United Therapeutics Corporation (UTHR) 10-Year Financial Performance & Capital Metrics

UTHR • • Industrial / General

HealthcareBiotechnologyMetabolic & Liver DiseasesPulmonary & Cardiovascular Diseases

AboutUnited 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 internationally. Its commercial therapies include Remodulin to treat patients with pulmonary arterial hypertension (PAH) to diminish symptoms associated with exercise; Tyvaso, an inhaled formulation of prostacyclin analogue treprostinil to enhance the exercise ability in PAH patients and pulmonary hypertension associated with interstitial lung disease (PH-ILD); Orenitram, a tablet dosage form of treprostinil to enhance the exercise capacity in PAH patients; Unituxin, a monoclonal antibody for treating high-risk neuroblastoma; and Adcirca, an oral PDE-5 inhibitor to enhance the exercise ability in PAH patients. The company also engages in developing Tyvaso DPI, a dry powder inhalation form of Tyvaso; Remunity Pump, a small, lightweight, durable pump and separate controller; RemoPro and Ralinepag for the treatment of PAH; Aurora-GT, a gene therapy product to rebuild the blood vessels in the lungs; and Tyvaso PERFECT and TETON studies, which are the studies of Tyvaso in patients with World Health Organization (WHO) Group 3 pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD). It has licensing and collaboration agreements with DEKA Research & Development Corp. to develop a semi-disposable system for the subcutaneous delivery of treprostinil; MannKind Corporation to develop and license treprostinil inhalation powder and the Dreamboat device; and Arena Pharmaceuticals, Inc. to develop Ralinepag. The company was incorporated in 1996 and is headquartered in Silver Spring, Maryland.Show more

Revenue $2.88B +23.6%
EBITDA $1.45B +17.1%
Net Income $1.2B +21.4%
EPS (Diluted) 24.64 +24.4%
Gross Margin 89.24% +0.3%
EBITDA Margin 50.38% -5.3%
Operating Margin 47.86% -6.0%
Net Margin 41.53% -1.8%
ROE 19.23% +5.3%
ROIC 19.63% +11.7%
Debt/Equity 0.05 -60.2%
Interest Coverage 32.10 +60.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 37.6% free cash flow margin
✓Momentum leader: RS Rating 81 (top 19%)
✓Strong 5Y sales CAGR of 14.7%
✓Good 3Y average ROE of 18.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.37%

