olivLaw · US equity research
United Therapeutics Corporation UTHR
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
United Therapeutics (UTHR) is a public benefit corporation focused on therapies for pulmonary arterial hypertension and on organ transplant technologies. Combined Tyvaso DPI and Nebulized Tyvaso net product sales were 1,878.2 million USD in fiscal 2025, or 59 percent of total revenues. In the second quarter of 2026, total revenues fell two percent to 783.3 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, United Therapeutics Corporation (UTHR) stock was 608.49 USD (+1.19% on the day), with market capitalisation 25.9 bn USD, P/E 23.0 on diluted EPS of 26.50 USD over the last 12 months, beta 0.39, 52-week range 447.45–608.49 USD. Latest reported quarter (Q3 2026): revenue of 832.5 m USD (+4.1% YoY), net income of 258.6 m USD (−23.6% YoY), diluted EPS 5.71 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 72.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 518.00 – 621.17
- in the upper half of the band · %B 0.88 · band width 18.1%
- SMA 50 / 200
- 532.33 / 533.54
- mixed trend
- MACD (12, 26, 9)
- 20.96 / 18.62
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.4% | −1.1% | +14.5 pp | — |
| 3 months | +17.2% | −0.5% | +17.7 pp | — |
| 6 months | +2.0% | +4.4% | −2.4 pp | — |
| Year to date | +24.9% | +12.3% | +12.6 pp | — |
| 1 year | +39.1% | +13.5% | +25.6 pp | +23.1% |
| 3 years | +171.1% | +76.4% | +94.7 pp | +42.4% |
| 5 years | +200.8% | +63.7% | +137.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 735.9 m | 794.4 m | 798.6 m | 799.5 m | 790.2 m | 781.5 m | 783.3 m | 832.5 m |
| Cost of revenue | 75.9 m | 92.5 m | 87.6 m | 100.9 m | 103.4 m | 133.4 m | 99.5 m | 99.1 m |
| Gross profit | 660.0 m | 701.9 m | 711.0 m | 698.6 m | 686.8 m | 648.1 m | 683.8 m | 733.4 m |
| Research & development | 133.8 m | 149.0 m | 134.0 m | 127.5 m | 139.5 m | 138.2 m | 146.3 m | 279.2 m |
| SG&A | 168.5 m | 170.1 m | 212.5 m | 182.6 m | 190.6 m | 184.1 m | 206.7 m | 146.4 m |
| Operating income | 357.7 m | 382.8 m | 364.5 m | 388.5 m | 356.7 m | 325.8 m | 330.8 m | 307.8 m |
| Depreciation & amortisation | 19.7 m | 19.8 m | 21.1 m ≈ | 21.9 m ≈ | 22.8 m | 22.6 m | 24.2 m ≈ | 26.4 m ≈ |
| Interest expense | 7.9 m | 6.1 m | 7.3 m | 3.0 m | 3.1 m | 3.0 m | 2.9 m | 2.9 m |
| Pre-tax income | 396.5 m | 423.5 m | 408.4 m | 438.0 m | 444.0 m | 318.3 m | 372.7 m | 372.8 m |
| Income tax | 95.2 m | 101.3 m | 98.9 m | 99.3 m | 79.7 m | 43.4 m | 39.7 m | 114.2 m |
| Net income | 301.3 m | 322.2 m | 309.5 m | 338.7 m | 364.3 m | 274.9 m | 333.0 m | 258.6 m |
| Diluted EPS | 6.21 ≈ | 6.63 | 6.41 | 7.16 | 7.70 ≈ | 5.82 | 7.27 | 5.71 |
| Operating cash flow | 341.2 m | 461.2 m | 191.7 m ≈ | 562.1 m ≈ | 346.2 m | 463.3 m | 313.6 m ≈ | 306.5 m ≈ |
| Capex | 86.7 m | 74.9 m | 62.2 m ≈ | 210.5 m ≈ | 172.9 m | 100.8 m | 108.0 m ≈ | 180.7 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 1.0 bn ≈ | 0 | 1.5 bn | 0 ≈ | 500.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 36-quarter history (min 5.1, median 12.4, max 21.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.4 bn | 1.5 bn | 1.7 bn | 1.9 bn | 2.3 bn | 2.9 bn | 3.2 bn |
| Revenue YoY | −5.7% | −11.0% | +2.4% | +13.6% | +14.9% | +20.2% | +23.6% | +10.6% |
| Net income | 589.2 m | -104.5 m | unavailable | 475.8 m | 727.3 m | 984.8 m | 1.2 bn | 1.3 bn |
| Net income YoY | +41.0% | −117.7% | unavailable | unavailable | +52.9% | +35.4% | +21.4% | +11.7% |
| Diluted EPS | 13.39 | -2.39 | 11.54 | 10.06 | 15.00 | 19.81 | 24.64 | 27.86 |
| Diluted EPS YoY | +43.8% | −117.8% | unavailable | −12.8% | +49.1% | +32.1% | +24.4% | +13.1% |
| net % | 36.2% | -7.2% | unavailable | 28.2% | 37.6% | 42.3% | 41.5% | 41.9% |
| Free cash flow | 594.0 m | -290.3 m | 696.4 m | 477.4 m | 663.7 m | 747.6 m | 1.1 bn | 1.0 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.6 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 7.1 bn USD
- Total assets
- 7.9 bn USD
- Debt / equity
- unavailable
- Current ratio
- 6.60x
- ROE
- 19.7%
- ROA
- 17.5%
- FCF margin
