UTHR

United Therapeutics is a rare combination of durable, profitable growth and an exceptionally clean balance sheet. Revenue has nearly doubled from $1.69B (FY2021) to $3.18B (FY2025), with net income up from $476M to $1.33B over the same span — FY2025 alone grew revenue +10.6% and net income +11.7%, with diluted EPS up +13.1% to $27.86, helped by a -2.4% reduction in shares from $1.0B of buybacks. Profitability is outstanding: 87.9% gross margin, 46.9% operating margin, and 41.9% net margin, with operating cash flow of $1.56B (+17.6%). The balance sheet is fortress-grade — liabilities/equity of just 0.11x, $7.10B of stockholders' equity, $1.56B cash, and current assets ($3.70B) dwarfing current liabilities ($561M). ROE of 18.8% is solid given the company carries almost no leverage.

Growth is led by the Tyvaso franchise, where total net product sales rose 16% to $1,878.2M, driven by Tyvaso DPI (+25% to $1,292.5M on a $268.5M increase in quantities sold as the patient base expands). Orenitram (+14% to $496.9M) also grew on higher utilization following the Medicare Part D benefit redesign under the IRA. Importantly, management states it has 'not seen a material impact on net revenues' to date from competitor launches (Merck's Winrevair, approved March 2024, and Liquidia's Yutrepia, launched June 2025) — though it flags this as a risk worth watching.