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United Therapeutics Corp. (UTHR)

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United Therapeutics Corp. (UTHR) reported revenue of $783 million for Q2 FY2026, the quarter ended 30 June 2026, down 1.9% on the same quarter a year earlier. Net income was $333 million, up 7.6% on the year, and diluted earnings per share $7.27. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2026.

Revenue$783 milliondown 1.9%
Net income$333 millionup 7.6%
Diluted EPS$7.27
QuarterQ2 FY2026ended 30 June 2026

United Therapeutics (UTHR) in brief

United Therapeutics (UTHR) reported revenue of $3.2 billion for fiscal 2025, the year ended 31 December 2025, up 10.6% on the year before.
Read moreNet income was $1.3 billion and diluted earnings per share $27.86. Revenue was $2.9 billion in fiscal 2024, $2.3 billion in fiscal 2023, $1.9 billion in fiscal 2022 and $1.7 billion in fiscal 2021. Net income in the same years was $1.2 billion, $985 million, $727 million and $476 million. Over the twelve months to 30 June 2026, United Therapeutics reported revenue of $3.2 billion and net income of $1.3 billion. Revenue grew 16.5% a year, compounded, over the five years to fiscal 2025. United Therapeutics had 43 million shares outstanding at the latest filed count. At 30 June 2026 it carried $0 million of debt and $1.8 billion of cash. At the close of 8 October 2026 the market cap of United Therapeutics was $22.7 billion, 19.1 times its earnings over the last twelve months.

Ratios

From the filings

ROE20.5%
ROCE21.9%
Operating margin44.4%
Net margin41.6%
FCF margin34.6%
Interest cover116.82
Debt to equity0.00
Cash conversion1.29
Share count, 1 year-5.6%
Sales CAGR, 3 years18.0%
Profit CAGR, 3 years22.4%
EPS, TTM$27.95

At the close of 8 October 2026

Price$532.78
Market cap$22.7 billion
Stock P/E19.06
Price to book3.55
EV / EBITDA14.02
Dividend yieldn/a
Market cap / sales7.21
52-week high$596.76
52-week low$415.34
Price, 1 year18.7%
Price CAGR, 3 years32.1%
Price CAGR, 5 years22.2%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. United Therapeutics Corp.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.
UTHRgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on UTHR

