United Therapeutics Corporation (UTHR)
NASDAQ · Healthcare · analysed November 9, 2026
Founded in 1996, United Therapeutics Corporation is a biotechnology company primarily focused on developing and commercializing therapies for pulmonary arterial hypertension and other chronic, life-threatening conditions. The company generates the majority of its revenue from prostacyclin-based treatments, most notably Tyvaso—including its dry powder inhaler formulation, Tyvaso DPI—alongside Remodulin, Orenitram, and the oncology drug Unituxin. Strategically, United Therapeutics is concentrated on expanding label indications for its inhaled therapies into broader pulmonary diseases such as idiopathic pulmonary fibrosis, while continuing long-term investments in organ manufacturing and xenotransplantation technologies to address donor organ shortages.
Executive summary
United Therapeutics holds an entrenched commercial franchise in pulmonary hypertension, anchored by its flagship Tyvaso franchise and protected by durable patent estates and drug-device integration. The business possesses an exceptional balance sheet with zero funded debt, more than $3.5 billion in liquid assets, and trailing free cash flow exceeding $1.0 billion1,2. While elevated research and development expenses and intensifying competitive dynamics in standard pulmonary arterial hypertension create near-term earnings drag, recent comprehensive patent litigation victories and major late-stage pipeline readouts in 2027 provide substantial long-term commercial upside2.
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Key figures
- Market cap
- $25.6B
- P/E, trailing
- 22.7
- P/E, next 12 months
- 20.3
- Revenue growth, fiscal year to Dec 2025
- 10.6%
- Net margin, fiscal year to Dec 2025
- 41.9%
Market cap and P/E as found on November 9, 2026.