United Therapeutics
UTHR · NasdaqPharmaceutical Preparations · Fiscal year ends Dec 31
United Therapeutics reported revenue of $3.2B in the fiscal year ended Dec 2025, up 10.6% from the year before. Operating income was $1.5B, an operating margin of 46.9%, and net income was $1.3B. Operating cash flow of $1.6B less capital expenditure of $521M left free cash flow of $1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.7B | $1.9B | $2.3B | $2.9B | $3.2B |
| Cost of revenue | $123M | $152M | $258M | $310M | $384M |
| Gross profit | $1.6B | $1.8B | $2.1B | $2.6B | $2.8B |
| Research & development | $540M | $323M | $408M | $481M | $550M |
| Selling, general & admin | $467M | $482M | $477M | $710M | $756M |
| Operating income | $556M | $980M | $1.2B | $1.4B | $1.5B |
| Interest expense | $19M | $32M | $59M | $43M | $20M |
| Pre-tax income | $594M | $951M | $1.3B | $1.5B | $1.7B |
| Income tax | $118M | $223M | $290M | $344M | $379M |
| Net income | $476M | $727M | $985M | $1.2B | $1.3B |
| Diluted EPS | 10.06 | 15.00 | 19.81 | 24.64 | 27.86 |
| Diluted shares | 47M | 49M | 50M | 49M | 48M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $895M | $961M | $1.2B | $1.7B | $1.6B |
| Receivables | $199M | $220M | $279M | $279M | $350M |
| Inventory | $94M | $102M | $112M | $158M | $183M |
| Current assets | $2.3B | $3.4B | $3.6B | $3.9B | $3.7B |
| Net PP&E | $781M | $862M | $1B | $1.2B | $1.7B |
| Goodwill | $28M | $28M | $34M | $32M | $32M |
| Total assets | $5.2B | $6B | $7.2B | $7.4B | $7.9B |
| Payables | $4M | $4M | $6M | $6M | $7M |
| Current liabilities | $305M | $343M | $804M | $738M | $561M |
| Total liabilities | $1.2B | $1.2B | $1.2B | $920M | $784M |
| Shareholders' equity | $4B | $4.8B | $6B | $6.4B | $7.1B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $598M | $803M | $978M | $1.3B | $1.6B |
| Capital expenditure | $121M | $139M | $230M | $247M | $521M |
| Free cash flow | $477M | $664M | $748M | $1.1B | $1B |
| Depreciation & amortisation | $50M | $51M | $53M | $73M | $86M |
| Stock-based compensation | $139M | $107M | $39M | $144M | $148M |
| Acquisitions | $0 | $0 | $89M | $0 | $0 |
| Share buybacks | – | $0 | $0 | $1B | $1B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.9% | 20.2% | 23.6% | 10.6% |
| Operating income growth (YoY) | – | 76.2% | 20.9% | 16.2% | 8.4% |
| EPS growth (YoY) | – | 49.1% | 32.1% | 24.4% | 13.1% |
| Gross margin | 92.7% | 92.2% | 88.9% | 89.2% | 87.9% |
| Operating margin | 33.0% | 50.6% | 50.9% | 47.9% | 46.9% |
| Net margin | 28.2% | 37.6% | 42.3% | 41.5% | 41.9% |
| Return on equityBlank when equity is negative | 12.0% | 15.2% | 16.5% | 18.5% | 18.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 11.4% | 17.2% | 18.6% | 20.8% | 20.4% |
| Free cash flow margin | 28.3% | 34.3% | 32.1% | 37.6% | 32.7% |
| Cash conversion (CFO ÷ net income) | 1.26x | 1.10x | 0.99x | 1.11x | 1.17x |
| Receivable days | 43 | 42 | 44 | 35 | 40 |
| Inventory days | 279 | 246 | 158 | 186 | 174 |
| Payable days | 11 | 10 | 8 | 7 | 7 |
| Interest cover | 29.9x | 30.2x | 20.0x | 32.1x | 76.5x |
| Current ratio | 7.61x | 9.85x | 4.41x | 5.25x | 6.60x |
Recent filings
More in Pharmaceutical Preparations
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.