Revenue growth has decelerated from 33.7% in 2024Q1 to a 1.6% contraction in 2026Q1, while gross margins have compressed from a peak of 89.7% to 82.9% over the same period.
| 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 | 3.17B | 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 % | 5.87% | 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 | 425.3M | 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 | 2.74B | 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 % | 86.58% | 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 | 746.5M | 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 | 539.2M | 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 | 1.44B | 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 % | 45.34% | 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 | 1.53B | 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 | -13.8M |
| EBITDA Margin % | 48.13% | 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% | -13800% |
| EBITDA Growth % | 6.95% | 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% | -165.94% | - |
| D&A (Non-Cash Add-back) | 88.4M | 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 | -500K |
| EBIT | 1.63B | 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 | 166.3M | 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 | 182.7M | 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 | 16.4M | 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 | 171.6M | 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 | 1.61B | 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 % | 50.75% | 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 | 321.3M | 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 % | 19.97% | 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 | 1.29B | 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 % | 40.61% | 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 % | 6.34% | 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) | 1.29B | 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) | 27.28 | 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 % | 7.94% | 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 | 47.2M | 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 | 43.5M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Treprostinil franchise concentration risk
As reported in recent financial filings, UTHR's revenue growth has decelerated significantly, shifting from a 33.7% year-over-year increase in 2024Q1 to a 1.6% contraction by 2026Q1, signaling that the initial expansion phase of the treprostinil franchise may be reaching a point of market saturation.
The transition from double-digit growth to a slight revenue decline suggests that the company is struggling to offset the maturity of its core PAH portfolio with new indications. Investors should monitor whether this deceleration reflects competitive pressure from new entrants or simply a temporary lull in patient adoption for the Tyvaso DPI platform.
Based on the company's reported figures, gross margins have experienced a noticeable contraction, falling from a peak of 89.7% in 2024Q4 to 82.9% in 2026Q1, which may indicate rising production costs or a shift in the product mix toward lower-margin therapeutic delivery systems.
While an 82.9% gross margin remains robust by industry standards, the downward trend suggests that the company's pricing power may be facing subtle erosion. This compression warrants further investigation into whether manufacturing inefficiencies or increased royalty obligations are beginning to weigh on the core profitability of the treprostinil franchise.
According to the latest income statement data, operating margins have compressed from a high of 52.6% in 2024Q1 to 41.7% in 2026Q1, indicating that the company's operating expenses are scaling at a rate that is currently outpacing the growth of its gross profit.
The inability to maintain operating leverage suggests that the company's heavy investment in long-dated R&D projects is creating a drag on current profitability. Analysts should consider whether this expense structure is sustainable if revenue growth remains stagnant or continues to trend downward in the coming quarters.
As disclosed in financial statements, UTHR continues to allocate substantial capital toward R&D, with expenses reaching $138.2M in 2026Q1, a strategic choice that appears to prioritize long-term organ manufacturing milestones over the immediate maximization of quarterly net income and earnings per share.
This high level of R&D spending acts as a significant buffer against short-term earnings volatility but also masks the underlying profitability of the commercial business. Investors should monitor whether these speculative investments will eventually yield a commercial return or if they represent a permanent structural cost that limits bottom-line growth.
Based on the provided income statement trends, the sharp decline in EPS growth from 63.3% in 2023Q4 to a negative 12.2% in 2026Q1 suggests that the market's previous optimism regarding the durability of the treprostinil franchise may be increasingly disconnected from the current operational reality.
Short-sellers would likely focus on the combination of decelerating revenue and margin compression as evidence that the company's competitive moat is narrowing. The reliance on a single molecular backbone makes the company particularly vulnerable to any further regulatory or competitive shifts that could accelerate this downward trend.
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.