Cash flow United Therapeutics Corporation

Stocks

UTHR

US91307C1027

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 16:00:00 2026-07-10 EDT			5-day change	1st Jan Change
547.06 ^USD	-0.98%		-1.59%	+12.28%

07-10	Biopharma Pricing Power Seen as Key Swing Factor for Q2 Earnings, BofA Says	MT
07-10	BofA Securities Adjusts United Therapeutics Price Target to $613 From $620	MT

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Published financial data: UNITED THERAPEUTICS CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	1.69B	1.94B	2.33B	2.88B	3.18B
Total Revenues	1.69B	1.94B	2.33B	2.88B	3.18B
Cost of Goods Sold, Total	122M	152M	258M	310M	384M
Gross Profit	1.56B	1.78B	2.07B	2.57B	2.8B
Selling General & Admin Expenses, Total	466M	473M	476M	640M	731M
R&D Expenses	410M	323M	408M	481M	550M
Other Operating Expenses, Total	876M	796M	884M	1.12B	1.28B
Operating Income	687M	989M	1.19B	1.45B	1.52B
Interest Expense, Total	-18.6M	-32.4M	-59.3M	-42.9M	-19.5M
Interest And Investment Income	16.7M	45.2M	163M	199M	192M
Net Interest Expenses	-1.9M	12.8M	103M	156M	172M
Other Non Operating Income (Expenses)	-7M	-74.2M	-27.3M	-1.4M	6M
EBT, Excl. Unusual Items	678M	928M	1.26B	1.6B	1.7B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	48.5M	34.2M	15.8M	9M	43M
Asset Writedown	-133M	-11.2M	-3.6M	-	-21.7M
Legal Settlements	-	-	-	-71.1M	-3M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	594M	951M	1.27B	1.54B	1.71B
Income Tax Expense	118M	223M	290M	344M	379M
Earnings From Continuing Operations	476M	727M	985M	1.2B	1.33B
Net Income to Company	476M	727M	985M	1.2B	1.33B
Net Income - (IS)	476M	727M	985M	1.2B	1.33B
Net Income to Common Incl Extra Items	476M	727M	985M	1.2B	1.33B
Net Income to Common Excl. Extra Items	476M	727M	985M	1.2B	1.33B
Per Share Items
Net EPS - Basic	10.6	15.98	21.04	26.44	30.13
Basic EPS - Continuing Operations	10.6	15.98	21.04	26.44	30.13
Basic Weighted Average Shares Outstanding	44.9M	45.5M	46.8M	45.2M	44.3M
Net EPS - Diluted	10.06	15	19.81	24.64	27.86
Diluted EPS - Continuing Operations	10.06	15	19.81	24.64	27.86
Diluted Weighted Average Shares Outstanding	47.3M	48.5M	49.7M	48.5M	47.9M
Normalized Basic EPS	9.44	12.74	16.85	22.14	23.92
Normalized Diluted EPS	8.96	11.95	15.87	20.63	22.12
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	737M	1.04B	1.24B	1.52B	1.6B
EBITA	687M	989M	1.19B	1.45B	1.52B
EBIT	687M	989M	1.19B	1.45B	1.52B
EBITDAR	740M	1.05B	1.24B	1.53B	1.61B
Total Revenues (As Reported)	1.69B	-	-	-	-
Effective Tax Rate - (Ratio)	19.89	23.49	22.72	22.35	22.12
Current Domestic Taxes	137M	274M	354M	408M	280M
Current Foreign Taxes	-	-	-	-	1.2M
Total Current Taxes	137M	274M	354M	408M	282M
Deferred Domestic Taxes	-18.8M	-50.8M	-64.4M	-64.1M	98.2M
Deferred Foreign Taxes	-	-	-	-	-500K
Total Deferred Taxes	-18.8M	-50.8M	-64.4M	-64.1M	97.7M
Normalized Net Income	424M	580M	789M	1B	1.06B
Interest on Long-Term Debt	18.6M	32.4M	59.3M	42.9M	19.5M
Non-Cash Pension Expense	1.6M	1.9M	-3.5M	-3.4M	100K
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	540M	323M	408M	481M	550M
