Company Reports

United Therapeutics had a robust start to 2024, with total revenue increasing 34% to $677 million. Strong demand for Tyvaso DPI, a dry-powder inhaler for the treatment of pulmonary arterial hypertension continues to drive sales. Tyvaso DPI accounted for nearly 34% of total quarterly revenue, and the strong uptake of this drug has positioned United Therapeutics as a key player in the treatment of pulmonary hypertension associated with interstitial lung disease. We maintain our fair value estimate of $221 per share and consider shares fairly valued, trading in 3-star territory. United’s no-moat rating is due to its concentration in PAH, and many of its approved therapies will face competition from generics over the next 10 years.

United Therapeutics reported solid year-end results, with total revenue reaching $2.3 billion, representing a 20% increase from the prior year. Fifty-three percent of the year’s sales were driven by strong demand for Tyvaso DPI, a dry powder inhaler for treating pulmonary arterial hypertension, or PAH, launched in June 2022. We maintain our fair value estimate of $221 per share, and view shares as fairly valued, currently trading in 3-star territory. United’s no-moat rating is due to its concentration in PAH, and many of its approved therapies will face competition from generics over the next 10 years.

United Therapeutics specializes in therapies for pulmonary arterial hypertension, or high blood pressure in the arteries of the lungs. The company's therapies for PAH largely focus on the prostacyclin pathway, and many of its treatments are based on the molecule, treprostinil. Its marketed PAH portfolio includes Remodulin (subcutaneous or intravenous administration), Tyvaso (inhaled), Orenitram (oral), and Adcirca (oral). The company also sells Unituxin for high-risk neuroblastoma, but we do not consider oncology to be United Therapeutics' core competency. The company has long been a leader in the prostacyclin market for PAH, but we expect its competitive position will be challenged by generic entry as well as Johnson & Johnson's Uptravi, which J&J gained through its acquisition of Actelion in 2017. Uptravi (oral selexipag) has quickly gained share, propelled by strong clinical data, and we expect it will remain a key competitor against United's products, particularly pipeline candidate ralinepag.

United Therapeutics reported strong third-quarter results highlighted by revenue of $609 million, representing growth of 18% year over year. Tyvaso DPI, a dry powder inhaler for the treatment of pulmonary arterial hypertension, or PAH, launched in June 2022 and has continued to see strong patient demand. We maintain our fair value estimate of $221 per share, and we view shares as fairly valued, currently trading in 3-star territory.

United Therapeutics reported robust second-quarter results highlighted by revenue of $597 million, representing growth of 28% year over year. Tyvaso DPI, which is a dry powder inhaler for the treatment of pulmonary arterial hypertension, was launched in June 2022 and has seen strong patient demand. We raised our fair value estimate to $221 per share from $213, primarily due to the time value of money since our last update. We view shares as fairly valued, currently trading in 3-star territory.

United Therapeutics specializes in therapies for pulmonary arterial hypertension, or high blood pressure in the arteries of the lungs. The company's therapies for PAH largely focus on the prostacyclin pathway, and many of its treatments are based on the molecule, treprostinil. Its marketed PAH portfolio includes Remodulin (subcutaneous or intravenous administration), Tyvaso (inhaled), Orenitram (oral), and Adcirca (oral). The company also sells Unituxin for high-risk neuroblastoma, but we do not consider oncology to be United Therapeutics' core competency. The company has long been a leader in the prostacyclin market for PAH, but we expect its competitive position will be challenged by generic entry as well as Johnson & Johnson's Uptravi, which J&J gained through its acquisition of Actelion in 2017. Uptravi (oral selexipag) has quickly gained share, propelled by strong clinical data, and we expect it will remain a key competitor against United's products, particularly pipeline candidate ralinepag.

United Therapeutics reported solid first-quarter results in line with our expectations, highlighted by revenue of $507 million, representing a 10% increase year over year. We maintain our fair value estimate of $213, no moat, stable moat trend, and Morningstar Uncertainty Rating of High. We view shares as fairly valued, currently trading in 3-star territory. We continue to forecast high-single-digit sales growth in 2023 and declining sales in the latter half of our 10-year forecast period due to pricing pressure, generic entry, and branded competition.

United Therapeutics specializes in therapies for pulmonary arterial hypertension, or high blood pressure in the arteries of the lungs. The company's therapies for PAH largely focus on the prostacyclin pathway, and many of its treatments are based on the molecule, treprostinil. Its marketed PAH portfolio includes Remodulin (subcutaneous or intravenous administration), Tyvaso (inhaled), Orenitram (oral), and Adcirca (oral). The company also sells Unituxin for high-risk neuroblastoma, but we do not consider oncology to be United Therapeutics' core competency. The company has long been a leader in the prostacyclin market for PAH, but we expect its competitive position will be challenged by generic entry as well as Johnson & Johnson's Uptravi, which J&J gained through its acquisition of Actelion in 2017. Uptravi (oral selexipag) has quickly gained share, propelled by strong clinical data, and we expect it will remain a key competitor against United's products, particularly pipeline candidate ralinepag.

United Therapeutics reported solid fourth-quarter results in line with our expectations, highlighted by annual revenue over $1.9 billion, representing a 15% increase over 2021. We maintain our fair value estimate of $213 per share, no moat, stable trend, and high uncertainty ratings. We view shares as overvalued, currently trading in 2-star territory about 15% above our fair value estimate, as we continue to think the stock market is not fully incorporating the risk of generic competition that United Therapeutics faces over the next several years.

