Patients Having Used Tyvaso DPI	more than 10,000	8272025	Link
ADVANCE OUTCOMES Clinical Trial Enrollment	728	6232025	Link
TETON 1 Clinical Trial Enrollment	598	2042025	Link
TETON 2 Clinical Trial Enrollment	597	7112024	Link
EXPAND Clinical Trial First Cohort Size	6	11032025	Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

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Updated on 9/24/2026

United Therapeutics (UTHR) stock has lost about 15% since 5/31/2026 because of the following key factors:

1. United Therapeutics reported mixed financial results for its second fiscal quarter of 2026, which ended June 30, 2026.

While earnings per share (EPS) of $7.27 beat analysts' consensus estimates of $6.86, revenue decreased by 1.9% year-over-year to $783.3 million, falling short of analyst expectations of $804.65 million. The company also did not reaffirm its prior revenue growth expectations for fiscal year 2026.

2. Competitive pressures led to a decline in revenue from key products, notably Nebulized Tyvaso.

Total Tyvaso revenues decreased by four percent to $452.6 million in the second fiscal quarter of 2026, primarily driven by a decrease in Nebulized Tyvaso revenues. The company noted increasing competitive dynamics within the inhaled prostacyclin category as more treatment options become available.

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Stock Movement Drivers

Fundamental Drivers

The -13.5% change in UTHR stock from 5/31/2026 to 9/29/2026 was primarily driven by a -16.8% change in the company's P/E Multiple.

(LTM values as of)	5312026	9292026	Change
Stock Price ($)	556.82	481.47	-13.5%
Change Contribution By:
Total Revenues ($ Mil)	3,170	3,154	-0.5%
Net Income Margin (%)	40.6%	41.6%	2.3%
P/E Multiple	18.8	15.6	-16.8%
Shares Outstanding (Mil)	44	43	2.1%
Cumulative Contribution			-13.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/29/2026

	Return	Correlation
UTHR	-13.5%
Market (SPY)	1.3%	-11.6%
Sector (XLV)	14.7%	23.4%

Fundamental Drivers

The -4.5% change in UTHR stock from 2/28/2026 to 9/29/2026 was primarily driven by a -4.5% change in the company's P/E Multiple.

(LTM values as of)	2282026	9292026	Change
Stock Price ($)	503.90	481.47	-4.5%
Change Contribution By:
Total Revenues ($ Mil)	3,183	3,154	-0.9%
Net Income Margin (%)	41.9%	41.6%	-0.9%
P/E Multiple	16.4	15.6	-4.5%
Shares Outstanding (Mil)	43	43	1.9%
Cumulative Contribution			-4.5%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/29/2026

	Return	Correlation
UTHR	-4.5%
Market (SPY)	12.0%	9.1%
Sector (XLV)	7.5%	25.7%

Fundamental Drivers

The 58.0% change in UTHR stock from 8/31/2025 to 9/29/2026 was primarily driven by a 41.4% change in the company's P/E Multiple.

(LTM values as of)	8312025	9292026	Change
Stock Price ($)	304.76	481.47	58.0%
Change Contribution By:
Total Revenues ($ Mil)	3,078	3,154	2.5%
Net Income Margin (%)	40.4%	41.6%	3.0%
P/E Multiple	11.1	15.6	41.4%
Shares Outstanding (Mil)	45	43	5.9%
Cumulative Contribution			58.0%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/29/2026

	Return	Correlation
UTHR	58.0%
Market (SPY)	19.8%	8.5%
Sector (XLV)	26.4%	25.5%

Fundamental Drivers

The 114.6% change in UTHR stock from 8/31/2023 to 9/29/2026 was primarily driven by a 49.4% change in the company's Total Revenues ($ Mil).

(LTM values as of)	8312023	9292026	Change
Stock Price ($)	224.36	481.47	114.6%
Change Contribution By:
Total Revenues ($ Mil)	2,111	3,154	49.4%
Net Income Margin (%)	41.3%	41.6%	0.7%
P/E Multiple	12.1	15.6	29.6%
Shares Outstanding (Mil)	47	43	10.1%
Cumulative Contribution			114.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/29/2026

	Return	Correlation
UTHR	114.6%
Market (SPY)	76.1%	15.5%
Sector (XLV)	34.8%	26.6%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
UTHR Return	42%	29%	-21%	60%	38%	-0%	220%
Peers Return	35%	20%	8%	1%	58%	48%	308%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	105%
Monthly Win Rates [3]
UTHR Win Rate	67%	42%	42%	58%	50%	22%
Peers Win Rate	60%	53%	40%	48%	62%	71%
S&P 500 Win Rate	75%	42%	67%	75%	67%	44%
Max Drawdowns [4]
UTHR Max Drawdown	-20%	-23%	-26%	-14%	-28%	-21%
Peers Max Drawdown	-19%	-25%	-27%	-27%	-23%	-19%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, MRK, PFE, GILD, LQDA. See UTHR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/29/2026 (YTD)

Event	UTHR	S&P 500
2025 US Tariff Shock
% Loss	-27.4%	-18.8%
% Gain to Breakeven	37.7%	23.1%
Time to Breakeven	83 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-11.1%	-9.5%
% Gain to Breakeven	12.5%	10.5%
Time to Breakeven	84 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-19.8%	-6.7%
% Gain to Breakeven	24.8%	7.1%
Time to Breakeven	197 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-21.1%	-24.5%
% Gain to Breakeven	26.8%	32.4%
Time to Breakeven	84 days	427 days
2020 COVID-19 Crash
% Loss	-25.7%	-33.7%
% Gain to Breakeven	34.7%	50.9%
Time to Breakeven	35 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-21.2%	-19.2%
% Gain to Breakeven	27.0%	23.8%
Time to Breakeven	674 days	105 days

Compare to JNJ, MRK, PFE, GILD, LQDA

In The Past

United Therapeutics's stock fell -27.4% during the 2025 US Tariff Shock. Such a loss loss requires a 37.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	UTHR	S&P 500
2025 US Tariff Shock
% Loss	-27.4%	-18.8%
% Gain to Breakeven	37.7%	23.1%
Time to Breakeven	83 days	79 days
2022 Inflation Shock & Fed Tightening
% Loss	-21.1%	-24.5%
% Gain to Breakeven	26.8%	32.4%
Time to Breakeven	84 days	427 days
2020 COVID-19 Crash
% Loss	-25.7%	-33.7%
% Gain to Breakeven	34.7%	50.9%
Time to Breakeven	35 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-21.2%	-19.2%
% Gain to Breakeven	27.0%	23.8%
Time to Breakeven	674 days	105 days
2015-2016 China Devaluation / Global Growth Scare
% Loss	-31.3%	-12.2%
% Gain to Breakeven	45.6%	13.9%
Time to Breakeven	1803 days	62 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-34.4%	-17.9%
% Gain to Breakeven	52.3%	21.8%
Time to Breakeven	317 days	123 days
2008-2009 Global Financial Crisis
% Loss	-51.3%	-53.4%
% Gain to Breakeven	105.3%	114.4%
Time to Breakeven	307 days	1085 days

Compare to JNJ, MRK, PFE, GILD, LQDA

In The Past

United Therapeutics's stock fell -27.4% during the 2025 US Tariff Shock. Such a loss loss requires a 37.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About United Therapeutics (UTHR)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

United Therapeutics Corporation (UTHR) is a biotechnology company dedicated to developing and commercializing innovative therapies for patients suffering from chronic and life-threatening diseases. The company's primary focus is on pulmonary hypertension (PH), including pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD), a group of severe conditions affecting the heart and lungs.

Its main commercial products are designed to improve symptoms and exercise capacity in PAH patients. These include Remodulin (an injectable prostacyclin analogue), Tyvaso (an inhaled formulation of treprostinil), Orenitram (an oral treprostinil tablet), and Adcirca (an oral PDE-5 inhibitor). United Therapeutics also offers Unituxin, a monoclonal antibody for treating high-risk neuroblastoma. These therapies address significant unmet medical needs in specialized markets.

The company maintains a robust development pipeline, actively working on new formulations and delivery systems for its existing compounds, such as Tyvaso DPI (a dry powder inhaler) and the Remunity Pump for subcutaneous treprostinil delivery. Furthermore, UTHR is exploring advanced therapies like Aurora-GT, a gene therapy aimed at rebuilding lung blood vessels, and Ralinepag for PAH. United Therapeutics serves patients globally, with a continuous commitment to expanding treatment options for severe and rare diseases.

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Vertex Pharmaceuticals for pulmonary hypertension.
An early Gilead Sciences, but for complex lung diseases like pulmonary hypertension.

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Remodulin: An injectable therapy used to treat pulmonary arterial hypertension (PAH) to diminish symptoms associated with exercise.
Tyvaso: An inhaled formulation of treprostinil that enhances exercise ability in patients with PAH and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
Orenitram: An oral tablet dosage form of treprostinil designed to enhance exercise capacity in PAH patients.
Unituxin: A monoclonal antibody approved for treating high-risk neuroblastoma.
Adcirca: An oral PDE-5 inhibitor prescribed to enhance exercise ability in patients with PAH.
Tyvaso DPI: A dry powder inhalation form of Tyvaso currently under development.
Remunity Pump: A small, lightweight, and durable pump system being developed for the subcutaneous delivery of treprostinil.
RemoPro: A developing treatment targeting pulmonary arterial hypertension (PAH).
Ralinepag: A developing oral investigational drug for the treatment of pulmonary arterial hypertension (PAH).
Aurora-GT: A gene therapy product in development aimed at rebuilding blood vessels in the lungs.

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United Therapeutics (UTHR) sells primarily to individuals, specifically patients suffering from chronic and life-threatening diseases. While their products are distributed through healthcare channels such as hospitals, pharmacies, and specialty distributors, the ultimate beneficiaries and categories of customers they serve are patients.

The major categories of patients served by United Therapeutics are:

Patients with Pulmonary Arterial Hypertension (PAH): This is a primary focus area, with multiple therapies (Remodulin, Tyvaso, Orenitram, Adcirca, RemoPro, Ralinepag) developed for this condition.
Patients with other forms of Pulmonary Hypertension: This includes patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD) and those with World Health Organization (WHO) Group 3 pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD), for whom Tyvaso is either approved or under study.
Patients with high-risk neuroblastoma: Unituxin is a specific therapy developed to treat this type of cancer.

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DEKA Research & Development Corp.

MannKind Corporation (MNKD)

Arena Pharmaceuticals, Inc.

