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UTHR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is United Therapeutics Corporation (UTHR) stock moving?
United Therapeutics reported Q3 2026 revenue of $832.5M, up 4% year over year and above the $781.2M consensus, but diluted EPS of $5.71 missed the $6.59 estimate and net income fell 24%. Tyvaso DPI grew 13% while nebulized Tyvaso fell 12%, so the growth mix is uneven. The stock fell about 7% on Nov 5 on volume of 620K, after a 946K-share session on Nov 4, and hit a 30-day low of $562.02 on Nov 6. It has since recovered to $588.61 on Nov 10, which is still below the $608.49 close before results. Sell-side reaction was supportive: TD Cowen, RBC, Wells Fargo and BTIG raised targets to $700 to $768, and HC Wainwright initiated at Buy with $660. Management also announced a $525M upfront payment to end the Pfizer ralinepag royalty and a new $2B buyback, which supports the share count and future cash flow. Against this, insiders sold shares twice in early November, and the EPS miss plus the decline in nebulized Tyvaso sales remain open questions.
News behind the analysis
- HC Wainwright & Co. Initiates Coverage of United Therapeutics with Buy RatingHC Wainwright initiated coverage with a Buy rating and a $660 price target. The target is about 12% above the Nov 10 close of $588.61.
- TD Cowen Maintains Buy Rating and Increases Price Target for United TherapeuticsTD Cowen kept its Buy rating and raised its price target to $700 from $675 after the quarterly report.
- RBC Raises Price Target on United Therapeutics to $725RBC Capital Markets raised its price target from $697 to $725 and kept its Outperform rating.
- Wells Fargo Maintains Overweight on United Therapeutics, Raises Price Target to $703Wells Fargo kept its Overweight rating and raised its price target to $703.
- BTIG Maintains Buy on United Therapeutics, Raises Price Target to $768BTIG kept its Buy rating and lifted its price target from $728 to $768, the highest target among the recent notes.
- United Therapeutics Announces Acquisition of Pfizer Royalty Interest in RalinepagUnited Therapeutics agreed to pay $525 million upfront to end its future royalty obligations to Pfizer tied to the experimental lung disease therapy ralinepag.
- United Therapeutics Reports Third Quarter 2026 Financial ResultsQ3 2026 total revenue rose 4% to $832.5M, with Tyvaso DPI up 13% while nebulized Tyvaso fell 12%. Net income fell 24% to $258.6M, and management described the outlook as the strongest in its history.
- United Therapeutics Q3 EPS $5.71 Misses $6.59 Estimate, Sales $832.500M Beat $781.218M EstimateDiluted EPS of $5.71 missed the $6.59 estimate, while revenue of $832.5M beat the $781.2M estimate. The EPS shortfall sits alongside the 24% fall in net income.
- United Therapeutics Announces New $2 Billion Share Repurchase AuthorizationAlongside its third-quarter results, the company announced a new $2 billion share repurchase authorization running through October 21, 2027. An ongoing accelerated share repurchase is scheduled to terminate in Q4 2026.
- United Therapeutics Insider Executes Share SaleAn insider sold UTHR shares worth about $1.17M, as disclosed in a recent SEC filing. This follows a separate insider sale of about $5.65M reported Oct 30.
About United Therapeutics Corp
United Therapeutics is a biotech company and public benefit corporation, based in Silver Spring, Maryland and Research Triangle Park, North Carolina, that makes drugs for pulmonary arterial hypertension (PAH, high blood pressure in the lungs) and other serious lung diseases. It stands out because it is consistently profitable, has a big inhaled-drug business led by Tyvaso, and has a long-term program to make transplantable organs, including lung-perfusion devices and pig organs edited for human transplant.
How it makes money
Nearly all of its revenue comes from selling its treprostinil-based PAH drugs: Tyvaso DPI and nebulized Tyvaso (the largest share, with recent growth from use in lung disease linked to interstitial lung disease), Remodulin infusion and Orenitram tablets. It also sells Adcirca and the cancer drug Unituxin. Total revenue was a record of about $833 million in Q3 2026, up about 4% from a year earlier. The company pays no dividend and has been buying back large amounts of its own stock.
What usually moves UTHR
- Tyvaso prescription growth and pricing
- Competition from rival inhaled treprostinil products such as Liquidia's Yutrepia, plus patent disputes
- Late-stage trial results and approvals, e.g. Tyvaso for pulmonary fibrosis (TETON) and ralinepag
- Progress in xenotransplantation and organ-manufacturing programs
- Share buybacks and quarterly earnings