Intrinsic value of United Therapeutics - UTHR

Previous Close

$125.86

  Intrinsic Value

$263.92

stock screener

  Rating & Target

str. buy

+110%

Previous close

$125.86

 
Intrinsic value

$263.92

 
Up/down potential

+110%

 
Rating

str. buy

We calculate the intrinsic value of UTHR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,760
  1,800
  1,847
  1,898
  1,956
  2,019
  2,088
  2,162
  2,243
  2,329
  2,421
  2,519
  2,624
  2,735
  2,853
  2,978
  3,110
  3,250
  3,398
  3,554
  3,719
  3,892
  4,076
  4,269
  4,472
  4,686
  4,911
  5,148
  5,397
  5,659
Variable operating expenses, $m
  591
  605
  620
  637
  657
  678
  701
  725
  752
  781
  807
  840
  875
  912
  951
  993
  1,037
  1,083
  1,133
  1,185
  1,240
  1,298
  1,359
  1,423
  1,491
  1,562
  1,637
  1,716
  1,799
  1,887
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  591
  605
  620
  637
  657
  678
  701
  725
  752
  781
  807
  840
  875
  912
  951
  993
  1,037
  1,083
  1,133
  1,185
  1,240
  1,298
  1,359
  1,423
  1,491
  1,562
  1,637
  1,716
  1,799
  1,887
Operating income, $m
  1,169
  1,196
  1,226
  1,261
  1,299
  1,342
  1,387
  1,437
  1,490
  1,548
  1,614
  1,679
  1,749
  1,823
  1,902
  1,985
  2,073
  2,167
  2,265
  2,369
  2,479
  2,595
  2,717
  2,846
  2,981
  3,124
  3,274
  3,432
  3,598
  3,773
EBITDA, $m
  1,204
  1,231
  1,263
  1,299
  1,338
  1,381
  1,428
  1,479
  1,534
  1,593
  1,656
  1,723
  1,794
  1,871
  1,951
  2,037
  2,127
  2,223
  2,324
  2,431
  2,544
  2,662
  2,788
  2,920
  3,059
  3,205
  3,359
  3,521
  3,692
  3,871
Interest expense (income), $m
  2
  18
  19
  20
  22
  24
  25
  27
  30
  32
  35
  37
  40
  44
  47
  51
  54
  58
  63
  67
  72
  77
  83
  88
  94
  100
  107
  114
  121
  129
  137
Earnings before tax, $m
  1,151
  1,177
  1,206
  1,239
  1,276
  1,316
  1,360
  1,407
  1,458
  1,513
  1,576
  1,639
  1,705
  1,776
  1,851
  1,931
  2,015
  2,104
  2,198
  2,297
  2,402
  2,512
  2,629
  2,752
  2,881
  3,017
  3,160
  3,311
  3,469
  3,636
Tax expense, $m
  311
  318
  326
  335
  344
  355
  367
  380
  394
  409
  426
  442
  460
  480
  500
  521
  544
  568
  593
  620
  649
  678
  710
  743
  778
  815
  853
  894
  937
  982
Net income, $m
  840
  859
  880
  905
  931
  961
  993
  1,027
  1,065
  1,105
  1,151
  1,196
  1,245
  1,297
  1,351
  1,409
  1,471
  1,536
  1,604
  1,677
  1,753
  1,834
  1,919
  2,009
  2,103
  2,202
  2,307
  2,417
  2,533
  2,654