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Martine Rothblatt, Founder, Chairperson, and Chief Executive Officer

Dr. Martine Rothblatt founded United Therapeutics in 1996 and has served as Chairperson and Chief Executive Officer since its inception. She was motivated to enter biotech after her daughter was diagnosed with pulmonary arterial hypertension. Previously, she created the satellite radio company SiriusXM (co-founded in 1990), serving as its Chairman and CEO. Rothblatt also served as President and CEO of GeoStar, a satellite navigation company, after graduating with law and MBA degrees from UCLA. She left Sirius in 1992 and WorldSpace (another company she created) in 1997 to become full-time Chairman and CEO of United Therapeutics. Forbes recognized Rothblatt in their "50 Over 50" and "America's Self-Made Women" lists in 2023.

James Edgemond, Chief Financial Officer and Treasurer

Mr. James Edgemond was promoted to Chief Financial Officer and Treasurer of United Therapeutics in March 2015. He joined the company in January 2013 as Treasurer and Vice President, Strategic Financial Planning. Before joining United Therapeutics, he was Vice President, Corporate Controller, and Treasurer of Clark Construction Group from 2008 through January 2013. He also held various roles at The Corporate Executive Board Company from 1998 to 2008, including Executive Director, Finance. Mr. Edgemond began his career in public accounting at KPMG Peat Marwick LLP, serving in various roles, including Senior Manager, from 1990 to 1998.

Michael Benkowitz, President and Chief Operating Officer

Mr. Michael Benkowitz joined United Therapeutics in 2011 as Executive Vice President, Organizational Development, and was promoted to President and Chief Operating Officer in 2016. In his current role, he is responsible for all commercial, medical affairs, and corporate compliance activities, most company-wide administrative functions (including human resources and information technology), many business development efforts, and several key business alliances and partnerships. Prior to United Therapeutics, his career included work as a consultant.

Paul A. Mahon, J.D., Executive Vice President, General Counsel, and Corporate Secretary

Paul A. Mahon serves as the Executive Vice President, General Counsel, and Corporate Secretary for United Therapeutics. He is a key member of the leadership team.

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The key risks to United Therapeutics' business are its significant reliance on treprostinil-based therapies, the inherent risks associated with its pipeline development and regulatory approvals, and intense competition within the pulmonary arterial hypertension (PAH) market.

Reliance on Treprostinil-based Therapies and Generic Competition/Patent Expiration: United Therapeutics is heavily dependent on its treprostinil-based therapies, such as the Tyvaso franchise, which accounts for approximately 60% of the company's total revenue. The company faces significant threats from generic competition as patents on key products, including Remodulin and Tyvaso, expire. This generic competition can lead to price erosion and reduced market share, thereby weakening the company's competitive advantage. The company is also involved in litigation concerning generic competition and patent rights related to its treprostinil-based products.
Pipeline Development and Regulatory Risks: A significant portion of United Therapeutics' future growth hinges on the successful development and regulatory approval of its pipeline products, such as Tyvaso DPI, Remunity Pump, RemoPro, Ralinepag, Aurora-GT, and new indications for Tyvaso. Any setbacks in clinical trials, delays in regulatory timelines for products like Ralinepag, or challenges with the xenotransplantation pipeline could significantly impact the company's future revenue and growth prospects. Furthermore, expanding into complex areas like organ manufacturing technologies presents operational risks due to untested processes.
Intense Competition in the PAH Market: United Therapeutics operates in a highly competitive PAH treatment landscape, with numerous branded and generic drugs already on the market. New entrants, such as Winrevair and Yutrepia, are actively vying for market share, contributing to rising competitive pressures. This competitive environment, including various approved PAH therapies like oral ERAs, prostacyclin-class therapies, and PDE-5 inhibitors, poses a constant threat to United Therapeutics' market position and revenues.

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United Therapeutics Corporation (UTHR) operates in the biotechnology sector, focusing on therapies for chronic and life-threatening diseases, including pulmonary arterial hypertension (PAH), pulmonary hypertension associated with interstitial lung disease (PH-ILD), and neuroblastoma. The addressable markets for its main products are substantial, spanning both global and U.S. regions.

Pulmonary Arterial Hypertension (PAH) Market

United Therapeutics' products such as Remodulin, Tyvaso, Orenitram, and Adcirca address the Pulmonary Arterial Hypertension (PAH) market.

The global PAH market was valued at approximately USD 8.3 billion in 2024 and is projected to grow to about USD 13.9 billion by 2034.
In the U.S., the PAH market was valued at approximately USD 4 billion in 2024.

Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD) Market

Tyvaso (including Tyvaso DPI) is approved for Pulmonary Hypertension associated with Interstitial Lung Disease (PH-ILD).

The total market size for PH-ILD across the 7 Major Markets (7MM), which include the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, was approximately USD 3 billion in 2024.
Specifically, the PH-ILD market in the U.S. was valued at approximately USD 2 billion in 2024.

Neuroblastoma Treatment Market

Unituxin is a monoclonal antibody for treating high-risk neuroblastoma.

The global neuroblastoma treatment market was estimated at around USD 1.2 billion in 2024, with projections to reach approximately USD 2.1 billion by 2030.
North America is a leading region in the neuroblastoma market, holding over a 40% share in 2024.

Idiopathic Pulmonary Fibrosis (IPF) Market (Potential for Tyvaso)

United Therapeutics is developing Tyvaso for Idiopathic Pulmonary Fibrosis (IPF), with positive phase III results reported.

The U.S. IPF market is estimated to comprise more than 100,000 patients and could represent a market opportunity of over USD 4 billion if Tyvaso is approved for this indication.

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United Therapeutics Corporation (UTHR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and product advancements:

Continued Growth of Tyvaso and Tyvaso DPI: The company anticipates sustained double-digit revenue growth from its Tyvaso franchise, particularly Tyvaso DPI (dry powder inhaler). This growth is attributed to increasing patient adoption in both pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD) markets, as well as the introduction of higher-dose cartridges for enhanced patient convenience.
Launch of New Inhaled Treprostinil Products: United Therapeutics plans to file for regulatory approval of Tresmi, a soft mist inhaler, and a "super prostacyclin" in 2026, with commercial launches targeted for 2027. Tresmi aims to address and significantly reduce cough, a common side effect of dry powder inhalers. The "super prostacyclin" is designed to usher in a new era of once-a-day treatments for pulmonary hypertension.
Commercialization of Ralinepag: The positive results from the ADVANCE OUTCOMES study for ralinepag, an investigational once-daily oral dosing therapy, are expected to significantly contribute to the company's PAH franchise. Analysts believe these results support approval, with ralinepag offering a projected patent life through approximately 2040 and the potential for once-daily dosing.
Introduction of a New Idiopathic Pulmonary Fibrosis (IPF) Treatment: Building on the "unprecedented treatment benefit" observed in the TETON-2 study for idiopathic pulmonary fibrosis, United Therapeutics is optimistic about similar positive outcomes from its TETON-1 study. The company expects to launch a new IPF treatment by June 2027, positioning it as a major long-term revenue driver.
Expansion through RemunityPRO Pump: The recent launch of the RemunityPRO pump for subcutaneous delivery of Remodulin is expected to support revenue growth. This new device offers automated priming and lower flow rates, facilitating at-home initiation of Remodulin therapy.

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Share Repurchases

In March 2026, United Therapeutics' Board of Directors authorized a new stock repurchase program of up to $2 billion over the next year, with an initial $1.5 billion Accelerated Share Repurchase (ASR) program executed with Citibank.
In March 2024, the company's Board authorized a $1 billion share repurchase program, entering into a $1 billion Accelerated Share Repurchase (ASR) agreement with Citibank.
In July/August 2025, a $1 billion repurchase program was authorized and subsequently implemented through Accelerated Share Repurchase agreements with Citi.

Share Issuance

United Therapeutics' shares outstanding increased by 2.47% in 2023, reaching 0.05 billion.
Shares outstanding subsequently decreased by 2.41% in 2024 to 0.049 billion.
In 2025, shares outstanding further declined by 1.24% to 0.048 billion.

Outbound Investments

In October 2023, United Therapeutics acquired Miromatrix, a company developing biologic human organs for transplantation, for $91 million.
Over the last five years (2020-2025), the company has made an average of 0.4 acquisitions per year.

Capital Expenditures

Capital expenditures were $230 million in 2023 and $247 million in 2024.
Expected capital expenditures are $246.5 million for 2025 and $120 million for 2026.
Significant capital investments have been directed towards supporting a new Tyvaso DPI manufacturing facility in North Carolina and acquiring additional real estate for future commercial manufacturing needs.

Interactive Breakdown

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Better Bets vs. United Therapeutics (UTHR)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for UTHR: 14.7% | 6.5x)

INCY (18.5% | 4.2x)

Incyte

NBIX (26.5% | 4.1x)

Neurocrine Biosciences

BMRN (15.1% | 3.4x)

BioMarin Pharmaceutical

TARS (308.9% | 5.5x)

Tarsus Pharmaceuticals

HRMY (24.5% | 2.4x)

Harmony Biosciences

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for UTHR: 14.7% | 14.6x)

INCY (18.5% | 13.4x)

Incyte

HALO (29.7% | 14.1x)

Halozyme Therapeutics

HRMY (24.5% | 9.9x)

Harmony Biosciences

ADMA (36.8% | 10.5x)

ADMA Biologics

AUPH (24.9% | 14.2x)

Aurinia Pharmaceuticals

Higher Rev Chg LTM (Value for UTHR: 2.5%)

ABBV (10.4%)

AbbVie

VRTX (10.2%)

Vertex Pharmaceuticals

REGN (9.3%)

Regeneron Pharmaceuticals

AMGN (9.1%)

Amgen

GILD (5.5%)

Gilead Sciences

Higher Rev Chg 3Y Avg (Value for UTHR: 14.7%)

INSM (76.3%)

Insmed

ALNY (63.2%)

Alnylam Pharmaceuticals

HALO (29.7%)

Halozyme Therapeutics

NBIX (26.5%)

Neurocrine Biosciences

INCY (18.5%)

Incyte

Higher Op Mgn LTM (Value for UTHR: 44.5%)

ANAB (94.6%)

AnaptysBio

ABUS (81.1%)

Arbutus Biopharma

HALO (55.9%)

Halozyme Therapeutics

AUPH (48.4%)

Aurinia Pharmaceuticals

KRYS (44.9%)

Krystal Biotech

Higher CFO/Rev LTM (Value for UTHR: 53.4%)

RLYB (4135.0%)

Rallybio

SEPN (107.2%)

Septerna

KRYS (61.8%)

Krystal Biotech

AUPH (56.3%)

Aurinia Pharmaceuticals

CRMD (55.2%)

Cormedix

Higher FCF/Rev LTM (Value for UTHR: 34.5%)

