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Friday 6 November 2026
Export UTHR’s income statement to Excel — free account
United Therapeutics Corporation
UTHR Healthcare Drug Manufacturers Specialty & Generic
United Therapeutics Corporation’s revenue for fiscal 2025 (year ended December 2025) was $3.2 billion, up 10.6% from fiscal 2024.
- Revenue
- +4.13%
- EPS
- −21.7%
- Free cash flow
- −63.7%
Quarter to September 2026, against a year earlier
564.88
43.61
−7.17%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,599 | 1,725 | 1,628 | 1,449 | 1,483 | 1,686 | 1,936 | 2,328 | 2,877 | 3,183 | 3,188 | +7.9% | 3,178 | 3,605 | 4,119 | +9.0% | |
| Gross margin, % | 95.45 | 93.87 | 87.79 | 91.88 | 92.71 | 92.73 | 92.17 | 88.94 | 89.24 | 87.92 | 86.34 | (7.5) pt | ||||||
| EBT | 1,060 | 770 | 759 | (165) | 639 | 594 | 951 | 1,274 | 1,539 | 1,714 | 1,508 | +5.5% | ||||||
| EBT margin, % | 66.31 | 44.60 | 46.62 | (11.39) | 43.07 | 35.24 | 49.09 | 54.75 | 53.49 | 53.85 | 47.30 | (12.5) pt | ||||||
| Net income | 714 | 418 | 589 | (104) | 515 | 476 | 727 | 985 | 1,195 | 1,335 | 1,231 | +7.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 36.50 | 39.21 | 37.42 | 33.08 | 33.56 | 37.54 | 42.56 | 49.73 | 63.66 | 71.84 | 74.65 | +7.8% | |||||
| Earnings | 16.29 | 9.50 | 13.54 | (2.39) | 11.65 | 10.60 | 15.98 | 21.04 | 26.44 | 30.13 | 28.61 | +7.1% | ||||||
| Cash flow | 14.69 | 10.78 | 17.89 | (4.72) | 17.10 | 13.32 | 17.64 | 20.90 | 29.36 | 35.24 | 33.48 | +10.2% | ||||||
| Capex | (0.87) | (1.77) | (4.24) | (1.91) | (1.29) | (2.69) | (3.05) | (4.92) | (5.45) | (11.87) | (13.17) | +33.7% | ||||||
| Free cash flow | 13.83 | 9.00 | 13.66 | (6.63) | 15.81 | 10.63 | 14.59 | 15.97 | 23.91 | 23.37 | 20.31 | +6.0% | ||||||
| Book value | 42.27 | 47.77 | 64.11 | 63.48 | 76.81 | 88.17 | 105.42 | 127.88 | 142.57 | 160.19 | 146.98 | +16.0% | ||||||
| Shares, m | 44 | 44 | 44 | 44 | 44 | 45 | 46 | 47 | 45 | 44 | 43 | +0.1% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 8.89 | 15.88 | 8.01 | 0.00 | 13.03 | 20.40 | 17.07 | 10.80 | 13.34 | 16.14 | 19.75 | 12.4 | |||||
| P/S | 3.94 | 3.87 | 2.91 | 2.66 | 4.52 | 5.76 | 6.42 | 4.57 | 5.54 | 6.78 | 7.57 | 4.7 | ||||||
| P/B | 3.41 | 3.18 | 1.70 | 1.39 | 1.98 | 2.45 | 2.59 | 1.78 | 2.47 | 3.04 | 3.77 | 2.4 | ||||||
| EV/Sales | 3.29 | 3.63 | 2.35 | 2.22 | 3.99 | 5.23 | 5.50 | 3.59 | 4.55 | 5.96 | 6.55 | 4.0 | ||||||
| EV/FCF | 8.76 | 16.01 | 6.49 | (10.90) | 8.54 | 18.68 | 16.17 | 11.24 | 12.16 | 18.32 | 24.24 | 10.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 644 | 474 | 778 | (207) | 756 | 598 | 803 | 978 | 1,327 | 1,561 | 1,430 | +10.3% | |||||
| Capex | (38) | (78) | (184) | (84) | (57) | (121) | (139) | (230) | (246) | (526) | (562) | +33.9% | ||||||
| Free cash flow | 606 | 396 | 594 | (290) | 699 | 477 | 664 | 748 | 1,081 | 1,035 | 867 | +6.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,092 | 1,003 | 1,491 | 1,402 | 1,844 | 2,018 | 3,037 | 2,747 | 3,136 | 3,142 | 2,778 | +12.5% | |||||
| Net debt | (1,051) | (677) | (1,166) | (636) | (1,035) | (1,131) | (2,039) | (2,294) | (2,967) | (2,920) | (3,536) | +12.0% | ||||||
| Shareholders’ equity | 1,851 | 2,102 | 2,789 | 2,780 | 3,395 | 3,959 | 4,797 | 5,985 | 6,444 | 7,096 | 6,276 | +16.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 31.65 | 16.06 | 18.76 | (2.86) | 12.07 | 9.73 | 12.97 | 14.91 | 16.45 | 17.51 | 17.11 | (14.1) pt | |||||
| ROIC | 82.89 | 35.76 | 31.02 | (5.47) | 15.72 | 12.28 | 22.20 | 20.07 | 24.75 | 22.34 | 30.13 | (60.5) pt | ||||||
| ROE | 41.50 | 21.14 | 24.10 | (3.75) | 16.67 | 12.94 | 16.61 | 18.27 | 19.23 | 19.71 | 19.13 | (21.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 750 | 800 | 860 | 920 | 950 | 965 | 985 | 1,168 | 1,305 | 1,400 | — | +7.2% | |||||
| Revenue/emp, $m | 2.13 | 2.16 | 1.89 | 1.57 | 1.56 | 1.75 | 1.97 | 1.99 | 2.20 | 2.27 | — | +0.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Tyvaso DPI | 1,293 | 40.61% |
|---|---|---|
| Nebulized Tyvaso | 586 | 18.40% |