- 32.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.7 bn | 1.9 bn | 2.3 bn | 2.9 bn | 3.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 108.1 m | 122.5 m | 151.6 m | 257.5 m | 309.7 m | 384.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 1.4 bn | 1.6 bn | 1.8 bn | 2.1 bn | 2.6 bn | 2.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 357.7 m | 540.1 m | 322.9 m | 408.0 m | 481.0 m | 550.0 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | — | 467.0 m | 482.1 m | 477.1 m | 709.7 m | 755.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 593.6 m | 555.9 m | 979.7 m | 1.2 bn | 1.4 bn | 1.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 49.9 m | 49.9 m | 51.3 m | 53.2 m | 72.5 m | 85.6 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 643.5 m ≈ | 605.8 m ≈ | 1.0 bn ≈ | 1.2 bn ≈ | 1.4 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 23.5 m | 18.6 m | 32.4 m | 59.3 m | 42.9 m | 19.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 638.9 m | 593.9 m | 950.6 m | 1.3 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 124.1 m | 118.1 m | 223.3 m | 289.5 m | 343.9 m | 379.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | — | 475.8 m | 727.3 m | 984.8 m | 1.2 bn | 1.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 11.54 | 10.06 | 15.00 | 19.81 | 24.64 | 27.86 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 44.6 m | 47.3 m | 48.5 m | 49.7 m | 48.5 m | 47.9 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 738.7 m | 894.8 m | 961.2 m | 1.2 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 157.4 m | 198.7 m | 220.4 m | 278.9 m | 279.3 m | 350.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 86.5 m | 93.8 m | 102.0 m | 111.8 m | 157.9 m | 183.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 2.2 bn | 2.3 bn | 3.4 bn | 3.6 bn | 3.9 bn | 3.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 731.6 m | 780.9 m | 861.5 m | 1.0 bn | 1.2 bn | 1.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 28.0 m | 28.0 m | 28.0 m | 33.7 m | 32.3 m | 32.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 4.6 bn | 5.2 bn | 6.0 bn | 7.2 bn | 7.4 bn | 7.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 4.1 m | 3.8 m | 4.1 m | 5.6 m | 6.0 m | 7.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 323.3 m | 305.4 m | 343.2 m | 804.4 m | 738.1 m | 560.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 920.0 m | 783.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 3.4 bn † | 4.0 bn † | 4.8 bn † | 6.0 bn † | 6.4 bn † | 7.1 bn † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 755.7 m | 598.2 m | 802.5 m | 978.0 m | 1.3 bn | 1.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 59.3 m | 120.8 m | 138.8 m | 230.4 m | 246.5 m | 520.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 696.4 m ≈ | 477.4 m ≈ | 663.7 m ≈ | 747.6 m ≈ | 1.1 bn ≈ | 1.0 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -738.5 m | -486.9 m | -811.5 m | -719.6 m | 417.2 m | -551.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -16.9 m | 44.8 m | 75.4 m | -11.9 m | -1.3 bn | -1.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | — | — | 0 | 0 | 1.0 bn | 1.0 bn | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 80 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 25.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation49
- Returns100
- Quality75
- Balance sheet100
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 386.07 – 1,144.69 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E386.07 – 1,144.69 (Mid 740.58)8 companies used · median multiple 27.9x · quartiles 14.6x – 43.2xABT, ALNY, BMY, PFE, REGN, RPRX, VRTX, ZTS
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 80/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 38.6% | 92 (vs peers) | 10% |
| FCF conversion · Quality | 70.5% | 58 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 18.0% | 100 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 22.9% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 111.0x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 23.0x | 56 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3.3% | 42 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 7.7% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality75/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation49/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
United Therapeutics Corporation (UTHR). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth 10.6%; net margin 38.6%; ROE 19.1%.