Net Rental Expense, Total	3.6M	4.8M	5.7M	7.6M	8.9M
Imputed Operating Lease Interest Expense	662K	1.52M	3.53M	5.02M	7.94M
Imputed Operating Lease Depreciation	2.94M	3.28M	2.17M	2.58M	959K
Stock-Based Comp., COGS (Total)	5.8M	4.9M	2.4M	5.4M	3.9M
Stock-Based Comp., R&D Exp. (Total)	24.4M	23.8M	15.6M	29.1M	32.3M
Stock-Based Comp., SG&A Exp. (Total)	108M	78.1M	21.1M	110M	112M
Total Stock-Based Compensation	138M	107M	39.1M	144M	148M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	895M	961M	1.21B	1.7B	1.56B
Short Term Investments	1.04B	1.88B	1.79B	1.57B	1.36B
Total Cash And Short Term Investments	1.93B	2.84B	2.99B	3.27B	2.92B
Accounts Receivable, Total	199M	220M	279M	279M	350M
Other Receivables	-	70M	21M	-	-
Total Receivables	199M	290M	300M	279M	350M
Inventory	93.8M	102M	112M	158M	183M
Other Current Assets, Total	100M	149M	145M	170M	249M
Total Current Assets	2.32B	3.38B	3.55B	3.87B	3.7B
Gross Property Plant And Equipment	1.12B	1.24B	1.47B	1.71B	2.3B
Accumulated Depreciation	-342M	-383M	-428M	-491M	-568M
Net Property Plant And Equipment	781M	862M	1.05B	1.22B	1.73B
Long-term Investments	1.68B	1.34B	1.94B	1.53B	1.83B
Goodwill	28M	28M	33.7M	32.3M	32.3M
Other Intangibles, Total	16.6M	16.5M	80.5M	79.6M	84.2M
Deferred Tax Assets Long-Term	262M	328M	395M	458M	358M
Deferred Charges Long-Term	6.9M	10.5M	-	-	-
Other Long-Term Assets, Total	70.2M	75.3M	123M	163M	143M
Total Assets	5.17B	6.04B	7.17B	7.36B	7.88B
Liabilities
Accounts Payable, Total	3.8M	4.1M	5.6M	6M	7.1M
Accrued Expenses, Total	291M	326M	358M	380M	507M
Current Portion of Long-Term Debt	-	-	400M	300M	-
Current Portion of Leases	3.1M	3.9M	4.7M	6.1M	7.3M
Other Current Liabilities	7.1M	9.1M	35.8M	45.7M	39.3M
Total Current Liabilities	305M	343M	804M	738M	561M
Long-Term Debt	800M	800M	300M	-	-
Long-Term Leases	15.8M	27.8M	28.1M	32.5M	30.3M
Pension & Other Post Retirement Benefits	48.9M	32M	18.3M	21.3M	28.8M
Other Non Current Liabilities	40.1M	44.8M	31.4M	128M	164M
Total Liabilities	1.21B	1.25B	1.18B	920M	784M
Common Stock, Total	700K	700K	700K	800K	800K
Additional Paid In Capital	2.25B	2.39B	2.55B	2.7B	2.8B
Retained Earnings	4.32B	5.04B	6.03B	7.22B	8.56B
Treasury Stock	-2.58B	-2.58B	-2.58B	-3.47B	-4.26B
Comprehensive Income and Other	-23M	-55.5M	-12.8M	-3.4M	900K
Total Common Equity	3.96B	4.8B	5.98B	6.44B	7.1B
Total Equity	3.96B	4.8B	5.98B	6.44B	7.1B
Total Liabilities And Equity	5.17B	6.04B	7.17B	7.36B	7.88B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	45.13M	46.3M	47.06M	44.91M	43.83M
ECS Total Common Shares Outstanding	45.11M	46.03M	47.04M	44.83M	43.64M
Book Value / Share	87.77	104.2	127.23	143.74	162.6
Tangible Book Value	3.91B	4.75B	5.87B	6.33B	6.98B
Tangible Book Value Per Share	86.78	103.24	124.8	141.24	159.93
Total Debt	819M	832M	733M	339M	37.6M
Net Debt	-2.76B	-3.32B	-4.17B	-4.4B	-4.66B
Debt Equivalent of Unfunded Proj. Benefit Obligation	67.1M	51.5M	48.8M	52.1M	54.8M
Debt Equivalent Oper. Leases	28.8M	38.4M	45.6M	60.8M	71.2M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	17.6M	18M	21.7M	28.6M	30.6M
Inventories - Work In Process, Total	31.9M	33.3M	34.4M	34.3M	35.3M
