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United Therapeutics (UTHR)

Market Price (4/8/2026): $565.7 | Market Cap: $24.6 Bil
Sector: Health Care | Industry: Biotechnology

United Therapeutics (UTHR)

Market Price (4/8/2026): $565.7
Market Cap: $24.6 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 5.4%

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 -12%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%

Stock buyback support
Stock Buyback 3Y Total is 2.0 Bil

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

Trading close to highs
Dist 52W High is -4.6%, Dist 3Y High is -4.6%

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 5.4%
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 -12%
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 49%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33%
4 Stock buyback support
Stock Buyback 3Y Total is 2.0 Bil
5 Megatrend and thematic drivers
Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.
6 Trading close to highs
Dist 52W High is -4.6%, Dist 3Y High is -4.6%
7 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 15% since 12/31/2025 because of the following key factors:

1. Positive Phase 3 Clinical Trial Results for Tyvaso in Idiopathic Pulmonary Fibrosis (IPF). United Therapeutics announced on March 30, 2026, that its TETON-1 pivotal study of nebulized Tyvaso for idiopathic pulmonary fibrosis (IPF) met its primary efficacy endpoint, demonstrating superiority over placebo by increasing absolute forced vital capacity (FVC) by 130.1 mL from baseline to week 52 (p <0.0001). This followed earlier positive results from the TETON-2 study, with an FVC improvement of 95.6 mL. The combined analysis of both studies showed a statistically significant improvement of 111.8 mL over placebo at week 52, validating Tyvaso's potential to expand into a new, large market beyond pulmonary arterial hypertension (PAH). The company plans to seek FDA priority review for a supplemental New Drug Application by the end of summer 2026.

2. Strong Fourth Quarter 2025 Earnings Beat. On February 26, 2026, United Therapeutics reported Q4 2025 earnings per share (EPS) of $7.70, significantly surpassing analysts' consensus expectations of $6.77-$6.78 by 13.57% to 13.74%. This strong financial performance for the period ending December 31, 2025, contributed to an approximate 13% gain in the stock price the day following the announcement. The company also achieved over $3.0 billion in total revenue for the full year 2025, an 11% increase from 2024, with Tyvaso Q4 revenue growing 12% year-over-year to $464 million.

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Stock Movement Drivers

Fundamental Drivers

The 16.1% change in UTHR stock from 12/31/2025 to 4/7/2026 was primarily driven by a 9.6% change in the company's P/E Multiple.
(LTM values as of)123120254072026Change
Stock Price ($)487.25565.7016.1%
Change Contribution By: 
Total Revenues ($ Mil)3,1283,1831.7%
Net Income Margin (%)40.7%41.9%3.2%
P/E Multiple16.818.49.6%
Shares Outstanding (Mil)44430.9%
Cumulative Contribution16.1%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/7/2026
ReturnCorrelation
UTHR16.1% 
Market (SPY)-5.4%29.6%
Sector (XLV)-5.3%29.3%

Fundamental Drivers

The 34.9% change in UTHR stock from 9/30/2025 to 4/7/2026 was primarily driven by a 20.8% change in the company's P/E Multiple.
(LTM values as of)93020254072026Change
Stock Price ($)419.21565.7034.9%
Change Contribution By: 
Total Revenues ($ Mil)3,0783,1833.4%
Net Income Margin (%)40.4%41.9%3.9%
P/E Multiple15.218.420.8%
Shares Outstanding (Mil)45433.9%
Cumulative Contribution34.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/7/2026
ReturnCorrelation
UTHR34.9% 
Market (SPY)-2.9%20.3%
Sector (XLV)5.8%27.7%

Fundamental Drivers

The 83.5% change in UTHR stock from 3/31/2025 to 4/7/2026 was primarily driven by a 58.8% change in the company's P/E Multiple.
(LTM values as of)33120254072026Change
Stock Price ($)308.27565.7083.5%
Change Contribution By: 
Total Revenues ($ Mil)2,8773,18310.6%
Net Income Margin (%)41.5%41.9%1.0%
P/E Multiple11.618.458.8%
Shares Outstanding (Mil)45433.5%
Cumulative Contribution83.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/7/2026
ReturnCorrelation
UTHR83.5% 
Market (SPY)16.3%16.6%
Sector (XLV)1.8%27.7%

