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United Therapeutics (UTHR)

Market Price (2/6/2026): $478.7 | Market Cap: $21.0 Bil
Sector: Health Care | Industry: Biotechnology

United Therapeutics (UTHR)

Market Price (2/6/2026): $478.7
Market Cap: $21.0 Bil
Sector: Health Care
Industry: Biotechnology

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

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.1%, FCF Yield is 5.3%		 Key risks
UTHR key risks include [1] patent expirations on its core products, Show more.
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 49%		 
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%		 
4 Low stock price volatility
Vol 12M is 48%		 
5 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, 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 6.1%, 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 49%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 50%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%
4 Low stock price volatility
Vol 12M is 48%
5 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.
6 Key risks
UTHR key risks include [1] patent expirations on its core products, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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United Therapeutics (UTHR) stock has gained about 10% since 10/31/2025 because of the following key factors:

1. Advancements in Organ Manufacturing and Xenotransplantation.United Therapeutics reported positive Phase 1 results for miroliverELAP, an investigational bioengineered liver device, on January 26, 2026, with plans to initiate a Phase 2 study. This marked the world's first FDA-cleared clinical trial using a bioengineered liver. Additionally, the company announced the first transplant in its EXPAND Clinical Trial of UKidney for end-stage renal disease patients on November 3, 2025, demonstrating progress in its xenotransplantation initiatives and expanding its long-term growth prospects beyond pulmonary diseases.

2. Favorable Analyst Sentiment and Raised Price Targets.Throughout the period, several financial analysts maintained or upgraded their ratings and significantly increased price targets for United Therapeutics. For instance, UBS raised its price target from $600 to $645 on January 6, 2026, affirming a "Strong Buy" rating. This followed an earlier increase by UBS from $580 to $600 on November 6, 2025. RBC Capital also lifted its price target from $569 to $587 with an "Outperform" rating on October 30, 2025. The consistent "Buy" or "Moderate Buy" consensus and upward revisions in price targets from multiple firms underscored strong market confidence in UTHR's future performance.

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Stock Movement Drivers

Fundamental Drivers

The 7.5% change in UTHR stock from 10/31/2025 to 2/5/2026 was primarily driven by a 7.5% change in the company's P/E Multiple.
(LTM values as of)103120252052026Change
Stock Price ($)445.43478.937.5%
Change Contribution By: 
Total Revenues ($ Mil)3,1283,1280.0%
Net Income Margin (%)40.7%40.7%0.0%
P/E Multiple15.316.57.5%
Shares Outstanding (Mil)44440.0%
Cumulative Contribution7.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 2/5/2026
ReturnCorrelation
UTHR7.5% 
Market (SPY)-0.7%7.5%
Sector (XLV)7.3%53.5%

Fundamental Drivers

The 74.3% change in UTHR stock from 7/31/2025 to 2/5/2026 was primarily driven by a 65.4% change in the company's P/E Multiple.
(LTM values as of)73120252052026Change
Stock Price ($)274.70478.9374.3%
Change Contribution By: 
Total Revenues ($ Mil)3,0783,1281.6%
Net Income Margin (%)40.4%40.7%0.7%
P/E Multiple10.016.565.4%
Shares Outstanding (Mil)45443.0%
Cumulative Contribution74.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 2/5/2026
ReturnCorrelation
UTHR74.3% 
Market (SPY)7.5%-11.3%
Sector (XLV)19.3%16.9%

Fundamental Drivers

The 36.4% change in UTHR stock from 1/31/2025 to 2/5/2026 was primarily driven by a 17.0% change in the company's P/E Multiple.
(LTM values as of)13120252052026Change
Stock Price ($)351.17478.9336.4%
Change Contribution By: 
Total Revenues ($ Mil)2,7563,12813.5%
Net Income Margin (%)40.3%40.7%0.9%
P/E Multiple14.116.517.0%
Shares Outstanding (Mil)45441.8%
Cumulative Contribution36.4%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2025 to 2/5/2026
ReturnCorrelation
UTHR36.4% 
Market (SPY)13.6%16.1%
Sector (XLV)6.8%28.4%

