Revenue growth decelerated from 33.7% YoY in 2024Q1 to -1.9% in 2026Q2, while gross margin contracted from 89.2% to 87.3%, and operating margin fell from 52.6% to 42.2% as R&D and SG&A costs outpaced revenue.
United Therapeutics Corporation (UTHR) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 3.15B | 3.18B | 2.88B | 2.33B | 1.94B | 1.69B | 1.48B | 1.45B | 1.63B | 1.73B | 1.6B | 1.47B | 1.29B | 1.12B | 916.08M | 743.18M | 603.83M | 369.85M | 281.5M | 210.94M | 159.63M | 115.92M | 73.59M | 53.34M | 30.12M | 5.73M | 2.05M | 400K | 100K |
| Revenue Growth % | 2.49% | 10.61% | 23.63% | 20.2% | 14.88% | 13.63% | 2.38% | -11% | -5.65% | 7.91% | 9.08% | 13.76% | 15.36% | 21.93% | 23.26% | 23.08% | 63.26% | 31.39% | 33.45% | 32.14% | 37.71% | 57.51% | 37.96% | 77.09% | 425.5% | 179.7% | 412.31% | 300% | - |
| Cost of Goods Sold | 437.2M | 384.4M | 309.7M | 257.5M | 146.7M | 122.5M | 108.1M | 117.6M | 198.7M | 105.7M | 72.7M | 69.04M | 125.88M | 131.13M | 119.3M | 88.9M | 73.47M | 45.32M | 30.07M | 22.26M | 17.03M | 12.31M | 8.25M | 6.78M | 5.46M | 3.14M | 1.71M | 1.4M | 0 |
| COGS % of Revenue | - | 12.08% | 10.76% | 11.06% | 7.58% | 7.27% | 7.29% | 8.12% | 12.21% | 6.13% | 4.55% | 4.71% | 9.77% | 11.74% | 13.02% | 11.96% | 12.17% | 12.25% | 10.68% | 10.55% | 10.67% | 10.62% | 11.21% | 12.72% | 18.11% | 54.73% | 83.24% | 350% | - |
| Gross Profit | 2.72B | 2.8B | 2.57B | 2.07B | 1.79B | 1.56B | 1.38B | 1.33B | 1.43B | 1.62B | 1.53B | 1.4B | 1.16B | 985.86M | 796.78M | 654.28M | 530.37M | 324.53M | 251.43M | 188.68M | 142.6M | 103.6M | 65.34M | 46.56M | 24.66M | 2.59M | 343.47K | -1M | 100K |
| Gross Margin % | 86.14% | 87.92% | 89.24% | 88.94% | 92.42% | 92.73% | 92.71% | 91.88% | 87.79% | 93.87% | 95.45% | 95.29% | 90.23% | 88.26% | 86.98% | 88.04% | 87.83% | 87.75% | 89.32% | 89.45% | 89.33% | 89.38% | 88.79% | 87.28% | 81.89% | 45.27% | 16.76% | -250% | 100% |
| Gross Profit Growth % | - | 8.98% | 24.04% | 15.67% | 14.5% | 13.66% | 3.31% | -6.85% | -11.76% | 6.13% | 9.26% | 20.13% | 17.93% | 23.73% | 21.78% | 23.36% | 63.43% | 29.07% | 33.26% | 32.31% | 37.65% | 58.56% | 40.34% | 88.77% | 850.61% | 655.39% | 134.35% | -1100% | - |
| Operating Expenses | 1.31B | 1.28B | 1.19B | 885.1M | 809.9M | 1.01B | 781.6M | 1.52B | 623.7M | 594.7M | 464.4M | 697.71M | 623.84M | 693.36M | 375.13M | 336.5M | 366.36M | 298.53M | 333.49M | 182.38M | 113.62M | 60.71M | 52.13M | 58.08M | 42.67M | 49.53M | 81.84M | 34.4M | 13.4M |
| OpEx % of Revenue | - | 40.25% | 41.38% | 38.03% | 41.83% | 59.75% | 52.69% | 104.83% | 38.32% | 34.47% | 29.05% | 47.6% | 48.41% | 62.07% | 40.95% | 45.28% | 60.67% | 80.72% | 118.47% | 86.46% | 71.18% | 52.37% | 70.84% | 108.89% | 141.66% | 864.2% | 3993.84% | 8600% | 13400% |