Fundamental Drivers

The 152.6% change in UTHR stock from 3/31/2023 to 4/7/2026 was primarily driven by a 64.4% change in the company's Total Revenues ($ Mil).
(LTM values as of)33120234072026Change
Stock Price ($)223.96565.70152.6%
Change Contribution By: 
Total Revenues ($ Mil)1,9363,18364.4%
Net Income Margin (%)37.6%41.9%11.6%
P/E Multiple14.218.429.6%
Shares Outstanding (Mil)46436.2%
Cumulative Contribution152.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2023 to 4/7/2026
ReturnCorrelation
UTHR152.6% 
Market (SPY)63.3%18.2%
Sector (XLV)18.5%29.4%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
UTHR Return42%29%-21%60%38%15%269%
Peers Return35%20%8%1%58%14%215%
S&P 500 Return27%-19%24%23%16%-3%76%

Monthly Win Rates [3]
UTHR Win Rate67%42%42%58%50%50% 
Peers Win Rate60%53%40%48%62%65% 
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%-4% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-7% 

[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 4/7/2026 (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 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.

  1. 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.
  2. 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.
  3. 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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Better Bets vs. United Therapeutics (UTHR)

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8United Therapeutics Total Shareholder Return (TSR): 60.5% in 2024 and 17.8% 3-yr compounded annual returns (above peer average)
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Trade Ideas

Select ideas related to UTHR.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
PGNY_3312026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03312026PGNYProgynyDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		0.0%0.0%0.0%
CNC_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03272026CNCCenteneDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		2.3%2.3%-0.6%
OSCR_3272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG03272026OSCROscar HealthDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap		3.0%3.0%-2.6%
WAT_3202026_Monopoly_xInd_xCD_Getting_Cheaper03202026WATWatersMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-0.4%-0.4%-3.3%
GILD_3202026_Quality_Momentum_RoomToRun_10%03202026GILDGilead SciencesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		1.6%1.6%-2.2%
UTHR_7312025_Dip_Buyer_FCFYield07312025UTHRUnited TherapeuticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		70.3%115.9%0.0%
UTHR_10312018_Dip_Buyer_FCFYield10312018UTHRUnited TherapeuticsDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		-10.4%-19.0%-32.5%

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Peer Comparisons

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Financials

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
Mkt Price565.70238.41119.2827.10138.8037.36129.04
Mkt Cap24.6574.0295.9154.1172.33.3163.2
Rev LTM3,18394,19365,01162,57929,44115846,010
Op Inc LTM1,51625,59622,10817,40611,699-5114,552
FCF LTM1,03519,31312,3609,0759,456-429,266
FCF 3Y Avg95418,38313,2007,9019,061-668,481
CFO LTM1,56124,53016,47211,70410,019-3610,862
CFO 3Y Avg1,28923,86216,98211,0499,618-5710,334

Growth & Margins

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
Rev Chg LTM10.6%6.0%1.3%-1.6%2.4%1,031.2%4.2%
Rev Chg 3Y Avg18.1%2.6%3.2%-12.0%2.6%340.3%2.9%
Rev Chg Q7.4%9.1%5.0%-1.2%4.7%3,054.6%6.2%
QoQ Delta Rev Chg LTM1.7%2.2%1.2%-0.3%1.2%128.7%1.5%
Op Mgn LTM47.6%27.2%34.0%27.8%39.7%-32.5%30.9%
Op Mgn 3Y Avg49.6%25.6%23.5%19.6%36.4%-439.6%24.6%
QoQ Delta Op Mgn LTM-1.0%1.5%-0.9%0.9%1.1%122.5%1.0%
CFO/Rev LTM49.1%26.0%25.3%18.7%34.0%-22.5%25.7%
CFO/Rev 3Y Avg45.7%26.7%26.8%17.8%33.7%-309.2%26.8%
FCF/Rev LTM32.5%20.5%19.0%14.5%32.1%-26.5%19.8%
FCF/Rev 3Y Avg34.1%20.6%20.8%12.7%31.8%-352.2%20.7%

Valuation

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
Mkt Cap24.6574.0295.9154.1172.33.3163.2
P/S7.76.14.62.55.920.66.0
P/EBIT14.217.113.215.115.9-72.714.6
P/E18.421.416.219.820.2-47.219.1
P/CFO15.723.418.013.217.2-91.216.5
Total Yield5.4%6.8%8.9%11.4%7.3%-2.1%7.0%
Dividend Yield0.0%2.2%2.8%6.3%2.3%0.0%2.2%
FCF Yield 3Y Avg6.3%4.6%5.1%5.3%7.5%-6.1%5.2%
D/E0.00.10.20.40.10.10.1
Net D/E-0.10.00.10.30.10.00.1