The estimated value range is 386.07–1,144.69 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 740.58 USD, the price of 608.49 USD leaves a potential of 21.7% (value / price − 1) and a margin of safety of 17.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 80/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 38.6%
- Revenue CAGR 3Y: 18.0%
- EPS CAGR 3Y: 22.9%
- Interest coverage: 111.0x
- Current ratio: 4.6x
- Shareholder yield (distributions): 7.7%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 12 companies
Only companies with a capitalisation between 3.1 bn and 200.7 bn (within 8× of the company's); 363 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +39% / +171% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| REGNRegeneron Pharmaceuticals, Inc. | — | 20.6 | 14.9% | 28.5% | +1.0% | +19% / +13% |
1- and 3-year price returns: for UTHR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 433.62 Total return -29% · Per year -29% | 763.11 Total return 25% · Per year 25% | 1,144.66 Total return 88% · Per year 88% |
| 3 years | 514.34 Total return -15% · Per year -5% | 1,009.21 Total return 66% · Per year 18% | 1,648.31 Total return 171% · Per year 39% |
| 5 years | 610.09 Total return 0% · Per year 0% | 1,334.68 Total return 119% · Per year 17% | 2,373.56 Total return 290% · Per year 31% |
- Exit P/E± 252.30
- Net margin± 176.61
- Annual revenue growth± 131.72
- Annual dilution± 14.84
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (04 Nov 2026 · results).
In brief
United Therapeutics (UTHR) is a public benefit corporation focused on therapies for pulmonary arterial hypertension and on organ transplant technologies. Combined Tyvaso DPI and Nebulized Tyvaso net product sales were 1,878.2 million USD in fiscal 2025, or 59 percent of total revenues 1. In the second quarter of 2026, total revenues fell two percent to 783.3 million USD 3.
SWOT
Strengths
- A portfolio concentrated in a rare disease niche, with approved products and consolidated distribution through specialty distributors 1.
- Tyvaso DPI has a differentiated device with patient convenience advantages that support demand 13.
- The company has in-house manufacturing capacity for several products, giving it some control over supply 1.
Weaknesses
Opportunities
- Planned approvals for Nebulized Tyvaso in IPF and for ralinepag in PAH could significantly accelerate growth 3.
- Organ manufacturing and xenotransplantation programs could open new therapeutic categories if they advance in trials 13.
- Extension into PH-ILD remains a large potential segment for Tyvaso DPI, according to management 3.
Risks
- Dependence on treprostinilhigh
Sales concentrated in treprostinil products could fall quickly if prescribing practices change or competing approvals arrive 1.
- Competition from new therapieshigh
Recent launches could reduce the share of existing products, especially in PAH and PH-ILD 12.
- Pricing pressuremedium
Pricing legislation and reimbursement programs could reduce net revenue per patient 1.
- Manufacturing risksmedium
The lack of approved back-up sites could delay deliveries if disruptions occur 1.
- Patent litigationmedium
Disputes with Liquidia, Sandoz and other competitors could affect exclusivity and future revenue 12.
Investment thesis
What would need to be true (bull case)
- If approvals for Nebulized Tyvaso in IPF and ralinepag in PAH are confirmed, growth could accelerate significantly 3.
- Tyvaso DPI reached record levels of new and total patients, suggesting solid demand 3.
- The transplantable organ portfolio and xeno-organ programs could offer long-term growth options 13.
