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what it is
United Therapeutics sells lung and rare-disease drugs, with one inhaled therapy doing most of the work.
how it gets paid
FY2025 total revenues $3,182.7M. Total Tyvaso $1,878.2M (~59% of revenue); Tyvaso DPI alone was $1,292.5M in the same tables (Feb 2026 release).
why it's growing
Total revenues grew about 11% YoY; diluted EPS rose to $27.86 from $24.64. Q4 2025 total revenues were $790.2M (+7% vs $735.9M in Q4 2024) with diluted EPS $7.70.
what just happened
Q4 2025 total revenues $790.2M (+7% YoY) with diluted EPS $7.70—pull gross margin from the audited statements; do not confuse one quarter’s revenue with FY revenue.
At a glance
A balance sheet — strong enough to weather a downturn
90/100 earnings predictability — you can trust these numbers
17.5x trailing p/e — the market's not buying it — or you found a deal
17.0% return on capital — nothing to write home about
xvary composite: 75/100 — average
What they do
United Therapeutics sells lung and rare-disease drugs, with one inhaled therapy doing most of the work.
Total Tyvaso was ~59% of FY2025 revenue; Orenitram, Remodulin, and Unituxin split most of the remainder with smaller lines after that. Concentration is the thesis—any Tyvaso slowdown hits the whole income statement. Verify operating margin in the latest 10-K; specialty pharma often prints elite GAAP margins, but the exact percentage belongs in the filing, not a rounded hero guess.
How they make money
$3.18B
FY2025 total revenues · up ~+11% vs FY2024
Total Tyvaso
$1.88B
+16%
Orenitram
$497M
+14%
Remodulin
$527M
−2%
Unituxin
$227M
−5%
Adcirca, other products & misc.
~$54M
—
The products that matter
inhaled pulmonary hypertension therapy
Tyvaso
$1.88B · ~59% of FY2025 revenue
Total Tyvaso revenue ($1,878.2M) is the franchise inside $3,182.7M total revenues—every label expansion and DPI uptake datapoint moves the whole equity story.
core engine
commercial portfolio beyond Tyvaso
Other commercial products
~$1.30B · ~41% of sales
Orenitram, Remodulin, Unituxin, Adcirca, and smaller lines combine to the remainder after Total Tyvaso—still a treprostinil-heavy book, but not a single-line monopoly.
diversifier
clinical pipeline and organ tech
Pipeline and transplant platform
future growth case
future upside has to come from assets beyond the ~$1.88B Tyvaso revenue base, because that line still accounts for ~59% of FY2025 sales.
option value
Key numbers
$562
18m target
That target sits 19% above $473.66. You are not buying a lottery ticket here.
90
predictability
A 90 score says earnings have been unusually steady. Fewer surprises usually means fewer nasty gaps.
46.9%
operating margin
Nearly half of revenue survives after running the business. That is strong cash conversion for a drug maker.
~88%
gross margin
Specialty pharma often prints very high gross margin; quote the exact FY2025 GAAP line from the 10-K before treating any rounded headline as gospel.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- net profit margin ~42% — net income ≈ $1.33B on $3.18B revenue (FY2025 release)
- return on equity 17% — $0.17 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in UTHR 3 years ago → it's now worth $18,500.
The index would have given you $13,880.
source: institutional data · total return
What just happened
Q4 / FY 2025
Q4 2025 total revenues $790.2M (+7% YoY); diluted EPS $7.70.
FY2025 total revenues $3,182.7M (+11%); diluted EPS $27.86 vs $24.64 prior year. Total Tyvaso revenue grew 16% to $1,878.2M—concentration risk is the story, not triple-digit quarterly growth fantasies.
$790.2M
Q4 revenue
$27.86
FY diluted EPS
$1.88B
Total Tyvaso FY
the number that mattered
Tyvaso revenue scale (~59% of sales) plus double-digit FY revenue growth is what lets United reinvest—watch DPI uptake and payer dynamics more than noisy quarter-over-quarter scrapes.
-
united therapeutics likely closed out 2025 with continued top-line momentum.
