Financials United Therapeutics Corporation

Equities

UTHR

US91307C1027

Pharmaceuticals

Market Closed - Nasdaq Other stock markets 16:00:00 2025-06-13 EDT			5-day change	1st Jan Change
283.35 ^USD	-0.98%		-13.03%	-19.69%

06-10	Insmed Shares Rise After Phase 2b Trial of Treprostinil Inhalation Powder in PAH Meets Endpoints	MT
06-10	Insmed's drug for rare lung disease achieves 'home run' in mid-stage trial	RE

Projected Income Statement: United Therapeutics Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	1,483	1,686	1,936	2,328	2,877	3,220	3,424	3,559
Change	-	13.63%	14.88%	20.2%	23.63%	11.9%	6.33%	3.96%
EBITDA ¹	643.5	605.8	1,031	1,238	1,450	1,661	1,705	1,722
Change	-	-5.86%	70.19%	20.09%	17.07%	14.6%	2.65%	1%
EBIT ¹	593.6	555.9	979.7	1,185	1,377	1,603	1,684	1,703
Change	-	-6.35%	76.24%	20.95%	16.21%	16.41%	5.07%	1.14%
Interest Paid ¹	-23.5	-18.6	-32.4	-59.3	-42.9	-32.35	-39.13	-39.13
Earnings before Tax (EBT) ¹	638.9	593.9	950.6	1,274	1,539	1,724	1,789	1,829
Change	-	-7.04%	60.06%	34.05%	20.77%	12%	3.8%	2.21%
Net income ¹	514.8	475.8	727.3	984.8	1,195	1,341	1,400	1,419
Change	-	-7.58%	52.86%	35.4%	21.35%	12.23%	4.35%	1.4%
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/26/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	362	380.1	384.9	379.1	446.5	444.7	415.2	461.9	466.9	516	491.5	506.9	596.5	609.4	614.7	677.7	714.9	748.9	735.9	794.4	802.1	831.6	808.5	816.3	844.8	878.5	849.8
Change	-	5%	1.26%	-1.51%	17.78%	-0.4%	-6.63%	11.25%	1.08%	10.52%	-4.75%	3.13%	17.68%	2.16%	0.87%	10.25%	5.49%	4.76%	-1.74%	7.95%	0.97%	3.67%	-2.78%	0.97%	3.49%	3.99%	-3.26%
EBITDA ¹	153.1	232.9	78.4	-52.3	234.6	241.1	182.4	300.5	214.5	327.2	188.8	297.7	326.3	340.3	273.8	371.3	338.6	362.2	377.4	402.6	426	433	377	-	-	-	-
Change	-	52.12%	-66.34%	-166.71%	548.57%	2.77%	-24.35%	64.75%	-28.62%	52.54%	-42.3%	57.68%	9.61%	4.29%	-19.54%	35.61%	-8.81%	6.97%	4.2%	6.68%	5.81%	1.64%	-12.93%	-	-	-	-
EBIT ¹	140.5	221.1	65.3	-64.8	222.2	228.7	169.8	288	201.8	314.3	175.6	284.4	313.4	327	260.1	356.3	319.9	343.1	357.7	382.8	409.4	426.2	394.7	440.4	455.5	473.3	458.8
Change	-	57.37%	-70.47%	-199.23%	442.9%	2.93%	-25.75%	69.61%	-29.93%	55.75%	-44.13%	61.96%	10.2%	4.34%	-20.46%	36.99%	-10.22%	7.25%	4.26%	7.02%	6.94%	4.1%	-7.39%	11.59%	3.42%	3.91%	-3.07%
Charge d'intérêts ¹	-5.6	-4.9	-4.8	-4.6	-4.7	-4.6	-6.1	-4.7	-6.2	-9.2	-12.3	-13.8	-14.8	-15.6	-15.1	-13.3	-11.6	-10.1	-7.9	-6.1	-7.025	-7.15	-12.12	-	-	-	-
Earnings before Tax (EBT) ¹	133.9	219	114.4	32.5	216.5	204.4	140.5	308.7	150.6	312.5	178.8	291.9	335.2	351.8	295.4	398.6	355.3	388.6	396.5	423.5	434.5	456.6	411.4	410.1	431.8	458.6	420.4
Change	-	63.55%	-47.76%	-71.59%	566.15%	-5.59%	-31.26%	119.72%	-51.21%	107.5%	-42.78%	63.26%	14.83%	4.95%	-16.03%	34.94%	-10.86%	9.37%	2.03%	6.81%	2.6%	5.08%	-9.9%	-0.3%	5.28%	6.19%	-8.33%