KRYS (58.5%)

Krystal Biotech

EXEL (47.5%)

Exelixis

PTGX (46.3%)

Protagonist Therapeutics

GILD (42.5%)

Gilead Sciences

LGND (41.2%)

Ligand Pharmaceuticals

Higher Total Yield (Value for UTHR: 6.4%)

AUPH (14.7%)

Aurinia Pharmaceuticals

OMER (9.0%)

Omeros

HRMY (8.0%)

Harmony Biosciences

ADMA (7.4%)

ADMA Biologics

INCY (6.5%)

Incyte

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for UTHR: 14.7% | 6.5x)

CI (131.9% | 0.3x)

Cigna

BSX (16.2% | 3.1x)

Boston Scientific

INCY (18.5% | 4.2x)

Incyte

MEDP (18.7% | 6.3x)

Medpace

NBIX (26.5% | 4.1x)

Neurocrine Biosciences

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for UTHR: 14.7% | 14.6x)

CI (131.9% | 8.1x)

Cigna

INCY (18.5% | 13.4x)

Incyte

HALO (29.7% | 14.1x)

Halozyme Therapeutics

HRMY (24.5% | 9.9x)

Harmony Biosciences

ADMA (36.8% | 10.5x)

ADMA Biologics

Higher Rev Chg LTM (Value for UTHR: 2.5%)

LLY (49.6%)

Eli Lilly

ABBV (10.4%)

AbbVie

JNJ (8.1%)

Johnson & Johnson

UNH (6.5%)

UnitedHealth

MRK (4.6%)

Merck

Higher Rev Chg 3Y Avg (Value for UTHR: 14.7%)

CI (131.9%)

Cigna

NTRA (42.8%)

Natera

LLY (39.4%)

Eli Lilly

ISRG (18.4%)

Intuitive Surgical

BSX (16.2%)

Boston Scientific

Higher Op Mgn LTM (Value for UTHR: 44.5%)

ANAB (94.6%)

AnaptysBio

HALO (55.9%)

Halozyme Therapeutics

LLY (49.7%)

Eli Lilly

AUPH (48.4%)

Aurinia Pharmaceuticals

KRYS (44.9%)

Krystal Biotech

Higher CFO/Rev LTM (Value for UTHR: 53.4%)

RLYB (4135.0%)

Rallybio

SEPN (107.2%)

Septerna

KRYS (61.8%)

Krystal Biotech

AUPH (56.3%)

Aurinia Pharmaceuticals

CRMD (55.2%)

Cormedix

Higher FCF/Rev LTM (Value for UTHR: 34.5%)

KRYS (58.5%)

Krystal Biotech

VEEV (48.2%)

Veeva Systems

EXEL (47.5%)

Exelixis

PTGX (46.3%)

Protagonist Therapeutics

GILD (42.5%)

Gilead Sciences

Higher Total Yield (Value for UTHR: 6.4%)

BMY (11.2%)

Bristol-Myers Squibb

PFE (8.6%)

Pfizer

MDT (8.0%)

Medtronic

CVS (7.5%)

CVS Health

UNH (6.6%)

UnitedHealth

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for UTHR: 14.7% | 6.5x)

DELL (19.2% | 2.3x)

Dell Technologies

BLK (16.6% | 6.1x)

BlackRock

UBER (16.4% | 2.6x)

Uber Technologies

NEM (32.1% | 4.8x)

Newmont

PGR (17.8% | 1.3x)

Progressive

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for UTHR: 14.7% | 14.6x)

NEM (32.1% | 8.8x)

Newmont

ENB (23.1% | 9.0x)

Enbridge

AEM (34.4% | 11.0x)

Agnico Eagle Mines

CP (15.9% | 13.5x)

Canadian Pacific Kansas City

RCL (16.2% | 13.7x)

Royal Caribbean

Higher Rev Chg LTM (Value for UTHR: 2.5%)

NVDA (83.4%)

NVIDIA

GOOGL (20.1%)

Alphabet

MSFT (17.8%)

Microsoft

AMZN (15.8%)

Amazon.com

AAPL (14.2%)

Apple

Higher Rev Chg 3Y Avg (Value for UTHR: 14.7%)

NVDA (116.5%)

NVIDIA

MU (80.9%)

Micron Technology

META (23.8%)

Meta Platforms

MSFT (16.1%)

Microsoft

GOOGL (15.5%)

Alphabet

Higher Op Mgn LTM (Value for UTHR: 44.5%)

MU (65.7%)

Micron Technology

V (65.6%)

Visa

NVDA (65.2%)

NVIDIA

MA (59.8%)

Mastercard

MSFT (46.8%)

Microsoft

Higher CFO/Rev LTM (Value for UTHR: 53.4%)

BAC (78.2%)

Bank of America

META (57.1%)

Meta Platforms

MU (57.0%)

Micron Technology

PLTR (55.2%)

Palantir Technologies

MSFT (55.1%)

Microsoft

Higher FCF/Rev LTM (Value for UTHR: 34.5%)

BAC (78.2%)

Bank of America

PLTR (54.6%)

Palantir Technologies

V (47.2%)

Visa

MA (45.5%)

Mastercard

NVDA (41.9%)

NVIDIA

Higher Total Yield (Value for UTHR: 6.4%)

BAC (11.0%)

Bank of America

JPM (9.1%)

JPMorgan Chase

CVX (8.6%)

Chevron

BRK-B (7.9%)

Berkshire Hathaway

XOM (7.4%)

ExxonMobil

Best Bets in Health Care

What You Pay

P/EBIT (Value for UTHR: 12.9x)

VEEV (43.7x)

Veeva Systems

DOCS (25.0x)

Doximity

HALO (21.7x)

Halozyme Therapeutics

HRMY (8.9x)

Harmony Biosciences

ZTS (8.4x)

Zoetis

NBIX (17.1x)

Neurocrine Biosciences

PBH (7.9x)

Prestige Consumer Healthcare

ADMA (10.1x)

ADMA Biologics

LGND (25.5x)

Ligand Pharmaceuticals

GMED (15.2x)

Globus Medical

P/E (Value for UTHR: 15.6x)

VEEV (44.6x)

Veeva Systems

DOCS (29.0x)

Doximity

HALO (31.6x)

Halozyme Therapeutics

HRMY (12.6x)

Harmony Biosciences

ZTS (11.2x)

Zoetis

NBIX (19.8x)

Neurocrine Biosciences

PBH (12.9x)

Prestige Consumer Healthcare

ADMA (13.5x)

ADMA Biologics

LGND (31.6x)

Ligand Pharmaceuticals

GMED (19.1x)

Globus Medical

What You Get

Rev Chg 3Y Avg (Value for UTHR: 14.7%)

VEEV (15.7%)

Veeva Systems

DOCS (14.5%)

Doximity

HALO (29.7%)

Halozyme Therapeutics

HRMY (24.5%)

Harmony Biosciences

ZTS (5.0%)

Zoetis

NBIX (26.5%)

Neurocrine Biosciences

PBH (-0.7%)

Prestige Consumer Healthcare

ADMA (36.8%)

ADMA Biologics

LGND (23.2%)

Ligand Pharmaceuticals

GMED (47.0%)

Globus Medical

Rev Chg LTM (Value for UTHR: 2.5%)

VEEV (16.5%)

Veeva Systems

DOCS (11.2%)

Doximity

HALO (41.2%)

Halozyme Therapeutics

HRMY (24.3%)

Harmony Biosciences

ZTS (1.5%)

Zoetis

NBIX (34.4%)

Neurocrine Biosciences

PBH (-1.4%)

Prestige Consumer Healthcare

ADMA (8.0%)

ADMA Biologics

LGND (54.9%)

Ligand Pharmaceuticals

GMED (19.7%)

Globus Medical

Rev Chg Q (Value for UTHR: -1.9%)

VEEV (17.6%)

Veeva Systems

DOCS (7.3%)

Doximity

HALO (47.7%)

Halozyme Therapeutics

HRMY (30.3%)

Harmony Biosciences

ZTS (-0.2%)

Zoetis

NBIX (39.5%)

Neurocrine Biosciences

PBH (6.5%)

Prestige Consumer Healthcare

ADMA (2.0%)

ADMA Biologics

LGND (33.7%)

Ligand Pharmaceuticals

GMED (5.9%)

Globus Medical

FCF/Rev 3Y Avg (Value for UTHR: 34.3%)

VEEV (44.1%)

Veeva Systems

DOCS (42.3%)

Doximity

HALO (41.3%)

Halozyme Therapeutics

HRMY (34.3%)

Harmony Biosciences

ZTS (24.0%)

Zoetis

NBIX (23.4%)

Neurocrine Biosciences

PBH (22.4%)

Prestige Consumer Healthcare

ADMA (18.8%)

ADMA Biologics

LGND (18.5%)

Ligand Pharmaceuticals

GMED (17.0%)

Globus Medical

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Peer Outperformance in Biotechnology

UTHR has outperformed 91% of its 362 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.

Share of Biotechnology constituents that UTHR has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.

60%

of 454 industry peers · 13.5% return

77%

of 402 industry peers · 113.2% return

91%

of 362 industry peers · 160.8% return

No Biotechnology peer with a comparable growth profile has beaten UTHR by more than 20pp over 5Y.

Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is UTHR's own industry. Use this to see which corners of the sector have carried the returns.