-
the company almost certainly delivered record revenue for the full year, as each of the first three quarters featured successive record performances.united’s strong commercial foundation remains anchored by its lead pulmonary hypertension treprostinil therapy, tyvaso, which generated in excess of $1.41 billion in revenue through the first nine months of the year. far from being a one-trick pony, united supplements its blockbuster product with consistent performance out of remodulin and orenitram, two additional treprostinil therapies that combined for over $775 million in revenue through the septemberinterim.
-
indeed, this foundation has led to 13-consecutive quarters of double-digit top-line growth.after achieving overwhelmingly positive teton-2 phase iii results for nebulized tyvaso in the treatment of idiopathic pulmonary fibrosis (ipf), united awaits additional teton-1 data this spring.
-
the early september release of the teton-2 data propelled uthr stock immediately higher toward recent levels that are 50% above those of august.the teton-2 data met its primary efficacy endpoint of demonstrating improvement in absolute forced vital capacity (fvc) relative to placebo. united intends to soon layer in pending data from an ongoing teton-1 study of nebulized tyvaso to support a supplemental new drug application to add ipf as a labeled indication for the drug. ipf currently remains a progressive disease offering few available treatment options for tens of thousands of patients.
-
united announced positive results from a phase i study of miroliverelap, an external liver assist product, for patients with acute liver failure (alf).the single-use bioengineered liver is sustained outside of the human body and provides temporary liver support to alf patients.
P0: United Therapeutics Q4 and full year 2025 results (Feb 25, 2026) — United Therapeutics IR (see also Form 10-K)
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What could go wrong
the #1 risk is Tyvaso concentration and the race to extend that franchise beyond pulmonary arterial hypertension.
med
one drug still carries the story
Tyvaso produced $1.8B and 56% of total revenue. When one product does that much work, reimbursement pressure, competition, or slower prescription growth stop being side issues.
56% of the $3.2B revenue base is tied to a single franchise.
med
TETON-1 can still disappoint
TETON-2 was positive in idiopathic pulmonary fibrosis, but investors still need additional TETON-1 data. If the follow-up readout underwhelms, the next growth leg looks thinner fast.
A weak readout would leave the company leaning harder on the existing $1.8B Tyvaso franchise.
med
generic competition is an eventual math problem
The stock looks inexpensive partly because the market knows exclusivity clocks run out. Tyvaso does not need to fall apart tomorrow for this to matter. It just needs to look less untouchable.
Any loss of pricing power would directly pressure a 35.4% net margin and the franchise that generated $1.8B last year.
med
the science platform is real, but still early
Programs like miroliverelap and xenotransplantation make the story more interesting. They do not yet diversify the current revenue base in a way you can underwrite with confidence.
Today, the investment case still rests on the commercial drug portfolio that produced $3.2B in revenue.
If pipeline expansion slips and Tyvaso remains above half of revenue, the stock stops looking cheap and starts looking correctly cautious.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
TETON-1 data readout
TETON-2 already hit its endpoint. The next question is whether TETON-1 confirms Tyvaso's expansion case in idiopathic pulmonary fibrosis.
metric
Tyvaso share of revenue
56% of sales from one drug is fine while the franchise is growing. It is less fine if that percentage stays high because nothing else scales.
trend
double-digit growth streak
The company has delivered 13 consecutive quarters of double-digit top-line growth. See whether that streak survives the next few prints.
risk
exclusivity and competitive noise
The valuation stays reasonable as long as the market believes Tyvaso remains durable. Any sign of earlier competition changes that math fast.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance over the next year. in human-speak, they still like the setup.
risk profile
average
stability score 3 — this is not especially safe or especially fragile. The balance sheet helps. The concentration keeps it from feeling defensive.
chart momentum
top 5%
technical score 1 — the strongest chart rating. The market has been rewarding execution, not arguing with it.
earnings predictability
90 / 100
few companies in biotech print this consistently. That reliability is one reason the stock gets the benefit of the doubt.
source: institutional data
Institutional activity
314 buyers vs. 339 sellers in 3q2025. total institutional holdings: 41.5M shares.
source: institutional data
Price targets
3-5 year target range
$357
$767
$474
current price
$562
target midpoint · +19% from current · 3-5yr high: $645 (+35% · 8% ann'l return)
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