United Therapeutics Earnings: Strong Uptake of Tyvaso DPI Drives Sales Amid Branded Competition

United Therapeutics had a robust start to 2024, with total revenue increasing 34% to $677 million. Strong demand for Tyvaso DPI, a dry-powder inhaler for the treatment of pulmonary arterial hypertension continues to drive sales. Tyvaso DPI accounted for nearly 34% of total quarterly revenue, and the strong uptake of this drug has positioned United Therapeutics as a key player in the treatment of pulmonary hypertension associated with interstitial lung disease. We maintain our fair value estimate of $221 per share and consider shares fairly valued, 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.