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Health Care Distributors	6	7.3%	44.8%	91.5%	CAH 400% · MCK 344% · COR 172%
Health Care Services	20	18.5%	36.2%	5.7%	HIMS 281% · RDNT 141% · DGX 76%
Managed Health Care	8	32.0%	-7.4%	4.7%	OSCR 71% · HQY 35% · ELV 13%
Health Care Facilities	24	2.4%	7.6%	-3.3%	THC 288% · NHC 263% · ENSG 137%
Health Care Equipment	50	-2.4%	-1.0%	-15.1%	POCI 10575% · UFPT 382% · GKOS 229%
Pharmaceuticals	62	-7.7%	-0.5%	-28.8%	LQDA 2461% · INDV 1157% · ETON 1074%
Health Care Supplies	12	27.5%	-7.6%	-37.1%	LNTH 288% · HAE 50% · MMSI 22%
Life Sciences Tools & Services	109	-1.0%	-16.8%	-66.5%	SNWV 1835% · NTRA 272% · MEDP 229%
Health Care Technology	21	-33.1%	-53.9%	-76.9%	SPOK 69% · HSTM 6% · VEEV -3%
Biotechnology ←	363	-10.5%	-24.8%	-78.3%	CELZ 1279% · DNTH 1097% · ELVN 1040%

Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Can Halozyme Therapeutics Outrun United Therapeutics in the Next Rally?	03/12/2026
2	United Therapeutics Earnings Notes	12/23/2025
3	United Therapeutics Stock Jump Looks Great, But How Secure Is That Gain?	10/17/2025
4	How Does United Therapeutics Stock Stack Up Against Its Peers?	08/13/2025
5	Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PR, CALM	08/12/2025
6	Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PTCT	08/12/2025
7	UTHR Dip Buy Analysis	07/10/2025
8	United Therapeutics Total Shareholder Return (TSR): 60.5% in 2024 and 17.8% 3-yr compounded annual returns (above peer average)	03/07/2025
9	Time To Buy United Therapeutics Stock?	03/01/2025
10	ARTICLES
11	Mid Cap Stocks Trading At 52-Week High	04/01/2026
12	United Therapeutics or AbbVie: Which Stock Has More Upside?	03/19/2026
13	Is Halozyme Therapeutics a Better Buy Than United Therapeutics?	03/12/2026
14	Between United Therapeutics and Gilead Sciences, Which Stock Looks Set to Break Out?	02/10/2026
15	Can United Therapeutics Outrun Amgen in the Next Rally?	02/05/2026

	Title
0	DASHBOARDS
1	Can Halozyme Therapeutics Outrun United Therapeutics in the Next Rally?
2	United Therapeutics Earnings Notes
3	United Therapeutics Stock Jump Looks Great, But How Secure Is That Gain?
4	How Does United Therapeutics Stock Stack Up Against Its Peers?
5	Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PR, CALM
6	Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PTCT
7	UTHR Dip Buy Analysis
8	United Therapeutics Total Shareholder Return (TSR): 60.5% in 2024 and 17.8% 3-yr compounded annual returns (above peer average)
9	Time To Buy United Therapeutics Stock?
10	ARTICLES
11	Mid Cap Stocks Trading At 52-Week High
12	United Therapeutics or AbbVie: Which Stock Has More Upside?
13	Is Halozyme Therapeutics a Better Buy Than United Therapeutics?
14	Between United Therapeutics and Gilead Sciences, Which Stock Looks Set to Break Out?
15	Can United Therapeutics Outrun Amgen in the Next Rally?

Trade Ideas

Select ideas related to UTHR.

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Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
IOVA	Iovance Biotherapeutics	6.5	31.5%	429.3%
ITG	ITG	0.4	15.5%	-73.0%
CCL	Carnival Corporation	34.6	13.4%	-16.5%
PWP	Perella Weinberg Partners	1.2	11.8%	-4.3%
WRBY	Warby Parker	3.4	11.4%	26.1%
CSIQ	Canadian Solar	0.8	10.8%	-51.4%
BE	Bloom Energy	83.7	10.8%	235.2%
MGNI	Magnite	3.7	9.7%	58.2%
RXRX	Recursion Pharmaceuticals	2.1	8.9%	-1.5%
IDT	IDT	1.9	8.6%	48.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
QURE	uniQure	1.6	-37.3%	2.4%
FICO	Fair Isaac	14.0	-26.5%	-63.5%
WGS	GeneDx	2.3	-11.8%	-41.7%
SWMR	Swarmer	0.3	-10.0%	-47.2%
PIPR	Piper Sandler Cos	4.4	-9.7%	-21.9%
CTNM	Contineum Therapeutics	0.4	-9.7%	0.6%
PS	Pershing Square	21.4	-9.5%	122.1%
EMAT	Evolution Metals & Technologies	1.8	-9.1%	-86.3%
IMMX	Immix Biopharma	0.7	-8.1%	101.5%
SATL	Satellogic	0.8	-7.4%	199.5%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
KOD	Kodiak Sciences	5.7	169.6%	225.9%
IOVA	Iovance Biotherapeutics	6.5	35.8%	429.3%
QMCO	Quantum	0.7	28.1%	409.5%
GRAL	GRAIL	5.9	25.8%	59.6%
PWP	Perella Weinberg Partners	1.2	22.7%	-4.3%
SECZ	Securitize	2.3	21.8%	28.8%
WRBY	Warby Parker	3.4	19.7%	26.1%
P	Everpure	43.1	17.3%	94.2%
ABCL	AbCellera Biologics	4.5	17.2%	333.3%
VECO	Veeco Instruments	3.1	15.8%	79.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.6	-45.9%	2.4%
KDK	Kodiak AI	0.4	-33.4%	-80.5%
FICO	Fair Isaac	14.0	-32.4%	-63.5%
CGEM	Cullinan Therapeutics	0.9	-29.7%	47.1%
BYND	Beyond Meat	4.1	-28.5%	-66.5%
SWMR	Swarmer	0.3	-27.7%	-47.2%
CTEV	Claritev	0.4	-26.5%	-49.4%
ALKT	Alkami Technology	1.4	-26.1%	-42.0%
ITG	ITG	0.4	-26.0%	-73.0%
OCUL	Ocular Therapeutix	1.8	-25.0%	-35.2%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SECZ	Securitize	2.3	151.8%	28.8%
KOD	Kodiak Sciences	5.7	141.6%	225.9%
IOVA	Iovance Biotherapeutics	6.5	80.4%	429.3%
GRAL	GRAIL	5.9	70.7%	59.6%
VICR	Vicor	13.4	54.8%	165.2%
SDGR	Schrodinger	2.3	54.0%	69.6%
MXL	MaxLinear	8.3	50.2%	432.0%
BALY	Ballys	0.8	48.0%	-15.5%
QMCO	Quantum	0.7	47.6%	409.5%
MRNA	Moderna	81.0	47.4%	589.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
ADBT	Advasa	0.1	-97.9%	-98.3%
ALMS	Alumis	0.9	-67.4%	-25.3%
XNDU	Xanadu Quantum Technologies	1.4	-54.6%	-58.5%
SWMR	Swarmer	0.3	-50.4%	-47.2%
QURE	uniQure	1.6	-49.7%	2.4%
FICO	Fair Isaac	14.0	-46.4%	-63.5%
KDK	Kodiak AI	0.4	-45.4%	-80.5%
CTEV	Claritev	0.4	-45.1%	-49.4%
IMUX	Immunic	0.4	-42.1%	66.9%
ALHC	Alignment Healthcare	1.6	-41.9%	-59.9%

Peer Comparisons

Peers to compare with:

Financials

	UTHR	JNJ	MRK	PFE	GILD	LQDA	Median
Name	United T.	Johnson .	Merck	Pfizer	Gilead S.	Liquidia
Mkt Price	543.55	264.72	145.41	28.54	148.21	30.12	146.81
Mkt Cap	23.2	637.3	359.2	162.6	184.2	2.7	173.4
Rev LTM	3,154	97,929	66,569	63,695	30,456	451	47,076
Op Inc LTM	1,403	26,256	6,985	17,019	11,716	169	9,350
FCF LTM	1,088	22,228	16,063	10,985	12,943	148	11,964
FCF 3Y Avg	1,012	19,486	14,644	9,411	9,736	-21	9,574
CFO LTM	1,685	27,608	19,967	13,401	13,552	168	13,476
CFO 3Y Avg	1,387	25,093	18,397	12,198	10,296	-8	11,247

Growth & Margins

	UTHR	JNJ	MRK	PFE	GILD	LQDA	Median
Name	United T.	Johnson .	Merck	Pfizer	Gilead S.	Liquidia
Rev Chg LTM	2.5%	8.1%	4.6%	-0.2%	5.5%	2,233.6%	5.1%
Rev Chg 3Y Avg	14.7%	6.0%	4.5%	-5.2%	3.6%	749.1%	5.2%
Rev Chg Q	-1.9%	6.6%	5.1%	2.6%	10.2%	1,842.7%	5.8%
QoQ Delta Rev Chg LTM	-0.5%	1.6%	1.2%	0.6%	2.4%	56.5%	1.4%
Op Inc Chg LTM	-8.9%	21.4%	-64.8%	2.1%	7.6%	222.0%	4.9%
Op Inc Chg 3Y Avg	9.7%	6.7%	36.7%	233.9%	-0.8%	24.8%	17.3%
Op Mgn LTM	44.5%	26.8%	10.5%	26.7%	38.5%	37.4%	32.1%
Op Mgn 3Y Avg	47.6%	25.6%	22.4%	18.7%	37.0%	-444.6%	24.0%
QoQ Delta Op Mgn LTM	-1.5%	0.0%	-9.2%	-0.5%	-1.6%	21.6%	-1.0%
CFO/Rev LTM	53.4%	28.2%	30.0%	21.0%	44.5%	37.2%	33.6%
CFO/Rev 3Y Avg	46.7%	27.4%	28.6%	19.7%	35.2%	-356.4%	28.0%
FCF/Rev LTM	34.5%	22.7%	24.1%	17.2%	42.5%	32.8%	28.4%
FCF/Rev 3Y Avg	34.3%	21.2%	22.8%	15.1%	33.3%	-399.9%	22.0%

Valuation

	UTHR	JNJ	MRK	PFE	GILD	LQDA	Median
Name	United T.	Johnson .	Merck	Pfizer	Gilead S.	Liquidia
Mkt Cap	23.2	637.3	359.2	162.6	184.2	2.7	173.4
P/S	7.3	6.5	5.4	2.6	6.0	5.9	6.0
P/Op Inc	16.5	24.3	51.4	9.6	15.7	15.9	16.2
P/EBIT	14.6	24.3	46.7	23.5	-192.5	15.2	19.4
P/E	17.7	30.3	113.2	37.5	-56.9	19.3	24.8
P/CFO	13.7	23.1	18.0	12.1	13.6	16.0	14.9
Total Yield	6.4%	5.2%	3.1%	8.6%	0.4%	2.2%	4.2%
Dividend Yield	0.0%	2.0%	2.3%	6.0%	2.2%	0.0%	2.1%
FCF Yield 3Y Avg	6.4%	4.6%	5.6%	6.7%	7.7%	-6.4%	6.0%
D/E	0.0	0.1	0.2	0.4	0.1	0.1	0.1
Net D/E	-0.1	0.0	0.1	0.3	0.1	-0.0	0.1

