UNITED THERAPEUTICS Corp UTHR

Healthcare SIC 2834 - Pharmaceutical Preparations NAICS Manufacturing › Chemical Manufacturing › Pharmaceutical and Medicine Manufacturing › Pharmaceutical Preparation Manufacturing derived Nasdaq

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.

Last close 587.50 2026-10-23
Market cap $25.20B 2026-06-30 share count
52-week range 409.07 - 609.35

Valuation FY2025 figures against the last close

P/S7.9x
P/E21.1x
P/FCF24.2x
EV/EBITDA16.0x
Dividend yield—
Diluted EPS27.86

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 30.1326.4421.0415.9810.6011.65-2.3913.549.5016.29
EPS, diluted 27.8624.6419.8115.0010.0611.54-2.3913.399.3115.25
Shares, diluted (wtd. avg.) 47.9M48.5M49.7M48.5M47.3M44.6M43.8M44.0M44.9M46.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B 4B Revenue, FY2016: 1.6B Gross profit, FY2016: 1.5B Net income, FY2016: 713.7M Revenue, FY2017: 1.7B Gross profit, FY2017: 1.6B Net income, FY2017: 417.9M Revenue, FY2018: 1.6B Gross profit, FY2018: 1.4B Net income, FY2018: 589.2M Revenue, FY2019: 1.4B Gross profit, FY2019: 1.3B Net income, FY2019: -104.5M Revenue, FY2020: 1.5B Gross profit, FY2020: 1.4B Revenue, FY2021: 1.7B Gross profit, FY2021: 1.6B Net income, FY2021: 475.8M Revenue, FY2022: 1.9B Gross profit, FY2022: 1.8B Net income, FY2022: 727.3M Revenue, FY2023: 2.3B Gross profit, FY2023: 2.1B Net income, FY2023: 984.8M Revenue, FY2024: 2.9B Gross profit, FY2024: 2.6B Net income, FY2024: 1.2B Revenue, FY2025: 3.2B Gross profit, FY2025: 2.8B Net income, FY2025: 1.3B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.60B $1.73B $1.63B $1.45B $1.48B $1.69B $1.94B $2.33B $2.88B $3.18B
Gross profit $1.53B $1.62B $1.43B $1.33B $1.38B $1.56B $1.78B $2.07B $2.57B $2.80B
Net income $713.7M $417.9M $589.2M -$104.5M — $475.8M $727.3M $984.8M $1.20B $1.33B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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