At a glance
United Therapeutics Corporation is worth $25.15B, about 21 times its fiscal 2025 earnings. Revenue grew 10.6% to $3.18B in fiscal 2025, with 41.9% kept as profit; over 5 years it has grown 16.5% a year. It pays no dividend; it spent $2.00B buying back its shares over FY2021–FY2025. The stock returned +41.2% over the past year with dividends reinvested and +25.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.2% in the 2020 crash (S&P 500: 33.7%) and 22.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 3 months after the lows.
The business in plain English
United Therapeutics makes drugs for rare diseases, chiefly pulmonary arterial hypertension (PAH), a life-threatening condition in which high pressure in the lungs' arteries strains the heart. Chairperson and CEO Martine Rothblatt founded it to find a cure for her daughter's PAH. The company estimates about 500,000 people worldwide have PAH. It is a public benefit corporation: its charter sets goals beyond profit, namely new medicines and technology that make more organs available for transplant.
Most revenue comes from treprostinil, a drug that mimics prostacyclin, a natural substance that relaxes the lungs' blood vessels. Patients inhale it (Tyvaso DPI, a dry-powder inhaler, or Nebulized Tyvaso), receive it by continuous infusion (Remodulin) or swallow it as a tablet (Orenitram). Both Tyvaso products are also approved for PH-ILD: pulmonary hypertension linked to interstitial lung disease, a group of conditions that scar the lungs. Its main customers are specialty pharmaceutical distributors in the United States.
In fiscal 2025, revenue was $3.18 billion. Tyvaso DPI supplied 40.6%, Nebulized Tyvaso 18.4%, Remodulin 16.6% and Orenitram 15.6%. Unituxin, for high-risk neuroblastoma, a childhood cancer, added 7.1%, and Adcirca, a PAH tablet, 0.9%. Abroad, it earns revenue only from Nebulized Tyvaso, Remodulin and Unituxin. Drugs in development target PAH and lung-scarring diseases such as idiopathic pulmonary fibrosis.
Price history
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UTHR +41.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Tyvaso DPI | $1.29B | 40.6% |
| Nebulized Tyvaso | $585.7M | 18.4% |
| Remodulin | $526.8M | 16.6% |
| Orenitram | $496.9M | 15.6% |
| Unituxin | $226.8M | 7.1% |
| Adcirca | $30.0M | 0.9% |
| Other | $24.0M | 0.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $783.3M, down 1.9% from a year earlier, and net income was $333.0M (+7.6%).
- For fiscal 2025, revenue was $3.18B (+10.6% year over year; +16.5% a year from FY2020 to FY2025) with a 41.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.5% good |
|---|---|
| Operating margin | 46.9% good |
| Free cash flow margin | 32.7% good |
| Return on equity (FY2025) | 18.8% good |
| Return on assets (FY2025) | 16.9% good |
| Cash and investments | $3.80B (debt isn’t tagged in a standard way in the filings, so net cash can’t be shown) |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.48B | $514.8M | $696.4M |
| FY2021 | $1.69B | $475.8M | $477.4M |
| FY2022 | $1.94B | $727.3M | $663.7M |
| FY2023 | $2.33B | $984.8M | $747.6M |
| FY2024 | $2.88B | $1.20B | $1.08B |
| FY2025 | $3.18B | $1.33B | $1.04B |
Valuation snapshot
| Market value | $25.15B |
|---|---|
| P/E ratio | 21.1 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
United Therapeutics’s market value went from $6.08B at the end of 2016 to $25.15B on Oct 28, 2026, about 4.1 times as much; since the end of 2025 it is up 20%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $25.15B | +19.9% |
| 2025 | $20.98B | +33.2% |
| 2024 | $15.75B | +52.4% |
| 2023 | $10.33B | -18.5% |
| 2022 | $12.67B | +30.2% |
| 2021 | $9.73B | +44.3% |
| 2020 | $6.75B | +74.5% |
| 2019 | $3.87B | -18.6% |
| 2018 | $4.75B | -25.8% |
| 2017 | $6.39B | +5.1% |
| 2016 | $6.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UTHR price data to Oct 28, 2026 | +20.4% | +41.2% | +38.8% | +25.0% | +17.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +20.4% |
| 2025 | +38.1% |
| 2024 | +60.5% |
| 2023 | -20.9% |
| 2022 | +28.7% |
| 2021 | +42.4% |
| 2020 | +72.3% |
| 2019 | -19.1% |
| 2018 | -26.4% |
| 2017 | +3.1% |
| 2016 | -8.4% |
| 2015 | +20.9% |
| 2014 | +14.5% |
| 2013 | +111.7% |
| 2012 | +13.1% |
| 2011 | -25.3% |
| 2010 | +20.1% |
| 2009 | +68.3% |
| 2008 | -35.9% |
| 2007 | +79.6% |
| 2006 | -21.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 5.2% over that stretch · deepest drop along the way 57.7%, back to its old high 13.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21.5% over that stretch · deepest drop along the way 31.2%, back to its old high 1.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.3% over that stretch · deepest drop along the way 22.3%, back to its old high 2.8 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 328 sales ($127.4M), 328 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 28, 2026 | Martine A Rothblatt Chairperson & CEO, Director | sell (plan) | $1.8M |
| Oct 26, 2026 | Martine A Rothblatt Chairperson & CEO, Director | sell (plan) | $1.6M |
| Oct 28, 2026 | Martine A Rothblatt Chairperson & CEO, Director | sell (plan) | $1.5M |
| Oct 9, 2026 | Martine A Rothblatt Chairperson & CEO, Director | sell (plan) | $1.4M |
| Oct 12, 2026 | Martine A Rothblatt Chairperson & CEO, Director | sell (plan) | $1.4M |
Who owns it
Large shareholders (13G filings)
| ROTHBLATT MARTINE A | 5.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.19% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.9% | Dec 31, 2024 |
| Wellington Management Group LLP | 3.2% | Jun 30, 2026 |
ETFs with the most weight in UTHR
| PBE Invesco Biotechnology & Genome ETF | 4.64% |
| FTXH First Trust Nasdaq Pharmaceuticals ETF | 3.77% |
| FBT First Trust NYSE Arca Biotechnology Index Fund | 3% |
| KONG Formidable Fortress ETF | 2.89% |
| XBI SPDR S&P Biotech ETF | 2.67% |
| HELX Franklin Genomic Advancements ETF | 2.58% |
| VNSE Natixis Vaughan Nelson Select ETF | 2.21% |
| FXH First Trust Health Care AlphaDEX Fund | 2.19% |
What could go wrong
- Heavy reliance on one drug, treprostinil. Four treprostinil drugs make up the vast majority of revenue; the two Tyvaso products alone were 59% in fiscal 2025. Lost approvals, changes in prescribing or dosing, or price pressure could cut sales sharply.
