NASDAQ:UTHR

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United Therapeutics Falls as Goldman Sachs Starts Coverage With Sell Rating

United Therapeutics (NASDAQ: UTHR) shares fell about 4.1% after Goldman Sachs initiated coverage of the biotechnology company with a Sell rating and a $321 price target.

Analyst Andrea Newkirk’s cautious view reflects concerns about valuation and the company’s longer-term growth outlook. Goldman noted that United Therapeutics trades at roughly 17–18 times earnings, above its 10-year median of about 13 times, despite pressure on its existing business. The firm also sees the commercial opportunity for nebulized Tyvaso in idiopathic pulmonary fibrosis as more challenging than the market expects, citing dosing frequency and tolerability as potential constraints on patient uptake and adherence. Goldman forecasts peak Tyvaso IPF sales below consensus expectations and also sees execution risks around the future Jenraldi launch in pulmonary arterial hypertension (Investing*com)

United Therapeutics shares were trading around $469.47, down roughly 4.1%. Goldman Sachs’ $321 target sits well below the current share price.
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Author
WS Investor 09-24-26
United Therapeutics Q1 2025 Earnings

Revenue and Profit
- Total revenue: $794.4 million, up 17 percent from $677.7 million in Q1 2024
- Net income: $322.2 million, up 5 percent from $306.6 million
- Diluted earnings per share: $6.63, up 7 percent
- Operating income: $382.8 million
- Effective tax rate: 24 percent

Key Product Sales
- Total Tyvaso (Tyvaso DPI and Nebulized Tyvaso): $466.3 million, up 25 percent
- Tyvaso DPI: $302.5 million, up 33 percent
- Nebulized Tyvaso: $163.8 million, up 13 percent
- Remodulin: $138.2 million, up 8 percent
- Orenitram: $120.7 million, up 14 percent
- Unituxin: $58.2 million, flat
- Adcirca: $6.0 million, down 6 percent

Revenue by Region
- U.S.: $749.6 million
- Rest of World: $44.8 million

Expenses
- Cost of sales: $92.5 million, up 27 percent
- Research and development: $149.0 million, up 43 percent (due to milestone and licensing payments)
- Selling, general, and administrative: $170.1 million, up 18 percent
- Share-based compensation: $31.8 million, up 24 percent

Cash and Balance Sheet
- Cash, cash equivalents, and marketable investments: $5.03 billion
- Total assets: $7.74 billion
- Total liabilities: $936.7 million
- Total stockholders' equity: $6.81 billion

Notable Developments
- Record quarterly revenue driven by continued growth of Tyvaso DPI
- Advancement in pipeline with expected TETON 2 readout (IPF), first-in-human UKidney trial, and IND filings for UHeart and UThymoKidney
- Medicare Part D redesign contributed to increased product utilization
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Author
WS Investor 05-01-25
United Therapeutics Corporation reported record financial results for the fourth quarter and full year 2024, driven by strong sales growth across its product portfolio.

Key Financial Highlights
For the full year, revenue increased by 24% to $2.88 billion, compared to $2.33 billion in 2023. Net income rose 21% to $1.2 billion, with diluted earnings per share (EPS) at $24.64, up from $19.81 in 2023.

For the fourth quarter, revenue grew 20% year-over-year to $735.9 million, while net income surged 39% to $301.3 million. Diluted EPS for the quarter was $6.19, compared to $4.36 in Q4 2023.

Revenue Breakdown
The company's flagship Tyvaso franchise, used for pulmonary hypertension, continued its strong growth:
- Tyvaso DPI (inhaled dry powder) revenue grew 41% to $1.03 billion for the full year.
- Nebulized Tyvaso sales rose 17% to $586.8 million.
- Total Tyvaso sales increased 31% to $1.62 billion.

Other key products also saw robust performance:
- Remodulin, used for pulmonary arterial hypertension, grew 9% to $538.1 million.
- Orenitram, an oral prostacyclin analogue, increased 21% to $434.3 million.
- Unituxin, a pediatric neuroblastoma treatment, rose 20% to $238.7 million.

The company's U.S. market remains dominant, contributing $2.74 billion in revenue, while international markets brought in $137.7 million.

Operational Updates
- Research and development expenses totaled $481 million in 2024, up 18%, reflecting investments in TETON clinical trials for idiopathic pulmonary fibrosis and UKidney xenotransplantation studies.
- The company recorded a $71.1 million accrual for ongoing litigation with Sandoz Inc.
- United Therapeutics repurchased 3.5 million shares for $1 billion, reducing outstanding shares and supporting EPS growth.

Looking Ahead to 2025
CEO Martine Rothblatt highlighted an ambitious pipeline, including:
- TETON trial results for Tyvaso in pulmonary fibrosis, expected in the second half of 2025.
- Ralinepag, a once-daily prostacyclin agonist, with clinical data expected in 2026, positioned as a potential best-in-class treatment for pulmonary hypertension.
- FDA clearance for the first xenotransplantation study using UKidney, a potential breakthrough in organ transplantation.


United Therapeutics continues to deliver strong financial results, powered by record-breaking sales of Tyvaso and other core products. The company's strategic investments in research, clinical trials, and new treatment modalities position it for continued growth and innovation in 2025. A webcast discussing results will be held on February 26, 2025, at 9:00 a.m. ET.
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Author
WS Investor 02-26-25