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United Therapeutics Corp UTHR

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Morningstar’s Analysis

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Economic Moat




Remodulin Remains Resilient for United Therapeutics Despite Generics; Maintaining $107 FVE

Anna Baran Equity Analyst

Analyst Note

| Anna Baran |

United Therapeutics reported first-quarter results above our and FactSet consensus expectations. Its treprostinil franchise for pulmonary arterial hypertension (PAH) remains fairly stable despite generic competition, with both Remodulin and Orenitram outperforming our estimates and Tyvaso and Adcirca performing in line with our estimates. Overall, PAH sales were down just 2% from last year, an improvement after several quarters of sharper declines from Adcirca and Remodulin generic entry. After minor adjustments to our model for better-than-anticipated Remodulin sales, we're maintaining our fair value estimate of $107 per share, and we believe shares are fairly valued. We're also maintaining our no-moat rating for United due to the vulnerability of its treprostinil portfolio to both branded and generic competition.

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Company Profile

Business Description

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. The company's therapies for pulmonary arterial hypertension largely focus on the prostacyclin pathway, and many of its treatments are based on the same molecule, treprostinil. Nearly all of its sales are generated within the United States. United also markets a pediatric oncology drug, but its focus largely remains in pulmonary hypertension.

1040 Spring Street
Silver Spring, MD, 20910
T +1 301 608-9292
Sector Healthcare
Industry Biotechnology
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Slow Growth
Employees 920