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UTHR

United Therapeutics Corporation

UTHR

United Therapeutics Corporation • NASDAQ
$486.00 ▼ -0.50% (-2.43)
Market Cap $21.71 B
52w High $492.62
52w Low $266.98
Dividend Yield 0%
P/E 18.42
Volume 168.09K
Outstanding Shares 44.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $799.5M ▲ $310.1M ▼ $338.7M ▲ 42.364% ▲ $7.73 ▲ $462.9M ▲
Q2-2025 $798.6M ▲ $346.5M ▲ $309.5M ▼ 38.755% ▼ $6.86 ▼ $436.8M ▲
Q1-2025 $794.4M ▲ $319.1M ▲ $322.2M ▲ 40.559% ▼ $7.18 ▲ $382.8M ▼
Q4-2024 $735.9M ▼ $302.3M ▼ $301.3M ▼ 40.943% ▼ $6.74 ▼ $424.1M ▲
Q3-2024 $748.9M $322.7M $309.1M 41.274% $6.93 $417.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.768B ▼ $7.351B ▼ $760.9M ▲ $6.59B ▼
Q2-2025 $3.049B ▼ $7.908B ▲ $734.4M ▼ $7.174B ▲
Q1-2025 $3.321B ▲ $7.744B ▲ $936.7M ▲ $6.807B ▲
Q4-2024 $3.267B ▼ $7.364B ▲ $920M ▼ $6.444B ▲
Q3-2024 $3.326B $7.123B $1.022B $6.101B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $338.7M ▲ $562.1M ▲ $140.9M ▲ $-956M ▼ $-253M ▲ $351.6M ▲
Q2-2025 $309.5M ▼ $191.7M ▼ $-299.9M ▼ $-198.6M ▼ $-306.8M ▼ $129.5M ▼
Q1-2025 $322.2M ▲ $461.2M ▲ $-164.7M ▼ $-93.8M ▼ $202.7M ▲ $386.3M ▲
Q4-2024 $301.3M ▼ $341.2M ▼ $-123.2M ▼ $-74.7M ▼ $143.3M ▼ $254.5M ▼
Q3-2024 $309.1M $377.2M $-114.9M $-64.1M $198.2M $300.7M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Adcirca
Adcirca
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Orenitram
Orenitram
 $110.00M ▲$120.00M ▲$120.00M ▲$130.00M ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Remodulin
Remodulin
 $130.00M ▲$140.00M ▲$130.00M ▼$130.00M ▲
Tyvaso
Tyvaso
 $420.00M ▲$470.00M ▲$470.00M ▲$480.00M ▲
Unituxin
Unituxin
 $70.00M ▲$60.00M ▼$60.00M ▲$50.00M ▼

Five-Year Company Overview

Income Statement

Income Statement United Therapeutics shows a clear pattern of steady, profitable growth. Revenue has climbed each year, and profits have grown faster than sales, suggesting better efficiency and strong pricing power in its niche markets. Operating and net income both expanded meaningfully over the period, pointing to a business that is scaling well rather than just treading water. Earnings per share have risen sharply over the five-year span, though with a bit of year-to-year bumpiness that’s typical in biotech due to milestones, legal costs, and R&D swings. Overall, this is a high‑margin, well‑established earnings profile for a mid‑size biotech rather than an early‑stage, loss‑making story.

Balance Sheet

Balance Sheet The balance sheet looks conservative and resilient. Total assets and shareholders’ equity have grown consistently, reflecting retained profits being reinvested in the business. Cash holdings have increased over time, building a sizable cash cushion. Meanwhile, debt has been reduced from earlier levels and is modest relative to the company’s size, leaving United Therapeutics with a net cash–like profile rather than being highly leveraged. This combination of healthy cash, limited debt, and growing equity base provides flexibility to fund R&D, weather setbacks, or pursue strategic opportunities without relying heavily on outside financing.

Cash Flow

Cash Flow The company converts its profits into cash reliably. Operating cash flow has trended upward, in line with the growth in earnings, which supports the quality of reported profits. Free cash flow has stayed solidly positive each year, even as the company gradually increases its investment in capital projects and infrastructure. Capital spending is rising, but still comfortably covered by internal cash generation. In practical terms, United Therapeutics appears self‑funding: it can support its ongoing operations, pipeline investments, and physical build‑out from the cash it generates, with room to manage volatility or unexpected costs.

Competitive Edge

Competitive Edge United Therapeutics holds a strong, specialized position in pulmonary arterial hypertension and related rare lung diseases. Its strength comes from multiple formulations of its core drug platform, deep relationships with specialists and patient communities, and a well‑developed support program that helps patients navigate complex therapies and insurance. Orphan drug designations and regulatory expertise add layers of protection and slow down would‑be competitors. At the same time, the company is vulnerable to the usual biotech pressures: patent expirations over time, potential generic or biosimilar challenges, and dependence on a relatively narrow group of products and disease areas. Pricing and reimbursement decisions by payers are another ongoing source of risk, given the high cost of therapies in this space.

Innovation and R&D

Innovation and R&D Innovation is a central part of the United Therapeutics story, and it operates on two tracks. First, it continues to refine and expand its pulmonary hypertension franchise, with new delivery technologies, new indications such as fibrotic lung diseases, and next‑generation oral therapies like ralinepag. Recent positive late‑stage trial results suggest this core franchise still has room to grow beyond its original niche. Second, the company is pursuing highly ambitious organ‑manufacturing programs, including xenotransplantation using gene‑edited pigs and 3D‑printed organ scaffolds. Early clinical and regulatory milestones, such as the first xenokidney transplant in a trial setting, point to real progress, but this area remains high‑risk, long‑dated, and subject to significant scientific, ethical, and regulatory uncertainty. If successful, it could be transformative; if not, it could represent a costly detour. The R&D profile is therefore both a major opportunity and a key source of long‑term risk.

Summary

United Therapeutics combines characteristics of a mature, profitable specialty pharma business with those of a high‑risk, high‑reward innovation platform. Its core pulmonary hypertension franchise has delivered steady revenue growth, rising margins, and strong cash generation, all supported by a solid, low‑debt balance sheet. This gives the company financial resilience and flexibility. At the same time, its strategic bet on organ manufacturing and xenotransplantation could, over many years, either open entirely new markets or absorb substantial capital without commensurate returns. Key uncertainties revolve around patent life, competition in its core indications, regulatory and reimbursement dynamics, and the inherently unpredictable nature of breakthrough biomedical technologies. Overall, the business today rests on a robust, profitable base with an unusually bold set of long‑term scientific bets layered on top.

NEWS

November 4, 2025 · 7:00 AM UTC

United Therapeutics Corporation to Present at Upcoming Investor Conferences

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November 3, 2025 · 7:00 AM UTC

United Therapeutics Corporation Announces First Transplant in EXPAND Clinical Trial of UKidney in Patients With End-Stage Renal Disease

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October 29, 2025 · 6:30 AM UTC

United Therapeutics Corporation Reports Record Third Quarter 2025 Financial Results

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October 15, 2025 · 7:00 AM UTC

United Therapeutics Corporation to Report Third Quarter 2025 Financial Results Before Market Open on Wednesday, October 29, 2025

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October 13, 2025 · 7:00 AM UTC

United Therapeutics to Feature Clinical Data at the CHEST 2025 Annual Meeting

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