- Generics and rival PAH drugs. In PAH, the company competes with over fifteen branded and generic drugs, some from far bigger firms. A generic Adcirca, launched in August 2018, hurt sales badly; new generics or therapies could hit other products.
- Patents and license deals may not hold. Patents may not keep rivals from launching similar drugs, and others have alleged infringement. Tyvaso DPI was developed under a license from MannKind; if a license deal ends, rights to covered products could be lost.
- Drug-price laws and insurer pressure. Drug-price laws such as the Inflation Reduction Act, insurer coverage decisions, and government programs like Medicaid rebates and 340B discounts could lower prices or demand. Missteps in these programs could bring penalties.
- New drugs could fail in trials. The company is testing drugs for idiopathic pulmonary fibrosis, a lung-scarring disease, and other conditions. Trials can fail or stall; delays have sometimes led it to drop projects and record write-downs.
- Public benefit status adds trade-offs. The company became a public benefit corporation in 2021, so directors must balance shareholder interests with other goals, like serving patients. Decisions may not always put profit first, and the structure may invite more lawsuits.
Recent events
- Other company announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Other company announcement
- Major agreement signed; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
United Therapeutics pays no dividend, and its annual report says shareholders must rely on a rising share price for any return. That may not suit investors who need regular cash from their holdings, since income would have to come from selling shares. Instead, the company repurchases its own stock: $1.0 billion in fiscal 2024 and another $1.0 billion in fiscal 2025. The share count fell 4.8% between October 27, 2021, and July 29, 2026.
The stock has dropped sharply in market downturns, then bounced back. In the 2008 financial crisis it fell 57.7% from August to November 2008 and took about 14 months to recover, though over the market's full slide it lost only 5.2%. It fell 31.2% in the 2020 COVID crash, recovering in under two months, and 22.3% in the 2022 bear market, recovering by May 2022. Single stocks carry more risk than diversified funds, since one company's setback isn't cushioned by others.
Questions investors ask
Does United Therapeutics pay a dividend?
No. United Therapeutics paid no dividends from fiscal 2021 through fiscal 2025, and its annual report says shareholders must rely on a rising stock price for any return. It uses share buybacks instead, spending $1.0 billion in fiscal 2024 and $1.0 billion in fiscal 2025. Buybacks shrink the share count, which fell 4.8% between October 27, 2021, and July 29, 2026, but they don't deliver regular cash the way a dividend does.
How does United Therapeutics make money?
It markets prescription drugs, mostly for pulmonary arterial hypertension (PAH), a rare, life-threatening form of high blood pressure in the lungs. Fiscal 2025 revenue was $3.18 billion. Four forms of one drug, treprostinil, led: Tyvaso DPI (40.6%), Nebulized Tyvaso (18.4%), Remodulin (16.6%) and Orenitram (15.6%). Unituxin, a cancer drug, added 7.1%. In the United States, its main customers are specialty pharmaceutical distributors. Net income was $1.33 billion, or about 42 cents of profit per dollar of sales.
How has United Therapeutics stock performed over 10 years?
It has risen sharply, with big swings along the way. As of October 28, 2026, the share price was up 396% over 10 years, about 17.4% a year, and 205% over five years, about 25% a year. These are price returns, and there are no dividends to add. The ride was uneven: the stock lost 20.9% in 2023, then gained 60.5% in 2024. In the three years to that date, its deepest drop was 33%.
Who are United Therapeutics' main competitors?
United Therapeutics faces more than fifteen branded and generic PAH drugs, some from far larger firms. Its own drugs use two of the four drug pathways approved for PAH: treprostinil mimics prostacyclin, and Adcirca acts on the nitric oxide pathway. Rivals include drugs that block endothelin, a substance that narrows lung blood vessels, and Merck's Winrevair, the first activin signaling inhibitor, approved in March 2024. A generic version of Adcirca, launched in August 2018, badly hurt that drug's sales, which were $30 million in fiscal 2025.
What is United Therapeutics' P/E ratio?
About 21, as of October 28, 2026. The price-to-earnings (P/E) ratio shows how many dollars investors pay for each $1 of yearly profit. This one uses earnings of $27.86 per share for fiscal 2025, up from $11.54 in fiscal 2020. The company's stock market value was about $25.2 billion on that date. A P/E alone doesn't capture risks such as heavy reliance on treprostinil drugs or competition from generics.