United Therapeutics Corporation (UTHR)
POSITIVEFondamental
79
Prix
$516.11
Capitalisation boursière
$22.01B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
United Therapeutics develops and sells prescription drugs for pulmonary arterial hypertension, a rare and progressive lung disease, plus one treatment for a childhood cancer. It runs its own research and holds the patents behind its products, rather than licensing technology from others. A newer research effort is trying to manufacture replacement organs, but the company today is still built almost entirely on its existing PAH drug portfolio.
Comment l'entreprise gagne de l'argent
Revenue comes from selling patented drugs, mostly through specialty pharmacy distributors rather than directly to hospitals or patients, so a handful of distribution partners handle most of the volume. Prices are set to reflect the absence of generic alternatives for the newer products, while an older product, Adcirca, already competes against generic versions and contributes a shrinking share of sales. Growth depends on patients switching to, or staying on, the inhaled and oral treprostinil products that now dominate the portfolio.
Chiffre d'affaires par segment
Inhaled treprostinil, delivered as a dry-powder inhaler or a nebulized solution, for pulmonary arterial hypertension and a related lung disease. The largest and fastest-growing product.
Treprostinil delivered by continuous subcutaneous or intravenous infusion, used for more severe cases of the same disease.
An oral, extended-release tablet form of treprostinil for patients who can be managed without infusion or inhalation.
A monoclonal antibody used in combination therapy for high-risk neuroblastoma, a childhood cancer — the company's one product outside the lung-disease franchise.
An oral PAH treatment that already faces generic competition; sales are small and declining.
Avantage concurrentiel
Brevets et licences · ÉtroitThe current portfolio is protected by drug patents and regulatory exclusivity rather than by any advantage that renews itself. Adcirca shows what happens when that protection ends: once generics arrived, its share of revenue collapsed. The newer products buy time, not permanence.
Ce qui stimule la demande
DéfensifPulmonary arterial hypertension is a progressive, life-threatening disease with no cure, so patients who start treatment generally stay on it regardless of the economic cycle. Demand is set by diagnosis rates and treatment guidelines, not by discretionary spending.
Principaux risques
- Concentrated distribution — The company reports that two U.S. distributors each account for more than ten percent of total revenue. A disruption at either one would affect sales well beyond what its size alone suggests.
- Reimbursement pressure — Sales depend on government and private payors continuing to reimburse these drugs at levels that support current prices. Policy changes aimed at lowering drug costs are a stated risk to revenue.
- Patent expiration and generic entry — Adcirca has already lost most of its sales to generic competition. The same pattern can repeat for the larger treprostinil products once their patents and exclusivity periods run out.
- Concentration in one disease area — Nearly all revenue comes from treatments for pulmonary arterial hypertension. A new competing therapy, a safety concern, or a change in treatment guidelines for this one disease would affect most of the business at once.
Les arguments en faveur
Buyers argue that Tyvaso's continued growth, the absence of generic competition for the newer treprostinil products, and a large cash position give the company years of runway to keep investing in its pipeline, including the organ-manufacturing research that could open an entirely new market.
Les arguments contre
Sellers fear that a portfolio this concentrated in one disease and a small number of distributors is fragile, that Adcirca's collapse after losing exclusivity previews what happens to the rest of the portfolio over time, and that reimbursement pressure could compress margins before new revenue sources are proven out.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilan & Liquidités
Chiffre d'affaires
$3.15B
12 derniers mois (au 30/06/2026)
Résultat net
$1.31B
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$1.04B
Capitaux propres totaux
$7.10B
Passif total
$784M
Ratio de liquidité général
5.73
Couverture des intérêts
116.82
Dette/EBITDA
0.00
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$735.34
Prix actuel
$516.11
Marge de sécurité
+29.8%
Fourchette de juste valeur
$477.97 - $992.70
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
18.38
ROE
18.8%
Ratio P/B
3.44
P/FCF
20.13
Marge brute
86.1%
ROIC
16.8%
Radar de rentabilité
Value Creation (Economic Moat)
ROIC
16.8%
WACC
8.0%
ROIC − WACC
+8.8 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Critères d'analyse fondamentale
Réussi (21)
- EPS shows upward trend
- Price CAGR 13.60%
- ROIC 16.7%
- Gross Margin 86.1%
- P/FCF 20.13
- Debt/Equity ratio
- Operating Margin 44.4%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 20.2%
- Revenue Growth 5Y 16.5%
- Analyst Consensus 82% Buy
- PEG Ratio 0.88
- Earnings Quality (OCF/NI) 1.29
- Share Dilution -1.2%
- Net Margin Trend 41.6% vs 40.4%
- Piotroski F-Score 8/9
Échoué (5)
- P/B Ratio 3.44
- CapEx intensity
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -2.5%
Indisponible (1)
- Dividend Payout NaN%
Score F de Piotroski
Santé financière solide
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Dr. Martine A. Rothblatt J.D., M.B.A., Ph.D. | Founder, Chairman & CEO | 70 |
| Mr. Michael I. Benkowitz | President & COO | 53 |
| Mr. James C. Edgemond | CFO & Treasurer | 57 |
| Mr. Paul A. Mahon J.D. | Executive VP, General Counsel & Corporate Secretary | 61 |
| Harrison Silvers | Manager of Investor Relations | - |
| Ms. Holly Hobson | Associate Vice President of Human Resources | - |
| Mr. Patrick Poisson | Executive Vice President of Strategic Development | 57 |
| Dr. Leigh Peterson | Executive Vice President of Product Development & Xenotransplantation | - |
| Mr. Gil Golden | Senior VP & Chief Medical Officer | - |
Risque d'audit
4
Risque du conseil
5
Risque de rémunération
5
Risque droits des actionnaires
1
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Latest News
Recent headlines for UTHR, sourced from Markets Gazette.