Fundamental Drivers

The 82.0% change in UTHR stock from 1/31/2023 to 2/5/2026 was primarily driven by a 68.2% change in the company's Total Revenues ($ Mil).
(LTM values as of)13120232052026Change
Stock Price ($)263.17478.9382.0%
Change Contribution By: 
Total Revenues ($ Mil)1,8603,12868.2%
Net Income Margin (%)38.0%40.7%6.9%
P/E Multiple16.916.5-2.6%
Shares Outstanding (Mil)46443.9%
Cumulative Contribution82.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2023 to 2/5/2026
ReturnCorrelation
UTHR82.0% 
Market (SPY)72.9%17.6%
Sector (XLV)21.5%30.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UTHR Return42%29%-21%60%38%-1%218%
Peers Return35%20%8%1%58%17%222%
S&P 500 Return27%-19%24%23%16%1%83%

Monthly Win Rates [3]
UTHR Win Rate67%42%42%58%50%50% 
Peers Win Rate60%53%40%48%62%100% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
UTHR Max Drawdown0%-23%-26%-4%-22%-5% 
Peers Max Drawdown-9%-18%-19%-15%-10%-3% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 

[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 2/5/2026 (YTD)

How Low Can It Go

Unique KeyEventUTHRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-26.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven36.7%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven379 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-31.2%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven45.3%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven54 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-55.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven125.0%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven543 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-57.7%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven136.6%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven307 days1,480 days

Compare to JNJ, MRK, PFE, GILD, LQDA

In The Past

United Therapeutics's stock fell -26.8% during the 2022 Inflation Shock from a high on 12/9/2022. A -26.8% loss requires a 36.7% gain to breakeven.

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About United Therapeutics (UTHR)

United Therapeutics Corporation, a biotechnology company, engages in the development and commercialization of products to address the unmet medical needs of patients with chronic and life-threatening diseases in the United States and internationally. Its commercial therapies include Remodulin to treat patients with pulmonary arterial hypertension (PAH) to diminish symptoms associated with exercise; Tyvaso, an inhaled formulation of prostacyclin analogue treprostinil to enhance the exercise ability in PAH patients and pulmonary hypertension associated with interstitial lung disease (PH-ILD); Orenitram, a tablet dosage form of treprostinil to enhance the exercise capacity in PAH patients; Unituxin, a monoclonal antibody for treating high-risk neuroblastoma; and Adcirca, an oral PDE-5 inhibitor to enhance the exercise ability in PAH patients. The company also engages in developing Tyvaso DPI, a dry powder inhalation form of Tyvaso; Remunity Pump, a small, lightweight, durable pump and separate controller; RemoPro and Ralinepag for the treatment of PAH; Aurora-GT, a gene therapy product to rebuild the blood vessels in the lungs; and Tyvaso PERFECT and TETON studies, which are the studies of Tyvaso in patients with World Health Organization (WHO) Group 3 pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD). It has licensing and collaboration agreements with DEKA Research & Development Corp. to develop a semi-disposable system for the subcutaneous delivery of treprostinil; MannKind Corporation to develop and license treprostinil inhalation powder and the Dreamboat device; and Arena Pharmaceuticals, Inc. to develop Ralinepag. The company was incorporated in 1996 and is headquartered in Silver Spring, Maryland.

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  • Vertex Pharmaceuticals for rare cardiopulmonary diseases.
  • Amgen for rare lung and heart conditions.

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  • Tyvaso: An inhaled prostacyclin analogue used to improve exercise ability in patients with pulmonary arterial hypertension (PAH) and pulmonary hypertension associated with interstitial lung disease (PH-ILD).
  • Orenitram: An extended-release oral prostacyclin analogue used to improve exercise capacity in patients with pulmonary arterial hypertension (PAH).
  • Remodulin: A prostacyclin analogue administered subcutaneously or intravenously for the treatment of pulmonary arterial hypertension (PAH) to improve exercise capacity.
  • Unituxin: A monoclonal antibody used in combination therapy for the treatment of high-risk neuroblastoma in pediatric patients.
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United Therapeutics (UTHR) sells primarily to other companies, specifically pharmaceutical wholesalers and specialty distributors, which then supply hospitals, pharmacies, and other healthcare providers.