Returns

	UTHR	JNJ	MRK	PFE	GILD	LQDA	Median
Name	United T.	Johnson .	Merck	Pfizer	Gilead S.	Liquidia
1M Rtn	5.4%	-1.2%	-1.4%	2.1%	2.3%	-55.5%	0.4%
3M Rtn	0.3%	4.7%	13.8%	20.6%	18.0%	-62.2%	9.3%
6M Rtn	-8.3%	9.5%	22.5%	5.1%	7.6%	-20.2%	6.4%
12M Rtn	28.1%	49.0%	90.5%	28.0%	34.9%	32.1%	33.5%
3Y Rtn	140.6%	85.1%	54.8%	4.3%	117.4%	375.1%	101.2%
1M Excs Rtn	6.0%	-0.7%	-0.9%	2.6%	2.8%	-55.3%	0.9%
3M Excs Rtn	-2.3%	2.5%	11.6%	18.3%	15.7%	-63.2%	7.0%
6M Excs Rtn	-31.2%	-10.4%	4.4%	-14.5%	-10.5%	-23.3%	-12.5%
12M Excs Rtn	8.2%	35.3%	75.5%	13.2%	20.3%	31.6%	26.0%
3Y Excs Rtn	56.5%	2.9%	-25.7%	-71.2%	41.2%	338.7%	22.0%

Comparison Analyses

	Title
0	How Does United Therapeutics Stock Stack Up Against Its Peers?
1	Why UTHR With 33% Upside May Beat ABBV?
2	LLY Could Deliver 41% Returns And Outperform UTHR
3	United Therapeutics vs. Autodesk: With Return Forecast Of 21%, Autodesk Is A Better Bet
4	United Therapeutics vs. LNG: With Return Forecast Of 66%, LNG Is A Better Bet
5	United Therapeutics vs. Exelon: With Return Forecast Of 5.4%, Exelon Is A Better Bet
6	United Therapeutics vs. Aecom Technology: Similar Market Cap, Similar Bets
7	United Therapeutics vs. Darling International: Similar Market Cap, Similar Bets
8	United Therapeutics vs. BorgWarner: Similar Market Cap, But BorgWarner Is A Better Bet
9	United Therapeutics vs. Ansys, Inc: Similar Revenue, But Ansys, Inc Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Clinical Pipeline

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	6/30/2026	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	8/5/2026	2/25/2026	2/26/2025	2/21/2024	2/22/2023	2/24/2022	2/24/2021
Key Financials
Total Revenue	3,154	3,183	2,877	2,328	1,936	1,686	1,483
Gross Profit	2,717	2,798	2,568	2,070	1,785	1,563	1,375
EBITDA	1,676	1,819	1,654	1,387	1,034	662	712
Operating Income	1,403	1,517	1,448	1,185	980	556	594
Net Income	1,311	1,335	1,195	985	727	476	515
EPS	30.28	30.13	26.44	21.04	15.98	10.60	11.65
Growth Rates
Total Revenue Growth	2.5%	10.6%	23.6%	20.2%	14.9%	13.6%	2.4%
EBITDA Growth	-3.0%	9.9%	19.3%	34.1%	56.1%	-7.0%	1051.0%
Operating Income Growth	-8.9%	4.8%	22.2%	20.9%	76.2%	-6.4%	416.4%
Net Income Growth	5.5%	11.7%	21.4%	35.4%	52.9%	-7.6%	592.6%
Margins
Gross Margin	86.1%	87.9%	89.2%	88.9%	92.2%	92.7%	92.7%
EBITDA Margin	53.1%	57.2%	57.5%	59.6%	53.4%	39.3%	48.0%
Operating Income Margin	44.5%	47.7%	50.3%	50.9%	50.6%	33.0%	40.0%
Net Income Margin	41.6%	41.9%	41.5%	42.3%	37.6%	28.2%	34.7%
Cash & Debt
Total Cash	2,662	2,920	3,267	2,994	2,839	1,931	1,835
Total Debt	0	0	300	700	800	800	800
Net Debt / (Cash)	-2,662	-2,920	-2,967	-2,294	-2,039	-1,131	-1,035
Cash Flows & CapEx
Net Cash from Operations	1,685	1,561	1,327	978	802	598	756
Total CapEx	-598	-526	-246	-230	-139	-121	-59
Free Cash from Operations	1,088	1,035	1,081	748	664	477	696
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	2,555	1,017	1,012	14	11	11	4

$ Mil \| FY: 12/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	6/30/2026	3/31/2026	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023
Filing Date	8/5/2026	5/6/2026	2/25/2026	10/29/2025	7/30/2025	4/30/2025	2/26/2025	10/30/2024	7/31/2024	5/1/2024	2/21/2024	11/1/2023
Key Financials Quarterly
Total Revenue	783	782	790	800	799	794	736	749	715	678	615	609
Ebitda	400	344	470	463	437	449	424	418	386	427	324	381
Operating Income	331	326	358	389	386	383	364	408	320	356	260	327
Net Income	333	275	364	339	310	322	301	309	278	307	217	268
EPS	7.82	6.32	8.41	7.73	6.86	7.18	6.74	6.93	6.26	6.52	4.62	5.71
Key Financials TTM
Total Revenue TTM	3,154	3,170	3,183	3,128	3,078	2,994	2,877	2,756	2,617	2,498	2,328	2,204
Ebitda TTM	1,676	1,714	1,819	1,773	1,728	1,677	1,654	1,554	1,517	1,495	1,387	1,267
Operating Income TTM	1,403	1,459	1,516	1,522	1,541	1,475	1,448	1,344	1,263	1,257	1,185	1,100
Net Income TTM	1,311	1,287	1,335	1,272	1,242	1,211	1,195	1,111	1,069	1,050	985	900
Growth Rates Quarterly
Total Revenue Growth	-1.9%	-1.6%	7.4%	6.8%	11.7%	17.2%	19.7%	22.9%	19.8%	33.7%	25.1%	18.1%
EBITDA Growth	-8.5%	-23.5%	10.8%	10.8%	13.3%	5.3%	30.8%	9.7%	6.3%	33.8%	58.7%	13.8%
Operating Income Growth	-14.3%	-14.9%	-1.7%	-4.6%	20.7%	7.4%	39.8%	24.8%	2.1%	25.3%	48.1%	4.0%
Net Income Growth	7.6%	-14.7%	20.9%	9.6%	11.3%	5.1%	38.8%	15.5%	7.3%	27.3%	64.3%	11.8%
Margins Quarterly
EBITDA Margin	51.0%	44.0%	59.5%	57.9%	54.7%	56.6%	57.6%	55.8%	53.9%	63.0%	52.7%	62.5%
Operating Income Margin	42.2%	41.7%	45.2%	48.7%	48.4%	48.2%	49.4%	54.5%	44.7%	52.6%	42.3%	53.7%
Net Income Margin	42.5%	35.2%	46.1%	42.4%	38.8%	40.6%	40.9%	41.3%	38.9%	45.2%	35.3%	43.9%
Cash & Debt
Total Cash	2,662	2,154	2,920	2,768	3,049	3,321	3,267	3,326	2,972	2,708	2,994	2,876
Total Debt	0	0	0	0	0	200	300	400	500	600	700	800
Net Debt / (Cash)	-2,662	-2,154	-2,920	-2,768	-3,049	-3,121	-2,967	-2,926	-2,472	-2,108	-2,294	-2,076
Cash Flows Quarterly
FCF from Operations	314	463	346	562	192	461	341	377	232	376	151	346
Cash Flows TTM
FCF from Operations TTM	1,685	1,563	1,561	1,556	1,371	1,412	1,327	1,137	1,106	980	978	956
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	59	1,500	-4	1,000	20	-0	0	0	12	1,000	0	0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Tyvaso DPI	1,292	1,034	731	158	0
Nebulized Tyvaso	586	587	503	715	608
Remodulin	527	538	495	500	514
Orenitram	497	434	359	325	306
Unituxin	227	239	199	183	202
Adcirca	30	24	29	41	56
Other	24	22	12	14	0
Total	3,183	2,877	2,328	1,936	1,686

Operating Income by Segment

$ Mil	2005
Pharmaceutical	66
Telemedicine	-1
Total	65

Assets by Segment

$ Mil	2010	2009	2008	2007	2006
PHARMACEUTICAL	1,409	1,031
TELEMEDICINE	23	20
Pharmaceutical			854	555	466
Telemedicine			18	32	12
Total	1,432	1,052	871	587	479

Price Behavior

Price Behavior

Market Price	$481.47
Market Cap ($ Bil)	20.5
First Trading Date	06/17/1999
Distance from 52W High	-19.3%
	50 Days	200 Days
DMA Price	$509.85	$523.71
DMA Trend	indeterminate	down
Distance from DMA	-5.6%	-8.1%
	3M	1YR
Volatility	23.7%	32.5%
Downside Capture	19.95	22.03
Upside Capture	-46.63	32.80
Correlation (SPY)	-11.3%	10.1%

UTHR Betas & Captures as of 8/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.21	-0.05	-0.12	0.29	0.10	0.39
Up Beta	-0.07	0.11	0.44	0.64	0.42	0.41
Down Beta	-0.96	-0.70	-0.17	0.63	0.07	0.50
Up Capture	30%	-21%	-42%	5%	26%	17%
Bmk +ve Days	10	21	32	68	138	427
Stock +ve Days	9	17	29	57	124	390
Down Capture	90%	42%	-9%	5%	-47%	39%
Bmk -ve Days	11	21	32	59	113	324
Stock -ve Days	12	25	35	70	127	360

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with UTHR
UTHR	11.3%	32.5%	0.35	-
Sector ETF (XLV)	27.7%	16.0%	1.33	24.1%
Equity (SPY)	16.5%	13.0%	0.90	10.1%
Gold (GLD)	10.5%	29.6%	0.34	3.9%
Commodities (DBC)	40.5%	20.8%	1.52	-5.4%
Real Estate (VNQ)	3.2%	13.6%	-0.02	5.9%
Bitcoin (BTCUSD)	-24.6%	44.7%	-0.50	11.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with UTHR
UTHR	19.8%	34.5%	0.58	-
Sector ETF (XLV)	7.0%	15.2%	0.27	31.0%
Equity (SPY)	13.5%	17.2%	0.60	20.0%
Gold (GLD)	18.2%	18.9%	0.78	6.0%
Commodities (DBC)	10.6%	19.6%	0.42	5.7%
Real Estate (VNQ)	0.9%	18.9%	-0.06	17.9%
Bitcoin (BTCUSD)	15.3%	52.4%	0.46	9.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with UTHR
UTHR	14.8%	34.9%	0.49	-
Sector ETF (XLV)	10.9%	16.7%	0.53	38.0%
Equity (SPY)	15.4%	17.9%	0.73	31.3%
Gold (GLD)	11.8%	16.4%	0.59	3.8%
Commodities (DBC)	8.3%	18.1%	0.37	12.2%
Real Estate (VNQ)	4.6%	20.7%	0.18	24.9%
Bitcoin (BTCUSD)	63.5%	66.2%	1.03	10.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	9152026
Short Interest: Shares Quantity	2.8 Mil
Short Interest: % Change Since 8312026	36.0%
Average Daily Volume	0.7 Mil
Days-to-Cover Short Interest	3.9 days
Basic Shares Quantity	42.6 Mil
Short % of Basic Shares	6.6%

