UTHR on Nasdaq

UNITED THERAPEUTICS Corp

American pharmaceutical preparations company, incorporated in Delaware.

Price unavailable

Last updated Oct 18, 2026.

Overview

Compare with BioMarin Pharmaceutical, Amneal Pharmaceuticals, Inc. or Alnylam Pharmaceuticals, or pick any stock.

TickerUTHR on Nasdaq
IndustryPharmaceutical Preparations
HeadquartersDE
Incorporated inDE²
Business address1000 Spring St, Silver Spring, Md 20910²
Filer categoryLarge accelerated filer²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

87.9%Gross margin³

46.9%Operating margin³

41.9%Net margin³

10.6%Revenue growth, 2025³

18.8%Return on equity³

$1.0BFree cash flow³

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Tyvaso DPI brought in 41% of the revenue UNITED THERAPEUTICS Corp broke down this way in fiscal 2025.

Tyvaso DPI$1.3B³41%up 25% from 2024
Nebulized Tyvaso$585.7M³18%down 0% from 2024
Remodulin$526.8M³17%down 2% from 2024
Orenitram$496.9M³16%up 14% from 2024
Unituxin$226.8M³7%down 5% from 2024
Adcirca$30.0M³1%up 26% from 2024
Product and Service, Other$24.0M³1%up 9% from 2024

Products and services by year

Products and services	2023	2024	2025
Tyvaso DPI	$731.1M	$1.0B	$1.3B
Nebulized Tyvaso	$502.6M	$586.8M	$585.7M
Remodulin	$494.8M	$538.1M	$526.8M
Orenitram	$359.4M	$434.3M	$496.9M
Unituxin	$198.9M	$238.7M	$226.8M
Adcirca	$28.9M	$23.8M	$30.0M
Product and Service, Other	$11.8M	$22.1M	$24.0M

Regions

United States brought in 95% of the revenue UNITED THERAPEUTICS Corp broke down this way in fiscal 2025.

United States$3.0B³95%up 11% from 2024
Outside the United States$145.7M³5%up 6% from 2024

Regions by year

Regions	2023	2024	2025
United States	$2.2B	$2.7B	$3.0B
Outside the United States	$125.3M	$137.7M	$145.7M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueResearch and developmentSelling, general and adminIncome taxProfit

Cost of revenue11¢$384.4M
Research and development16¢$550.0M
Selling, general and admin22¢$755.8M
Income tax11¢$379.2M
Profit39¢$1.3B

Out of $3.2B in revenue.³

Where each dollar of operating cash went, fiscal 2025

Capital spendingShare buybacks

Capital spending33¢$520.5M
Share buybacks64¢$1.0B
Kept or used elsewhere3¢$40.7M

Out of $1.6B of cash from operations.³

Financial statements

Revenue⁴⁵⁶⁷³$3.2B in 2025+120% since 2019

Gross profit⁴⁵⁶⁷³$2.8B in 2025+110% since 2019

Operating income⁴⁵⁶⁷³$1.5B in 2025

Net income⁸⁶⁷³$1.3B in 2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Total revenues	$3.2B	$2.9B	$2.3B
Cost of sales	$384.4M	$309.7M	$257.5M
Research and development	$550.0M	$481.0M	$408.0M
Selling, general, and administrative	$755.8M	$709.7M	$477.1M
Total operating expenses	$1.7B	$1.5B	$1.1B
Operating income	$1.5B	$1.4B	$1.2B
Interest income	$192.0M	$199.1M	$162.7M
Interest expense	-$19.5M	-$42.9M	-$59.3M
Other income (expense), net	$48.9M	$5.8M	-$14.0M
Total other income, net	$221.4M	$162.0M	$89.4M
Income before income taxes	$1.7B	$1.5B	$1.3B
Income tax expense	-$379.2M	-$343.9M	-$289.5M
Net income	$1.3B	$1.2B	$984.8M
Basic (in dollars per share)	$30.13	$26.44	$21.04
Diluted (in dollars per share)	$27.86	$24.64	$19.81
Basic (in shares)	44.3M shares	45.2M shares	46.8M shares
Diluted (in shares)	47.9M shares	48.5M shares	49.7M shares