Its major customers, each accounting for at least 10% of its total revenues, are:

  • Cencora, Inc. (formerly AmerisourceBergen Corporation) (Symbol: COR)
  • Cardinal Health, Inc. (Symbol: CAH)
  • McKesson Corporation (Symbol: MCK)

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Major Suppliers for United Therapeutics (UTHR):

  • Lonza Group Ltd. (LONN.SW)
  • MannKind Corporation (MNKD)

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Martine Rothblatt, Ph.D., J.D., M.B.A. - 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. Prior to United Therapeutics, she founded the satellite radio company SiriusXM in 1990 and served as its Chairman & CEO, leaving after its 1993 IPO. She also founded WorldSpace and was CEO of Geostar Corporation, a satellite navigation company. Her patented inventions span satellite communication, medicinal biochemistry, and cognitive software. She graduated from UCLA with J.D. and M.B.A. degrees in 1981. There is no information indicating a pattern of managing companies backed by private equity firms or that she sold companies to an acquirer, beyond SiriusXM's IPO.

James C. Edgemond - Chief Financial Officer and Treasurer

Mr. James C. Edgemond has been the Chief Financial Officer and Treasurer of United Therapeutics Corporation since 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 to 2013. He also held various roles at The Corporate Executive Board Company (CEB Inc.) from 1998 to 2008, including Executive Director of Finance. Mr. Edgemond began his career as a public accountant at KPMG Peat Marwick LLP, serving in various roles, including Senior Manager, from 1990 to 1998. There is no information indicating he founded or sold other companies or has a pattern of managing companies backed by private equity firms.

Michael Benkowitz - President and Chief Operating Officer

Mr. Michael Benkowitz was promoted to President and Chief Operating Officer in June 2016. He joined United Therapeutics in 2011 as Executive Vice President, Organizational Development, responsible for administrative functions, business development, and key collaborations. In his current role, he oversees commercial, medical affairs, and corporate compliance activities. Prior to United Therapeutics, he was a Principal at Compensia, where he advised on executive compensation. He holds a JD from the University of Kansas School of Law and a BBA in Finance from The University of Texas at Austin.

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

Paul A. Mahon has served as Executive Vice President, General Counsel, and Secretary for United Therapeutics since 2003. He has a tenure of 22 years within the company.

Dewey Steadman, C.F.A. - Head of Investor Relations and Public Relations

Dewey Steadman serves as the Head of Investor Relations and Public Relations at United Therapeutics. In this role, he is the primary spokesperson for the company and is responsible for communicating the company's story to outside stakeholders, including investors and media, and overseeing ESG initiatives. His background includes experience from Wall Street before transitioning to his current role.

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  • Patent expirations on key products, such as Remodulin and Tyvaso, pose a significant risk, as it weakens the company's competitive advantage and could lead to the emergence of generic alternatives and increased competition. This could negatively impact sales and revenue.
  • The company's reliance on a limited number of key products, primarily in the pulmonary arterial hypertension (PAH) treatment market, makes it vulnerable to market shifts, competitive advancements, and regulatory or reimbursement challenges. The entry of new competitors and competing drugs, such as Winrevair and Yutrepia, could impact UTHR's revenues and market position.
  • Risks associated with its product pipeline, including the lengthy and expensive clinical trial and FDA approval processes for new products, could hinder future revenue streams. Specifically, ambitious investments in organ manufacturing technology and xenotransplantation carry high execution risk and long timelines. Furthermore, the outcome of ongoing clinical trials, such as the Phase III data for idiopathic pulmonary fibrosis (IPF) therapy, also presents a risk.

