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Nasdaq · Healthcare

UNITED THERAPEUTICS Corp (UTHR)

As-reported financials and SEC filings for UNITED THERAPEUTICS Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About UNITED THERAPEUTICS Corp

United Therapeutics develops and markets pharmaceutical therapies primarily for pulmonary arterial hypertension (PAH) and related rare diseases. Its main products include Tyvaso DPI and Nebulized Tyvaso inhalation therapies, Remodulin injections, Orenitram oral tablets, Adcirca oral tablets, and Unituxin for high-risk neuroblastoma. The company serves patients in the United States and internationally, focusing on treatments for serious diseases with unmet medical needs.

Snapshot

Revenue
$3.18B
Revenue growth (YoY)
10.6%
Net income
$1.33B
Diluted EPS
$27.86
Gross margin
87.9%
Operating margin
46.9%
Net margin
41.9%
FCF margin
32.7%
ROE
18.8%
net income / fiscal-year-end equity
P/E
18.3×
trailing when available, otherwise FY EPS
Market cap
$21.99B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at UNITED THERAPEUTICS

  • Revenue grew 10.6% to $3.2B in FY2025, slower than the 23.6% the year before.
  • Operating margin is 46.9% in FY2025, +13.9 pp against 33.0% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $783M, down 1.9% from Q2 FY2025.
  • Free cash flow was $1.0B in FY2025, 32.7% of revenue.
  • Net income rose 11.7% to $1.3B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where UNITED THERAPEUTICS’s fundamentals sit among the 198 pharmaceutical companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin87.9%
93rd percentile of 69
Operating margin46.9%
97th percentile of 113
Net margin41.9%
92nd percentile of 122
FCF margin32.7%
92nd percentile of 110
Revenue growth (YoY)+10.6%
50th percentile of 187
ROE18.8%
84th percentile of 167
P/E18.3×
56th percentile of 60
Short interest3.52d
30th percentile of 197

UNITED THERAPEUTICS’s operating margin of 46.9% ranks in the 97th percentile of the 113 pharmaceutical companies reporting it. UNITED THERAPEUTICS’s gross margin of 87.9% ranks in the 93rd percentile of the 69 pharmaceutical companies reporting it. UNITED THERAPEUTICS’s net margin of 41.9% ranks in the 92nd percentile of the 122 pharmaceutical companies reporting it.

No reported insider purchases (code P) in the last 90 days; 754 insider sales totaling $367.6M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
3
0 new, 3 added
Reduced / exited
6
5 trimmed, 1 exited
Combined position
$1.83B
reported long value
InvestorAs ofPosition valueSharesChange
Renaissance TechnologiesquantQ2 2026$925.8M1.7MReduced
AQR Capital ManagementquantQ2 2026$294.6M546.0KReduced
Millennium ManagementquantQ2 2026$221.6M409.1KAdded
Citadel AdvisorsquantQ2 2026$165.1M304.7KReduced
Point72 Asset ManagementquantQ2 2026$109.0M201.2KAdded
Bridgewater AssociatesQ2 2026$60.3M111.3KAdded
Gotham Asset ManagementQ2 2026$42.9M79.1KReduced
Two Sigma InvestmentsquantQ2 2026$6.8M12.6KReduced

No longer held by: D. E. Shaw (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
754
$367.6M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell4.2K$510.93$2.2M
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell1.6K$511.75$819K
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell810$509.84$413K
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell794$508.92$404K
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell762$514.32$392K
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell678$513.50$348K
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell599$507.84$304K
2026-08-31
filed 2026-09-01
ROTHBLATT MARTINE AChairperson & CEOSell40$514.96$21K
2026-08-28
filed 2026-08-31
ROTHBLATT MARTINE AChairperson & CEOSell2.4K$516.16$1.2M
2026-08-28
filed 2026-08-31
ROTHBLATT MARTINE AChairperson & CEOSell1.6K$515.46$840K
2026-08-28
filed 2026-08-31
ROTHBLATT MARTINE AChairperson & CEOSell1.5K$517.11$768K
2026-08-28
filed 2026-08-31
ROTHBLATT MARTINE AChairperson & CEOSell1.3K$518.14$697K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
2.1M
settled 2026-08-14
Change vs prior
-9.1%
vs previous settlement
Days to cover
3.52
at avg daily volume
Avg daily volume
599.8K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-142.1M-9.1%3.52
2026-07-312.3M+11.2%5.52
2026-07-152.1M-1.4%5.52
2026-06-302.1M+3.2%2.91
2026-06-152.1M-6.3%4.64
2026-05-292.2M-4.9%4.52
2026-05-152.3M-5.9%4.97
2026-04-302.4M-9.4%6.49

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$3.18B$2.88B$2.33B$1.94B$1.69B
Gross profit$2.80B$2.57B$2.07B
Operating income$1.49B$1.38B$1.18B$979.7M$555.9M
Net income$1.33B$1.20B$984.8M$727.3M$475.8M
Diluted EPS$27.86$24.64$19.81$15.00$10.06

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$1.56B$1.70B$1.21B$961.2M$894.8M
Current assets$3.70B$3.87B$3.55B$3.38B$2.32B
Total assets$7.88B$7.36B$7.17B$6.04B$5.17B
Current liabilities$560.6M$738.1M$804.4M$343.2M$305.4M
Long-term debt
Total liabilities$783.8M$920.0M$1.18B$1.25B$1.21B
Total equity$7.10B$6.44B$5.98B$4.80B$3.96B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$1.56B$1.33B$978.0M$802.5M$598.2M
Capital expenditure$520.5M$246.5M$230.4M$138.8M$120.8M
Free cash flow$1.04B$1.08B$747.6M$663.7M$477.4M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$783.3M-1.9%$333.0M$7.27
Q1 FY2026$781.5M-1.6%$274.9M$5.82
Q4 FY2025$790.2M7.4%$364.3M$7.70
Q3 FY2025$799.5M6.8%$338.7M$7.16
Q2 FY2025$798.6M11.7%$309.5M$6.41
Q1 FY2025$794.4M17.2%$322.2M$6.63
Q4 FY2024$735.9M19.7%$301.3M$6.21
Q3 FY2024$748.9M22.9%$309.1M$6.39

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryPharmaceutical Preparations
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2023
SEC CIK1082554

Selected SEC filings

10-K2026-02-25
View on EDGAR →
10-K2025-02-26
View on EDGAR →
10-Q2026-08-05
View on EDGAR →
10-Q2026-05-06
View on EDGAR →
10-Q2025-10-29
View on EDGAR →
10-Q2025-07-30
View on EDGAR →
8-K2026-08-05
View on EDGAR →
8-K2026-07-23
View on EDGAR →

Largest pharmaceutical peers

All pharmaceutical stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.