What to watch
- FDA decision on Nebulized Tyvaso in IPF2027
- FDA decision on ralinepag in PAH2027
- Trend in Tyvaso DPI and Nebulized Tyvaso salesQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (04 Nov 2026 · results).
The business
The company markets in the United States treprostinil-based products such as Tyvaso DPI, Nebulized Tyvaso, Remodulin, Orenitram and Adcirca, plus Unituxin for high-risk neuroblastoma 1. In fiscal 2025, Tyvaso represented 59 percent of revenues, Remodulin 17 percent and Orenitram 16 percent 1. The company also aims to expand the availability of transplantable organs through organ manufacturing technologies 1.
Tyvaso DPI, approved in May 2022 for PAH and PH-ILD, is a dry powder inhaler taken four times daily, valued for its simplicity and portability 1. Nebulized Tyvaso has been approved for PH-ILD since March 2021 and is also sold in Japan and other countries in Asia, the Middle East and Latin America 1. The company is also studying Nebulized Tyvaso in IPF and PPF 1.
Recent developments include the September 2025 launch of RemunityPRO, an updated subcutaneous pump, and the ralinepag program for PAH 12. The company has also budgeted capital expenditures for new manufacturing facilities, including in Research Triangle Park and xeno-organ facilities in Minnesota and Texas 13.
Segments
Tyvaso DPI and Nebulized Tyvaso
This segment generated 1,878.2 million USD in fiscal 2025, representing 59 percent of revenues 1. In the second quarter of 2026, total Tyvaso revenues fell to 452.6 million USD, with Tyvaso DPI growing and Nebulized Tyvaso declining 3.
Market context
Pulmonary arterial hypertension is a rare disease, with about 500,000 people affected worldwide, of whom only a small fraction are treated 1. For PH-ILD, the company cites at least 30,000 patients in the United States 1.
The market is pressured by generics, newer therapies such as Winrevair and Yutrepia, and pricing rules such as the IRA 12. If new approvals in IPF are confirmed, the company could significantly widen its addressable market 3.
Trends
- Competition from new PAH therapiesheadwind
The launches of Winrevair and Yutrepia now compete directly with treprostinil products, affecting volumes 12.
- Expansion of indications into IPF and PPFtailwind
If the NDA for Nebulized Tyvaso in IPF leads to approval, a new market could open 3.
- Pricing pressure and regulationheadwind
The IRA and most-favored-nation pricing initiatives could limit reimbursement and prices 12.
- Growth in new patients on Tyvaso DPImixed
Management reported record levels of starts and total patients for Tyvaso DPI at the end of the second quarter of 2026 3.
Competitive position
The company competes with more than fifteen branded and generic drugs for PAH, and Merck launched Winrevair in March 2024 1. Liquidia launched Yutrepia in June 2025, and Insmed has TPIP in late-stage trials 1.
In IPF, Boehringer Ingelheim received FDA approval for Jascayd in October 2025, which could compete with Tyvaso if approved for IPF 1. Generic manufacturers also compete with Remodulin in the United States 12.
- Merck & Co.MRK
Winrevair, an activin signaling inhibitor, competes with treprostinil products for PAH 1.
- Liquidia
Yutrepia was launched in June 2025 for PAH and PH-ILD and competes directly with Tyvaso 1.
- InsmedINSM
TPIP is in late-stage trials for PAH and PH-ILD and could become an alternative 1.
- Boehringer Ingelheim
Jascayd was approved for IPF and could compete with Nebulized Tyvaso if it is approved in the same indication 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Stocks making the biggest moves midday: Accenture, Synopsys, United Therapeutics, Vicor and moreCNBC — Top News · 01 Oct 2026 · EN
- Stocks making the biggest moves midday: Rogers, United Therapeutics, Moderna, FormFactor & moreCNBC — Top News · 30 Sept 2026 · EN
- United Therapeutics (UTHR) Sets $477.6 Million Buyback. Can Pipeline Funding Keep Pace?Yahoo Finance — News · 11 Sept 2026 · EN
The latest news item in our archive is from 01 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report22 Oct 2026Other events · Financial statements and exhibits
- Current report14 Oct 2026Other events · Financial statements and exhibits
- Current report08 Sept 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report23 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report29 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report06 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / United Therapeutics Corporation · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / United Therapeutics Corporation · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / United Therapeutics Corporation · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.