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  • Liquidia Corporation's YUTREPIA (treprostinil): This inhaled dry powder formulation of treprostinil represents a direct emerging threat to United Therapeutics' Tyvaso DPI. YUTREPIA has received FDA approval, and recent legal developments, specifically a March 2024 appellate court decision largely overturning injunctions, have significantly cleared its path to market. This could lead to the imminent launch of a competing treprostinil product, potentially at a more competitive price, directly challenging UTHR's market share and pricing power in the inhaled treprostinil segment, a key growth driver for the company.
  • Aerovate Therapeutics' AV-101 (inhaled imatinib): AV-101 is a novel inhaled dry powder therapy for Pulmonary Arterial Hypertension (PAH) with a different mechanism of action (imatinib). Having demonstrated positive results in Phase 2b clinical trials, AV-101 is progressing to Phase 3 development. If successful, this drug could offer a differentiated therapeutic option with potentially superior efficacy or safety profiles for certain PAH patient populations. This could challenge United Therapeutics' established inhaled treprostinil franchise (Tyvaso and Tyvaso DPI) by introducing a new, potentially more effective, treatment paradigm.

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United Therapeutics (UTHR) develops and commercializes products primarily for Pulmonary Arterial Hypertension (PAH), Pulmonary Hypertension Associated with Interstitial Lung Disease (PH-ILD), and high-risk neuroblastoma.

Pulmonary Arterial Hypertension (PAH)

  • The global pulmonary arterial hypertension market was valued at approximately $8.06 billion in 2024 and is projected to reach around $13.50 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 5.30% between 2025 and 2034.
  • Across the seven major markets (7MM: U.S., France, Germany, Italy, Spain, U.K., and Japan), the PAH market is forecast to reach $9.35 billion by 2034.
  • The U.S. pulmonary arterial hypertension market was valued at approximately $2.31 billion in 2024 and is expected to reach around $3.90 billion by 2034, growing at a CAGR of 5.37% from 2025 to 2034.
  • North America holds the largest share of the PAH market, accounting for 41% in 2024.

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

  • The PH-ILD market across the seven major markets (U.S., EU4: Germany, Spain, Italy, France; U.K., and Japan) was valued at approximately $1.14 billion in 2024 and is expected to reach $1.74 billion by 2035, exhibiting a CAGR of 3.87% during 2025-2035.
  • Another estimate indicates the PH-ILD market was valued at around $3 billion in 2024 and is expected to expand through 2034.
  • In the U.S., the PH-ILD market was valued at approximately $2 billion in 2024.

Neuroblastoma

  • The global neuroblastoma drugs market size was valued at approximately $1.87 billion in 2024 and is projected to reach $3.74 billion by 2032, with a CAGR of 8.90% during the forecast period of 2025 to 2032.
  • The global pediatric neuroblastoma treatment market was valued at US$ 2.1 billion in 2023 and is forecasted to reach US$ 5.3 billion by 2033, exhibiting an expansion at a CAGR of 9.7% over the next ten years.
  • North America dominated the neuroblastoma drugs market in 2023.

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United Therapeutics (UTHR) is poised for future revenue growth over the next two to three years, driven by several key factors:

  1. Continued Growth of Tyvaso (especially Tyvaso DPI) and Orenitram: The company has consistently reported year-over-year revenue growth for its treprostinil products, particularly Tyvaso and Orenitram, attributed to sustained patient demand and effective commercial strategies. Tyvaso DPI, in particular, is highlighted for its convenience, unlimited dosing potential, and strong market positioning, with the recent launch of higher-dose cartridges expected to further enhance its competitive edge and capture greater market share.

  2. Expansion into the Idiopathic Pulmonary Fibrosis (IPF) Market with Tyvaso: Positive results from the TETON-2 study, described as "the best results for that condition ever reported," position Tyvaso for a significant market expansion into the IPF segment. The anticipation of TETON-1 study results in the first half of 2026 further underscores the potential to broaden United Therapeutics' therapeutic reach and serve a large patient population with unmet medical needs.

  3. Advancement and Potential Commercialization of Ralinepag: Ralinepag, a pipeline asset for pulmonary arterial hypertension (PAH), is a key growth driver. The outcomes study for ralinepag is expected in the first half of 2026, and its potential commercialization around the same timeframe as the TETON data readout is anticipated to significantly contribute to revenue growth in the PAH market.

  4. Progress in Xenotransplantation Programs: United Therapeutics is actively pursuing xenotransplantation, with recent milestones such as the first transplant in its EXPAND UKidney clinical study. While the full revenue impact may extend beyond the immediate 2-3 year horizon, continued advancements in this "revolution wave" of growth are expected to address critical unmet medical needs and fundamentally reshape the company's long-term revenue profile by expanding the availability of transplantable organs.

