United Therapeutics Corp
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+ FollowMarket Cap$25.68B
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Earnings Call Q3 2026
November 4, 2026 - AI Summary
Q3 2026 results were strong—record momentum in Tyvaso and overall revenue
- Total revenue: $833M (record); Tyvaso revenue: $504M (record).
- Management emphasized the quarter as “best quarter ever,” with sequential growth and underlying demand strength (not attributed to inventory or seasonality).
PH-ILD competitive/legal situation: YUTREPIA removed from the label for PH-ILD; switch expected to be moderate
- A recent court decision and settlement provides clarity and (importantly) removes PH-ILD from the YUTREPIA label, preventing promotion/marketing into PH-ILD and restricting off-label encouragement by Liquidia.
- Patient switching expectation: no requirement for mandatory switching; transitions from YUTREPIA to Tyvaso DPI expected to be “moderate” near-term.
- Growth focus remains on new prescriptions and deeper PH-ILD penetration, not replacing stable patients already doing well on YUTREPIA.
- Monitoring plan: company said it will monitor off-label dynamics via market/physician interaction and prescription visibility (but did not detail methods).
Forecast/outlook: major growth catalysts still ahead, but timelines vary by program
- Tyvaso growth runway: management expects continued expansion in PAH and PH-ILD, helped by earlier investments in sales resources and messaging.
- Near-term expectation implied: benefits from litigation/settlement-driven referral dynamics may show more clearly over the next few weeks into December and early 2027, since settlement timing was mid-to-late October.
- Upcoming “potential launches”:
- Nebulized Tyvaso in IPF (approval-dependent, described as potentially multi-billion-dollar).
- Ralinepag in PAH (approval-dependent, described as potentially multi-billion-dollar).
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$869.13
42.8% upside
Current Fair Value
42.8% upsideUndervalued by 42.8% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $25.68 Billion |
|---|---|
| Enterprise Value | $23.88 Billion |
| Earnings per Share | $30.13 |
| Beta | 0.56 |
| Outstanding Shares | 42,600,000 |
Return
| Return on Equity | 20.48% |
|---|---|
| Return on Assets | 18.16% |
| Return on Invested Capital | 23.70% |
Valuation & Multiples
| P/E Ratio | 19.81 |
|---|---|
| PEG | 260.84 |
| Price to Sales | 8.22 |
| Price to Book Ratio | 4.06 |
| Enterprise Value to Revenue | 7.57 |
| Enterprise Value to EBIT | 15.24 |
| Enterprise Value to Net Income | 18 |
| Total Debt to Enterprise | 0 |
| Debt to Equity | 0 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$6.01
Consensus analyst estimateRevenue Estimate
$781.14 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 24, 2027
EPS Estimate
$6.91
Consensus analyst estimateRevenue Estimate
$837.84 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 90.69% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 6.14%▼ 92.51% |
|---|---|
| Total Invested | $1.41B▼ 93.80% |
| Investors Holding | 261▼ 642.00% |
About United Therapeutics Corp
920 employees
CEO: Martine Rothblatt
United Therapeutics Corporation focuses on the strength of a balanced, value-creating biotechnology model. We are confident in our future thanks to our fundamental attributes, namely our obsession with quality and innovation, the power o...