Filings20 in twelve months: 11 current reports (8-K), about 5 regulation fd disclosure; 4 results of operations; 3 officer or director change; 2 material agreement; 1 shareholder vote
Planned insider sales117 Form 144 notices in twelve months, $1.51 billion; latest 1 October 2026
Options tapeput/call 0.85 by open interest at the 8 October 2026 close; the straddle prices a 5.0% move to 16 October 2026
13F holders10 of the followed funds hold it; largest Renaissance Technologies; 5 Schedule 13D or 13G filings in twelve months
Insider trading2640 sales and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.8 million shares short, 3.90 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue609615678715749736794799800790782783
Cost of revenue70.171.072.977.883.175.992.587.610110313399.5
Gross profit539544605637666660702711699687648684
Gross margin88%88%89%89%89%90%88%89%87%87%83%87%
R&D84.7151104140104134149134128140138146
SG&A128132144178219168170212183191184207
Operating income327260356320343358383364388357326331
Operating margin54%42%53%45%46%49%48%46%49%45%42%42%
Interest expense15.615.113.311.610.17.96.17.33.03.13.02.9
Pre-tax income352295399355389396424408438444318373
Tax rate24%27%23%22%20%24%24%24%23%18%14%11%
Net income268217307278309301322310339364275333
Net margin44%35%45%39%41%41%41%39%42%46%35%43%
Diluted EPS$5.38$4.36$6.17$5.85$6.39$6.19$6.63$6.41$7.16$7.70$5.82$7.27
Operating cash flow346151376232377341461192562346463314
Capital expenditure65.778.738.245.176.586.774.962.2210173101108
Free cash flow28072.0338187301254386130352173362206
Buybacks0.00.01,0000.00.00.00.00.01,0000.01,5000.0
Shares outstanding47m47m44m44m45m45m45m45m43m44m42m43m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016FY2017FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1,2891,4661,5991,7251,6281,4491,4831,6861,9362,3282,8773,1833,154
Cost of revenue12669.072.7106199118108122152258310384437
Gross profit1,1541,3971,5261,6201,4291,3311,3751,5631,7852,0702,5682,7982,717
Gross margin89.5%95.3%95.5%93.9%87.8%91.9%92.7%92.7%92.2%88.9%89.2%87.9%86.1%
Research and development2432451482653581,183358540323408481550552
Selling, general and administrative381453317330266n/an/a467482477710756764
Operating income5396991,062815805-1885945569801,1851,3771,4921,402
Operating margin41.8%47.7%66.4%47.2%49.5%-12.9%40.0%33.0%50.6%50.9%47.9%46.9%44.4%
Interest expense17.64.73.99.013.944.223.518.632.459.342.919.512.0
Pre-tax income5251,0441,060770759-1656395949511,2741,5391,7141,573
Income tax185393346352170-60.5124118223290344379262
Effective tax rate35.2%37.6%32.7%45.7%22.4%n/a19.4%19.9%23.5%22.7%22.3%22.1%16.7%
Net income340652714418589-1045154767279851,1951,3351,311
Net margin26.4%44.5%44.6%24.2%36.2%-7.2%34.7%28.2%37.6%42.3%41.5%41.9%41.6%
Diluted EPS$6.28$12.72$15.25$9.31$13.39-$2.39$11.54$10.06$15.00$19.81$24.64$27.86$27.95
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States2,2022,7403,03795.4%
Rest-of-World1251381464.6%
United StatesRest-of-World
2,328FY20232,877FY20243,183FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016FY2017FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow355383644474778-2077565988029781,3271,5611,685
Capital expenditure47.449.838.086.318483.759.3121139230246520592
Free cash flow308333606388594-2906964776647481,0811,0411,093
Free cash flow margin23.9%22.7%37.9%22.5%36.5%-20.0%46.9%28.3%34.3%32.1%37.6%32.7%34.6%
Cash from investingn/a50448.3-836-821-335-738-487-812-720417-551744
Cash from financingn/a-447-49843.36.3611-16.944.875.4-11.9-1,255-1,150-2,220
Depreciation and amortisation32.232.931.631.035.945.949.949.951.353.272.585.691.5
Share-based compensation19028012.173.5-26.445.416413810739.1144148155
Buybacks483394500250n/an/an/an/a0.00.01,0001,0002,500
Diluted shares, weighted54m51m47m45m44m44m45m47m48m50m48m48m46m
Shares outstanding at period end47m46m43m43m44m44m45m45m46m47m45m44m43m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016FY2017FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1,2421,5891,8512,1022,7892,7803,3953,9594,7975,9856,4447,0966,400
Redeemable equity23.211.110.919.219.2n/an/an/an/an/an/an/an/a
Debtn/an/an/an/an/an/an/an/a8007003000.00.0
Operating lease liabilitiesn/an/an/an/an/a3.0n/an/an/an/an/an/an/a
Other liabilities6195854637585931,1301,2201,210448482620784820
Total liabilities and equity1,8842,1842,3262,8793,4013,9134,6155,1696,0447,1677,3647,8807,220
Owned
Fixed assets4784964895467007387327818621,0451,2221,7301,930
Goodwill10.310.310.313.731.528.028.028.028.033.732.332.3n/a
Intangible assets3.72.6n/an/an/an/an/an/an/an/an/an/an/a
Investments12338.030.17251,1891,5152,2462,6863,1943,6963,0453,1402,000
Cash and equivalents3988321,0237056697387398959611,2081,6971,5571,803
Receivables162193214297176151157199220279279350310
Inventory66.981.310010810193.486.593.8102112158183194
Other assets642532458485535649627487678793930888982
Total assets1,8842,1842,3262,8793,4013,9134,6155,1696,0447,1677,3647,8807,220
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded8.1%16.5%18.0%2.5%
Profit growth, compounded7.4%21.0%22.4%5.5%
Return on equity, average17.2%16.2%17.9%18.8%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Pharmaceutical Products

