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United TherapeuticsUTHR

Legal name
United Therapeutics Corporation
Sector
Healthcare
Industry
Pharmaceutical Preparations
Exchange
Nasdaq

Stock Price $UTHR

Latest filings

You are here#46 of 52 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K152

UTHR filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 152 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Material agreement8-K · Apr ’22Apr ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $3.18B
YoY changeLargest recent move+23.6%in FY24Latest +10.6%

3 older moves run past ±25% (largest +65.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All UTHR Financial Metrics58 metrics

Income Statement16

Balance Sheet26

Cash Flow12

Per Share4

02—Overview

United Therapeutics Financial Overview 2021–2025

Updated Nov 4, 2026

A drug launched in June 2022 now sells more than $1.29 billiona a year. Tyvaso DPI posted $1,292.5 million in net product sales in FY2025, up 25%, and it is the engine behind United Therapeutics' earnings. The central claim: profit has compounded much faster than revenue, but growth is fading and competition is now visible in the numbers.

Revenue grew from $1,685.5 million in FY2021 to $3,182.7 millionb in FY2025. Net income rose from $475.8 million to $1,334.7 million, and diluted EPS climbed from $10.06 to $27.86. Yet revenue growth slowed from 20% in FY2023 to 11% in FY2025. Operating cash flow reached $1,561.2 million in FY2025. The company repurchased $1.0 billion of stock that year, ended with $4,697.0 million in cash and investments, and owed nothing on its $2.5 billion revolver. Nebulized Tyvaso was flat at $585.7 million. In Q2 2026, revenue slipped 2% to $783.3 million as competitive therapies weighed on Tyvaso and Remodulin sales.

The market valued the stock at $487.25c at the close of FY2025, or 17.5x earnings, for a market cap of $21.3 billion. That is a low multiple for a business converting roughly 42% of revenue into net income. The open question is whether the earnings base holds as growth stalls.

Recent Developments (Q1 and Q2 2026)

United Therapeutics bought back $1.5 billiond of stock in Q1 2026, shrinking cash to $3,803.4 million by Q2 2026. That helped lift Q2 2026 EPS 13% to $7.27, while net income rose 8% to $333.0 million. A lower tax rate, 11% versus 24%, did much of the work. Operating income fell to $330.8 million from $364.5 million. Nebulized Tyvaso dropped 18% to $126.0 million.

Later events changed the outlook. Liquidia agreed in October 2026 to pay $330.4 millione to settle patent and trade secret cases. A $477.6 million repurchase followed in September 2026, and a new $2.0 billion authorization came in October 2026. The company also filed an sNDA and an NDA for ralinepag in June 2026.

Bull case: the Liquidia payment, pipeline filings and buybacks support per-share earnings. Bear case: falling operating income and competition mean the tax rate flatters results. The stock traded at 19.9x earnings as of the Q2 2026 report date of August 4, 2026, not today.

What to watch: FDA decisions on Nebulized Tyvaso in IPF and ralinepag; Liquidia's $185 million payment and PH-ILD sales cessation