Inventories - Finished Goods, Total	44.3M	50.7M	55.7M	95M	117M
Land - (BS)	133M	143M	148M	182M	266M
Buildings, Total	613M	637M	685M	864M	945M
Machinery, Total	323M	354M	381M	450M	494M
Full Time Employees	965	985	1.17K	1.3K	1.4K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	476M	727M	985M	1.2B	1.33B
Depreciation & Amortization - CF	49.8M	51.2M	52.9M	71.6M	84.7M
Amortization of Goodwill and Intangible Assets - (CF)	100K	100K	300K	900K	900K
Depreciation & Amortization, Total	49.9M	51.3M	53.2M	72.5M	85.6M
(Gain) Loss on Sale of Investments - (CF)	-90.3M	-5.4M	-	-	-
Asset Writedown & Restructuring Costs	133M	11.2M	3.6M	-	21.7M
Stock-Based Compensation (CF)	138M	107M	39.1M	144M	148M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	65.9M	52.5M	-4.9M	-24.3M	78M
Change In Accounts Receivable	-41.3M	-21.7M	-58.5M	-400K	-70.9M
Change In Inventories	-7.5M	-13.4M	-13.6M	-46.9M	-52.6M
Change In Accounts Payable	-12.5M	44.5M	57.1M	42.7M	97.9M
Change in Other Net Operating Assets	-113M	-151M	-82.8M	-55.6M	-80.9M
Cash from Operations	598M	802M	978M	1.33B	1.56B
Capital Expenditure	-121M	-139M	-230M	-246M	-520M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-	-	-89.2M	-	-
Divestitures	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-	-	-5.5M
Investment in Marketable and Equity Securities, Total	-366M	-676M	-377M	692M	-14.9M
Other Investing Activities, Total	-	3.5M	-23M	-28.5M	-10.4M
Cash from Investing	-487M	-812M	-720M	417M	-551M
Long-Term Debt Issued, Total	-	800M	-	-	200M
Total Debt Issued	-	800M	-	-	200M
Long-Term Debt Repaid, Total	-	-800M	-100M	-400M	-500M
Total Debt Repaid	-	-800M	-100M	-400M	-500M
Issuance of Common Stock	55.6M	94.3M	105M	160M	183M
Repurchase of Common Stock	-10.8M	-11.4M	-13.8M	-1.01B	-1.02B
Other Financing Activities, Total	-	-7.5M	-2.7M	-2.7M	-11.5M
Cash from Financing	44.8M	75.4M	-11.9M	-1.25B	-1.15B
Foreign Exchange Rate Adjustments	-	-	-	-	-
Net Change in Cash	156M	66.4M	246M	490M	-140M
Supplemental Items
Cash Interest Paid	16.2M	29.1M	56M	40.2M	13.5M
Cash Income Tax Paid (Refund)	153M	276M	332M	401M	313M
Levered Free Cash Flow	404M	502M	607M	825M	583M
Unlevered Free Cash Flow	415M	523M	644M	852M	595M
Change In Net Working Capital	81.7M	115M	-41.2M	22.4M	60.1M
Net Debt Issued / Repaid	-	0	-100M	-400M	-300M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	8.78	11.02	11.22	12.44	12.44
Return on Total Capital	9.57	11.9	12.04	13.42	13.65
Return On Equity %	12.94	16.61	18.27	19.23	19.71
Return on Common Equity	12.94	16.61	18.27	19.23	19.71
Margin Analysis
Gross Profit Margin %	92.73	92.17	88.94	89.24	87.92
SG&A Margin	27.65	24.42	20.45	22.26	22.97
EBITDA Margin %	43.71	53.73	53.24	52.78	50.36
EBITA Margin %	40.76	51.08	50.97	50.3	47.7
EBIT Margin %	40.75	51.08	50.96	50.26	47.67
Income From Continuing Operations Margin %	28.23	37.56	42.31	41.53	41.94
Net Income Margin %	28.23	37.56	42.31	41.53	41.94
Net Avail. For Common Margin %	28.23	37.56	42.31	41.53	41.94
Normalized Net Income Margin	25.14	29.94	33.89	34.78	33.3
Levered Free Cash Flow Margin	23.94	25.95	26.09	28.66	18.32
