UTHR

MKT CAP:$25B

United Therapeutics Corporation

Market Cap

$25B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$572.85+$76.13 (+15.33%)

Apr 23, 2026

Company Details

United Therapeutics Corporation, a biotechnology company, engages in the development and commercialization of products to address the unmet medical needs of patients with chronic and life-threatening diseases in the United States and intern...

CEO

Martine A. Rothblatt

IPO Date

Jun 17, 1999

Website

www.unither.com

Key Metrics TTM

Revenue

$3.2B

+10.6% YoY

Net Income

$1.3B

EPS (Diluted)

$27.86

Free Cash Flow

$1.0B

Revenue / Share

$66.44

Gross Margin

87.9%

Operating Margin

46.9%

Net Margin

41.9%

FCF Margin

32.7%

P/S

7.8x

P/E

18.6x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 25, 2026

$3.2B+10.6%EPS $27.86

Q4 2025

Feb 25, 2026

$790M+7.4%EPS $7.66

Q3 2025

Oct 29, 2025

$800M+6.8%EPS $7.16

Q2 2025

Jul 30, 2025

$799M+11.7%EPS $6.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$462M	$436M	$288M
Q2 22	$467M	$437M	$202M
Q3 22	$516M	$479M	$314M
Q4 22	$492M	$436M	$176M
Q1 23	$507M	$455M	$284M
Q2 23	$597M	$532M	$313M
Q3 23	$609M	$539M	$327M
Q4 23	$615M	$544M	$260M
Q1 24	$678M	$605M	$356M
Q2 24	$715M	$637M	$320M
Q3 24	$749M	$666M	$343M
Q4 24	$736M	$660M	$358M
Q1 25	$794M	$702M	$383M
Q2 25	$799M	$711M	$365M
Q3 25	$800M	$699M	$389M
Q4 25	$790M	$687M	$357M

Valuation

Quarter	P/S	P/E
Q1 22	14.0x	36.1x
Q2 22	13.9x	39.4x
Q3 22	13.3x	35.1x
Q4 22	12.8x	34.1x
Q1 23	12.5x	34.1x
Q2 23	11.8x	28.5x
Q3 23	11.3x	27.6x
Q4 23	10.7x	25.2x
Q1 24	9.9x	23.6x
Q2 24	9.5x	23.2x
Q3 24	9.0x	22.3x
Q4 24	8.6x	20.8x
Q1 25	8.3x	20.5x
Q2 25	8.1x	20.0x
Q3 25	7.9x	19.5x
Q4 25	7.8x	18.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$289M	$275M
Q2 22	$127M	$110M
Q3 22	$259M	$190M
Q4 22	$128M	$89M
Q1 23	$375M	$334M
Q2 23	$106M	$62M
Q3 23	$346M	$281M
Q4 23	$151M	$72M
Q1 24	$377M	$338M
Q2 24	$232M	$187M
Q3 24	$377M	$301M
Q4 24	$341M	$255M
Q1 25	$461M	$386M
Q2 25	$192M	$130M
Q3 25	$562M	$352M
Q4 25	$346M	$173M

Capital Expenditures

Quarter	CapEx
Q1 22	$14M
Q2 22	$17M
Q3 22	$69M
Q4 22	$40M
Q1 23	$41M
Q2 23	$45M
Q3 23	$66M
Q4 23	$79M
Q1 24	$38M
Q2 24	$45M
Q3 24	$77M
Q4 24	$87M
Q1 25	$75M
Q2 25	$62M
Q3 25	$211M
Q4 25	$173M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+21.8%	-60.8%
Q2 22	+4.6%	+18.2%
Q3 22	+16.0%	-6.6%
Q4 22	+18.4%	+28.7%
Q1 23	+9.7%	+27.9%
Q2 23	+27.8%	+6.8%
Q3 23	+18.1%	+40.0%
Q4 23	+25.1%	+12.3%
Q1 24	+33.7%	+44.4%
Q2 24	+19.8%	+39.5%
Q3 24	+22.9%	+43.7%
Q4 24	+19.7%	+6.7%
Q1 25	+17.2%	+28.1%
Q2 25	+11.7%	+9.9%
Q3 25	+6.8%	+1.3%
Q4 25	+7.4%	+14.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	-$21M	-4.6%
Q2 22	$66M	14.0%
Q3 22	-$2M	-0.5%
Q4 22	$65M	13.2%
Q1 23	-$12M	-2.4%
Q2 23	$14M	2.3%
Q3 23	$21M	3.5%
Q4 23	$17M	2.7%
Q1 24	$26M	3.8%
Q2 24	$50M	7.0%
Q3 24	$42M	5.6%
Q4 24	$27M	3.7%
Q1 25	$32M	4.0%
Q2 25	$38M	4.7%
Q3 25	$39M	4.9%
Q4 25	$39M	4.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$69M	$65M	$15M	—
Q2 22	$94M	$125M	$16M	—
Q3 22	$66M	$81M	$17M	—
Q4 22	$94M	$143M	$23M	—
Q1 23	$83M	$70M	$17M	—
Q2 23	$89M	$110M	$20M	—
Q3 23	$85M	$107M	$21M	—
Q4 23	$151M	$108M	$24M	—
Q1 24	$104M	$121M	$23M	—
Q2 24	$140M	$152M	$25M	—
Q3 24	$104M	$199M	$21M	—
Q4 24	$134M	$136M	$27M	—
Q1 25	$149M	$144M	$27M	—
Q2 25	$134M	$160M	$31M	—
Q3 25	$128M	—	—	$183M
Q4 25	$140M	—	—	$212M