Returns Analyses

	Title
0	United Therapeutics Stock Jump Looks Great, But How Secure Is That Gain?
1	United Therapeutics Stock Return Comparison
2	United Therapeutics (UTHR) Stock Return: AI Predicts UTHR Average and Excess Return After a Fall or Rise

Earnings Returns History

Updated 9/8/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	0.1%	-0.6%	-5.1%
5/6/2026	4.3%	1.7%	-4.3%
2/25/2026	13.0%	5.3%	14.4%
10/29/2025	9.6%	5.3%	17.6%
7/30/2025	-5.2%	2.4%	2.6%
4/30/2025	0.8%	-1.9%	6.5%
2/26/2025	-10.8%	-13.7%	-13.1%
10/30/2024	2.4%	8.5%	7.2%
...
SUMMARY STATS
# Positive	18	12	14
# Negative	6	12	10
Median Positive	3.1%	5.6%	10.0%
Median Negative	-6.2%	-2.9%	-5.9%
Max Positive	14.1%	15.1%	27.0%
Max Negative	-13.2%	-13.7%	-16.6%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
8/5/2026	0.1%	-0.6%	-5.1%
5/6/2026	4.3%	1.7%	-4.3%
2/25/2026	13.0%	5.3%	14.4%
10/29/2025	9.6%	5.3%	17.6%
7/30/2025	-5.2%	2.4%	2.6%
4/30/2025	0.8%	-1.9%	6.5%
2/26/2025	-10.8%	-13.7%	-13.1%
10/30/2024	2.4%	8.5%	7.2%
7/31/2024	-7.2%	-4.6%	6.6%
5/1/2024	8.9%	13.6%	15.4%
2/21/2024	2.3%	5.9%	10.5%
11/1/2023	0.5%	3.4%	7.7%
8/2/2023	0.3%	-1.4%	-4.9%
5/3/2023	-4.5%	-8.4%	-6.7%
2/22/2023	-4.5%	-3.6%	-16.6%
11/2/2022	11.1%	15.1%	20.7%
8/3/2022	1.7%	-2.5%	0.8%
5/4/2022	3.7%	-0.3%	27.0%
2/24/2022	-13.2%	-9.2%	-7.4%
11/3/2021	5.7%	3.5%	-1.5%
8/4/2021	14.1%	13.1%	17.8%
5/5/2021	1.4%	-0.5%	-10.3%
2/24/2021	0.8%	-3.4%	-4.8%
10/28/2020	7.0%	10.6%	9.5%
SUMMARY STATS
# Positive	18	12	14
# Negative	6	12	10
Median Positive	3.1%	5.6%	10.0%
Median Negative	-6.2%	-2.9%	-5.9%
Max Positive	14.1%	15.1%	27.0%
Max Negative	-13.2%	-13.7%	-16.6%

SEC Filings

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Report Date	Filing Date	Filing
06/30/2026	08/05/2026	10-Q
03/31/2026	05/06/2026	10-Q
12/31/2025	02/25/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/26/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	11/01/2023	10-Q
06/30/2023	08/02/2023	10-Q
03/31/2023	05/03/2023	10-Q
12/31/2022	02/22/2023	10-K
09/30/2022	11/02/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
06/30/2026	08/05/2026	10-Q
03/31/2026	05/06/2026	10-Q
12/31/2025	02/25/2026	10-K
09/30/2025	10/29/2025	10-Q
06/30/2025	07/30/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/26/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	07/31/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/21/2024	10-K
09/30/2023	11/01/2023	10-Q
06/30/2023	08/02/2023	10-Q
03/31/2023	05/03/2023	10-Q
12/31/2022	02/22/2023	10-K
09/30/2022	11/02/2022	10-Q
06/30/2022	08/03/2022	10-Q
03/31/2022	05/04/2022	10-Q
12/31/2021	02/24/2022	10-K
09/30/2021	11/03/2021	10-Q
06/30/2021	08/04/2021	10-Q
03/31/2021	05/05/2021	10-Q
12/31/2020	02/24/2021	10-K
09/30/2020	10/28/2020	10-Q
06/30/2020	07/29/2020	10-Q
03/31/2020	04/29/2020	10-Q
12/31/2019	02/26/2020	10-K
09/30/2019	10/30/2019	10-Q

Recent Forward Guidance

Updated 9/28/2026

Latest: Q2 2026 Earnings Reported 8/5/2026

null

Prior: Q1 2026 Earnings Reported 5/6/2026

Forward Guidance					Guidance Change
Metric	Source	Low	Mid	High	% Chg	% Delta	Change	Prior
2027 Share Repurchases	Reported		500.00 Mil

