UNITED THERAPEUTICS Corp UTHR
Founded by our Chairperson and Chief Executive Officer, Martine Rothblatt, to find a cure for her daughter's life-threatening rare disease, pulmonary arterial hypertension (PAH), United Therapeutics advances therapies for people living with serious diseases with unmet medical needs. Our mission is to transform the treatment of rare diseases and expand the availability of transplantable organs through innovative organ manufacturing technologies.
As a public benefit corporation (PBC), we aim to deliver meaningful impacts for our patients, our people, our shareholders, and other stakeholders. Our public benefit purpose, as outlined in our charter and approved by our shareholders, is to provide a brighter future for patients through (a) the development of novel pharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.18B | $2.88B | $2.33B | $1.94B | $1.69B | $1.48B | $1.45B | $1.63B | $1.73B | $1.60B |
| Cost of revenue | $384.4M | $309.7M | $257.5M | $151.6M | $122.5M | $108.1M | $117.6M | $198.7M | $105.7M | $72.7M |
| Gross profit | $2.80B | $2.57B | $2.07B | $1.78B | $1.56B | $1.38B | $1.33B | $1.43B | $1.62B | $1.53B |
| R&D | $550.0M | $481.0M | $408.0M | $322.9M | $540.1M | $357.7M | $1.18B | $357.9M | $264.6M | $147.6M |
| SG&A | $755.8M | $709.7M | $477.1M | $482.1M | $467.0M | — | — | $265.8M | $330.1M | $316.8M |
| Total operating expenses | $1.69B | $1.50B | $1.14B | $956.6M | $1.13B | $889.7M | $1.64B | $822.4M | $910.4M | $537.1M |
| Operating income | $1.49B | $1.38B | $1.18B | $979.7M | $555.9M | $593.6M | -$187.6M | $805.4M | $814.9M | $1.06B |
| Interest expense | $19.5M | $42.9M | $59.3M | $32.4M | $18.6M | $23.5M | $44.2M | $13.9M | $9.0M | $3.9M |
| Pre-tax income | $1.71B | $1.54B | $1.27B | $950.6M | $593.9M | $638.9M | -$165.0M | $758.9M | $769.5M | $1.06B |
| Income tax | $379.2M | $343.9M | $289.5M | $223.3M | $118.1M | $124.1M | $60.5M | $169.7M | $351.6M | $346.5M |
| Net income | $1.33B | $1.20B | $984.8M | $727.3M | $475.8M | — | -$104.5M | $589.2M | $417.9M | $713.7M |
| EPS, basic | 30.13 | 26.44 | 21.04 | 15.98 | 10.60 | 11.65 | -2.39 | 13.54 | 9.50 | 16.29 |
| EPS, diluted | 27.86 | 24.64 | 19.81 | 15.00 | 10.06 | 11.54 | -2.39 | 13.39 | 9.31 | 15.25 |
| Shares, diluted (wtd. avg.) | $47.9M | $48.5M | $49.7M | $48.5M | $47.3M | $44.6M | $43.8M | $44.0M | $44.9M | $46.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.56B | $1.70B | $1.21B | $961.2M | $894.8M | $738.7M | $738.4M | $669.2M | $705.1M | $1.02B |
| Short-term investments | $1.36B | $1.57B | $1.79B | $1.88B | $1.04B | $1.10B | $747.5M | $746.7M | $222.3M | $27.8M |
| Receivables | $350.2M | $279.3M | $278.9M | $220.4M | $198.7M | $157.4M | $151.4M | $175.7M | $297.1M | $214.5M |
| Inventory | $183.1M | $157.9M | $111.8M | $102.0M | $93.8M | $86.5M | $93.4M | $101.0M | $107.9M | $100.0M |
| Total current assets | $3.70B | $3.87B | $3.55B | $3.38B | $2.32B | $2.17B | $1.86B | $1.77B | $1.45B | $1.42B |
| Property, plant and equipment | $1.73B | $1.22B | $1.05B | $861.5M | $780.9M | $731.6M | $738.5M | $699.7M | $545.7M | $489.3M |
| Goodwill | $32.3M | $32.3M | $33.7M | $28.0M | $28.0M | $28.0M | $28.0M | $31.5M | $13.7M | $10.3M |
| Total assets | $7.88B | $7.36B | $7.17B | $6.04B | $5.17B | $4.62B | $3.91B | $3.40B | $2.88B | $2.33B |
| Accounts payable | $7.1M | $6.0M | $5.6M | $4.1M | $3.8M | $4.1M | $9.9M | $23.1M | $8.4M | $8.1M |
| Total current liabilities | $560.6M | $738.1M | $804.4M | $343.2M | $305.4M | $323.3M | $463.0M | $276.6M | $444.7M | $332.5M |
| Total liabilities | $783.8M | $920.0M | $1.18B | $1.25B | $1.21B | $1.22B | $1.13B | $593.2M | $758.4M | $463.4M |
| Retained earnings | $8.56B | $7.22B | $6.03B | $5.04B | $4.32B | $3.84B | $3.33B | $3.43B | $2.85B | $2.43B |
| Total equity | $7.10B | $6.44B | $5.98B | $4.80B | $3.96B | $3.40B | $2.78B | $2.79B | $2.10B | $1.85B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.56B | $1.33B | $978.0M | $802.5M | $598.2M | $755.7M | -$206.6M | $778.4M | $474.2M | $643.6M |
| Depreciation and amortisation | $85.6M | $72.5M | $53.2M | $51.3M | $49.9M | $49.9M | $45.9M | $35.9M | $31.0M | $31.6M |
| Stock-based compensation | $147.7M | $144.0M | $39.1M | $106.8M | $138.5M | $163.8M | $45.4M | -$26.4M | $73.5M | $12.1M |
| Capital expenditure | $520.5M | $246.5M | $230.4M | $138.8M | $120.8M | $59.3M | $83.7M | $184.4M | $86.3M | $38.0M |
| Investing cash flow | -$551.3M | $417.2M | -$719.6M | -$811.5M | -$486.9M | -$738.5M | -$335.4M | -$820.6M | -$835.6M | $48.3M |
| Financing cash flow | -$1.15B | -$1.25B | -$11.9M | $75.4M | $44.8M | -$16.9M | $611.2M | $6.3M | $43.3M | -$497.7M |
| Buybacks | $1.00B | $1.00B | $0 | $0 | — | — | — | — | $250.0M | $500.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001082554-26-000009.
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