Net income ¹	107.1	171.2	98.8	28.3	172.6	162.7	112.2	239.9	116	239.3	132.1	240.9	259.2	267.6	217.1	306.6	278.1	309.1	301.3	322.2	343.2	361.4	323.8	329.2	341.4	355.7	344.4
Change	-	59.85%	-42.29%	-71.36%	509.89%	-5.74%	-31.04%	113.81%	-51.65%	106.29%	-44.8%	82.36%	7.6%	3.24%	-18.87%	41.23%	-9.3%	11.15%	-2.52%	6.94%	6.51%	5.31%	-10.4%	1.68%	3.69%	4.19%	-3.17%
Announcement Date	7/29/20	10/28/20	2/24/21	5/5/21	8/4/21	11/3/21	2/24/22	5/4/22	8/3/22	11/2/22	2/22/23	5/3/23	8/2/23	11/1/23	2/21/24	5/1/24	7/31/24	10/30/24	2/26/25	4/30/25	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: United Therapeutics Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-1,035	-94.8	-161	-2,294	-2,967	-3,011	-4,183	-5,342
Change	-	90.84%	-69.83%	-1,324.84%	-29.34%	-1.48%	-38.92%	-27.71%
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/26/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: United Therapeutics Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	59.3	120.8	138.8	230.4	246.5	222.4	225.1	228.2
Change	-	103.71%	14.9%	65.99%	6.99%	-9.78%	1.21%	1.4%
Free Cash Flow (FCF) ¹	696.4	477.4	663.7	747.6	1,081	1,257	1,323	1,421
Change	-	-31.45%	39.02%	12.64%	44.54%	16.36%	5.26%	7.37%
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/26/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: United Therapeutics Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	43.38%	35.94%	53.25%	53.19%	50.38%	51.59%	49.81%	48.39%
EBIT Margin (%)	40.02%	32.98%	50.6%	50.91%	47.86%	49.78%	49.2%	47.86%
EBT Margin (%)	43.07%	35.24%	49.09%	54.75%	53.49%	53.53%	52.26%	51.38%
Net margin (%)	34.71%	28.23%	37.56%	42.31%	41.53%	41.66%	40.88%	39.87%
FCF margin (%)	46.95%	28.32%	34.28%	32.12%	37.55%	39.05%	38.66%	39.93%
FCF / Net Income (%)	135.28%	100.34%	91.26%	75.91%	90.42%	93.75%	94.56%	100.13%
Profitability
ROA	12.07%	9.85%	12.97%	14.91%	16.45%	16.59%	14.06%	11.91%
ROE	16.67%	12.94%	16.61%	18.27%	19.23%	19.43%	15.12%	12.21%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4%	7.17%	7.17%	9.9%	8.57%	6.91%	6.57%	6.41%
CAPEX / EBITDA (%)	9.22%	19.94%	13.46%	18.61%	17.01%	13.39%	13.2%	13.25%
CAPEX / FCF (%)	8.52%	25.3%	20.91%	30.82%	22.81%	17.69%	17.01%	16.06%
Items per share
Cash flow per share ¹	16.94	12.65	16.55	19.68	27.36	29.62	30.13	-
Change	-	-25.36%	30.83%	18.93%	39.05%	8.24%	1.73%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	76.4	80.97	104.2	127.2	142.6	169.8	198.1	224.4
Change	-	5.98%	28.7%	22.09%	12.06%	19.07%	16.72%	13.26%
EPS ¹	11.54	10.06	15	19.81	24.64	27.63	28.43	29.47
Change	-	-12.82%	49.11%	32.07%	24.38%	12.13%	2.91%	3.65%
Nbr of stocks (in thousands)	44,441	45,037	45,577	46,994	44,645	45,107	45,107	45,107
Announcement Date	2/24/21	2/24/22	2/22/23	2/21/24	2/26/25	-	-	-