| Remodulin | 527 | 16.55% |
| Orenitram | 497 | 15.61% |
| Unituxin | 227 | 7.13% |
| Adcirca | 30 | 0.94% |
| Other | 24 | 0.75% |
| Gross margin | 87.92% | |
| Operating margin | 46.89% | |
| Pre-tax margin | 53.85% |
United Therapeutics Corporation vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| TAK Takeda Pharmaceutical Co. | $67.7B | 32.0× | — | +1.71% (above 0%: growing) | −4.35% (below 0%: shrinking) | +54.88% (above 0%: growing) | 66.66% | 16.51% | Compare |
| TEVA Teva Pharmaceutical Industries Ltd. | $48.7B | 92.6× | 30.7× | −1.90% (below 0%: shrinking) | −47.18% (below 0%: shrinking) | −30.29% (below 0%: shrinking) | 55.52% | 16.25% | Compare |
| HLN Haleon PLC Sponsored ADR | $40.2B | 20.5× | 16.5× | −0.32% (below 0%: shrinking) | +40.00% (above 0%: growing) | −42.94% (below 0%: shrinking) | 62.88% | 25.36% | Compare |
| ZTS Zoetis Inc. | $33.9B | 13.4× | 14.2× | −0.24% (below 0%: shrinking) | +2.48% (above 0%: growing) | +17.43% (above 0%: growing) | 72.73% | 37.56% | Compare |
| UTHR United Therapeutics Corporation | $24.3B | 19.7× | 22.5× | +4.13% (above 0%: growing) | −21.65% (below 0%: shrinking) | −63.65% (below 0%: shrinking) | 88.10% | 36.97% | |
| VTRS Viatris Inc. | $21.8B | — (loss-making) | 82.6× | −0.28% (below 0%: shrinking) | n/m | +38.78% (above 0%: growing) | 38.35% | 6.97% | Compare |
| NBIX Neurocrine Biosciences, Inc. | $16.2B | 23.0× | 20.6× | +41.24% (above 0%: growing) | −3.67% (below 0%: shrinking) | +79.00% (above 0%: growing) | 97.63% | 29.51% | Compare |
| RDY Dr. Reddy's Laboratories Ltd | $12.1B | 44.4× | 30.7× | −10.09% (below 0%: shrinking) | −36.84% (below 0%: shrinking) | −70.49% (below 0%: shrinking) | 52.13% | 14.63% | Compare |
| ELAN Elanco Animal Health Incorporated | $11.8B | — (loss-making) | 161× | +10.23% (above 0%: growing) | +450.00% (above 0%: growing) | +35.56% (above 0%: growing) | 58.33% | 7.97% | Compare |
| Median of peers | $27.9B | 27.5× | 30.7× | −0.26% | −3.67% | +26.50% | 60.61% | 16.38% |
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
97.36%
Held by the ten largest
47.75%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 5.29m | 12.41% | −105.12k |
| Vanguard | 4.17m | 9.77% | −125.55k |
| Avoro Capital Advisors LLC | 2.78m | 6.51% | +147.78k |
| State Street | 1.90m | 4.45% | +54.10k |
| RENAISSANCE TECHNOLOGIES LLC | 1.71m | 4.00% | −78.28k |
| Wellington Management | 1.38m | 3.23% | −885.22k |
| Geode Capital Management | 996.60k | 2.34% | −236.43k |
| Jupiter Topco | 831.13k | 1.95% | +831.13k |
| Norges Bank | 694.75k | 1.63% | +694.75k |
| ASSETMARK, INC | 624.07k | 1.46% | +8.02k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 18.04m | 149.88m | 321.00 |
| 2024 | 23.01m | 120.26m | 232.45 |
| 2023 | 16.96m | (10.81m) | 144.86 |
| 2022 | 5.32m | 41.19m | 183.21 |
| 2021 | 3.51m | 50.43m | 142.35 |
Ownership
Directors and executive officers, together
8.60%
BlackRock, Inc.
12.50%
Avoro Capital Advisors LLC
6.80%
Martine Rothblatt
6.50%
Wellington Management Group LLP
5.80%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
United Therapeutics Corporation (UTHR) Latest News
4 Nov
29 Oct
28 Oct
22 Oct
20 Oct
14 Oct
UTHR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
United Therapeutics develops and sells medicines for people with serious diseases, particularly pulmonary arterial hypertension (PAH), a rare condition involving high blood pressure in the vessels leading from the heart to the lungs. It also develops technologies intended to expand the supply of transplantable organs.
Its pulmonary hypertension products offer several ways to take medicine. Tyvaso DPI is an inhaled dry powder, while Nebulized Tyvaso is an inhaled solution delivered through a nebulizer. Both are approved in the United States for PAH and for pulmonary hypertension associated with interstitial lung disease, or PH-ILD. Remodulin is continuously infused, and Orenitram and Adcirca are tablets for PAH. The company also sells pumps used to deliver Remodulin under the skin.