Total assets¹¹⁴⁵⁶⁷³$7.9B in 2025+101% since 2019

Total liabilities¹¹⁴⁵⁶⁷³$783.8M in 2025−31% since 2019

Shareholders’ equity⁵⁶⁷³$7.1B in 2025+155% since 2019

Cash¹¹⁴⁵⁶⁷³$1.6B in 2025+111% since 2019

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$1.6B	$1.7B
Marketable investments	$1.4B	$1.6B
Accounts receivable, no allowance for 2025 and 2024	$350.2M	$279.3M
Inventories, net	$183.1M	$157.9M
Other current assets	$248.9M	$169.7M
Total current assets	$3.7B	$3.9B
Marketable investments	$1.8B	$1.5B
Goodwill and other intangible assets, net	$116.5M	$111.9M
Property, plant, and equipment, net	$1.7B	$1.2B
Deferred tax assets, net	$357.7M	$458.4M
Other non-current assets	$196.9M	$222.1M
Total assets	$7.9B	$7.4B
Accounts payable and accrued expenses	$488.0M	$344.5M
Line of credit	$0	$300.0M
Other current liabilities	$72.6M	$93.6M
Total current liabilities	$560.6M	$738.1M
Other non-current liabilities	$223.2M	$181.9M
Total liabilities	$783.8M	$920.0M
Preferred stock, par value $.01, 10,000,000 shares authorized, no shares issued	$0	$0
Common stock, par value $.01, 245,000,000 shares authorized, 76,452,253 and 74,997,896 shares issued, and 43,643,165 and 44,831,306 shares outstanding as of December 31, 2025 and 2024, respectively	$800.0K	$800.0K
Additional paid-in capital	$2.8B	$2.7B
Accumulated other comprehensive income (loss)	$900.0K	-$3.4M
Treasury stock, 32,809,088 and 30,166,590 shares as of December 31, 2025 and 2024, respectively	-$4.3B	-$3.5B
Retained earnings	$8.6B	$7.2B
Total stockholders equity	$7.1B	$6.4B	$6.0B	$4.8B
Total liabilities and stockholders equity	$7.9B	$7.4B
Accounts receivable, allowance	$0	$0
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	10.0M shares	10.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	245.0M shares	245.0M shares
Common stock, shares issued (in shares)	76.5M shares	75.0M shares
Common stock, shares outstanding (in shares)	43.6M shares	44.8M shares
Treasury stock, shares (in shares)	32.8M shares	30.2M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$1.6B	$1.7B
Marketable investments	$1.4B	$1.6B
Accounts receivable, no allowance for 2025 and 2024	$350.2M	$279.3M
Inventories, net	$183.1M	$157.9M
Other current assets	$248.9M	$169.7M
Total current assets	$3.7B	$3.9B
Marketable investments	$1.8B	$1.5B
Goodwill and other intangible assets, net	$116.5M	$111.9M
Property, plant, and equipment, net	$1.7B	$1.2B
Deferred tax assets, net	$357.7M	$458.4M
Other non-current assets	$196.9M	$222.1M
Total assets	$7.9B	$7.4B
Accounts payable and accrued expenses	$488.0M	$344.5M
Line of credit	$0	$300.0M
Other current liabilities	$72.6M	$93.6M
Total current liabilities	$560.6M	$738.1M
Other non-current liabilities	$223.2M	$181.9M
Total liabilities	$783.8M	$920.0M
Preferred stock, par value $.01, 10,000,000 shares authorized, no shares issued	$0	$0
Common stock, par value $.01, 245,000,000 shares authorized, 76,452,253 and 74,997,896 shares issued, and 43,643,165 and 44,831,306 shares outstanding as of December 31, 2025 and 2024, respectively	$800.0K	$800.0K
Additional paid-in capital	$2.8B	$2.7B
Accumulated other comprehensive income (loss)	$900.0K	-$3.4M
Treasury stock, 32,809,088 and 30,166,590 shares as of December 31, 2025 and 2024, respectively	-$4.3B	-$3.5B
Retained earnings	$8.6B	$7.2B
Total stockholders equity	$7.1B	$6.4B	$6.0B	$4.8B
Total liabilities and stockholders equity	$7.9B	$7.4B
Accounts receivable, allowance	$0	$0
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in shares)	10.0M shares	10.0M shares
Preferred stock, shares issued (in shares)	0 shares	0 shares
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	245.0M shares	245.0M shares
Common stock, shares issued (in shares)	76.5M shares	75.0M shares
Common stock, shares outstanding (in shares)	43.6M shares	44.8M shares
Treasury stock, shares (in shares)	32.8M shares	30.2M shares