Unlevered Free Cash Flow Margin	24.63	26.99	27.68	29.59	18.71
Asset Turnover
Asset Turnover	0.34	0.35	0.35	0.4	0.42
Fixed Assets Turnover	2.23	2.36	2.44	2.54	2.16
Receivables Turnover (Average Receivables)	9.47	9.24	9.32	10.31	10.11
Inventory Turnover (Average Inventory)	1.36	1.55	2.41	2.3	2.25
Short Term Liquidity
Current Ratio	7.61	9.85	4.41	5.25	6.6
Quick Ratio	6.97	9.12	4.09	4.8	5.83
Operating Cash Flow to Current Liabilities	1.96	2.34	1.22	1.8	2.78
Days Sales Outstanding (Average Receivables)	38.56	39.5	39.15	35.5	36.1
Days Outstanding Inventory (Average Inventory)	268.61	235.71	151.53	159.36	161.9
Average Days Payable Outstanding	11.11	9.02	6.62	5.97	5.84
Cash Conversion Cycle (Average Days)	296.06	266.19	184.06	188.9	192.15
Long Term Solvency
Total Debt/Equity	20.68	17.34	12.24	5.25	0.53
Total Debt / Total Capital	17.14	14.78	10.91	4.99	0.53
LT Debt/Equity	20.61	17.26	5.48	0.5	0.43
Long-Term Debt / Total Capital	17.07	14.71	4.88	0.48	0.42
Total Liabilities / Total Assets	23.41	20.64	16.5	12.49	9.95
EBIT / Interest Expense	36.93	30.52	20	33.71	77.8
EBITDA / Interest Expense	39.81	32.26	20.99	35.58	82.65
(EBITDA - Capex) / Interest Expense	33.31	27.97	17.11	29.83	55.95
Total Debt / EBITDA	1.11	0.8	0.59	0.22	0.02
Net Debt / EBITDA	-3.73	-3.18	-3.35	-2.89	-2.89
Total Debt / (EBITDA - Capex)	1.32	0.92	0.72	0.26	0.03
Net Debt / (EBITDA - Capex)	-4.46	-3.67	-4.11	-3.44	-4.27
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	13.63	14.88	20.2	23.63	10.61
Gross Profit, 1 Yr. Growth %	13.66	14.18	15.99	24.04	8.98
EBITDA, 1 Yr. Growth %	13.35	41.19	19.12	22.56	5.16
EBITA, 1 Yr. Growth %	14.44	43.97	19.94	21.99	4.52
EBIT, 1 Yr. Growth %	14.46	43.98	19.92	21.95	4.52
Earnings From Cont. Operations, 1 Yr. Growth %	-7.58	52.86	35.4	21.35	11.68
Net Income, 1 Yr. Growth %	-7.58	52.86	35.4	21.35	11.68
Normalized Net Income, 1 Yr. Growth %	11.79	36.81	36.06	26.86	5.9
Diluted EPS Before Extra, 1 Yr. Growth %	-12.82	49.11	32.07	24.38	13.07
Accounts Receivable, 1 Yr. Growth %	26.24	10.92	26.54	0.14	25.38
Inventory, 1 Yr. Growth %	8.44	8.74	9.61	41.23	15.96
Net Property, Plant and Equip., 1 Yr. Growth %	6.74	10.32	21.35	16.93	41.5
Total Assets, 1 Yr. Growth %	12.01	16.94	18.57	2.75	7.01
Tangible Book Value, 1 Yr. Growth %	20.92	21.41	23.53	7.86	10.23
Common Equity, 1 Yr. Growth %	16.6	21.16	24.77	7.67	10.12
Cash From Operations, 1 Yr. Growth %	-20.84	34.15	21.87	35.7	17.64
Capital Expenditures, 1 Yr. Growth %	103.71	14.9	65.99	6.99	111.16
Levered Free Cash Flow, 1 Yr. Growth %	-39.9	23.53	19.95	34.76	-30.08
Unlevered Free Cash Flow, 1 Yr. Growth %	-39.49	24.94	22.38	31.2	-30.84
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.86	14.25	17.51	21.9	16.94
Gross Profit, 2 Yr. CAGR %	8.36	13.92	15.08	19.95	16.27
EBITDA, 2 Yr. CAGR %	136.53	26.87	29.69	20.83	13.61
EBITA, 2 Yr. CAGR %	96.79	28.76	31.41	20.96	13.01
EBIT, 2 Yr. CAGR %	96.66	28.77	31.4	20.93	12.99
Earnings From Cont. Operations, 2 Yr. CAGR %	113.38	18.86	43.87	28.19	16.42
Net Income, 2 Yr. CAGR %	113.38	18.86	43.87	28.19	16.42