Insider Activity

Updated 9/30/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9302026	477.42	9,500	4,535,480	154,895,232	Form
2	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9292026	480.85	9,500	4,568,106	156,009,484	Form
3	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9282026	476.17	9,500	4,523,635	154,490,712	Form
4	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9252026	473.55	9,500	4,498,753	153,640,926	Form
5	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9242026	491.57	9,500	4,669,918	159,486,532	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9302026	477.42	9,500	4,535,480	154,895,232	Form
2	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9292026	480.85	9,500	4,568,106	156,009,484	Form
3	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9282026	476.17	9,500	4,523,635	154,490,712	Form
4	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9252026	473.55	9,500	4,498,753	153,640,926	Form
5	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9242026	491.57	9,500	4,669,918	159,486,532	Form
6	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9232026	494.83	9,500	4,700,851	160,542,954	Form
7	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9222026	494.55	9,500	4,698,271	160,454,848	Form
8	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9212026	494.79	9,500	4,700,505	160,531,141	Form
9	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	9182026	497.54	8,300	4,129,608	22,475,018	Form
10	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9182026	496.06	9,500	4,712,580	160,943,552	Form
11	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9172026	501.39	9,500	4,763,172	162,671,355	Form
12	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9162026	501.59	9,500	4,765,119	162,737,852	Form
13	Mesa, Nilda		Direct	Sell	9152026	505.87	228	115,338	2,822,742	Form
14	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9152026	504.12	9,500	4,789,152	163,558,614	Form
15	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9142026	500.82	9,500	4,757,773	162,486,976	Form
16	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9112026	502.35	9,500	4,772,295	162,982,923	Form
17	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9102026	501.84	9,500	4,767,467	162,818,038	Form
18	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9092026	499.03	9,500	4,740,795	161,907,145	Form
19	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9082026	489.20	9,500	4,647,354	158,715,959	Form
20	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9042026	487.54	9,500	4,631,619	158,178,579	Form
21	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	9032026	482.03	8,300	4,000,836	21,774,190	Form
22	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9032026	493.46	9,500	4,687,841	160,098,663	Form
23	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9022026	514.09	9,500	4,883,839	166,792,367	Form
24	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	9012026	511.09	9,500	4,855,312	165,818,118	Form
25	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8312026	517.51	9,500	4,916,363	167,903,124	Form
26	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8282026	522.57	9,500	4,964,376	169,542,835	Form
27	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8272026	517.28	9,500	4,914,190	167,828,886	Form
28	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8262026	517.71	9,500	4,918,273	167,968,348	Form
29	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8252026	511.97	9,500	4,863,730	166,105,599	Form
30	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8242026	518.39	9,500	4,924,666	168,186,670	Form
31	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8202026	526.96	9,500	5,006,104	170,967,928	Form
32	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8192026	515.60	9,500	4,898,221	167,283,528	Form
33	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8182026	506.59	9,500	4,812,568	164,358,327	Form
34	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8172026	498.91	9,500	4,739,664	161,868,516	Form
35	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8142026	504.24	9,500	4,790,316	163,598,381	Form
36	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8132026	515.03	9,500	4,892,748	167,096,619	Form
37	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8122026	522.87	9,500	4,967,292	169,642,433	Form
38	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8112026	530.11	9,500	5,036,073	171,991,437	Form
39	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8102026	531.38	9,500	5,048,137	172,403,446	Form
40	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8072026	525.36	9,500	4,990,873	170,447,784	Form
41	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	8062026	517.05	8,300	4,291,512	23,356,169	Form
42	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8062026	518.74	9,500	4,927,985	168,300,027	Form
43	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8052026	517.09	9,500	4,912,310	167,764,697	Form
44	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8042026	516.06	9,500	4,902,569	167,432,029	Form
45	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	8032026	518.96	9,500	4,930,098	168,372,184	Form
46	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7302026	522.37	9,500	4,962,488	169,478,360	Form
47	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7282026	526.73	9,500	5,003,976	170,895,246	Form
48	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7272026	530.42	9,500	5,038,971	172,090,399	Form
49	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7272026	531.74	9,500	5,051,519	172,518,929	Form
50	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7242026	528.58	9,500	5,021,520	171,494,406	Form
51	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7232026	530.57	9,500	5,040,380	172,138,525	Form
52	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7222026	532.24	9,500	5,056,298	172,682,164	Form
53	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7212026	531.69	9,500	5,051,035	172,502,403	Form
54	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7202026	537.05	9,500	5,101,939	174,240,899	Form
55	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7172026	530.91	9,500	5,043,689	172,251,528	Form
56	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	7162026	533.69	8,300	4,429,638	24,107,904	Form
57	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7162026	530.41	1,718	911,253	21,488,701	Form
58	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	7162026	530.34	7,782	4,127,087	172,064,308	Form
59	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7152026	526.83	9,500	5,004,909	21,343,565	Form
60	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7142026	535.99	9,500	5,091,949	21,714,752	Form
61	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7132026	544.60	9,500	5,173,660	22,063,208	Form
62	Malcolm, Jan		Direct	Sell	7102026	550.59	325	178,942	247,766	Form
63	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7092026	551.13	9,500	5,235,756	22,328,020	Form
64	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7092026	553.17	9,500	5,255,111	22,410,561	Form
65	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7082026	558.87	9,500	5,309,296	22,641,632	Form
66	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7072026	548.96	9,500	5,215,133	22,240,074	Form
67	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	7012026	541.00	9,500	5,139,542	21,917,711	Form
68	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6302026	545.80	9,500	5,185,133	22,112,136	Form
69	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6292026	543.97	9,500	5,167,734	22,037,939	Form
70	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6262026	550.40	9,500	5,228,773	22,298,238	Form
71	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6252026	548.69	9,500	5,212,520	22,228,928	Form
72	Edgemond, James	CFO AND TREASURER	Direct	Sell	6232026	538.15	8,750	4,708,786	10,158,061	Form
73	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6232026	537.74	9,500	5,108,527	21,785,448	Form
74	Edgemond, James	CFO AND TREASURER	Direct	Sell	6222026	540.15	10,000	5,401,488	10,195,850	Form
75	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6222026	540.18	9,500	5,131,711	21,884,316	Form
76	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6172026	549.80	9,500	5,223,068	22,273,913	Form
77	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6162026	549.15	9,500	5,216,918	22,247,683	Form
78	Edgemond, James	CFO AND TREASURER	Direct	Sell	6162026	549.17	10,000	5,491,742	10,366,212	Form
79	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6152026	541.39	9,500	5,143,214	21,933,372	Form
80	Edgemond, James	CFO AND TREASURER	Direct	Sell	6122026	549.29	10,000	5,492,894	10,368,386	Form
81	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6122026	549.23	9,500	5,217,684	22,250,953	Form
82	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6112026	545.83	9,500	5,185,365	22,113,126	Form
83	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6102026	549.32	9,500	5,218,534	22,254,575	Form
84	Edgemond, James	CFO AND TREASURER	Direct	Sell	6092026	547.50	10,000	5,475,045	10,334,695	Form
85	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6092026	547.49	9,500	5,201,110	22,180,269	Form
86	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6082026	547.62	9,500	5,202,436	22,185,927	Form
87	Edgemond, James	CFO AND TREASURER	Direct	Sell	6052026	546.28	10,000	5,462,824	10,311,627	Form
88	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6052026	546.33	9,500	5,190,128	22,133,435	Form
89	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	6042026	547.07	8,300	4,540,642	24,712,036	Form
90	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6042026	547.61	9,500	5,202,271	22,185,221	Form
91	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6032026	538.39	9,500	5,114,742	21,811,950	Form
92	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6022026	547.91	9,500	5,205,105	22,197,306	Form
93	Edgemond, James	CFO AND TREASURER	Direct	Sell	6022026	547.87	10,000	5,478,663	10,341,525	Form
94	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	6012026	553.83	9,500	5,261,365	22,437,231	Form
95	Edgemond, James	CFO AND TREASURER	Direct	Sell	5292026	565.63	10,000	5,656,298	10,676,829	Form
96	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5292026	565.64	9,500	5,373,592	22,915,826	Form
97	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5282026	575.40	9,500	5,466,283	23,311,109	Form
98	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5262026	567.74	9,500	5,393,558	23,000,971	Form
99	Edgemond, James	CFO AND TREASURER	Direct	Sell	5222026	564.11	10,000	5,641,130	10,648,197	Form
100	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5222026	564.11	9,500	5,359,011	22,853,645	Form
101	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5202026	567.94	9,500	5,395,399	23,008,820	Form
102	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5182026	568.11	9,500	5,397,077	23,015,977	Form
103	Edgemond, James	CFO AND TREASURER	Direct	Sell	5152026	574.47	10,000	5,744,746	10,843,782	Form
104	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5152026	574.48	9,500	5,457,566	23,273,933	Form
105	Mesa, Nilda		Direct	Sell	5132026	581.93	258	150,139	2,925,969	Form
106	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5132026	578.38	9,500	5,494,563	23,431,708	Form
107	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5112026	564.95	9,500	5,367,044	22,887,899	Form
108	Edgemond, James	CFO AND TREASURER	Direct	Sell	5112026	578.58	10,000	5,785,775	10,921,229	Form
109	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5112026	578.54	9,500	5,496,084	23,438,196	Form
110	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5062026	576.24	9,500	5,474,240	23,345,041	Form
111	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5042026	570.58	9,500	5,420,472	23,115,744	Form
112	Edgemond, James	CFO AND TREASURER	Direct	Sell	5012026	572.61	10,000	5,726,062	10,808,514	Form
113	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	5012026	572.63	9,500	5,439,991	23,198,984	Form
114	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4302026	571.22	9,500	5,426,598	23,141,869	Form
115	Edgemond, James	CFO AND TREASURER	Direct	Sell	4282026	568.83	10,000	5,688,319	10,737,271	Form
116	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4282026	568.81	9,500	5,403,684	23,044,154	Form
117	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4272026	564.81	9,500	5,365,678	22,882,074	Form
118	Patusky, Christopher		Direct	Sell	4242026	569.00	2,910	1,655,790	847,810	Form
119	Edgemond, James	CFO AND TREASURER	Direct	Sell	4242026	572.21	9,636	5,513,830	10,801,065	Form
120	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4242026	572.35	9,500	5,437,340	23,187,677	Form
121	Edgemond, James	CFO AND TREASURER	Direct	Sell	4242026	575.85	364	209,608	10,938,754	Form
122	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4222026	570.42	9,500	5,419,006	23,109,495	Form
123	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4202026	586.66	9,500	5,573,223	23,767,157	Form
124	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	4162026	576.82	8,300	4,787,597	26,056,062	Form
125	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4162026	580.36	9,500	5,513,401	23,512,042	Form
126	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4162026	579.36	9,500	5,503,949	23,471,736	Form
127	Rothblatt, Martine A	Chairperson & CEO	by Trust	Sell	4162026	536.95	75	40,271	174,209,669	Form
128	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4132026	569.28	9,500	5,408,194	23,063,386	Form
129	Edgemond, James	CFO AND TREASURER	Direct	Sell	4102026	577.89	10,000	5,778,922	10,908,292	Form
130	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4102026	577.88	9,500	5,489,819	23,411,479	Form
131	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4082026	564.01	9,500	5,358,116	22,849,826	Form
132	Edgemond, James	CFO AND TREASURER	Direct	Sell	4062026	561.50	10,000	5,614,984	10,598,844	Form
133	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4062026	561.37	9,500	5,333,053	22,742,944	Form
134	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	4022026	565.87	8,300	4,696,690	25,561,312	Form
135	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4022026	581.63	9,500	5,525,526	23,563,751	Form
136	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	4022026	585.76	9,500	5,564,709	23,730,848	Form
137	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3312026	590.59	9,500	5,610,564	23,926,399	Form
138	Edgemond, James	CFO AND TREASURER	Direct	Sell	3312026	593.17	10,000	5,931,683	11,196,645	Form
139	Causey, Christopher		Direct	Sell	3302026	604.64	1,300	786,032	2,533,442	Form
140	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3302026	526.96	9,500	5,006,100	21,348,643	Form
141	Edgemond, James	CFO AND TREASURER	Direct	Sell	3272026	535.90	10,000	5,359,005	10,115,658	Form
142	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3272026	535.81	9,500	5,090,216	21,707,360	Form
143	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3252026	529.36	9,500	5,028,919	21,445,958	Form
144	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3232026	524.99	9,500	4,987,387	21,268,842	Form
145	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3202026	528.83	9,500	5,023,884	21,424,487	Form
146	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3182026	536.75	9,500	5,099,104	21,745,262	Form
147	Malcolm, Jan		Direct	Sell	3172026	533.51	45	24,008	66,689	Form
148	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3172026	533.90	9,500	5,072,019	21,629,759	Form
149	Olian, Judy D		Direct	Sell	3162026	535.44	200	107,088	2,380,031	Form
150	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3162026	534.99	516	276,053	4,501,378	Form
151	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3162026	538.00	9,500	5,110,967	69,940	Form
152	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3162026	537.97	8,984	4,833,095	69,936	Form
153	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3112026	539.54	9,500	5,125,647	70,140	Form
154	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3112026	539.71	9,500	5,127,273	70,163	Form
155	Olian, Judy D		Direct	Sell	3092026	510.00	200	102,000	2,368,950	Form
156	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3092026	484.55	9,500	4,603,232	62,992	Form
157	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	3052026	483.16	8,300	4,010,187	17,801,366	Form
158	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3052026	317.97	19,000	6,041,414	41,336	Form
159	Kurzweil, Ray		Direct	Sell	3052026	489.02	4,910	2,401,088	6,195,883	Form
160	Thompson, Tommy G		Direct	Sell	3052026	489.42	2,000	978,839	4,150,279	Form
161	Causey, Christopher		Direct	Sell	3052026	490.17	20	9,803	2,053,806	Form
162	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	3052026	499.42	9,500	4,744,467	64,924	Form
163	Olian, Judy D		Direct	Sell	3022026	509.55	200	101,910	2,468,770	Form
164	Causey, Christopher		Direct	Sell	2252026	520.00	1,000	520,000	2,178,800	Form
165	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	2242026	472.13	14,440			Form
166	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	2182026	480.75	22,500			Form
167	Malcolm, Jan		Direct	Sell	2172026	474.68	50	23,734	104,430	Form
168	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	2102026	474.65	22,500			Form
169	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	2052026	483.25	8,300	4,010,940	17,774,262	Form
170	Malcolm, Jan		Direct	Sell	2032026	474.23	50	23,712	128,042	Form
171	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	2032026	470.95	22,500			Form
172	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	1282026	471.91	22,500			Form
173	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	1282026	464.66	7,875			Form
174	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	1282026	464.66	14,625			Form
175	Malcolm, Jan		Direct	Sell	1202026	460.98	50	23,049	147,514	Form
176	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	1132026	479.51	22,500			Form
177	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	1072026	487.38	14,625			Form
178	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	1072026	487.38	7,875			Form
179	Causey, Christopher		Direct	Sell	1062026	510.00	1,000	510,000	2,136,900	Form
180	Malcolm, Jan		Direct	Sell	1062026	495.01	50	24,750	183,154	Form
181	Causey, Christopher		Direct	Sell	1052026	500.01	1,000	500,015	2,095,061	Form
182	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	1022026	485.43	8,300	4,029,076	17,854,633	Form
183	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	12302025	502.79	22,500			Form
184	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	12292025	513.18	11,000	5,644,954	18,875,186	Form
185	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	12292025	514.35	22,500			Form
186	Malcolm, Jan		Direct	Sell	12232025	512.12	50	25,606	215,090	Form
187	Sullivan, Louis W		by Trust	Sell	12232025	512.13	5,950			Form
188	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12192025	507.07	2,000	1,014,143	65,919	Form
189	Thompson, Tommy G		Direct	Sell	12192025	500.59	910	455,533	4,244,968	Form
190	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12192025	508.87	4,000	2,035,488	66,153	Form
191	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12192025	501.04	4,000	2,004,147	65,135	Form
192	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12162025	493.45	4,000	1,973,820	64,149	Form
193	Edgemond, James	CFO AND TREASURER	Direct	Sell	12162025	495.36	3,517	1,742,193	4,033,248	Form
194	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12162025	494.72	4,000	1,978,869	64,313	Form
195	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	12162025	496.30	22,500			Form
196	Patusky, Christopher		Direct	Sell	12162025	495.95	1,000	495,954	738,971	Form
197	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12122025	490.70	4,000	1,962,783	63,790	Form
198	Malcolm, Jan		Direct	Sell	12122025	482.98	50	24,149	227,001	Form
199	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	12122025	484.67	11,000	5,331,316	17,826,465	Form
200	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12122025	483.97	4,000	1,935,879	62,916	Form
201	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12102025	480.05	4,000	1,920,191	62,406	Form
202	Mesa, Nilda		Direct	Sell	12102025	481.63	187	90,065	2,545,897	Form
203	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12102025	478.30	4,000	1,913,184	62,178	Form
204	Edgemond, James	CFO AND TREASURER	Direct	Sell	12092025	478.60	21,000	10,050,597	3,896,760	Form
205	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	12092025	478.58	22,500			Form
206	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12082025	484.23	4,000	1,936,936	62,950	Form
207	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12082025	483.28	4,000	1,933,120	62,826	Form
208	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12052025	480.01	4,000	1,920,043	62,401	Form
209	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12052025	475.27	4,000	1,901,087	61,785	Form
210	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12022025	481.29	4,000	1,925,143	62,567	Form
211	Edgemond, James	CFO AND TREASURER	Direct	Sell	12022025	479.99	21,000	10,079,696	3,908,042	Form
212	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12022025	481.93	4,000	1,927,703	62,650	Form
213	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	12022025	479.91	22,500			Form
214	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12012025	487.64	4,000	1,950,550	63,393	Form
215	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	12012025	485.05	4,000	1,940,204	63,057	Form
216	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	11262025	486.06	11,000	5,346,701	17,877,911	Form
217	Edgemond, James	CFO AND TREASURER	Direct	Sell	11262025	473.64	21,000	9,946,544	3,856,417	Form
218	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	11262025	473.66	22,500			Form
219	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11252025	475.33	4,000	1,901,305	61,792	Form
220	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11252025	470.78	4,000	1,883,114	61,201	Form
221	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11212025	474.64	4,000	1,898,558	61,703	Form
222	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11212025	478.38	4,000	1,913,524	62,190	Form
223	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11202025	474.58	4,000	1,898,336	61,696	Form
224	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11202025	472.76	4,000	1,891,037	61,459	Form
225	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	11182025	470.43	22,500			Form
226	Edgemond, James	CFO AND TREASURER	Direct	Sell	11182025	470.36	21,000	9,877,535	3,818,373	Form
227	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11182025	467.55	4,000	1,870,192	60,781	Form
228	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11182025	462.94	4,000	1,851,774	60,183	Form
229	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11132025	728.96	4,000	2,915,859	94,765	Form
230	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	11132025	464.76	11,000	5,112,335	17,094,255	Form
231	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11132025	460.00	4,000	1,839,996	59,800	Form
232	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11122025	451.82	4,000	1,807,283	58,737	Form
233	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	11122025	452.07	22,500			Form
234	Edgemond, James	CFO AND TREASURER	Direct	Sell	11122025	452.07	21,000	9,493,483	3,669,909	Form
235	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11122025	448.39	4,000	1,793,546	58,290	Form
236	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11072025	448.25	4,000	1,793,008	58,273	Form
237	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11072025	448.58	4,000	1,794,308	58,315	Form
238	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11062025	437.98	4,000	1,751,922	56,937	Form
239	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11062025	434.13	4,000	1,736,501	56,436	Form
240	Edgemond, James	CFO AND TREASURER	Direct	Sell	11052025	436.09	21,000	9,157,821	3,540,152	Form
241	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11042025	438.30	4,000	1,753,194	56,979	Form
242	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	11042025	429.25	22,500			Form
243	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	11042025	450.35	4,000	1,801,398	58,545	Form
244	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10302025	448.96	4,000	1,795,837	58,365	Form
245	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	10302025	450.34	11,000	4,953,760	16,564,024	Form
246	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10302025	435.78	4,000	1,743,112	56,651	Form
247	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10302025	415.39	4,000	1,661,555	54,001	Form
248	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10302025	415.54	4,000	1,662,173	54,021	Form
249	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	10282025	417.50	22,500			Form
250	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10272025	424.06	4,000	1,696,259	55,128	Form
251	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10272025	422.18	4,000	1,688,730	54,884	Form
252	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10222025	422.15	4,000	1,688,607	54,880	Form
253	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10222025	427.76	4,000	1,711,043	55,609	Form
254	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	10212025	427.41	22,500			Form
255	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10202025	424.59	4,000	1,698,350	55,196	Form
256	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10202025	430.67	4,000	1,722,687	55,987	Form
257	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	10202025	431.50	11,000	4,746,494	15,870,982	Form
258	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10162025	431.31	4,000	1,725,253	56,071	Form
259	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10162025	435.29	4,000	1,741,164	56,588	Form
260	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10152025	437.47	4,000	1,749,874	56,871	Form
261	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10152025	440.43	4,000	1,761,730	57,256	Form
262	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	10152025	440.35	22,500			Form
263	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10102025	444.70	4,000	1,778,788	57,811	Form
264	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10102025	448.91	4,000	1,795,655	58,359	Form
265	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10082025	450.86	4,000	1,803,449	58,612	Form
266	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10082025	451.83	4,000	1,807,320	58,738	Form
267	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	10072025	450.24	22,500			Form
268	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10062025	449.69	4,000	1,798,765	58,460	Form
269	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10062025	446.21	4,000	1,784,847	58,008	Form
270	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10022025	434.88	4,000	1,739,525	56,535	Form
271	Mahon, Paul A	EVP & GENERAL COUNSEL	Direct	Sell	10022025	436.60	11,000	4,802,574	16,058,497	Form
272	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10022025	425.45	4,000	1,701,797	55,308	Form
273	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10012025	422.84	4,000	1,691,358	54,969	Form
274	Benkowitz, Michael	PRESIDENT AND COO	by Trust	Sell	10012025	421.80	22,500			Form
275	Rothblatt, Martine A	Chairperson & CEO	Direct	Sell	10012025	425.63	4,000	1,702,527	55,332	Form