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.10 trillion39.2578.8%n/a49.6%1.410.5%
Johnson & Johnson JNJ$618.1 billion29.7224.8%n/a8.1%0.442.0%
ABBVIE Inc. ABBV$481.4 billion76.95n/a26.2%10.4%n/a2.5%
Merck & Co., Inc. MRK$351.3 billion113.907.6%n/a4.6%1.292.3%
Novartis AG NVS *$273.1 billion20.0230.3%n/a8.4%0.622.9%
AstraZeneca PLC AZN *$246.3 billion24.2821.0%23.4%8.6%0.612.0%
Abbott Laboratories ABT$171.6 billion31.8710.6%15.8%8.1%0.582.4%
Novo Nordisk A/S NVO *$170.8 billion11.0652.8%41.3%6.4%0.674.6%
Pfizer Inc. PFE$158.6 billion36.615.1%n/a-0.2%0.716.2%
Vertex Pharmaceuticals Inc. VRTX$127.5 billion29.2921.8%38.0%10.2%0.00n/a
Bristol-Myers Squibb Co. BMY$121.7 billion13.1241.6%24.2%3.1%1.924.2%
Sanofi SNY *$98.1 billion11.2210.9%n/a6.2%0.265.5%
All 42 in Pharmaceutical Products
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Eli Lilly & Co. LLY$1.10 trillion39.2578.8%n/a49.6%1.410.5%
Johnson & Johnson JNJ$618.1 billion29.7224.8%n/a8.1%0.442.0%
ABBVIE Inc. ABBV$481.4 billion76.95n/a26.2%10.4%n/a2.5%
Merck & Co., Inc. MRK$351.3 billion113.907.6%n/a4.6%1.292.3%
Novartis AG NVS *$273.1 billion20.0230.3%n/a8.4%0.622.9%
AstraZeneca PLC AZN *$246.3 billion24.2821.0%23.4%8.6%0.612.0%
Amgen Inc. AMGN$220.3 billion25.3274.8%30.0%9.1%4.901.8%
Gilead Sciences, Inc. GILD$182.6 billionn/a-27.4%-8.2%5.5%2.222.1%
Abbott Laboratories ABT$171.6 billion31.8710.6%15.8%8.1%0.582.4%
Novo Nordisk A/S NVO *$170.8 billion11.0652.8%41.3%6.4%0.674.6%
Pfizer Inc. PFE$158.6 billion36.615.1%n/a-0.2%0.716.2%
Vertex Pharmaceuticals Inc. VRTX$127.5 billion29.2921.8%38.0%10.2%0.00n/a
Bristol-Myers Squibb Co. BMY$121.7 billion13.1241.6%24.2%3.1%1.924.2%
Sanofi SNY *$98.1 billion11.2210.9%n/a6.2%0.265.5%
GSK plc GSK *$93.4 billion12.6734.9%24.3%4.1%0.883.6%
Moderna, Inc. MRNA$78.6 billionn/a-46.6%-149.0%-27.6%0.09n/a
Regeneron Pharmaceuticals, Inc. REGN$78.4 billion18.2813.7%24.7%9.3%0.060.5%
Takeda Pharmaceutical Company Limited TAK *$58.5 billionn/a-2.1%0.1%-1.7%0.663.5%
argenx SE ARGX *$50.7 billion41.8317.6%n/a89.9%0.00n/a
Teva Pharmaceutical Industries Ltd. TEVA$45.7 billion65.429.1%9.3%4.1%2.140.0%
IDEXX Laboratories Inc. IDXX$40.5 billion36.0970.7%32.0%12.8%0.60n/a
Biogen Inc. BIIB$32.2 billion38.664.4%10.1%0.3%0.39n/a
Zoetis Inc. ZTS$30.3 billion12.0483.1%n/a1.5%2.872.8%
Roivant Sciences Ltd. ROIV$24.7 billionn/a-6.3%-7,914.8%-67.6%0.00n/a
Genmab A/S GMAB *$23.2 billion23.4516.5%28.6%19.2%0.90n/a
BioNTech SE BNTX *$23.1 billionn/a-5.9%-49.0%4.3%0.01n/a
United Therapeutics Corp. UTHR$22.7 billion19.0620.5%44.4%2.5%0.00n/a
Viatris Inc. VTRS$20.0 billionn/a-2.9%-0.6%4.4%0.812.8%
Exelixis, Inc. EXEL$14.7 billion18.5646.7%39.9%9.2%0.00n/a
Jazz Pharmaceuticals plc JAZZ$14.4 billion15.3419.6%19.5%12.6%0.91n/a
Neurocrine Biosciences Inc. NBIX$14.4 billion20.7119.1%23.6%34.4%0.00n/a
Corcept Therapeutics Inc. CORT$12.8 billion282.247.8%0.8%16.0%0.00n/a
Halozyme Therapeutics, Inc. HALO$12.5 billion32.79288.1%35.9%41.2%13.50n/a
Bio-Techne Corp. TECH$11.3 billion63.008.6%20.7%-0.4%0.090.4%
Elanco Animal Health Inc. ELAN$11.3 billionn/a-3.0%n/a12.0%0.56n/a
Biomarin Pharmaceutical Inc. BMRN$10.6 billion148.351.2%4.4%11.2%0.66n/a
Dr. Reddy’s Laboratories Limited RDY *$10.2 billion22.8511.4%15.0%3.2%0.050.7%
Krystal Biotech, Inc. KRYS$9.7 billion41.0217.8%44.9%22.6%0.00n/a
Repligen Corp. RGEN$9.2 billion224.442.0%8.2%16.5%0.26n/a
Cytokinetics Inc. CYTK$8.6 billionn/an/a-1,046.1%-21.1%n/an/a
Arrowhead Pharmaceuticals, Inc. ARWR$8.6 billionn/a-68.7%-33.8%16.8%1.47n/a
Lantheus Holdings, Inc. LNTH$6.5 billion24.1821.0%19.4%2.3%0.43n/a
27 companies share its SEC industry code (Pharmaceutical Preparations); the rest are the names nearest in size in its wider industry, Pharmaceutical Products, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20265 August 2026EDGAR
10-Q31 March 20266 May 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 202529 October 2025EDGAR
10-Q30 June 202530 July 2025EDGAR
10-Q31 March 202530 April 2025EDGAR
10-K31 December 202426 February 2025EDGAR
10-Q30 September 202430 October 2024EDGAR
10-Q30 June 202431 July 2024EDGAR
10-Q31 March 20241 May 2024EDGAR

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