United Therapeutics Corp

UTHR: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$759.00	Wmzx	Bdthhdgx

United Therapeutics Earnings: Strong Demand for Tyvaso DPI Drives Growth; Shares Fairly Valued

Rachel Elfman

Feb 27, 2024

United Therapeutics reported solid year-end results, with total revenue reaching $2.3 billion, representing a 20% increase from the prior year. Fifty-three percent of the year’s sales were driven by strong demand for Tyvaso DPI, a dry powder inhaler for treating pulmonary arterial hypertension, or PAH, launched in June 2022. We maintain our fair value estimate of $221 per share, and view shares as fairly valued, currently trading in 3-star territory. United’s no-moat rating is due to its concentration in PAH, and many of its approved therapies will face competition from generics over the next 10 years.

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