Cash from operations⁴⁵⁶⁷³$1.6B in 2025

Capital spending⁴⁵⁶⁷³$520.5M in 2025+522% since 2019

Free cash flow⁴⁵⁶⁷³$1.0B in 2025

Share buybacks⁷³$1.0B in 2025

Every line of the cash flow as filed: the last 3 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$1.3B	$1.2B	$984.8M
Depreciation and amortization	$85.6M	$72.5M	$53.2M
Share-based compensation expense	$147.7M	$144.0M	$39.1M
Impairments of property, plant, and equipment	$21.7M	$0	$3.6M
Deferred income taxes	$97.7M	-$64.1M	-$64.4M
Other	-$19.7M	-$24.3M	-$4.9M
Accounts receivable	-$70.9M	-$400.0K	-$58.5M
Inventories	-$52.6M	-$46.9M	-$13.6M
Accounts payable and accrued expenses	$97.9M	$42.7M	$57.1M
Other assets and liabilities	-$80.9M	$8.5M	-$18.4M
Net cash provided by operating activities	$1.6B	$1.3B	$978.0M
Purchases of property, plant, and equipment	-$520.5M	-$246.5M	-$230.4M
Acquired lease intangible assets	-$5.5M	$0	$0
Deposits	-$10.4M	-$28.5M	-$23.0M
Purchases of available-for-sale debt securities	-$3.4B	-$1.6B	-$2.5B
Maturities of available-for-sale debt securities	$1.6B	$1.5B	$2.1B
Sales of available-for-sale debt securities	$1.9B	$831.8M	$0
Purchases of investments in privately-held companies	-$55.0M	-$30.5M	$0
Acquisitions, net of cash acquired	$0	$0	-$89.2M
Net cash (used in) provided by investing activities	-$551.3M	$417.2M	-$719.6M
Payments to repurchase common stock	-$1.0B	-$1.0B	$0
Proceeds from line of credit	$200.0M	$0	$0
Repayment of line of credit	-$500.0M	-$400.0M	-$100.0M
Excise tax paid on net share repurchase	-$5.0M	$0	$0
Payments of debt issuance costs	-$11.5M	-$2.7M	-$2.7M
Proceeds from the exercise of stock options	$173.9M	$152.5M	$98.0M
Proceeds from the issuance of stock under ESPP	$9.2M	$7.6M	$6.6M
RSUs withheld for taxes	-$16.6M	-$12.2M	-$13.8M
Net cash used in financing activities	-$1.1B	-$1.3B	-$11.9M
Net (decrease) increase in cash and cash equivalents	-$140.1M	$489.5M	$246.5M
Cash paid for interest	$13.5M	$40.2M	$56.0M
Cash paid for income taxes	$313.3M	$400.6M	$332.5M
Non-cash additions to property, plant, and equipment	$116.3M	$22.2M	$18.4M
Measurement period adjustment to purchase price	$0	-$1.4M	$0
Excise tax on net share repurchase	$1.8M	$5.0M	$0
Receivable from maturity of available-for-sale debt securities	$0	$0	$21.0M

