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United Therapeutics Corporation
NASDAQ: UTHR Healthcare Pharma 🔎 Screen
$24.0B
Market Cap
17.5
P/E
4.43
PEG
27.8%
ROCE
19.7%
ROE
0.00
D/E
46.9%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for UTHR including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

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.

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📈 Growth Pattern
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⭐ Superinvestors Holding UTHR
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 1.79M $1.1B 1.66% Mar 2026
Steve Cohen Point72 Asset Management 149.3K $88.5M 0.11% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →
Mixed quarter Investor Presentation One-Pager? Q1 2026
Revenue
$781.5M
-2% YoY
Net Income
$274.9M
-15% YoY
Net Income per Diluted Share
$5.82
-12% YoY
What Went Right
  • Tyvaso DPI revenue grew 9% YoY to $330.3M driven by increased patient demand.
  • Orenitram revenue up 12% YoY to $135.6M on higher quantities sold.
  • ADVANCE OUTCOMES and TETON studies showed p<0.0001, positioning Ralinepag and TYVASO as potential best-in-class.
What to Watch
  • Total Tyvaso revenue declined 2% YoY due to Nebulized Tyvaso drop of 22%.
  • Remodulin revenue fell 8% YoY to $126.6M on lower volumes.
  • Inventory reserve expense increased, including $26.8M estimated loss on a commercial supply agreement for Tyvaso DPI.
Management Guidance
  • Expect to return to sequential quarterly revenue growth in near term.
  • Nebulized TYVASO sNDA for IPF to be filed by end of summer 2026; potential launch standard review by Q2 2027.
  • Oral Ralinepag filing expected mid-2026; launch mid-2027 assuming standard review.
Investor Lens
The thesis is stronger after this call. The clinical data on Ralinepag and TYVASO in IPF/PAH underpin a massive revenue expansion potential, despite near-term competitive pressures. Management's multiple shots on goal and moves into earlier lines of therapy should drive multi-billion dollar growth. Near-term headwinds from inventory charges and Nebulized Tyvaso erosion need to be watched, but the pipeline outlook is compelling.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Mixed quarter with strong pipeline catalyst.
Revenue
Revenue declined 2% YoY to $781.5M. Tyvaso DPI grew 9% to $330.3M, but Nebulized Tyvaso dropped 22% to $127.2M. Orenitram grew 12% to $135.6M. Overall, commercial portfolio faced seasonal and competitive headwinds.
Profitability
Net income fell 15% YoY to $274.9M. Diluted EPS declined 12% to $5.82. The margin pressure came from higher cost of sales and inventory reserves.
Margins
Cost of sales surged 44% to $133.4M, driven mainly by a $26.8M inventory reserve related to a Tyvaso DPI commercial supply agreement. R&D expense decreased 7% to $138.2M, with lower external costs partly offset by higher internal spend.
Balance Sheet
Not discussed in detail. The transcript and tables do not provide cash, debt, or balance sheet items.
Key Risks
1) Inventory reserve and commercial supply agreement costs hit margins. 2) Nebulized Tyvaso continues to lose share to competitors like Yutrepia. 3) Regulatory timing for IPF and Ralinepag approvals remains uncertain; could shift launch dates.
Outlook
Management expects near-term sequential revenue growth. TYVASO sNDA for IPF to be filed by summer 2026, with potential launch by Q2 2027. Oral Ralinepag filing mid-2026 and launch mid-2027 assuming standard review.
Generated by AI · Q1 2026 results · Not investment advice
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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