| Selling, General & Admin | 730.9M | 731.1M | 638.6M | 477.1M | 487M | 467M | 423.9M | 336.2M | 265.8M | 330.1M | 316.8M | 452.61M | 381.29M | 394.01M | 201.75M | 156.48M | 199.6M | 176.34M | 94.31M | 99.03M | 54.03M | 24.66M | 21.53M | 22.67M | 15.89M | 16.94M | 11.74M | 5M | 2.4M |
| SG&A % of Revenue | - | 22.97% | 22.19% | 20.5% | 25.15% | 27.71% | 28.58% | 23.21% | 16.33% | 19.13% | 19.81% | 30.88% | 29.59% | 35.27% | 22.02% | 21.06% | 33.06% | 47.68% | 33.5% | 46.94% | 33.85% | 21.27% | 29.26% | 42.49% | 52.75% | 295.6% | 572.7% | 1250% | 2400% |
| Research & Development | 551.5M | 550M | 481M | 408M | 322.9M | 540.1M | 357.7M | 1.18B | 357.9M | 264.6M | 147.6M | 245.1M | 242.55M | 299.35M | 173.39M | 180.01M | 166.76M | 122.19M | 239.18M | 83.35M | 57.57M | 36.05M | 30.6M | 35.42M | 26.78M | 32.59M | 70.19M | 30.7M | 11M |
| R&D % of Revenue | - | 17.28% | 16.72% | 17.53% | 16.68% | 32.04% | 24.12% | 81.63% | 21.99% | 15.34% | 9.23% | 16.72% | 18.82% | 26.8% | 18.93% | 24.22% | 27.62% | 33.04% | 84.97% | 39.51% | 36.06% | 31.1% | 41.58% | 66.4% | 88.9% | 568.6% | 3425.03% | 7675% | 11000% |
| Other Operating Expenses | 1000K | 0 | 71.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.4M | 157K | 3.97M | 635K | 0 | 0 | 0 | 0 | 0 | 0 | 56.05M | 0 | 0 | 0 | 0 | 0 | -79.74K | -1.3M | 0 |
| Operating Income | 1.4B | 1.52B | 1.38B | 1.18B | 979.7M | 555.9M | 593.6M | -187.6M | 805.4M | 814.9M | 1.06B | 699.01M | 538.8M | 292.5M | 421.65M | 317.78M | 164M | 26M | -82.06M | 6.3M | 28.98M | 42.89M | 13.21M | -11.53M | -18M | -46.94M | -81.5M | -35.4M | -13.3M |
| Operating Margin % | 44.49% | 47.67% | 47.86% | 50.91% | 50.6% | 32.98% | 40.02% | -12.95% | 49.48% | 47.23% | 66.41% | 47.69% | 41.82% | 26.19% | 46.03% | 42.76% | 27.16% | 7.03% | -29.15% | 2.99% | 18.16% | 37% | 17.95% | -21.61% | -59.77% | -818.93% | -3977.08% | -8850% | -13300% |
| Operating Income Growth % | - | 10.18% | 16.21% | 20.95% | 76.24% | -6.35% | 416.42% | -123.29% | -1.17% | -23.25% | 51.89% | 29.74% | 84.21% | -30.63% | 32.68% | 93.76% | 530.76% | 131.69% | -1401.86% | -78.25% | -32.43% | 224.73% | 214.6% | 35.98% | 61.65% | 42.41% | -130.23% | -166.17% | - |
| EBITDA | 1.52B | 1.6B | 1.45B | 1.24B | 1.03B | 605.8M | 643.5M | -141.7M | 841.3M | 845.9M | 1.09B | 731.94M | 571.04M | 323.76M | 448.79M | 338.32M | 181.93M | 37.4M | -77.52M | 7.26M | 30.45M | 45.31M | 15.48M | -9.2M | -14.87M | -43.42M | -81.58M | -36.7M | -13.35M |
| EBITDA Margin % | 48.04% | 50.36% | 50.38% | 53.19% | 53.25% | 35.94% | 43.38% | -9.78% | 51.68% | 49.03% | 68.38% | 49.94% | 44.32% | 28.98% | 48.99% | 45.52% | 30.13% | 10.11% | -27.54% | 3.44% | 19.07% | 39.09% | 21.04% | -17.25% | -49.36% | -757.61% | -3980.97% | -9175% | -13346.2% |