Compare UNITED THERAPEUTICS Corp with another company

Leadership

Who has led UNITED THERAPEUTICS Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

Roger Jeffs2015–2016

President

Chief financial officer

Chief operating officer

2010201520202025

Chief executive officerRoger Jeffs Jan 2, 2015 to Mar 15, 2016¹²
PresidentMichael Benkowitz Jun 27, 2016 to now¹³
PresidentRoger Jeffs Jan 6, 2006 to Mar 15, 2016¹⁴
Chief financial officerJames Edgemond Mar 13, 2015 to now¹⁵
Chief financial officerFred T. Hadeed Jan 6, 2006 to Aug 4, 2006¹⁶
Chief financial officerPaul A. Mahon Jul 10, 2006 to Jul 10, 2006¹⁷
Chief financial officerJohn Maxim Ferrari Aug 10, 2006 to Feb 19, 2015¹⁸
Chief operating officerMichael Benkowitz Jun 27, 2016 to now¹³
Chief operating officerDavid Zaccardelli Jan 2, 2015 to May 16, 2016¹⁹
Chief operating officerRoger Jeffs Jan 6, 2006 to Dec 23, 2014¹⁴

Board members and other officers (18)

EVP, Business DevelopmentFred T. Hadeed Aug 17, 2006 to Aug 17, 2006²⁰
Board memberKevin Tracey Jan 23, 2026 to now²¹
Board memberVictor J. Dzau Jul 23, 2026 to now²²
Board memberJan Malcolm Jun 28, 2024 to now²³
Board memberLinda Maxwell Sep 11, 2020 to now²⁴
Board memberNilda Mesa Nov 1, 2018 to now²⁵
Board memberJudy D. Olian Jun 29, 2015 to now²⁶
Board memberKatherine J. Klein Nov 13, 2014 to Mar 11, 2024²⁷
Board memberTommy Thompson Jan 4, 2010 to now²⁸
Board memberRichard Giltner May 1, 2009 to now²⁹
Board memberPaul A. Mahon Mar 2, 2007 to Mar 2, 2007³⁰
Board memberRoger Jeffs Jan 6, 2006 to Mar 15, 2016¹⁴
Board memberChristopher Causey Mar 3, 2006 to now³¹
Board memberChristopher Patusky Jul 10, 2006 to now³²
Board memberLouis W. Sullivan Jul 10, 2006 to now³³
Board memberR. Paul Gray Jul 10, 2006 to Nov 7, 2013³⁴
Board memberRaymond Dwek Jul 10, 2006 to now³⁵
General counselPaul A. Mahon Jan 6, 2006 to now³⁶

Timeline

Jan 2, 2015New chief executive Roger Jeffs becomes CEO¹²

Filings

1,236 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 56 major events, 822 insider forms, 41 large holders, 297 other. The latest 20:

The 1,236 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 41 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	5,294,529	$2.9B	0.0%	−105,120
Avoro Capital Advisors LLC	2,777,777	$1.5B	13.5%	+147,777
Vanguard Portfolio Management LLC	1,919,429	$1.0B	0.0%	−84,313
Vanguard Capital Management LLC	1,918,256	$1.0B	0.0%	−39,283
State Street Corp	1,898,064	$1.0B	0.0%	+54,101
Renaissance Technologies LLC	1,708,739	$925.8M	1.3%	−78,280
Wellington Management Group Llp	1,379,025	$747.2M	0.1%	−885,222
Geode Capital Management, LLC	996,598	$538.9M	0.0%	−236,431
Jupiter Topco LLC	831,129	$450.1M	0.2%	New
Norges Bank	694,753	$376.4M	0.0%	New
Assetmark, Inc	624,068	$338.1M	0.6%	+8,018
Aqr Capital Management LLC	546,002	$294.6M	0.1%	−280,224
Dimensional Fund Advisors LP	527,904	$286.0M	0.1%	+15,165
Fmr LLC	473,409	$256.5M	0.0%	−54,937
Invesco Ltd.	473,109	$256.3M	0.0%	−135,258
Baillie Gifford & Co	467,209	$253.1M	0.2%	+39,082
Deerfield Management Company, L.P.	457,000	$247.6M	3.1%	No change
Morgan Stanley	436,699	$236.6M	0.0%	+27,411
Vestal Point Capital, LP	435,000	$235.7M	5.5%	+360,000
Northern Trust Corp	430,844	$233.4M	0.0%	−5,722
Millennium Management LLC	409,074	$221.6M	0.2%	+255,702
Franklin Resources Inc	340,275	$184.4M	0.0%	+62,292
Swedbank AB	322,995	$175.0M	0.2%	−4,127
Citadel Advisors LLC	304,692	$165.1M	0.1%	−55,951
Charles Schwab Investment Management Inc	297,162	$161.0M	0.0%	−3,319