5Y14.71%

3Y19.52%

TTM13.5%

Profit (Net Income) CAGR

10Y13.39%

5Y-

3Y35.93%

TTM14.47%

EPS CAGR

10Y14.65%

5Y-

3Y34.8%

TTM15.9%

ROCE

10Y Avg24.85%

5Y Avg17.37%

3Y Avg19.8%

Latest21.2%

Peer Comparison

Pulmonary & Cardiovascular Diseases

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UTHRUnited Therapeutics Corporation	20.32B	471.99	19.16	23.63%	40.65%	19.3%	5.32%	0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.47B	1.6B	1.73B	1.63B	1.45B	1.48B	1.69B	1.94B	2.33B	2.88B
Revenue Growth %	0.14%	0.09%	0.08%	-0.06%	-0.11%	0.02%	0.14%	0.15%	0.2%	0.24%
Cost of Goods Sold+	69.04M	72.7M	105.7M	198.7M	117.6M	108.1M	122.5M	146.7M	257.5M	309.7M
COGS % of Revenue	0.05%	0.05%	0.06%	0.12%	0.08%	0.07%	0.07%	0.08%	0.11%	0.11%
Gross Profit+	1.4B	1.53B	1.62B	1.43B	1.33B	1.38B	1.56B	1.79B	2.07B	2.57B
Gross Margin %	0.95%	0.95%	0.94%	0.88%	0.92%	0.93%	0.93%	0.92%	0.89%	0.89%
Gross Profit Growth %	0.2%	0.09%	0.06%	-0.12%	-0.07%	0.03%	0.14%	0.14%	0.16%	0.24%
Operating Expenses+	697.71M	464.4M	594.7M	623.7M	1.52B	781.6M	1.01B	809.9M	885.1M	1.19B
OpEx % of Revenue	0.48%	0.29%	0.34%	0.38%	1.05%	0.53%	0.6%	0.42%	0.38%	0.41%
Selling, General & Admin	452.61M	316.8M	330.1M	265.8M	336.2M	423.9M	467M	487M	477.1M	638.6M
SG&A % of Revenue	0.31%	0.2%	0.19%	0.16%	0.23%	0.29%	0.28%	0.25%	0.2%	0.22%
Research & Development	245.1M	147.6M	264.6M	357.9M	1.18B	357.7M	540.1M	322.9M	408M	481M
R&D % of Revenue	0.17%	0.09%	0.15%	0.22%	0.82%	0.24%	0.32%	0.17%	0.18%	0.17%
Other Operating Expenses	157K	2.4M	0	0	0	0	0	0	0	71.1M
Operating Income+	699.01M	1.06B	814.9M	805.4M	-187.6M	593.6M	555.9M	979.7M	1.18B	1.38B
Operating Margin %	0.48%	0.66%	0.47%	0.49%	-0.13%	0.4%	0.33%	0.51%	0.51%	0.48%
Operating Income Growth %	0.3%	0.52%	-0.23%	-0.01%	-1.23%	4.16%	-0.06%	0.76%	0.21%	0.16%
EBITDA+	731.94M	1.09B	845.9M	841.3M	-141.7M	643.5M	605.8M	1.03B	1.24B	1.45B
EBITDA Margin %	0.5%	0.68%	0.49%	0.52%	-0.1%	0.43%	0.36%	0.53%	0.53%	0.5%
EBITDA Growth %	0.28%	0.49%	-0.23%	-0.01%	-1.17%	5.54%	-0.06%	0.7%	0.2%	0.17%
D&A (Non-Cash Add-back)	32.92M	31.6M	31M	35.9M	45.9M	49.9M	49.9M	51.3M	53.2M	72.5M
EBIT	1.05B	1.06B	1.02B	802.5M	-120.8M	596.4M	686.9M	989M	1.33B	1.58B
Net Interest Income+	-4.7M	-400K	1.9M	14.7M	0	5.1M	-1.9M	12.8M	103.4M	156.2M
Interest Income	0	3.5M	10.9M	28.6M	44.2M	28.6M	16.7M	45.2M	162.7M	199.1M
Interest Expense	4.74M	3.9M	9M	13.9M	44.2M	23.5M	18.6M	32.4M	59.3M	42.9M
Other Income/Expense	345.42M	-1.5M	-45.4M	-46.5M	22.6M	45.3M	38M	-29.1M	89.4M	162M
Pretax Income+	1.04B	1.06B	769.5M	758.9M	-165M	638.9M	593.9M	950.6M	1.27B	1.54B
Pretax Margin %	0.71%	0.66%	0.45%	0.47%	-0.11%	0.43%	0.35%	0.49%	0.55%	0.53%
Income Tax+	392.8M	346.5M	351.6M	169.7M	-60.5M	124.1M	118.1M	223.3M	289.5M	343.9M
Effective Tax Rate %	0.62%	0.67%	0.54%	0.78%	0.63%	0.81%	0.8%	0.77%	0.77%	0.78%
Net Income+	651.64M	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B
Net Margin %	0.44%	0.45%	0.24%	0.36%	-0.07%	0.35%	0.28%	0.38%	0.42%	0.42%
Net Income Growth %	0.92%	0.1%	-0.41%	0.41%	-1.18%	5.93%	-0.08%	0.53%	0.35%	0.21%