Normalized Net Income, 2 Yr. CAGR %	107.55	21.54	31.6	28.91	15.35
Diluted EPS Before Extra, 2 Yr. CAGR %	105.16	14.01	40.33	28.17	18.59
Accounts Receivable, 2 Yr. CAGR %	14.56	18.33	18.47	12.57	12.06
Inventory, 2 Yr. CAGR %	0.21	8.59	9.17	24.42	27.97
Net Property, Plant and Equip., 2 Yr. CAGR %	2.83	8.52	15.7	19.12	28.63
Total Assets, 2 Yr. CAGR %	14.93	14.44	17.75	10.38	4.86
Tangible Book Value, 2 Yr. CAGR %	22.18	21.16	22.47	15.43	9.04
Common Equity, 2 Yr. CAGR %	19.33	18.86	22.95	15.91	8.89
Cash From Operations, 2 Yr. CAGR %	70.16	3.05	27.86	28.6	26.35
Capital Expenditures, 2 Yr. CAGR %	20.14	52.99	38.1	33.26	50.3
Levered Free Cash Flow, 2 Yr. CAGR %	35.1	-13.35	22.2	27.63	-2.5
Unlevered Free Cash Flow, 2 Yr. CAGR %	46.49	-12.58	24.11	27.17	-4.33
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.17	10.15	16.2	19.52	18.02
Gross Profit, 3 Yr. CAGR %	3.03	10.27	14.6	17.99	16.17
EBITDA, 3 Yr. CAGR %	-4.21	99.15	24.23	27.27	15.5
EBITA, 3 Yr. CAGR %	-5.05	77.32	25.75	28.19	15.35
EBIT, 3 Yr. CAGR %	-5.05	77.25	25.75	28.17	15.33
Earnings From Cont. Operations, 3 Yr. CAGR %	-6.88	90.93	24.14	35.93	22.43
Net Income, 3 Yr. CAGR %	-6.88	90.93	24.14	35.93	22.43
Normalized Net Income, 3 Yr. CAGR %	-5.85	80.63	26.2	30	20.73
Diluted EPS Before Extra, 3 Yr. CAGR %	-9.09	84.46	19.74	34.8	22.92
Accounts Receivable, 3 Yr. CAGR %	4.19	13.33	21.01	12.02	16.69
Inventory, 3 Yr. CAGR %	-2.44	2.98	8.93	18.96	21.53
Net Property, Plant and Equip., 3 Yr. CAGR %	3.73	5.27	12.63	16.11	26.16
Total Assets, 3 Yr. CAGR %	14.97	15.59	15.8	12.52	9.24
Tangible Book Value, 3 Yr. CAGR %	14.35	21.92	21.95	17.39	13.67
Common Equity, 3 Yr. CAGR %	12.39	19.93	20.8	17.63	13.94
Cash From Operations, 3 Yr. CAGR %	-8.4	57.19	8.98	30.42	24.84
Capital Expenditures, 3 Yr. CAGR %	-13.15	18.36	57.21	26.84	55.36
Levered Free Cash Flow, 3 Yr. CAGR %	8.24	31.46	-3.18	26.58	4.83
Unlevered Free Cash Flow, 3 Yr. CAGR %	8.29	39.26	-1.96	26.74	4.18
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.06	2.33	7.41	14.71	16.5
Gross Profit, 5 Yr. CAGR %	0.48	1.96	7.69	14.04	15.27
EBITDA, 5 Yr. CAGR %	-7.55	-0.25	8.13	63.07	19.92
EBITA, 5 Yr. CAGR %	-8.3	-0.67	8.13	52.17	20.54
EBIT, 5 Yr. CAGR %	-8.3	-0.66	8.13	52.11	20.53
Earnings From Cont. Operations, 5 Yr. CAGR %	-7.79	11.72	10.82	62.8	20.99
Net Income, 5 Yr. CAGR %	-7.79	11.72	10.82	62.8	20.99
Normalized Net Income, 5 Yr. CAGR %	-8.55	-2.06	9.21	59.03	21.98
Diluted EPS Before Extra, 5 Yr. CAGR %	-7.98	10.01	8.15	59.46	19.28
Accounts Receivable, 5 Yr. CAGR %	-1.52	-5.8	9.68	13.03	17.34
Inventory, 5 Yr. CAGR %	-1.27	-1.12	2.05	11.07	16.18
Net Property, Plant and Equip., 5 Yr. CAGR %	9.8	9.56	8.36	10.6	18.78
Total Assets, 5 Yr. CAGR %	17.32	15.99	16.08	13.48	11.29
Tangible Book Value, 5 Yr. CAGR %	16.58	18.24	17.53	19.28	16.61
Common Equity, 5 Yr. CAGR %	16.42	17.94	16.5	18.31	15.89
Cash From Operations, 5 Yr. CAGR %	-1.45	11.1	4.67	45.06	15.62
Capital Expenditures, 5 Yr. CAGR %	26.02	9.97	4.55	24.11	54.41
Levered Free Cash Flow, 5 Yr. CAGR %	-4.57	-4.04	13.79	30.12	-2.71
Unlevered Free Cash Flow, 5 Yr. CAGR %	-4.12	-3.45	14.53	34.49	-2.73