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Share Repurchases

  • United Therapeutics completed an accelerated share repurchase (ASR) program totaling $1 billion, announced in March 2024.
  • The company initiated a new $1 billion share repurchase program on July 30, 2025, entering into two Accelerated Share Repurchase agreements on August 1, 2025.
  • Approximately $2.0 billion in aggregate accelerated share repurchases were completed, with about 2.64 million shares delivered in the third quarter of 2025.

Share Issuance

  • As of July 23, 2025, United Therapeutics had approximately 45.2 million shares outstanding.
  • The company's diluted earnings per common share account for the potential dilutive effect of outstanding stock options, restricted stock units (RSUs), and shares issuable under the Employee Stock Purchase Plan (ESPP).
  • Ordinary Share Capital was reported at $42.9 million for the fiscal quarter ending September 2025.

Outbound Investments

  • United Therapeutics' acquisition activity peaked in 2023 with two acquisitions, contributing to a total of four acquisitions historically.
  • The company acquired Miromatrix in October 2023 for $91 million, which focuses on developing biologic human organs for transplantation.
  • United Therapeutics made a later-stage venture capital investment in BETA Technologies on August 26, 2025.

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.

Better Bets vs. United Therapeutics (UTHR)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1United Therapeutics Earnings Notes12/23/2025
2United Therapeutics Stock Jump Looks Great, But How Secure Is That Gain?10/17/2025
3How Does United Therapeutics Stock Stack Up Against Its Peers?08/13/2025
4Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PR, CALM 08/12/2025
5Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PTCT 08/12/2025
6UTHR Dip Buy Analysis07/10/2025
7United Therapeutics Total Shareholder Return (TSR): 60.5% in 2024 and 17.8% 3-yr compounded annual returns (above peer average)03/07/2025
8Time To Buy United Therapeutics Stock?03/01/2025
9United Therapeutics (UTHR) Operating Cash Flow Comparison02/17/2025
10ARTICLES 
11Can United Therapeutics Outrun Amgen in the Next Rally?02/05/2026
12United Therapeutics or Gilead Sciences: Which Stock Has More Upside?01/24/2026
13Mid Cap Stocks Trading At 52-Week High12/13/2025
14Is United Therapeutics a Better Buy Than Amgen?11/22/2025
15REGN Jumps 6.7% in a Day, But Does UTHR Offer Better Fundamentals?10/02/2025
Title
0DASHBOARDS
1United Therapeutics Earnings Notes
2United Therapeutics Stock Jump Looks Great, But How Secure Is That Gain?
3How Does United Therapeutics Stock Stack Up Against Its Peers?
4Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PR, CALM 
5Better Bet Than UTHR Stock: Pay Less Than United Therapeutics To Get More From PTCT 
6UTHR Dip Buy Analysis
7United Therapeutics Total Shareholder Return (TSR): 60.5% in 2024 and 17.8% 3-yr compounded annual returns (above peer average)
8Time To Buy United Therapeutics Stock?
9United Therapeutics (UTHR) Operating Cash Flow Comparison
10ARTICLES
11Can United Therapeutics Outrun Amgen in the Next Rally?
12United Therapeutics or Gilead Sciences: Which Stock Has More Upside?
13Mid Cap Stocks Trading At 52-Week High
14Is United Therapeutics a Better Buy Than Amgen?
15REGN Jumps 6.7% in a Day, But Does UTHR Offer Better Fundamentals?