03—Filings

Recent SEC Filings

  1. 8-KUnited Therapeutics 8-K Report, Financial Results (Nov 4, 2026)
  2. 8-KUnited Therapeutics 8-K Report, Corporate Update (Oct 22, 2026)United Therapeutics Corporation's Board of Directors approved a new share repurchase program on October 21, 2026, authorizing the purchase of up to $2.0 billion of the Company's common stock. The authorization remains in effect for one year, through October 21, 2027. The Company announced the program in a press release dated October 22, 2026, filed as Exhibit 99.1. Per the press release, repurchases may be made through accelerated share repurchase programs, open market transactions, privately negotiated transactions or other means. The program does not require any minimum number of purchases, and the Company may commence or suspend purchases at any time without prior notice and assumes no obligation to use the authorization. Repurchases will depend on alternative uses of capital, market conditions and other factors. CFO James Edgemond said the authorization reflects the balance sheet, free cash flow and confidence to act when the Company's own shares represent a compelling investment. The Company also has an ongoing accelerated share repurchase (ASR) transaction, entered into in September 2026 under its prior authorization, with a scheduled termination date in the fourth quarter of 2026. The press release states that this ASR will not reduce the amount available under the new $2 billion authorization.
  3. 8-KUnited Therapeutics 8-K Report, Corporate Update (Oct 14, 2026)United Therapeutics Corporation (UT) entered into a Settlement Agreement dated October 13, 2026 with Liquidia Technologies, Inc. (Liquidia) to resolve multiple pending patent and trade secret litigations between the parties. Under the agreement, Liquidia will pay UT an aggregate of $330.4 million: $185 million as an estimate of damages for past sales of Yutrepia for PH-ILD, due within 30 business days, and $145.4 million for continuing PH-ILD sales, payable in two equal installments of $72.7 million on or before January 31, 2027 and April 30, 2027. UT will pay Liquidia $10.0 million to resolve a related case brought by Sandoz and RareGen. The parties agreed to seek dismissal with prejudice of the covered actions, with UT retaining its trade secret claims against former Liquidia executive Dr. Robert Roscigno. Liquidia must file with the FDA to remove the PH-ILD indication from Yutrepia's labeling and must cease PH-ILD marketing immediately, with sales of PH-ILD-indicated product ceasing upon FDA approval of the label amendment. Liquidia also agreed to new promotional restrictions, patient-referral certification requirements, termination of PH-ILD cohorts in its ASCENT trial, and covenants not to sue and not to challenge certain UT patents. Releases take effect only after UT receives the $185 million payment, receives an officer's declaration that Liquidia has ceased marketing the PH-ILD-indicated product, and the cases are dismissed. Separately, the filing describes an October 7, 2026 Third Circuit decision in the RareGen/Sandoz antitrust and contract litigation. The court affirmed summary judgment for UT on the antitrust and state unfair competition claims, but reversed the summary judgment on the Sandoz breach of contract claim, vacated the prior $61.6 million damages award, and remanded the contract and tortious interference claims for further proceedings. The settlement resolves all claims in that litigation.
  4. 8-KUnited Therapeutics 8-K Report, Material Agreement (Sep 8, 2026)On September 8, 2026, United Therapeutics Corporation (UTHR) entered into an accelerated share repurchase (ASR) agreement with Citibank, N.A. to repurchase approximately $477.6 million of its common stock. The company is making an aggregate upfront payment of about $477.6 million to Citi on or around September 10, 2026, and will receive an initial delivery of approximately 719,376 shares, representing about 75% of the shares anticipated to be repurchased based on the September 8, 2026 closing price. The final share count will depend on the average daily VWAP of the common stock over the ASR term, less a discount, and final settlement is expected in the fourth quarter of 2026. The transaction completes the remainder of the company's previously announced $2 billion share repurchase authorization. According to the accompanying press release, the company previously entered into ASR agreements totaling $1.5 billion in March 2026 and bought an additional $22.4 million in open-market transactions during the third quarter of 2026. Chairperson and CEO Martine Rothblatt stated that upon completion of this repurchase the company will have returned $4 billion to shareholders in approximately 2.5 years. The press release also states that the company had approximately 42.9 million shares outstanding as of September 4, 2026. At final settlement, the company may receive additional shares or, in limited circumstances, make a cash payment to Citi, or deliver shares if it elects. The Item 7.01 disclosure and Exhibit 99.1 are furnished rather than filed under the Exchange Act.
  5. 8-KUnited Therapeutics 8-K Report, Financial Results (Aug 5, 2026)United Therapeutics Corporation reported second quarter 2026 financial results in a press release attached as Exhibit 99.1 to this Form 8-K. Total revenues were $783.3 million, down two percent from $798.6 million in the second quarter of 2025. Net income rose eight percent to $333.0 million, and diluted earnings per share were $7.27, up 13 percent. The decline in revenue was driven by Nebulized Tyvaso, which fell to $126.0 million from $154.4 million, partially offset by growth in Tyvaso DPI, which rose four percent to $326.6 million. The company attributed weakness in Tyvaso, Remodulin and Nebulized Tyvaso sales to the availability of competitive therapies. Cost of sales included $7.5 million of estimated losses under a commercial supply agreement intended to supply sufficient Tyvaso DPI inventory. Management highlighted regulatory progress. The company stated it has submitted new drug applications for ralinepag tablets in PAH and Nebulized Tyvaso in IPF, and it expects potential approvals of both next year. It also plans to file an IND application for ralinepag DPI and an NDA for treprostinil SMI later this year. The CEO described these programs as potential multi-billion-dollar catalysts. Income tax expense fell to $39.7 million, with an effective tax rate of 11 percent versus 24 percent a year earlier, which management attributed primarily to increased excess tax benefits from share-based compensation. On capital allocation, the company entered into two accelerated share repurchase agreements with Citibank, N.A. in March 2026 for approximately $1.5 billion of common stock. One agreement settled during the quarter and the other settled in August 2026, with 2,759,343 shares repurchased in total. As of June 30, 2026, $500 million remained under the $2.0 billion repurchase program, which expires March 9, 2027. Cash, cash equivalents and marketable investments totaled $3,803.4 million at quarter end.
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04—See also

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