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United Therapeutics Corporation
NASDAQ: UTHR Healthcare Pharma 🔎 Screen
$22.2B
Market Cap
17.5
P/E
4.43
PEG
30.7%
ROCE
19.7%
ROE
0.01
D/E
47.7%
OPM
-16.7%
% from 52W High
60
α RS
🔍 UTHR is showing a high-conviction setup because it matches 19 of 39 tracked screener presets, RS Rating is 60, and an ECS of 50.8 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RS Rating ECS
Sources
Conviction 19/39 · RS Rating 60 · ECS 50.8
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📈 Price History
Ratio Health
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About

United Therapeutics Corporation 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. It offers Tyvaso DPI, an inhaled dry powder via pre-filled and single-use cartridges; Nebulized Tyvaso, an inhaled solution via ultrasonic nebulizer; Remodulin (treprostinil) injection to treat patients with pulmonary arterial hypertension to diminish symptoms associated with exercise; Orenitram, a tablet dosage form of treprostinil, to delay disease progression and improve exercise capacity in PAH patients; and Adcirca, an oral PDE-5 inhibitor to enhance the exercise ability in PAH patients. It also markets and sells Unituxin (dinutuximab) injection, a monoclonal antibody for high-risk neuroblastoma; and Remunity Pump, which contains a pump and separate controller for Remodulin. In addition, it is involved in developing RemunityPRO Pump and Ralinepag for the treatment of PAH;and Nebulized Tyvaso, for the treatment of idiopathic pulmonary fibrosis, as well as xenografts, which are development-stage organ products. Further, it provides preclinical products, including EVLP/CLES, for lung transplant; UKidney, UHeart, UThymoKidney, a development-stage gene-edited porcine kidneys and hearts for xenotransplantation; ULobe, for allogeneic regenerative medicine; ULung, for autologous regenerative medicine; IVIVA Kidney, for autologous regenerative medicine; miroliver, for allogeneic regenerative medicine; and mirokidney, for allogeneic regenerative medicine. 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 founded in 1996 and is headquartered in Silver Spring, Maryland.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding UTHR
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.79M $1.1B 1.66% Mar 2026
Steve Cohen Point72 Asset Management 149.3K $88.5M 0.11% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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🎙 Management Tone Mixed ↓ Deteriorating 5 quarters Full tone analysis in Intelligence →
Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$783.3M
-2% YoY
Net Income
$333.0M
+8% YoY
Diluted EPS
$7.27
+13% YoY
Net Margin
42.5%
+3.8pp YoY
Total Tyvaso Revenue
$452.6M
-4% YoY
What Went Right
  • Submitted sNDA for nebulized TYVASO in IPF and NDA for ralinepag in PAH — two potential multi-billion-dollar 2027 catalysts.
  • Net income increased 8% YoY to $333.0M, with diluted EPS up 13% to $7.27.
  • Tyvaso DPI revenue grew 4% YoY to $326.6M and exited Q2 with record starts, referrals, commercial patients and total patients.
What to Watch
  • Total revenue of $783.3M was down 2% YoY and below expectations; management did not reaffirm or update 2026 revenue growth guidance.
  • Nebulized TYVASO revenue fell 18% YoY to $126.0M due to competitive dynamics in inhaled prostacyclins.
  • Remodulin revenue declined 6% YoY to $126.3M, also impacted by competitive therapies.
Management Guidance
  • Second-half 2026 revenue expected to be stronger than first half; no quantitative guidance provided and prior 2026 revenue growth expectations not reaffirmed.
  • No operating income or margin guidance disclosed.
  • Potential approvals in 2027 for nebulized TYVASO in IPF, ralinepag in PAH and the SMI device in PAH/PH-ILD; TETON PPF readout expected in back half of 2027.
  • Company still sees a path to $4 billion revenue run-rate by end-2027, though the path has narrowed; IPF and ralinepag launch revenue should help reach it and beyond.
Investor Lens
The existing commercial portfolio is under competitive pressure — Q2 revenue declined 2% YoY and the company declined to reaffirm growth guidance. However, record Tyvaso DPI patient metrics, a doubled sales force now in the field, and two major regulatory filings for IPF and ralinepag strengthen the 2027 pipeline story. The thesis is more balanced after this call: near-term execution needs to improve, but the multi-billion-dollar optionality from upcoming launches and xenotransplantation progress remains intact.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Q2 revenue slips 2% to $783.3M; pipeline filings advance
Revenue
Total revenue was $783.3M in Q2 2026, down 2% YoY from $798.6M and essentially flat sequentially. Tyvaso franchise revenue declined 4% to $452.6M, as Tyvaso DPI grew 4% to $326.6M while nebulized TYVASO fell 18% to $126.0M. Remodulin declined 6% to $126.3M, Orenitram rose 1% to $125.7M and Unituxin was up 12% to $65.2M.
Profitability
Net income increased 8% YoY to $333.0M from $309.5M, with basic EPS of $7.82 and diluted EPS of $7.27, up 14% and 13%, respectively. Profitability improved despite lower revenue, reflecting disciplined cost execution.
Margins
Net margin expanded to 42.5% from 38.8% a year ago, up about 3.8 percentage points. Cost of sales increased 14% to $99.5M, driven by higher inventory reserve expense including $7.5M related to a Tyvaso DPI commercial supply agreement; operating margin was not disclosed.
Balance Sheet
Not discussed.
Key Risks
Management flagged increased competition in inhaled prostacyclins pressuring nebulized TYVASO and Remodulin. The company declined to reaffirm or update 2026 revenue growth expectations, and noted that recognition of product differentiation in this competitive environment is taking time. Regulatory filing acceptance and priority review timing for IPF and ralinepag remain open risks.
Outlook
Management expects second-half 2026 revenue to be stronger than first-half 2026, supported by record patient metrics and a roughly doubled sales force entering the field in July. They expect potential approvals in 2027 for nebulized TYVASO in IPF, ralinepag in PAH and the SMI device, with a TETON PPF readout in late 2027.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 2026 revenue was $783M, flat sequentially, with TYVASO pressured by competition but DPI showing growth. Major clinical milestones and regulatory filings position for multi-billion-dollar opportunities in PAH and IPF, with stronger performance expected in H2 2026.
Q1 2026 Q1 2026 2026-05-06
Q1 2026 revenue reached $782M, with TYVASO and Ralinepag phase III trials showing best-in-class results. Both drugs are expected to drive revenue beyond $4B by 2027, with multiple new formulations and indications in development.
Q4 2025 Q4 2025 2026-02-25
Record 2025 revenue surpassed $3B, driven by Tyvaso and Orenitram, with double-digit growth expected to continue. Three transformative product launches are planned by 2027, and a $4B run rate is targeted, excluding new launches.
Q3 2025 Q3 2025 2025-10-29
Record quarterly revenues of $800 million, up 7% year-over-year, driven by Tyvaso and Orenitram. Strong clinical progress in IPF and new product launches support a $4 billion revenue run rate by 2027, with continued growth expected in key segments.
Q2 2025 Q2 2025 2025-07-30
Record Q2 revenue of $799M (up 12% YoY) driven by Tyvaso DPI and strong commercial portfolio. Pipeline advances include TETON-2 IPF data expected in September and a $1B share repurchase authorized, reflecting confidence in future growth.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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