UNITED THERAPEUTICS Corp

Listed Company

UTHRCIK 0001082554NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$3.18B

Net Income

$1.33B

Total Assets

$7.88B

Equity

$7.10B

Shares Out

43.83M

Op. Cash Flow

$1.56B

Business

United Therapeutics Corporation develops and commercializes pharmaceutical therapies and technologies to treat pulmonary arterial hypertension (PAH), pulmonary hypertension associated with interstitial lung disease (PH‑ILD), and certain cancers, and pursues engineered and manufactured organs and organ alternatives for transplantation. Its main products include treprostinil-based therapies (Tyvaso DPI, nebulized Tyvaso, Remodulin, Orenitram), the PDE‑5 inhibitor Adcirca, the oncology biologic Unituxin, and the Remunity infusion system, alongside research programs in xenotransplantation, regenerative medicine, 3D bioprinting, and ex vivo lung perfusion. Business activities are organized across commercial product sales, research and development pipeline programs, manufactured‑organ initiatives, and a centralized EVLP service. The company sells and distributes products through specialty pharmaceutical distributors, hospital and specialty channels, and international distributor partners across the United States, Europe, Asia, Latin America, and select other markets.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	3,183	2,877	2,328	1,936	1,686
Cost of sales	384	310	258	152	123
Research and development	550	481	408	323	540
Selling, general, and administrative	756	710	477	482	467
Total operating expenses	1,690	1,500	1,143	957	1,130
Operating income	1,493	1,377	1,185	980	556
Interest income	192	199	163	45	17
Interest expense	−20	−43	−59	−32	—
Other income (expense), net	49	6	−14	−40	42
Total other income, net	221	162	89	−29	38
Income before income taxes	1,714	1,539	1,274	951	594
Income tax expense	−379	−344	−290	−223	−118
Net income	1,335	1,195	985	727	476
Basic (in dollars per share)	30.13	26.44	21.04	15.98	10.6
Diluted (in dollars per share)	27.86	24.64	19.81	15	10.06
Basic (in shares)	44	45	47	46	45
Diluted (in shares)	48	49	50	49	47

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,557	1,697	1,208	961	895
Marketable investments	1,363	1,570	1,786	1,878	1,036
Accounts receivable, no allowance for 2025 and 2024	350	279	279	220	199
Inventories, net	183	158	112	102	94
Other current assets	249	170	166	219	100
Total current assets	3,703	3,874	3,551	3,380	2,324
Marketable investments	1,777	1,475	1,910	1,316	1,650
Goodwill and other intangible assets, net	117	112	114	45	45
Property, plant, and equipment, net	1,730	1,222	1,045	862	781
Deferred tax assets, net	358	458	395	328	262
Other non-current assets	197	222	152	114	108
Total assets	7,880	7,364	7,167	6,045	5,169
Accounts payable and accrued expenses	488	345	298	230	175
Line of credit	0	300	400	0	—
Other current liabilities	73	94	71	33	28
Total current liabilities	561	738	804	343	305
Other non-current liabilities	223	182	78	105	105
Total liabilities	784	920	1,182	1,248	1,210
Commitments and contingenciesNote 12	—	—	—	—	—
Preferred stock, par value $.01, 10,000,000 shares authorized, no shares issued	0	0	0	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	800,000	800,000	700,000	700,000	700,000
Additional paid-in capital	2,798	2,699	2,549	2,388	2,245
Accumulated other comprehensive income (loss)	900,000	−3	−13	−56	−23
Treasury stock, 32,809,088 and 30,166,590 shares as of December 31, 2025 and 2024, respectively	−4,260	−3,475	−2,579	−2,579	−2,579
Retained earnings	8,557	7,222	6,027	5,042	4,315
Total stockholders equity	7,096	6,444	5,985	4,797	3,959
Total liabilities and stockholders equity	7,880	7,364	7,167	6,045	5,169

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	86	73	53	51	50
Share-based compensation expense	148	144	39	107	139
Impairments of property, plant, and equipment	22	0	4	11	19
Deferred income taxes	98	−64	−64	—	—
Other	−20	−24	−5	53	66
Accounts receivable	−71	−400,000	−59	−22	−41
Inventories	−53	−47	−14	−13	−8
Accounts payable and accrued expenses	98	43	57	45	−13
Other assets and liabilities	−81	9	−18	−151	−113
Net cash provided by operating activities	1,561	1,327	978	803	598
Purchases of property, plant, and equipment	−521	−247	−230	−139	−121
Acquired lease intangible assets	−6	0	0	—	—
Deposits	−10	−29	−23	0	0
Purchases of available-for-sale debt securities	−3,405	−1,646	−2,514	−1,709	−1,895
Maturities of available-for-sale debt securities	1,584	1,537	2,137	1,022	1,370
Sales of available-for-sale debt securities	1,862	832	0	0	48
Purchases of investments in privately-held companies	−55	−31	0	−2	0
Acquisitions, net of cash acquired	0	0	−89	0	0
Net cash (used in) provided by investing activities	−551	417	−720	−812	−487
Payments to repurchase common stock	−1,000	−1,000	0	0	—
Proceeds from line of credit	200	0	0	800	0
Repayment of line of credit	−500	−400	−100	−800	0
Excise tax paid on net share repurchase	−5	0	0	—	—
Payments of debt issuance costs	−12	−3	−3	−8	0
Proceeds from the exercise of stock options	174	153	98	88	50
Proceeds from the issuance of stock under ESPP	9	8	7	6	6
RSUs withheld for taxes	−17	−12	−14	−11	−11
Net cash used in financing activities	−1,150	−1,255	−12	75	45
Net (decrease) increase in cash and cash equivalents	−140	490	247	66	156
Cash paid for interest	14	40	56	29	16
Cash paid for income taxes	313	401	333	276	153
Non-cash additions to property, plant, and equipment	116	22	18	15	4
Measurement period adjustment to purchase price	0	−1	0	0	—
Excise tax on net share repurchase	2	5	0	0	—
Receivable from maturity of available-for-sale debt securities	0	0	21	70	0

Filings

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