Returns

UTHRJNJMRKPFEGILDLQDAMedian
NameUnited T.Johnson .Merck Pfizer Gilead S.Liquidia  
1M Rtn18.3%-0.8%3.8%0.2%-3.0%3.7%1.9%
3M Rtn12.5%17.0%10.4%8.4%15.0%21.6%13.8%
6M Rtn23.8%27.7%38.3%6.7%20.3%55.5%25.8%
12M Rtn93.9%62.7%52.3%28.4%35.0%200.6%57.5%
3Y Rtn149.0%57.9%16.4%-21.7%84.3%453.5%71.1%
1M Excs Rtn20.1%1.0%5.6%2.0%-1.2%5.5%3.8%
3M Excs Rtn19.7%21.4%16.0%13.6%22.1%20.3%20.0%
6M Excs Rtn26.3%29.3%37.4%3.9%26.2%68.0%27.8%
12M Excs Rtn61.4%30.7%20.5%-2.9%4.2%141.8%25.6%
3Y Excs Rtn95.0%6.6%-39.9%-82.9%25.3%391.0%15.9%

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%166.3%
NDA208276  REMODULINtreprostinilsolution7302018-2.2%-3.3%-33.9%-6.3%365.4%
BLA125516  UNITUXINdinutuximabinjectable31020158.7%-5.9%-24.3%-10.6%241.6%
NDA203496  ORENITRAMtreprostinil diolaminetablet, extended release122020137.9%-0.4%52.0%76.7%537.1%
NDA022387  TYVASOtreprostinilsolution730200936.2%85.4%53.4%80.1%1,656.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Tyvaso DPI1,034731158  
Nebulized Tyvaso587503715  
Remodulin538495500514517
Orenitram434359325306293
Unituxin239199183202123
Adcirca2429415667
Other221214  
Tyvaso   608483
Total2,8772,3281,9361,6861,483


Price Behavior

Price Behavior
Market Price$565.70 
Market Cap ($ Bil)24.6 
First Trading Date06/17/1999 
Distance from 52W High-4.6% 
   50 Days200 Days
DMA Price$508.44$429.87
DMA Trendupup
Distance from DMA11.3%31.6%
 3M1YR
Volatility48.8%50.6%
Downside Capture0.27-0.01
Upside Capture157.1169.55
Correlation (SPY)25.5%13.2%
UTHR Betas & Captures as of 3/31/2026

 1M2M3M6M1Y3Y
Beta1.711.381.030.560.430.44
Up Beta0.291.281.280.230.440.39
Down Beta1.751.260.350.090.440.51
Up Capture285%234%171%124%61%28%
Bmk +ve Days7162765139424
Stock +ve Days10233266133394
Down Capture65%58%90%58%22%57%
Bmk -ve Days12233358110323
Stock -ve Days12193160118356

[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
UTHR87.6%50.7%1.40-
Sector ETF (XLV)3.8%17.6%0.0627.4%
Equity (SPY)21.3%18.3%0.9416.0%
Gold (GLD)51.9%28.0%1.498.5%
Commodities (DBC)20.3%17.2%1.0210.7%
Real Estate (VNQ)6.9%16.1%0.237.2%
Bitcoin (BTCUSD)-17.5%44.0%-0.3114.5%

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
UTHR28.3%35.9%0.77-
Sector ETF (XLV)6.3%14.5%0.2530.3%
Equity (SPY)11.7%17.0%0.5320.9%
Gold (GLD)22.5%17.8%1.046.3%
Commodities (DBC)12.0%18.8%0.527.4%
Real Estate (VNQ)3.4%18.8%0.0917.0%
Bitcoin (BTCUSD)3.1%56.5%0.289.6%

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
UTHR18.0%35.3%0.57-
Sector ETF (XLV)9.8%16.5%0.4839.3%
Equity (SPY)13.9%17.9%0.6732.9%
Gold (GLD)13.9%15.9%0.731.7%
Commodities (DBC)8.4%17.6%0.4013.6%
Real Estate (VNQ)4.9%20.7%0.2024.8%
Bitcoin (BTCUSD)66.6%66.8%1.0610.1%

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

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity2.8 Mil
Short Interest: % Change Since 228202664.2%
Average Daily Volume0.7 Mil
Days-to-Cover Short Interest4.1 days
Basic Shares Quantity43.4 Mil
Short % of Basic Shares6.6%

Returns Analyses

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/25/202613.0%5.3%14.4%
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%
...
SUMMARY STATS   
# Positive141212
# Negative799
Median Positive4.1%5.6%10.0%
Median Negative-5.2%-3.6%-7.2%
Max Positive14.1%15.1%20.7%
Max Negative-13.2%-13.7%-16.6%

SEC Filings

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Report DateFiling DateFiling
12/31/202502/25/202610-K
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

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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