| EBITDA Growth % | -0.81% | 10.58% | 17.07% | 20.09% | 70.19% | -5.86% | 554.13% | -116.84% | -0.54% | -22.63% | 49.37% | 28.17% | 76.38% | -27.86% | 32.65% | 85.97% | 386.5% | 148.24% | -1167.77% | -76.15% | -32.8% | 192.59% | 268.3% | 38.12% | 65.76% | 46.77% | -122.29% | -174.98% | - |
| D&A (Non-Cash Add-back) | 67.3M | 85.6M | 72.5M | 53.2M | 51.3M | 49.9M | 49.9M | 45.9M | 35.9M | 31M | 31.6M | 32.92M | 32.24M | 31.26M | 27.14M | 20.54M | 17.92M | 11.39M | 4.54M | 957K | 1.46M | 2.41M | 2.28M | 2.33M | 3.13M | 3.51M | -79.74K | -1.3M | 0 |
| EBIT | 1.58B | 1.73B | 1.58B | 1.33B | 989M | 686.9M | 596.4M | -120.8M | 802.5M | 1.02B | 1.06B | 1.05B | 542.77M | 292.5M | 457.31M | 320.48M | 174.86M | 31.64M | -72.28M | 18.76M | 28.98M | 47.55M | 15.45M | -11.53M | -18M | -46.94M | -81.5M | -35.36M | -13.35M |
| Net Interest Income | 150.9M | 172.5M | 156.2M | 103.4M | 12.8M | -1.9M | 5.1M | 0 | 14.7M | 1.9M | -400K | -4.7M | -17.6M | -14.23M | -12.7M | -17.92M | -16.77M | -7.73M | -414K | 11.43M | 10.22M | 5.33M | 2.98M | 2.32M | 4.84M | 9.85M | 10.57M | 0 | 0 |
| Interest Income | 162.9M | 192M | 199.1M | 162.7M | 45.2M | 16.7M | 28.6M | 44.2M | 28.6M | 10.9M | 3.5M | 0 | 0 | 3.83M | 3.94M | 3.45M | 2.94M | 5.15M | 11.03M | 13.6M | 10.7M | 5.36M | 2.99M | 2.44M | 4.95M | 10.02M | 10.69M | 0 | 0 |
| Interest Expense | 12M | 19.5M | 42.9M | 59.3M | 32.4M | 18.6M | 23.5M | 44.2M | 13.9M | 9M | 3.9M | 4.74M | 17.59M | 18.06M | 16.64M | 21.37M | 19.71M | 12.88M | 16K | 2.17M | 482K | 29K | 4K | 112K | 117K | 172.72K | 120.03K | 0 | 0 |
| Other Income/Expense | 169.6M | 196.7M | 162M | 89.4M | -29.1M | 38M | 45.3M | 22.6M | -46.5M | -45.4M | -1.5M | 345.42M | -13.6M | -13.6M | 19.02M | -18.66M | -16.17M | -7.23M | 9.76M | 10.28M | 10.93M | 4.63M | 2.24M | 1.56M | -5.65M | 9.65M | -4.68M | 63.5K | 546.2K |
| Pretax Income | 1.57B | 1.71B | 1.54B | 1.27B | 950.6M | 593.9M | 638.9M | -165M | 758.9M | 769.5M | 1.06B | 1.04B | 525.18M | 278.9M | 440.67M | 299.12M | 147.84M | 18.77M | -72.3M | 16.58M | 39.91M | 47.52M | 15.45M | -9.97M | -23.65M | -37.29M | -86.18M | -35.3M | -12.8M |
| Pretax Margin % | 49.87% | 53.85% | 53.49% | 54.75% | 49.09% | 35.24% | 43.07% | -11.39% | 46.62% | 44.6% | 66.31% | 71.26% | 40.76% | 24.97% | 48.1% | 40.25% | 24.48% | 5.07% | -25.68% | 7.86% | 25% | 41% | 20.99% | -18.69% | -78.52% | -650.55% | -4205.51% | -8825% | -12800% |
| Income Tax | 262.1M | 379.2M | 343.9M | 289.5M | 223.3M | 118.1M | 124.1M | -60.5M | 169.7M | 351.6M | 346.5M | 392.8M | 185.11M | 104.34M | 136.23M | 81.87M | 41.92M | -695K | -29.51M | -3.28M | -34.06M | -17.49M | 0 | 0 | 0 | -9.65M | -5.89M | -1.9M | 0 |