Revenue Segments

Quarter	Adcirca	Orenitram	Remodulin	Tyvaso	Unituxin	Product and Service, Other	Tyvaso Member
Q1 22	$10M	$83M	$132M	$172M	$56M	—	—
Q2 22	$10M	$79M	$132M	$201M	$45M	—	—
Q3 22	$11M	$88M	$114M	$258M	$46M	—	—
Q4 22	$10M	$76M	$123M	$242M	$37M	$4M	—
Q1 23	$7M	$88M	$121M	$238M	$49M	$3M	—
Q2 23	$8M	$95M	$127M	$319M	$44M	$4M	—
Q3 23	$7M	$92M	$131M	$205M	$51M	$2M	$121M
Q1 24	$6M	$106M	$128M	$373M	$58M	$6M	—
Q2 24	$6M	$107M	$147M	$398M	$52M	$5M	—
Q3 24	$7M	$113M	$128M	$434M	$61M	$6M	—
Q4 24	$5M	$108M	$135M	$416M	$68M	$6M	—
Q1 25	$6M	$121M	$138M	$466M	$58M	$5M	—
Q2 25	$7M	$124M	$135M	$470M	$58M	$6M	—
Q3 25	$10M	$131M	$126M	$478M	$48M	$7M	—
Q4 25	$8M	$121M	$128M	$464M	$62M	$7M	—

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$52M	$410M
Q2 22	$27M	$440M
Q3 22	$16M	$500M
Q4 22	$28M	$464M
Q1 23	$37M	$470M
Q2 23	$35M	$562M
Q3 23	$25M	$585M
Q4 23	$29M	$586M
Q1 24	$36M	$642M
Q2 24	$40M	$675M
Q3 24	$32M	$717M
Q4 24	$30M	$706M
Q1 25	$45M	$750M
Q2 25	$39M	$760M
Q3 25	$25M	$775M
Q4 25	$37M	$753M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$813M	$1.5B	$2.3B
Q2 22	$795M	$1.5B	$2.3B
Q3 22	$967M	$1.6B	$2.6B
Q4 22	$961M	$1.9B	$2.8B
Q1 23	$1.2B	$1.7B	$2.9B
Q2 23	$1.1B	$1.6B	$2.7B
Q3 23	$1.1B	$1.8B	$2.9B
Q4 23	$1.2B	$1.8B	$3.0B
Q1 24	$1.3B	$1.5B	$2.7B
Q2 24	$1.4B	$1.6B	$3.0B
Q3 24	$1.6B	$1.8B	$3.3B
Q4 24	$1.7B	$1.6B	$3.3B
Q1 25	$1.9B	$1.4B	$3.3B
Q2 25	$1.6B	$1.5B	$3.0B
Q3 25	$1.1B	$1.6B	$2.8B
Q4 25	$1.6B	$0	$1.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	48M	-0.2%	+2.8%
Q2 22	48M	+0.8%	+1.7%
Q3 22	49M	+1.2%	+2.3%
Q4 22	49M	+1.4%	+3.3%
Q1 23	50M	+0.4%	+4.0%
Q2 23	50M	-0.2%	+2.9%
Q3 23	50M	+0.4%	+2.1%
Q4 23	50M	+0.2%	+0.8%
Q1 24	50M	-0.2%	+0.2%
Q2 24	48M	-4.4%	-4.0%
Q3 24	48M	+1.9%	-2.6%
Q4 24	49M	+0.6%	-2.2%
Q1 25	49M	-0.2%	-2.2%
Q2 25	48M	-0.6%	+1.7%
Q3 25	47M	-2.1%	-2.3%
Q4 25	48M	+1.3%	-1.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$478.7K	965
Q2 22	$483.8K	965
Q3 22	$534.7K	965
Q4 22	$499.0K	985
Q1 23	$514.6K	985
Q2 23	$605.6K	985
Q3 23	$618.7K	985
Q4 23	$526.3K	1K
Q1 24	$580.2K	1K
Q2 24	$612.1K	1K
Q3 24	$641.2K	1K
Q4 24	$563.9K	1K
Q1 25	$608.7K	1K
Q2 25	$612.0K	1K
Q3 25	$612.6K	1K
Q4 25	$564.4K	1K

Revenue / Employee