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Financials

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
Mkt Price478.93237.79119.7526.49149.3741.56134.56
Mkt Cap21.0572.7298.8150.6185.73.6168.1
Rev LTM3,12892,14964,23562,78629,0866945,936
Op Inc LTM1,52224,14622,39115,41711,151-10713,284
FCF LTM1,11618,67913,04910,3769,162-1089,769
FCF 3Y Avg92617,81413,6858,9278,815-818,871
CFO LTM1,55624,20417,06513,0779,667-10111,372
CFO 3Y Avg1,21623,20917,50612,1279,364-7310,746

Growth & Margins

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
Rev Chg LTM13.5%5.1%1.7%3.9%2.8%343.4%4.5%
Rev Chg 3Y Avg19.0%6.1%2.9%-13.2%2.3%120.5%4.5%
Rev Chg Q6.8%6.8%3.7%-5.9%3.0%1,121.7%5.2%
QoQ Delta Rev Chg LTM1.6%1.7%1.0%-1.6%0.8%258.2%1.3%
Op Mgn LTM48.7%26.2%34.9%24.6%38.3%-155.0%30.5%
Op Mgn 3Y Avg49.1%26.4%23.7%19.4%39.2%-387.3%25.1%
QoQ Delta Op Mgn LTM-1.4%1.7%3.7%-1.4%0.9%560.4%1.3%
CFO/Rev LTM49.7%26.3%26.6%20.8%33.2%-145.5%26.4%
CFO/Rev 3Y Avg44.8%26.4%28.2%18.9%33.1%-292.6%27.3%
FCF/Rev LTM35.7%20.3%20.3%16.5%31.5%-155.8%20.3%
FCF/Rev 3Y Avg34.3%20.3%22.0%13.9%31.2%-325.4%21.1%

Valuation

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
Mkt Cap21.0572.7298.8150.6185.73.6168.1
P/S6.76.24.72.46.451.86.3
P/EBIT12.417.712.912.717.0-34.312.8
P/E16.522.815.715.322.9-28.916.1
P/CFO13.523.717.511.519.2-35.615.5
Total Yield6.1%6.5%9.1%13.0%6.5%-3.5%6.5%
Dividend Yield0.0%2.1%2.7%6.4%2.1%0.0%2.1%
FCF Yield 3Y Avg6.1%4.4%5.2%5.9%7.3%-6.3%5.6%
D/E0.00.10.10.40.10.10.1
Net D/E-0.10.00.10.30.10.00.1

Returns

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
1M Rtn-4.7%16.1%10.0%5.9%23.1%35.3%13.1%
3M Rtn5.5%28.0%40.8%10.3%21.8%62.3%24.9%
6M Rtn60.0%40.5%51.8%13.1%37.3%116.3%46.1%
12M Rtn35.2%58.4%38.6%7.5%54.1%164.0%46.3%
3Y Rtn87.6%59.5%26.1%-27.5%92.2%502.3%73.6%
1M Excs Rtn-2.6%18.2%12.1%8.0%25.2%37.4%15.2%
3M Excs Rtn9.1%27.7%43.6%12.4%21.8%48.5%24.8%
6M Excs Rtn51.2%34.2%46.4%7.4%30.1%97.5%40.3%
12M Excs Rtn22.9%47.1%24.3%-2.8%44.1%161.7%34.2%
3Y Excs Rtn15.2%-7.4%-44.6%-94.9%31.0%462.9%3.9%

FDA Approved Drugs Data

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Post-Approval Fwd Returns
FDA
App #		Brand
Name		Generic
Name		Dosage
Form		FDA
Approval		3M
Rtn		6M
Rtn		1Y
Rtn		2Y
Rtn		Total
Rtn
NDA214324  TYVASO DPItreprostinilpowder52320224.8%26.4%2.9%31.6%129.7%
NDA208276  REMODULINtreprostinilsolution7302018-2.2%-3.3%-33.9%-6.3%301.3%
BLA125516  UNITUXINdinutuximabinjectable31020158.7%-5.9%-24.3%-10.6%194.5%
NDA203496  ORENITRAMtreprostinil diolaminetablet, extended release122020137.9%-0.4%52.0%76.7%449.4%
NDA022387  TYVASOtreprostinilsolution730200936.2%85.4%53.4%80.1%1,414.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Tyvaso DPI731158   
Nebulized Tyvaso503715   
Remodulin495500514517587
Orenitram359325306293225
Unituxin199183202123114
Adcirca29415667107
Other1214   
Tyvaso  608483416
Total2,3281,9361,6861,4831,449