Net Income (Continuing)	651.64M	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	12.72	15.25	9.31	13.39	-2.39	11.54	10.06	15.00	19.81	24.64
EPS Growth %	1.03%	0.2%	-0.39%	0.44%	-1.18%	5.83%	-0.13%	0.49%	0.32%	0.24%
EPS (Basic)	14.17	16.29	9.50	13.54	-2.39	11.65	10.60	15.98	21.04	26.44
Diluted Shares Outstanding	51.22M	46.8M	44.9M	44M	43.8M	44.6M	47.3M	48.5M	49.7M	48.5M
Basic Shares Outstanding	46M	43.8M	44M	43.5M	43.8M	44.2M	44.9M	45.5M	46.8M	45.2M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.28B	1.42B	1.45B	1.77B	1.86B	2.17B	2.32B	3.38B	3.55B	3.87B
Cash & Short-Term Investments	953.8M	1.05B	927.4M	1.42B	1.49B	1.83B	1.93B	2.84B	2.99B	3.27B
Cash Only	831.8M	1.02B	705.1M	669.2M	738.4M	738.7M	894.8M	961.2M	1.21B	1.7B
Short-Term Investments	122M	27.8M	222.3M	746.7M	747.5M	1.1B	1.04B	1.88B	1.79B	1.57B
Accounts Receivable	192.83M	214.5M	297.1M	175.7M	151.4M	157.4M	198.7M	220.4M	278.9M	279.3M
Days Sales Outstanding	48.02	48.97	62.85	39.4	38.14	38.73	43.03	41.55	43.74	35.43
Inventory	81.33M	100M	107.9M	101M	93.4M	86.5M	93.8M	102M	111.8M	157.9M
Days Inventory Outstanding	430.02	502.06	372.6	185.53	289.89	292.07	279.49	253.78	158.47	186.09
Other Current Assets	169.38M	59.5M	115.5M	75.4M	-633.7M	88.3M	100.4M	219.2M	166.2M	169.7M
Total Non-Current Assets+	909.11M	900.8M	1.43B	1.63B	2.05B	2.45B	2.85B	2.66B	3.62B	3.49B
Property, Plant & Equipment	495.77M	489.3M	545.7M	699.7M	738.5M	731.6M	780.9M	861.5M	1.05B	1.22B
Fixed Asset Turnover	2.96x	3.27x	3.16x	2.33x	1.96x	2.03x	2.16x	2.25x	2.23x	2.35x
Goodwill	10.26M	10.3M	13.7M	31.5M	28M	28M	28M	28M	33.7M	32.3M
Intangible Assets	18.11M	23.5M	31.9M	139.3M	130.3M	130.1M	16.6M	16.5M	80.5M	79.6M
Long-Term Investments	38M	2.3M	502.7M	442.6M	767.5M	1.15B	1.65B	1.32B	1.91B	1.48B
Other Non-Current Assets	154.2M	197.1M	224.1M	224.2M	154.6M	169.9M	108.2M	114.3M	151.8M	222.1M
Total Assets+	2.18B	2.33B	2.88B	3.4B	3.91B	4.62B	5.17B	6.04B	7.17B	7.36B
Asset Turnover	0.67x	0.69x	0.60x	0.48x	0.37x	0.32x	0.33x	0.32x	0.32x	0.39x
Asset Growth %	0.16%	0.06%	0.24%	0.18%	0.15%	0.18%	0.12%	0.17%	0.19%	0.03%
Total Current Liabilities+	440.82M	332.5M	444.7M	276.6M	463M	323.3M	305.4M	343.2M	804.4M	738.1M
Accounts Payable	7.5M	8.1M	8.4M	23.1M	9.9M	4.1M	3.8M	4.1M	5.6M	6M
Days Payables Outstanding	39.65	40.67	29.01	42.43	30.73	13.84	11.32	10.2	7.94	7.07
Short-Term Debt	5.39M	0	0	0	250M	0	0	0	400M	300M
Deferred Revenue (Current)	1000K	0	0	0	1000K	0	0	0	0	0
Other Current Liabilities	42.84M	293.8M	401.7M	215.6M	-141.4M	20.4M	248M	13M	40.5M	432.1M
Current Ratio	2.89x	4.29x	3.26x	6.39x	4.03x	6.70x	7.61x	9.85x	4.41x	5.25x
Quick Ratio	2.71x	3.98x	3.01x	6.03x	3.83x	6.44x	7.30x	9.55x	4.28x	5.03x
Cash Conversion Cycle	438.38	510.37	406.44	182.49	297.31	316.96	311.19	285.13	194.27	214.45
Total Non-Current Liabilities+	143.97M	130.9M	313.7M	316.6M	670M	896.5M	904.8M	904.6M	377.8M	181.9M
Long-Term Debt	0	0	250M	250M	600M	800M	800M	800M	300M	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	143.97M	130.9M	63.7M	66.6M	70M	96.5M	104.8M	104.6M	77.8M	181.9M
Total Liabilities	584.8M	463.4M	777.6M	612.4M	1.13B	1.22B	1.21B	1.25B	1.18B	920M
Total Debt+	5.39M	0	250M	250M	850M	800M	800M	800M	700M	300M