United Therapeutics reported solid third-quarter results in line with our expectations, and its pipeline is continuing to progress in development. Total revenue for the quarter was $516 million, representing a 16% increase year over year. We maintain our fair value estimate of $213 per share, and our no-moat, stable moat trend, and High Uncertainty Ratings. We view shares as overvalued, currently trading in 2-star territory.

We’ve increased our fair value estimate for United Therapeutics to $213 per share, up from $208 to account for the FDA’s approval of Tyvaso DPI. We view shares as fairly valued, currently trading in 3-star territory. We maintain our no-moat rating, stable moat trend, and High Uncertainty Rating.

United Therapeutics specializes in therapies for pulmonary arterial hypertension, or high blood pressure in the arteries of the lungs. The company's therapies for PAH largely focus on the prostacyclin pathway, and many of its treatments are based on the molecule, treprostinil. Its marketed PAH portfolio includes Remodulin (subcutaneous or intravenous administration), Tyvaso (inhaled), Orenitram (oral), and Adcirca (oral). The company also sells Unituxin for high-risk neuroblastoma, but we do not consider oncology to be United Therapeutics' core competency. The company has long been a leader in the prostacyclin market for PAH, but we expect its competitive position will be challenged by generic entry as well as Johnson & Johnson's Uptravi, which J&J gained through its acquisition of Actelion in 2017. Uptravi (oral selexipag) has quickly gained share, propelled by strong clinical data, and we expect it will remain a key competitor against United's products, particularly pipeline candidate ralinepag.

United Therapeutics reported solid fourth-quarter results highlighted by revenue of $415 million, and the company ended the year with total revenue of $1.7 billion, representing a nearly 14% increase from 2020. We maintain our fair value estimate of $208 per share, our no-moat rating, and stable moat trend.

United Therapeutics specializes in therapies for pulmonary arterial hypertension, or high blood pressure in the arteries of the lungs. The company's therapies for PAH largely focus on the prostacyclin pathway, and many of its treatments are based on the same molecule, treprostinil. Its marketed PAH portfolio includes Remodulin (subcutaneous or intravenous administration), Tyvaso (inhaled), Orenitram (oral), and Adcirca (oral). The company also sells Unituxin for high-risk neuroblastoma, but we do not consider oncology to be United Therapeutics' core competency. The company has long been a leader in the prostacyclin market for PAH, but we expect its competitive position to be challenged by generic entry as well as Johnson & Johnson's Uptravi, which J&J gained through its acquisition of Actelion in 2017. Uptravi (oral selexipag) has quickly gained share, propelled by strong clinical data, and we expect it to remain a key competitor against United's products, particularly pipeline candidate ralinepag.

After taking a fresh look at United Therapeutics, we’ve relaunched coverage with a fair value estimate of $208 per share, a no-moat rating, and a stable moat trend. The stock is currently trading in 3-star territory. United Therapeutics specializes in drug development for pulmonary arterial hypertension, a rare and progressive disease marked by abnormally high blood pressure in the arteries of the lungs. United Therapeutics' PAH franchise drives our valuation, and most of its sales come from Remodulin, Tyvaso, and Orenitram.

United Therapeutics specializes in therapies for pulmonary arterial hypertension, or high blood pressure in the arteries of the lungs. The company's therapies for PAH largely focus on the prostacyclin pathway, and many of its treatments are based on the same molecule, treprostinil. Its marketed PAH portfolio includes Remodulin (subcutaneous or intravenous administration), Tyvaso (inhaled), Orenitram (oral), and Adcirca (oral). The company also sells Unituxin for high-risk neuroblastoma, but we do not consider oncology to be United Therapeutics' core competency. The company has long been a leader in the prostacyclin market for PAH, but we expect its competitive position to be challenged by generic entry as well as Johnson & Johnson's Uptravi, which J&J gained through its acquisition of Actelion in 2017. Uptravi (oral selexipag) has quickly gained share, propelled by strong clinical data, and we expect it to remain a key competitor against United's products, particularly pipeline candidate ralinepag.

We are dropping coverage of United Therapeutics. We provide broad coverage of more than 1,500 companies globally and periodically adjust our coverage according to investor interest and staffing.

We are placing United Therapeutics under review as we evaluate analyst stock coverage decisions. As a reminder, we provide broad coverage of more than 1,500 companies globally and periodically adjust our coverage according to investor interest and staffing.

We are increasing our fair value estimate for no-moat United Therapeutics to $120 per share following strong third-quarter results. The increase in valuation is primarily driven by near-term adjustments to revenue and expenses, as well as the impact of the time value of money since our last update. Overall, United’s product portfolio seemed largely immune to any COVID-19-related challenges in the third quarter, highlighting the critical nature of its treatments in pulmonary arterial hypertension.

United Therapeutics specializes in therapies for pulmonary arterial hypertension (PAH), or high blood pressure in the lungs. Its marketed PAH portfolio includes prostacyclin analogs Remodulin (subcutaneous or intravenous administration), Tyvaso (inhaled), and Orenitram (oral) as well as oral phosphodiesterase type 5 inhibitors (PDE-5) Adcirca. The company also sells Unituxin for high-risk neuroblastoma, but we do not consider oncology to be United's core competency. The company has long been a leader in the prostacyclin market for PAH, but we expect its competitive position to be challenged by generic entry as well as Johnson & Johnson's Uptravi, which was acquired with Actelion in 2017. Uptravi (oral selexipag) has quickly gained share, propelled by strong clinical data, and we expect it to remain a key competitor against United's products, particularly pipeline candidate ralinepag.