Price Behavior

Price Behavior
Market Price$478.93 
Market Cap ($ Bil)21.0 
First Trading Date06/17/1999 
Distance from 52W High-7.4% 
   50 Days200 Days
DMA Price$486.48$386.34
DMA Trendupup
Distance from DMA-1.6%24.0%
 3M1YR
Volatility18.7%47.9%
Downside Capture46.5721.91
Upside Capture74.8550.25
Correlation (SPY)4.3%16.2%
UTHR Betas & Captures as of 1/31/2026

 1M2M3M6M1Y3Y
Beta0.050.070.11-0.420.400.41
Up Beta-0.04-0.100.40-0.420.460.37
Down Beta-1.10-1.37-1.03-0.850.390.48
Up Capture47%78%71%52%38%19%
Bmk +ve Days11223471142430
Stock +ve Days10203366127391
Down Capture166%123%47%-118%32%60%
Bmk -ve Days9192754109321
Stock -ve Days10212859123360

[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
UTHR37.9%47.9%0.81-
Sector ETF (XLV)6.7%17.3%0.2228.2%
Equity (SPY)13.6%19.3%0.5416.1%
Gold (GLD)69.7%24.7%2.118.6%
Commodities (DBC)7.1%16.6%0.2414.5%
Real Estate (VNQ)4.4%16.5%0.0911.1%
Bitcoin (BTCUSD)-26.6%40.5%-0.6611.7%

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Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with UTHR
UTHR24.4%34.7%0.70-
Sector ETF (XLV)7.7%14.4%0.3531.1%
Equity (SPY)14.4%17.0%0.6721.4%
Gold (GLD)20.8%16.9%1.017.5%
Commodities (DBC)11.7%18.9%0.508.0%
Real Estate (VNQ)5.2%18.8%0.1818.4%
Bitcoin (BTCUSD)16.0%57.4%0.499.1%

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
UTHR14.8%35.0%0.49-
Sector ETF (XLV)10.8%16.5%0.5440.2%
Equity (SPY)15.5%17.9%0.7433.1%
Gold (GLD)15.4%15.5%0.831.4%
Commodities (DBC)7.9%17.6%0.3714.2%
Real Estate (VNQ)6.0%20.7%0.2625.3%
Bitcoin (BTCUSD)69.0%66.5%1.089.8%

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

Short Interest

Short Interest: As Of Date1152026
Short Interest: Shares Quantity1.8 Mil
Short Interest: % Change Since 12312025-2.3%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest4.6 days
Basic Shares Quantity43.8 Mil
Short % of Basic Shares4.1%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/29/20259.6%5.3%17.6%
7/30/2025-5.2%2.4%2.6%
2/26/2025-10.8%-13.7%-13.1%
10/30/20242.4%8.5%7.2%
7/31/2024-7.2%-4.6%6.6%
5/1/20248.9%13.6%15.4%
2/21/20242.3%5.9%10.5%
11/1/20230.5%3.4%7.7%
...
SUMMARY STATS   
# Positive131111
# Negative81010
Median Positive2.4%5.9%9.5%
Median Negative-5.7%-4.1%-7.3%
Max Positive14.1%15.1%20.7%
Max Negative-13.2%-13.7%-19.8%

SEC Filings

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Report DateFiling DateFiling
09/30/202510/29/202510-Q
06/30/202507/30/202510-Q
03/31/202504/30/202510-Q
12/31/202402/26/202510-K
09/30/202410/30/202410-Q
06/30/202407/31/202410-Q
03/31/202405/01/202410-Q
12/31/202302/21/202410-K
09/30/202311/01/202310-Q
06/30/202308/02/202310-Q
03/31/202305/03/202310-Q
12/31/202202/22/202310-K
09/30/202211/02/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/24/202210-K

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Benkowitz, MichaelPRESIDENT AND COOby TrustSell1072026487.3814,625  Form
2Benkowitz, MichaelPRESIDENT AND COOby TrustSell1072026487.387,875  Form
3Causey, ChristopherDirectSell1062026510.001,000510,0002,136,900Form
4Malcolm, JanDirectSell1062026495.015024,750183,154Form
5Causey, ChristopherDirectSell1052026500.011,000500,0152,095,061Form

Industry Resources

External Quote Links


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