Net Debt	-826.41M	-1.02B	-455.1M	-419.2M	111.6M	61.3M	-94.8M	-161.2M	-507.7M	-1.4B
Debt / Equity	0.00x	-	0.12x	0.09x	0.31x	0.24x	0.20x	0.17x	0.12x	0.05x
Debt / EBITDA	0.01x	-	0.30x	0.30x	-	1.24x	1.32x	0.78x	0.57x	0.21x
Net Debt / EBITDA	-1.13x	-0.94x	-0.54x	-0.50x	-	0.10x	-0.16x	-0.16x	-0.41x	-0.96x
Interest Coverage	147.63x	272.23x	90.54x	57.94x	-4.24x	25.26x	29.89x	30.24x	19.98x	32.10x
Total Equity+	1.6B	1.86B	2.1B	2.79B	2.78B	3.4B	3.96B	4.8B	5.98B	6.44B
Equity Growth %	0.26%	0.16%	0.13%	0.33%	-0%	0.22%	0.17%	0.21%	0.25%	0.08%
Book Value per Share	31.23	39.79	46.81	63.38	63.48	76.13	83.70	98.90	120.42	132.87
Total Shareholders' Equity	1.6B	1.86B	2.1B	2.79B	2.78B	3.4B	3.96B	4.8B	5.98B	6.44B
Common Stock	690K	700K	700K	700K	700K	700K	700K	700K	700K	800K
Retained Earnings	1.72B	2.43B	2.85B	3.43B	3.33B	3.84B	4.32B	5.04B	6.03B	7.22B
Treasury Stock	-1.9B	-2.38B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-2.58B	-3.47B
Accumulated OCI	-20.4M	-16.8M	-19.6M	-7.9M	-14.2M	-14.2M	-23M	-55.5M	-12.8M	-3.4M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	382.8M	643.6M	474.2M	778.4M	-206.6M	755.7M	598.2M	802.5M	978M	1.33B
Operating CF Margin %	0.26%	0.4%	0.27%	0.48%	-0.14%	0.51%	0.35%	0.41%	0.42%	0.46%
Operating CF Growth %	0.08%	0.68%	-0.26%	0.64%	-1.27%	4.66%	-0.21%	0.34%	0.22%	0.36%
Net Income	651.6M	713.7M	417.9M	589.2M	-104.5M	514.8M	475.8M	727.3M	984.8M	1.2B
Depreciation & Amortization	32.9M	31.6M	31M	35.9M	45.9M	49.9M	49.9M	51.3M	53.2M	72.5M
Stock-Based Compensation	280.3M	12.1M	73.5M	-26.4M	45.4M	163.8M	138.5M	106.8M	39.1M	144M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	-379.9M	3.6M	30.2M	55.3M	-15.1M	-35.9M	108.2M	58.3M	-1.3M	-24.3M
Working Capital Changes	-202.1M	-117.4M	-78.4M	124.4M	-178.3M	63.1M	-174.2M	-141.2M	-97.8M	-60.2M
Change in Receivables	-30.5M	-21.7M	-82.7M	121.4M	24.4M	-6M	-41.3M	-21.7M	-58.5M	-400K
Change in Inventory	-6.8M	-24.5M	-500K	9.3M	12.9M	10.3M	-7.5M	-13.4M	-13.6M	-46.9M
Change in Payables	16.97M	600K	66.2M	0	0	0	0	0	0	0
Cash from Investing+	503.6M	48.3M	-835.6M	-820.6M	-335.4M	-738.5M	-486.9M	-811.5M	-719.6M	417.2M
Capital Expenditures	-49.79M	-43.2M	-86.3M	-184.4M	-83.7M	-59.3M	-120.8M	-138.8M	-230.4M	-246.5M
CapEx % of Revenue	0.03%	0.03%	0.05%	0.11%	0.06%	0.04%	0.07%	0.07%	0.1%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	350M	0	8.3M	-46M	0	2.4M	0	3.5M	-23M	-28.5M
Cash from Financing+	-447M	-497.7M	43.3M	6.3M	611.2M	-16.9M	44.8M	75.4M	-11.9M	-1.25B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	80.7M	11.1M	43.3M	6.3M	13.3M	36.8M	55.6M	86.8M	101.9M	157.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	333.01M	600.4M	387.9M	594M	-290.3M	696.4M	477.4M	663.7M	747.6M	1.08B
FCF Margin %	0.23%	0.38%	0.22%	0.36%	-0.2%	0.47%	0.28%	0.34%	0.32%	0.38%
FCF Growth %	0.08%	0.8%	-0.35%	0.53%	-1.49%	3.4%	-0.31%	0.39%	0.13%	0.45%
FCF per Share	6.50	12.83	8.64	13.50	-6.63	15.61	10.09	13.68	15.04	22.28
FCF Conversion (FCF/Net Income)	0.59x	0.90x	1.13x	1.32x	1.98x	1.47x	1.26x	1.10x	0.99x	1.11x
Interest Paid	1M	1.5M	7.5M	9.4M	41M	20.7M	16.2M	29.1M	56M	40.2M
