United Therapeutics
Builds pulmonary-hypertension medicines and investigational organ-manufacturing platforms.
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Profile
Develops treatments for pulmonary hypertension and high-risk neuroblastoma, with inhaled Tyvaso anchoring a portfolio that spans multiple treprostinil delivery formats. Commercial medicines are concentrated in the United States and fund investigational programs in gene-edited pig organs, patient-derived grafts, and recellularized scaffolds.
Develops and commercializes medicines for pulmonary hypertension and high-risk neuroblastoma, led by the inhaled Tyvaso franchise. Remodulin and Orenitram extend treprostinil across infused and oral formats, while Adcirca and Unituxin broaden the approved portfolio.
Commercial execution centers on multiple delivery options for chronic pulmonary vascular disease. Tyvaso DPI and Orenitram are sold only in the United States, while nebulized Tyvaso, Remodulin, and Unituxin also generate international revenue.
Uses cash from approved medicines to develop manufactured-organ alternatives through gene-edited pig organs, patient-derived grafts, and recellularized scaffolds. Those programs remain investigational. The commercial business is concentrated in treprostinil therapies and specialty-pharmacy distribution, with product differentiation, patent outcomes, physician sequencing, regulatory compliance, and uncertain organ-development pathways shaping the model.
Company facts
Key statistics
Year to date +3.7% · Average volume (30d) 470.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Morgan Stanley | Target | $516 | $515 | ||
| May 7, 2026 | Morgan Stanley | Target | $519 | $516 | ||
| May 7, 2026 | Wells Fargo | Upgrade | Equal Weight | Overweight | $738 | $735 |
| Apr 10, 2026 | Morgan Stanley | Reiterate | Equal Weight | $447 | $519 | |
| Apr 10, 2026 | Raymond James | Target | $700 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $6.86 | $7.27 | +6.0% | $804.6M | $783.3M | −2.7% | +0.06% |
| May 6, 2026Q1 FY26 | $7.00 | $5.82 | −16.9% | $797.4M | $781.5M | −2.0% | −4.62% |
| Feb 25, 2026Q4 FY25 | $7.13 | $7.70 | +8.0% | $813.1M | $790.2M | −2.8% | −5.89% |
| Oct 29, 2025Q3 FY25 | $6.89 | $7.16 | +3.9% | $814.8M | $799.5M | −1.9% | −0.39% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $794.4M | $798.6M | $799.5M | $790.2M | $781.5M | $783.3M | |
| Gross profit | $701.9M | $711.0M | $698.6M | $686.8M | $648.1M | $683.8M | |
| Operating income | $382.8M | $364.5M | $389.3M | $357.5M | $325.8M | $330.8M | |
| Net income | $322.2M | $309.5M | $338.7M | $364.3M | $274.9M | $333.0M | |
| Diluted EPS | $6.63 | $6.41 | $7.16 | $7.66 | $5.82 | $7.27 | |
| Gross margin | 88.4% | 89.0% | 87.4% | 86.9% | 82.9% | 87.3% | |
| Operating margin | 48.2% | 45.6% | 48.7% | 45.2% | 41.7% | 42.2% |
Fiscal years (4-quarter sums)FY21 $1.69B · FY22 $1.94B · FY23 $2.33B · FY24 $2.88B · FY25 $3.18B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.66B · Total debt $0 · Total assets $7.22B · Shareholders' equity $6.40B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 42.45M · Float 39.32M · 92.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.29M | 12.47% | 13F | Aug 7, 2026 |
| Avoro Capital Advisors LLC | 2.78M | 6.54% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 1.92M | 4.52% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.92M | 4.52% | 13F | Aug 13, 2026 |
| State Street Corp | 1.90M | 4.47% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Martine A. Rothblatt | director, officer: Chairperson & CEO | −9,500 | $522.57 |
| Aug 26, 2026 | Martine A. Rothblatt | director, officer: Chairperson & CEO | −9,500 | $517.28 |
| Aug 25, 2026 | Martine A. Rothblatt | director, officer: Chairperson & CEO | −9,500 | $517.71 |
| Aug 24, 2026 | Martine A. Rothblatt | director, officer: Chairperson & CEO | −9,500 | $511.97 |
| Aug 21, 2026 | Martine A. Rothblatt | director, officer: Chairperson & CEO | −9,500 | $518.39 |
Peers
- Liquidia
Direct inhaled-treprostinil rival across PAH and PH-ILD
- Johnson & Johnson
Broad PAH rival across oral, infused, and combination therapies
- Merck
PAH treatment-sequencing rival built around WINREVAIR
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| United Therapeutics | $515.46 | +0.03% | $21.88B | 18.5 | 19.8 | 6.9 | −1.9% |
| Liquidia | $68.25 | +0.87% | $6.02B | 49.4 | 15.4 | 13.3 | +1,842.7% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Merck | $148.19 | −0.08% | $366.18B | 118.7 | 17.2 | 5.5 | +5.1% |
| Median | 49.4 | 17.2 | 6.6 | +6.6% |