“The increase in research and development expense for the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to: (1) an increase in expenditures related to cardiopulmonary treatment projects; and (2) an increase in person…”10-Q · Aug 5, 2026 ↗
United Therapeutics Corporation
UTHR
Market read
United Therapeutics Corporation's current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
- Revenue decreased 1.9% versus the comparable filing period.
- R&D expense rose 9.2%, with United Therapeutics citing higher expenditures on cardiopulmonary treatment projects and acquisition-related obligations.
- R&D expense declined year-over-year driven primarily by lower milestone payments for drug delivery device technologies; monitor milestone payment trends and R&D spend changes.
Invalidation: The isolated read changes if UTHR's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 10 directly disclosed connections are confirming.
No thresholded supportive filing evidence is available yet.
- Revenue decreased 1.9% versus the comparable filing period.
- Operating margin fell 3.4 percentage points.
- Gross margin fell 1.7 percentage points.
- R&D expense rose 9.2%, with United Therapeutics citing higher expenditures on cardiopulmonary treatment projects and acquisition-related obligations.
- R&D expense declined year-over-year driven primarily by lower milestone payments for drug delivery device technologies; monitor milestone payment trends and R&D spend changes.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +10.6% year over year.
- Operating cash flow covered net income at 1.17x in the latest annual period.
- Product pipeline and R&D has repeated favorable evidence across 5 filings.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- EV/sales is 80% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
497.07Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The increase in general and administrative expense for the three and six months ended June 30, 2026, as compared to the same periods in 2025, was primarily due to: (1) an increase in personnel expense due to growth in headcount; and (2) an increase in consult…”10-Q · Aug 5, 2026 ↗
“During the six months ended June 30, 2026, we recorded a liability of $ 5.4 million for an excise tax imposed under the Inflation Reduction Act of 2022 ( IRA ) as a result of our repurchase of shares under the 2026 ASR agreements.”10-Q · Aug 5, 2026 ↗
“Changes in accounts receivable are primarily due to the timing and magnitude of orders of our products, the timing of when control of our products is transferred to our distributors, and the timing of cash collections.”10-K · Feb 25, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 7.5× · EV/sales 7.0×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for UTHR. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing shows material pressure
10-Q filed 2026-08-05 against the comparable filing from 2025-07-30.
Capital and cash conversion
Inventory built faster than revenue
Inventory growth exceeded revenue growth and inventory intensity increased.
- Capital spending YoY
- +52.3%
- Capital spending / revenue
- +13.3%
- Free-cash-flow margin
- +36.3%
- FCF margin change
- +3.9 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
No thresholded improvement was identified.
What weakened
- Revenue decreased 1.9% versus the comparable filing period.
- Operating margin fell 3.4 percentage points.
- Gross margin fell 1.7 percentage points.
Filing receipts
“The increase in sales and marketing expense for the six months ended June 30, 2026, as compared to the same period in 2025, was primarily due to: (1) an increase in consulting expenses; and (2) an increase in personnel expense due to growth in headcount.”
“The increase in sales and marketing expense for the three months ended June 30, 2026, as compared to the same period in 2025, was primarily due to an increase in personnel expense due to growth in headcount.”
“The increase in cost of sales for the three and six months ended June 30, 2026, as compared to the same periods in 2025, was primarily due to an increase in inventory reserve expense.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind UTHR
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
Depended on by
LQDALiquidia CorporationcompetitorMay 11, 2026 ▾
“Our Treprostinil Injection product to treat PAH faces competition primarily from the continued use of the branded Remodulin sold by United Therapeutics as well as additional generic treprostinil products offered by Teva, Par Pharmaceutical, Dr.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 7 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
UTHR is currently a Follower in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for UTHR; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.