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United Therapeutics Corporation (UTHR)

POSITIVE
HealthcareDrug Manufacturers - Specialty & GenericUnited States

Fondamental

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

Tyvaso (DPI and nebulized)59%

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.

Remodulin17%

Treprostinil delivered by continuous subcutaneous or intravenous infusion, used for more severe cases of the same disease.

Orenitram16%

An oral, extended-release tablet form of treprostinil for patients who can be managed without infusion or inhalation.

Unituxin7%

A monoclonal antibody used in combination therapy for high-risk neuroblastoma, a childhood cancer — the company's one product outside the lung-disease franchise.

Adcirca1%

An oral PAH treatment that already faces generic competition; sales are small and declining.

Avantage concurrentiel

Brevets et licences · Étroit

The 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

Défensif

Pulmonary 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

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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

Sous-évalué

Juste valeur

$735.34

Prix actuel

$516.11

Marge de sécurité

+29.8%

Fourchette de juste valeur

$477.97 - $992.70

Méthodes d'estimation

Analyst Target:$664.33
DCF:$1209.82
PE-based:$498.45
Graham Growth:$1155.75
EPV:$302.26
Consensus des analystes:Achat fort (18B / 4H / 0S)
Dernière surprise sur les résultats:+4.32%

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

8/9

Santé financière solide

score
criteria

Qualité des bénéfices

1.29

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-1.2%

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
Dr. Martine A. Rothblatt J.D., M.B.A., Ph.D.Founder, Chairman & CEO70
Mr. Michael I. BenkowitzPresident & COO53
Mr. James C. EdgemondCFO & Treasurer57
Mr. Paul A. Mahon J.D.Executive VP, General Counsel & Corporate Secretary61
Harrison SilversManager of Investor Relations-
Ms. Holly HobsonAssociate Vice President of Human Resources-
Mr. Patrick PoissonExecutive Vice President of Strategic Development57
Dr. Leigh PetersonExecutive Vice President of Product Development & Xenotransplantation-
Mr. Gil GoldenSenior 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.

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