Investor Activity (13F)

Updated Sep 30, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Avoro Capital Advisors LLC	$1.6 Bil	15.4%	30	Hold	13F
Eversept Partners, LP	$156.7 Mil	10.3%	104	Hold	13F
Nepsis Inc.	$25.0 Mil	8.4%	29	Hold	13F
First Turn Management, LLC	$62.1 Mil	6.9%	33	ADD +64.7%	13F
Tri Locum Partners LP	$41.7 Mil	5.9%	17	TRIM -41.8%	13F
Summit Street Capital Management, LLC	$33.7 Mil	4.8%	31	Hold	13F
Elmind Capital, LP	$8.9 Mil	2.5%	34	ADD +36.4%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
First Turn Management, LLC	$62.1 Mil	6.9%	33	ADD +64.7%	13F
Elmind Capital, LP	$8.9 Mil	2.5%	34	ADD +36.4%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Tri Locum Partners LP	$41.7 Mil	5.9%	17	TRIM -41.8%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Avoro Capital Advisors LLC	$1.6 Bil	15.4%	30	Hold	13F
Eversept Partners, LP	$156.7 Mil	10.3%	104	Hold	13F
First Turn Management, LLC	$62.1 Mil	6.9%	33	ADD +64.7%	13F
Tri Locum Partners LP	$41.7 Mil	5.9%	17	TRIM -41.8%	13F
Summit Street Capital Management, LLC	$33.7 Mil	4.8%	31	Hold	13F
Nepsis Inc.	$25.0 Mil	8.4%	29	Hold	13F
Elmind Capital, LP	$8.9 Mil	2.5%	34	ADD +36.4%	13F

UTHR Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Status	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

Diversification Alternatives

How Is The Market Pricing UTHR?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What UTHR Makes & Who Pays

TTM figures based on

UTHR Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 9/29/2026

United Therapeutics (UTHR)

Market Price (9/30/2026): $545.06 | Market Cap: $23.2 BilSector: Health Care | Industry: Biotechnology

United Therapeutics (UTHR)

Market Price (9/30/2026): $545.06Market Cap: $23.2 BilSector: Health CareIndustry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

UTHR in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About United Therapeutics (UTHR)

Pulmonary Arterial Hypertension (PAH) Market

Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD) Market

Neuroblastoma Treatment Market

Idiopathic Pulmonary Fibrosis (IPF) Market (Potential for Tyvaso)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. United Therapeutics (UTHR)

INDUSTRY: Biotechnology

Higher Rev Chg 3Y Avg | Lower P/S (Values for UTHR: 14.7% | 6.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for UTHR: 14.7% | 14.6x)

Higher Rev Chg LTM (Value for UTHR: 2.5%)

Higher Rev Chg 3Y Avg (Value for UTHR: 14.7%)

Higher Op Mgn LTM (Value for UTHR: 44.5%)

Higher CFO/Rev LTM (Value for UTHR: 53.4%)

Higher FCF/Rev LTM (Value for UTHR: 34.5%)

Higher Total Yield (Value for UTHR: 6.4%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for UTHR: 14.7% | 6.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for UTHR: 14.7% | 14.6x)

Higher Rev Chg LTM (Value for UTHR: 2.5%)

Higher Rev Chg 3Y Avg (Value for UTHR: 14.7%)

Higher Op Mgn LTM (Value for UTHR: 44.5%)

Higher CFO/Rev LTM (Value for UTHR: 53.4%)

Higher FCF/Rev LTM (Value for UTHR: 34.5%)

Higher Total Yield (Value for UTHR: 6.4%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for UTHR: 14.7% | 6.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for UTHR: 14.7% | 14.6x)

Higher Rev Chg LTM (Value for UTHR: 2.5%)

Higher Rev Chg 3Y Avg (Value for UTHR: 14.7%)

Higher Op Mgn LTM (Value for UTHR: 44.5%)

Higher CFO/Rev LTM (Value for UTHR: 53.4%)

Higher FCF/Rev LTM (Value for UTHR: 34.5%)

Higher Total Yield (Value for UTHR: 6.4%)

Best Bets in Health Care

P/EBIT (Value for UTHR: 12.9x)

P/E (Value for UTHR: 15.6x)

Rev Chg 3Y Avg (Value for UTHR: 14.7%)

Rev Chg LTM (Value for UTHR: 2.5%)

Rev Chg Q (Value for UTHR: -1.9%)

FCF/Rev 3Y Avg (Value for UTHR: 34.3%)

Peer Outperformance in Biotechnology

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Market Price (9/30/2026): $545.06
Market Cap: $23.2 Bil
Sector: Health Care
Industry: Biotechnology