Taxes Paid	293.3M	362.4M	346.9M	102.7M	120.2M	92.8M	153.3M	275.7M	332.5M	400.6M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	45.49%	41.23%	21.08%	24.1%	-3.75%	16.67%	12.94%	16.61%	18.27%	19.23%
Return on Invested Capital (ROIC)	59.32%	98.77%	49.17%	30.08%	-5.35%	14.03%	11.39%	17.29%	17.58%	19.63%
Gross Margin	95.29%	95.45%	93.87%	87.79%	91.88%	92.71%	92.73%	92.42%	88.94%	89.24%
Net Margin	44.46%	44.64%	24.22%	36.2%	-7.21%	34.71%	28.23%	37.56%	42.31%	41.53%
Debt / Equity	0.00x	-	0.12x	0.09x	0.31x	0.24x	0.20x	0.17x	0.12x	0.05x
Interest Coverage	147.63x	272.23x	90.54x	57.94x	-4.24x	25.26x	29.89x	30.24x	19.98x	32.10x
FCF Conversion	0.59x	0.90x	1.13x	1.32x	1.98x	1.47x	1.26x	1.10x	0.99x	1.11x
Revenue Growth	13.76%	9.08%	7.91%	-5.65%	-11%	2.38%	13.63%	14.88%	20.2%	23.63%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Tyvaso	470.07M	404.6M	372.9M	-	-	-	607.5M	873M	1.23B	1.62B
Tyvaso Growth	-	-13.93%	-7.83%	-	-	-	-	43.70%	41.32%	31.34%
Remodulin	572.79M	602.3M	670.9M	599M	587M	516.7M	513.7M	500.2M	494.8M	538.1M
Remodulin Growth	-	5.15%	11.39%	-10.72%	-2.00%	-11.98%	-0.58%	-2.63%	-1.08%	8.75%
Orenitram	118.43M	157.2M	185.8M	205.1M	225.3M	293.1M	306.1M	325.1M	359.4M	434.3M
Orenitram Growth	-	32.73%	18.19%	10.39%	9.85%	30.09%	4.44%	6.21%	10.55%	20.84%
Unituxin	20.44M	62.5M	76M	84.8M	113.7M	122.9M	202.3M	182.9M	198.9M	238.7M
Unituxin Growth	-	205.73%	21.60%	11.58%	34.08%	8.09%	64.61%	-9.59%	8.75%	20.01%
Adcirca	278.83M	372.2M	419.7M	323.7M	107.2M	67.3M	55.9M	-	28.9M	23.8M
Adcirca Growth	-	33.49%	12.76%	-22.87%	-66.88%	-37.22%	-16.94%	-	-	-17.65%
Product and Service, Other	-	-	-	-	-	-	-	13.8M	11.8M	22.1M
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-14.49%	87.29%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	-	1.41B	1.56B	1.81B	2.2B	2.74B
UNITED STATES Growth	-	-	-	-	-	-	10.77%	15.98%	21.39%	24.41%
Non-US	-	-	-	-	-	-	121.3M	122.2M	125.3M	137.7M
Non-US Growth	-	-	-	-	-	-	-	0.74%	2.54%	9.90%
European Union And Others	112.76M	136.9M	188.5M	99.6M	125.6M	71.2M	-	-	-	-
European Union And Others Growth	-	21.41%	37.69%	-47.16%	26.10%	-43.31%	-	-	-	-
U	1.35B	1.46B	1.54B	1.53B	1.32B	-	-	-	-	-
U Growth	-	8.05%	5.12%	-0.56%	-13.41%	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

United Therapeutics Corporation (UTHR) has a price-to-earnings (P/E) ratio of 19.2x. This is roughly in line with market averages.

Growth & Financials

United Therapeutics Corporation (UTHR) reported $3.13B in revenue for fiscal year 2024. This represents a 321% increase from $743.2M in 2011.

United Therapeutics Corporation (UTHR) grew revenue by 23.6% over the past year. This is strong growth.

Yes, United Therapeutics Corporation (UTHR) is profitable, generating $1.27B in net income for fiscal year 2024 (41.5% net margin).

Dividend & Returns

United Therapeutics Corporation (UTHR) has a return on equity (ROE) of 19.2%. This is reasonable for most industries.

United Therapeutics Corporation (UTHR) generated $1.12B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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