UTHRNasdaqPharmaceutical PreparationsUS GAAP · USD

United Therapeutics Corporation

United Therapeutics is a U.S.-based biopharmaceutical company focused on therapies for pulmonary arterial hypertension and other serious rare diseases, along with organ manufacturing technologies. Its commercial portfolio includes inhaled, oral, and injectable medicines, plus delivery devices and related services, sold primarily in the United States with additional international sales for selected products.

Ask about the company
Revenue3,183m USD
+10.6 %y/y
Operating profit (EBIT)1,493m USD
+8.4 %y/y
EBIT margin46.9%
−1.0 ppy/y
Net income1,335m USD
+11.7 %y/y
Free cash flow1,041m USD
−3.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

01,0002,0003,0004,000m USD2020: 1,483 m USD2020: EBIT 594 m USD20202021: 1,686 m USD2021: EBIT 556 m USD20212022: 1,936 m USD2022: EBIT 980 m USD20222023: 2,328 m USD2023: EBIT 1,185 m USD20232024: 2,877 m USD2024: EBIT 1,377 m USD20242025: 3,183 m USD2025: EBIT 1,493 m USD20253,1831,493
RevenueOperating profit (EBIT)
Ask Clarifo about United Therapeutics Corporation

Business

Share of revenue
Treprostinil-based PAH therapies90 %

Tyvaso DPI, Nebulized Tyvaso, Remodulin, and Orenitram for pulmonary arterial hypertension and related lung disease.

Oncology7 %

Unituxin for treatment of high-risk neuroblastoma.

Legacy PAH therapy1 %

Adcirca tablets sold in the United States for PAH.

Other and services2 %

Commercial ex vivo lung perfusion services and other revenue items.

Products

Reported · share of revenue
40.6%18.4%16.6%15.6%FY2025100 %
  • Tyvaso DPI40.6 %
  • Nebulized Tyvaso18.4 %
  • Remodulin16.6 %
  • Orenitram15.6 %
  • Unituxin7.1 %
  • Other1.7 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

The company sells primarily to specialty pharmaceutical distributors and wholesale channels, which then supply patients through specialty pharmacy networks and healthcare providers. Its end customers are patients with PAH, PH-ILD, and high-risk neuroblastoma, with prescribing driven by specialist physicians in pulmonary hypertension and pediatric oncology. Outside the U.S., the company relies on international distributors for selected products. Demand is shaped by diagnosis rates, treatment adoption, reimbursement, and distributor inventory patterns.

U.S. specialty pharmacy distributors

Buy treprostinil-based therapies and Orenitram for dispensing to patients; inventory levels and ordering patterns affect shipments.

International distributors

Buy Nebulized Tyvaso, Remodulin, and Unituxin for resale in approved markets outside the U.S.

Hospitals and oncology treatment centers

Use Unituxin in high-risk neuroblastoma treatment protocols through oncology distribution channels.

Specialist prescribers

Pulmonary hypertension and lung disease specialists drive adoption of Tyvaso, Remodulin, and Orenitram.

Patients with rare diseases

End users of the therapies; demand depends on diagnosis, disease progression, and reimbursement access.

Strategy

The company is expanding its commercial franchise in PAH and PH-ILD by growing Tyvaso DPI, Nebulized Tyvaso, and Orenitram while supporting existing products with delivery devices and specialty distribution. It is also investing in manufacturing and organ-manufacturing capacity to support future product launches and potential xeno-organ programs. Longer term, the pipeline targets IPF, PPF, and other rare diseases, which broadens the addressable market beyond pulmonary hypertension.

Expand Tyvaso franchiseShort term

Tyvaso products are central to the company's commercial base and growth profile.

Increase manufacturing capacityMedium term

Additional facilities are needed to support current demand and future product launches.

Advance pipeline and organ technologiesLong term

New indications and organ manufacturing could diversify revenue beyond PAH.

Geography

United Therapeutics is headquartered in the United States and generates most revenue there, with commercial distribution centered on U.S. specialty pharmacy and hospital channels. It also sells selected products internationally, including Nebulized Tyvaso, Remodulin, and Unituxin in markets across Europe, Asia, the Middle East, Latin America, Canada, and Japan. Manufacturing and development activities are concentrated in the U.S., including facilities and planned capacity in North Carolina, Virginia, Minnesota, and Texas. Geography matters because the business is highly dependent on U.S. reimbursement and regulatory access, while international sales depend on local distributors and approvals.

Risks

The company is concentrated in treprostinil-based therapies, so any slowdown in Tyvaso, Remodulin, or Orenitram can materially affect revenue. It also faces competition, pricing pressure, reimbursement risk, and patent challenges in a market where large pharmaceutical companies and new entrants can erode share. Operationally, it depends on third-party manufacturers, distributors, and regulators, so supply disruptions or approval delays can affect product availability and launches.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Concentration in treprostinil-based products1Competitive launches in PAH and PH-ILD2Reimbursement and pricing pressure3Patent and generic competition4Third-party manufacturing and distribution reliance5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Concentration in treprostinil-based productsImpact: HighLikelihood: High

    Tyvaso DPI, Nebulized Tyvaso, Remodulin, and Orenitram make up most revenue.

    Exposure: Core commercial franchise

  2. Competitive launches in PAH and PH-ILDImpact: HighLikelihood: High

    New therapies can take share or force price erosion in the core market.

    Exposure: Tyvaso DPI and related products

  3. Reimbursement and pricing pressureImpact: HighLikelihood: High

    Net sales depend on payer coverage, rebates, and government pricing actions.

    Exposure: U.S. commercial products

  4. Patent and generic competitionImpact: HighLikelihood: High

    Loss of exclusivity or challenges to IP can reduce revenue and margins.

    Exposure: Legacy and core products

  5. Third-party manufacturing and distribution relianceImpact: MediumLikelihood: Medium

    Interruptions can delay supply, reduce sales, or impair launches.

    Exposure: Commercial and clinical operations

Ask Clarifo about United Therapeutics Corporation

Accounting

Judgemental items
Revenue recognition and gross-to-net deductions

Net sales depend on estimates for rebates, chargebacks, and other allowances.

Impact: Affects reported revenue and quarterly comparability

Distributor inventory and ordering timing

Monthly or semi-monthly orders can cause sales to diverge from patient demand.

Impact: Creates volatility in reported product sales

Government program accruals

Rebate and chargeback estimates can be adjusted after the reporting period.

Impact: Can change revenue and receivable balances

Stock-based compensation valuation

Option and RSU expense depends on model inputs and share price assumptions.

Impact: Affects operating expenses and equity compensation cost

Similar listed companies

Publicly listed companies with a comparable business focus.

MannKind Corporation

MNKD · Pharmaceutical Preparations

Liquidia Corp

LQDA · Pharmaceutical Preparations

Ultragenyx Pharmaceutical Inc.

RARE · Pharmaceutical Preparations

Inhibitor Therapeutics, Inc.

INTI · Pharmaceutical Preparations

Iterum Therapeutics plc

ITRMF · Pharmaceutical Preparations

Inhibikase Therapeutics, Inc.

IKT · Biological Products, (No Diagnostic Substances)

Last updated: 24/09/2026