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

Date	Member	Trade	Amount	Vs S&P since	Filing
Oct 31, 2025	Lisa C. McClainRepublican, House	Sale	$1,001 - $15,000	−8.4%	Report
Oct 30, 2025	Lisa C. McClainRepublican, House	Buy	$1,001 - $15,000	+5.9%	Report
Oct 30, 2025	Lisa C. McClainRepublican, House	Sale	$1,001 - $15,000	−5.9%	Report
Jun 11, 2025	Lisa C. McClainRepublican, House	Buy	$1,001 - $15,000	+67.5%	Report
Mar 6, 2019	Donna Shalala, House	Sale	$1,001 - $15,000	−208.7%	Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARUNITED THERAPEUTICS Corp filings on SEC EDGAR
2
SEC EDGARUNITED THERAPEUTICS Corp filings on SEC EDGAR
3
SEC EDGARUNITED THERAPEUTICS Corp 10-K for fiscal 2025
4
SEC EDGARUNITED THERAPEUTICS Corp 10-K for fiscal 2019
5
SEC EDGARUNITED THERAPEUTICS Corp 10-K for fiscal 2020
6
SEC EDGARUNITED THERAPEUTICS Corp 10-K for fiscal 2021
7
SEC EDGARUNITED THERAPEUTICS Corp 10-K for fiscal 2022
8
SEC EDGARUNITED THERAPEUTICS Corp 10-K for fiscal 2019
9
SEC EDGARUNITED THERAPEUTICS Corp 10-Q for fiscal 2026
10
SEC EDGARUNITED THERAPEUTICS Corp 10-Q for fiscal 2026
11
SEC EDGARUNITED THERAPEUTICS Corp 10-K for fiscal 2019
12
SEC EDGARRoger Jeffs, Chief executive officer
13
SEC EDGARMichael Benkowitz, President
14
SEC EDGARRoger Jeffs, President
15
SEC EDGARJames Edgemond, Chief financial officer
16
SEC EDGARFred T. Hadeed, Chief financial officer
17
SEC EDGARPaul A. Mahon, Chief financial officer
18
SEC EDGARJohn Maxim Ferrari, Chief financial officer
19
SEC EDGARDavid Zaccardelli, Chief operating officer
20
SEC EDGARFred T. Hadeed, EVP, Business Development
21
SEC EDGARKevin Tracey, Board member
22
SEC EDGARVictor J. Dzau, Board member
23
SEC EDGARJan Malcolm, Board member
24
SEC EDGARLinda Maxwell, Board member
25
SEC EDGARNilda Mesa, Board member
26
SEC EDGARJudy D. Olian, Board member
27
SEC EDGARKatherine J. Klein, Board member
28
SEC EDGARTommy Thompson, Board member
29
SEC EDGARRichard Giltner, Board member
30
SEC EDGARPaul A. Mahon, Board member
31
SEC EDGARChristopher Causey, Board member
32
SEC EDGARChristopher Patusky, Board member
33
SEC EDGARLouis W. Sullivan, Board member
34
SEC EDGARR. Paul Gray, Board member
35
SEC EDGARRaymond Dwek, Board member
36
SEC EDGARPaul A. Mahon, General counsel