United Therapeutics CorporationUTHR
NasdaqGS•Healthcare•Drug Manufacturers - Specialty & Generic
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.
United Therapeutics Corporation (UTHR) reported trailing twelve months revenue of $3.17B as of March 2026, a 5.9% increase year-over-year. Quarterly revenue reached $781.50M, reflecting continued top-line momentum.
United Therapeutics Corporation generated $1.29B in TTM net income, with quarterly EBITDA of $348.40M. The operating margin contracted from 48.2% to 41.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (41.7%) and net margin (35.2%) indicates moderate non-operating costs. Net margin has narrowed from 40.6% a year ago, reflecting increased costs or interest expense.
UTHR trades at a P/E of 19.9x (in line with broad market averages) and a P/S of 8.1x. The price-to-book ratio of 4.3x reflects a moderate premium to book value.
The company generated $362.50M in free cash flow over the trailing twelve months, a 6.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $6.71B in total assets with no in long-term debt against $5.90B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~46.1% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 18.8% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~21.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~45.3% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 2.0% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation