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United Therapeutics Corporation

UTHR

Healthcare · 497.07 -1.4% today

Isolated · not yet confirmedMarket checked 11 Sept, 15:55 GMT-4

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.

What changed
  • Revenue decreased 1.9% versus the comparable filing period.
Company-1.4% todayVolume comparison unavailable
Market group0 of 37 activeBiotechnology · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
  • 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.

Watch this read

Research brief

The story so far

Healthcare · Drug Manufacturers - Specialty & Generic

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.

Evidence that supports

No thresholded supportive filing evidence is available yet.

Evidence that challenges
  • Revenue decreased 1.9% versus the comparable filing period.
  • Operating margin fell 3.4 percentage points.
  • Gross margin fell 1.7 percentage points.
What would clarify the read
  • 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

As of Sep 12, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements115
Verified relationships13
Evidence supporting the case
  • 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.
Evidence challenging the case

No qualifying adverse evidence was identified; that is not proof there is no downside.

Questions before a position
  • EV/sales is 80% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 11, 2026

497.07
6m-6.7%12m+25.4%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.7B+13.6%$10.06+6.1%
2022-12-31$1.9B+14.9%$15.00+2.5%
2023-12-31$2.3B+20.2%$19.81+2.5%
2024-12-31$2.9B+23.6%$24.64-2.4%
2025-12-31$3.2B+10.6%$27.86-1.2%

What management says matters

Persistent and emerging business drivers

Product pipeline and R&Dmixed · 5 filings
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
Legal and regulatory exposurepositive · 4 filings
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
Macroeconomic conditionspositive · 4 filings
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
Demand and volumemixed · 2 filings
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.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

497.07-1.4% today

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.

cautious
OperationscautiousEvidence score -3
liquidityneutralEvidence score 0
valuationmixed

Capital and cash conversion

Inventory built faster than revenue

watch

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

CORCencora, Inc.distributorFeb 25, 2026

We distribute Unituxin in the United States through an exclusive distribution agreement with Cencora Global Procurement Ltd ( Cencora ).

ICUIICU Medical, Inc.supplierFeb 25, 2026

Historically, Smiths Medical, Inc.

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.