| Effective Tax Rate % | 16.66% | 22.12% | 22.35% | 22.72% | 23.49% | 19.89% | 19.42% | 36.67% | 22.36% | 45.69% | 32.68% | 37.61% | 35.25% | 37.41% | 30.91% | 27.37% | 28.36% | -3.7% | 40.82% | -19.76% | -85.34% | -36.81% | 0% | 0% | 0% | 25.88% | 6.84% | 5.38% | 0% |
| Net Income | 1.31B | 1.33B | 1.2B | 984.8M | 727.3M | 475.8M | 514.8M | -104.5M | 589.2M | 417.9M | 713.7M | 651.64M | 340.07M | 174.56M | 304.44M | 217.87M | 105.92M | 19.46M | -42.79M | 19.86M | 73.97M | 65.02M | 15.45M | -9.97M | -23.65M | -37.29M | -75.61M | -33.5M | -12.8M |
| Net Margin % | 41.56% | 41.94% | 41.53% | 42.31% | 37.56% | 28.23% | 34.71% | -7.21% | 36.2% | 24.22% | 44.64% | 44.46% | 26.39% | 15.63% | 33.23% | 29.32% | 17.54% | 5.26% | -15.2% | 9.41% | 46.33% | 56.09% | 20.99% | -18.69% | -78.52% | -650.55% | -3689.55% | -8375% | -12800% |
| Net Income Growth % | 5.54% | 11.68% | 21.35% | 35.4% | 52.86% | -7.58% | 592.63% | -117.74% | 40.99% | -41.45% | 9.52% | 91.62% | 94.82% | -42.66% | 39.74% | 105.7% | 444.22% | 145.48% | -315.46% | -73.15% | 13.76% | 320.84% | 254.97% | 57.85% | 36.57% | 50.68% | -125.7% | -161.72% | - |
| Net Income (Continuing) | 1.31B | 1.33B | 1.2B | 984.8M | 727.3M | 475.8M | 514.8M | -104.5M | 589.2M | 417.9M | 713.7M | 651.64M | 340.07M | 174.56M | 304.44M | 217.24M | 111.21M | 19.46M | -42.79M | 19.86M | 73.97M | 65.02M | 15.45M | -9.97M | -23.65M | -37.29M | -75.61M | -33.5M | -12.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 28.62 | 27.86 | 24.64 | 19.81 | 15.00 | 10.06 | 11.54 | -2.39 | 13.39 | 9.31 | 15.25 | 12.72 | 6.28 | 3.28 | 5.71 | 3.67 | 1.78 | 0.35 | -0.93 | 0.44 | 1.53 | 1.29 | 0.33 | -0.24 | -0.57 | -0.92 | -1.97 | -1.26 | -0.77 |
| EPS Growth % | 8.94% | 13.07% | 24.38% | 32.07% | 49.11% | -12.83% | 582.85% | -117.85% | 43.82% | -38.95% | 19.89% | 102.55% | 91.46% | -42.56% | 55.59% | 106.18% | 408.57% | 137.63% | -311.36% | -71.24% | 18.6% | 290.91% | 237.5% | 57.89% | 38.04% | 53.3% | -56.35% | -63.64% | - |
| EPS (Basic) | - | 30.13 | 26.44 | 21.04 | 15.98 | 10.60 | 11.65 | -2.39 | 13.54 | 9.50 | 16.29 | 14.17 | 7.06 | 3.49 | 5.84 | 3.81 | 1.89 | 0.37 | -0.93 | 0.47 | 1.61 | 1.43 | 0.36 | -0.24 | -0.57 | -0.92 | -1.97 | -1.26 | -0.77 |
| Diluted Shares Outstanding | 45.8M | 47.9M | 48.5M | 49.7M | 48.5M | 47.3M | 44.6M | 43.8M | 44M | 44.9M | 46.8M | 51.22M | 54.16M | 53.23M | 53.28M | 59.4M | 59.52M | 56.13M | 45.8M | 44.9M | 48.28M | 50.41M | 46.7M | 42.27M | 41.29M | 40.57M | 38.47M | 26.69M | 16.64M |
| Basic Shares Outstanding | 42.6M | 44.3M | 45.2M | 46.8M | 45.5M | 44.9M | 44.2M | 43.8M | 43.5M | 44M | 43.8M | 46M | 48.18M | 50.08M | 52.09M | 57.16M | 56.14M | 53.31M | 45.8M | 42.45M | 46.02M | 45.65M | 43.45M | 42.27M | 41.29M | 40.57M | 38.47M | 26.69M | 16.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying UTHR stock.
For fiscal year 2025, United Therapeutics Corporation (UTHR) reported total revenue of $3.18B. This represents a 3182600.0% increase compared to $0.1M in 1998.
United Therapeutics Corporation (UTHR) is profitable, generating $1.33B in net income for the fiscal year ending 2025 with a net profit margin of 41.9%.
United Therapeutics Corporation (UTHR) reported an operating income of $1.52B, resulting in an operating profit margin of 47.7%. This margin reflects the operational efficiency of the business before interest and taxes.
United Therapeutics Corporation (UTHR) generated $2.80B in gross profit for the year, representing a gross profit margin of 87.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Concentration in treprostinil franchise
Metrics are mathematically derived from official filings.
Growth Deceleration Amid Franchise Maturity
Revenue growth has decelerated from 33.7% YoY in 2024Q1 to -1.9% in 2026Q2, per reported financials, signaling a maturing treprostinil franchise despite continued PH-ILD expansion.
The sharp deceleration from double-digit growth in 2024 to flat-to-negative growth in 2026 suggests that the Tyvaso franchise is approaching saturation in its current indications. While the PH-ILD launch drove earlier acceleration, the recent quarters show volume gains being offset by pricing pressures or competitive dynamics. Investors should monitor whether the DPI conversion and potential COPD indication can re-accelerate growth, but the current trajectory implies a mature product lifecycle.
Gross Margin Resilience Under Pressure
Gross margin has contracted from 89.2% in 2024Q1 to 87.3% in 2026Q2, as reported in financial statements, reflecting modest cost pressures or mix shifts, yet remains exceptionally high.
The 190 basis point decline in gross margin over the period is notable but still leaves UTHR with a best-in-class margin profile, far above the peer average. This suggests that the company retains significant pricing power, but the trend warrants attention as it may indicate rising input costs or a shift toward lower-margin products. If the erosion continues, it could signal competitive pressure on the core treprostinil franchise, but the absolute level remains a competitive advantage.
Operating Leverage Fading as Costs Outpace Revenue
Operating margin fell from 52.6% in 2024Q1 to 42.2% in 2026Q2, per SEC filings, as SG&A and R&D grew faster than revenue, indicating diminishing operating leverage.
The 10.4 percentage point decline in operating margin is driven by a combination of rising R&D investment and SG&A expenses, which have grown at a higher rate than revenue. This suggests that the company is reinvesting heavily in its pipeline and commercial infrastructure, which may be necessary for long-term growth but is currently compressing margins. Investors should assess whether these investments will yield future revenue growth or if they represent a permanent shift to a lower-margin structure.
Earnings Quality Supported by Tax and SBC Dynamics
Net margin improved to 42.5% in 2026Q2 despite lower operating margin, as reported, likely due to tax benefits or non-operating gains, while SBC of $77.3M adds to dilution.
The divergence between operating and net margins suggests that non-operating items, such as interest income or tax adjustments, are boosting bottom-line results. However, the significant stock-based compensation expense, which spiked to $77.3M in 2026Q2, dilutes shareholders and may overstate the quality of earnings. Investors should adjust for SBC to assess true cash earnings, and monitor the sustainability of the tax rate.
R&D and SG&A Escalation Pressuring Profitability
R&D and SG&A combined rose from $248.5M in 2024Q1 to $321.5M in 2026Q2, per income statement data, outpacing revenue growth and compressing operating margins.
The 29% increase in combined operating expenses over the period, while revenue grew only 15%, indicates a deliberate strategy to invest in pipeline expansion and commercial capabilities. R&D spending, in particular, reflects the company's commitment to organ manufacturing and new indications, which may not yield near-term revenue. This cost discipline is a double-edged sword: it supports long-term growth but currently dilutes profitability, and investors should monitor whether these investments translate into tangible returns.
Franchise Concentration and Competitive Threats
With revenue growth turning negative and gross margin eroding, the bull case hinges on Tyvaso DPI and PH-ILD, but generic competition and Merck's Winrevair could disrupt the franchise.
The deceleration in revenue growth and margin compression could be early signs of competitive pressure from Liquidia's Yutrepia and Merck's Winrevair, which may shift the standard of care. The company's heavy reliance on treprostinil products makes it vulnerable to any market share loss, and the lack of diversification beyond this molecule is a structural risk. While the balance sheet provides a cushion, the income statement narrative suggests that the peak growth phase may be behind, and investors should question the durability of the franchise.