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,444
  2,500
  2,565
  2,637
  2,717
  2,804
  2,900
  3,003
  3,115
  3,234
  3,362
  3,499
  3,644
  3,798
  3,962
  4,136
  4,320
  4,514
  4,719
  4,936
  5,165
  5,406
  5,661
  5,929
  6,211
  6,508
  6,821
  7,150
  7,496
  7,860
Adjusted assets (=assets-cash), $m
  2,444
  2,500
  2,565
  2,637
  2,717
  2,804
  2,900
  3,003
  3,115
  3,234
  3,362
  3,499
  3,644
  3,798
  3,962
  4,136
  4,320
  4,514
  4,719
  4,936
  5,165
  5,406
  5,661
  5,929
  6,211
  6,508
  6,821
  7,150
  7,496
  7,860
Revenue / Adjusted assets
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
Average production assets, $m
  549
  562
  576
  592
  610
  630
  651
  675
  700
  727
  755
  786
  819
  853
  890
  929
  970
  1,014
  1,060
  1,109
  1,160
  1,214
  1,272
  1,332
  1,395
  1,462
  1,532
  1,606
  1,684
  1,766
Working capital, $m
  77
  79
  81
  84
  86
  89
  92
  95
  99
  102
  107
  111
  115
  120
  126
  131
  137
  143
  150
  156
  164
  171
  179
  188
  197
  206
  216
  227
  237
  249
Total debt, $m
  264
  283
  303
  327
  353
  381
  412
  445
  482
  520
  562
  606
  653
  703
  756
  812
  872
  935
  1,001
  1,072
  1,146
  1,224
  1,306
  1,393
  1,485
  1,581
  1,682
  1,789
  1,901
  2,019
Total liabilities, $m
  792
  810
  831
  854
  880
  909
  940
  973
  1,009
  1,048
  1,089
  1,134
  1,181
  1,231
  1,284
  1,340
  1,400
  1,463
  1,529
  1,599
  1,673
  1,752
  1,834
  1,921
  2,012
  2,109
  2,210
  2,317
  2,429
  2,547
Total equity, $m
  1,652
  1,690
  1,734
  1,782
  1,837
  1,896
  1,960
  2,030
  2,106
  2,186
  2,273
  2,365
  2,463
  2,568
  2,678
  2,796
  2,920
  3,051
  3,190
  3,337
  3,492
  3,655
  3,827
  4,008
  4,199
  4,399
  4,611
  4,833
  5,067
  5,314
Total liabilities and equity, $m
  2,444
  2,500
  2,565
  2,636
  2,717
  2,805
  2,900
  3,003
  3,115
  3,234
  3,362
  3,499
  3,644
  3,799
  3,962
  4,136
  4,320
  4,514
  4,719
  4,936
  5,165
  5,407
  5,661
  5,929
  6,211
  6,508
  6,821
  7,150
  7,496
  7,861
Debt-to-equity ratio
  0.160
  0.170
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.270
  0.280
  0.290
  0.300
  0.310
  0.310
  0.320
  0.330
  0.330
  0.340
  0.350
  0.350
  0.360
  0.360
  0.370
  0.380
  0.380
Adjusted equity ratio
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676
  0.676

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  840
  859
  880
  905
  931
  961
  993
  1,027
  1,065
  1,105
  1,151
  1,196
  1,245
  1,297
  1,351
  1,409
  1,471
  1,536
  1,604
  1,677
  1,753
  1,834
  1,919
  2,009
  2,103
  2,202
  2,307
  2,417
  2,533
  2,654
Depreciation, amort., depletion, $m
  35
  36
  37
  37
  38
  40
  41
  42
  43
  45
  42
  44
  45
  47
  49
  52
  54
  56
  59
  62
  64
  67
  71
  74
  78
  81
  85
  89
  94
  98
Funds from operations, $m
  875
  895
  917
  942
  970
  1,000
  1,034
  1,069
  1,108
  1,150
  1,193
  1,240
  1,290
  1,344
  1,401
  1,461
  1,525
  1,592
  1,663
  1,739
  1,818
  1,902
  1,990
  2,083
  2,180
  2,283
  2,392
  2,506
  2,626
  2,752
Change in working capital, $m
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
Cash from operations, $m
  873
  893
  915
  940
  967
  998
  1,030
  1,066
  1,105
  1,146
  1,189
  1,236
  1,286
  1,339
  1,396
  1,455
  1,519
  1,586
  1,657
  1,732
  1,811
  1,894
  1,982
  2,074
  2,172
  2,274
  2,382
  2,496
  2,615
  2,741
Maintenance CAPEX, $m
  -30
  -31
  -31
  -32
  -33
  -34
  -35
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -62
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -89
  -94
New CAPEX, $m
  -12
  -13
  -14
  -16
  -18
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
Cash from investing activities, $m
  -42
  -44
  -45
  -48
  -51
  -54
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -80
  -84
  -88
  -93
  -98
  -102
  -108
  -113
  -118
  -124
  -131
  -137
  -145
  -151
  -159
  -167
  -176
Free cash flow, $m
  832
  850
  869
  892
  916
  944
  974
  1,007
  1,042
  1,080
  1,120
  1,163
  1,209
  1,259
  1,311
  1,367
  1,426
  1,488
  1,554
  1,624
  1,698
  1,775
  1,857
  1,943
  2,034
  2,130
  2,231
  2,337
  2,448
  2,565
Issuance/(repayment) of debt, $m
  14
  18
  21
  23
  26
  28
  31
  33
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  14
  18
  21
  23
  26
  28
  31
  33
  36
  39
  41
  44
  47
  50
  53
  56
  60
  63
  67
  70
  74
  78
  82
  87
  91
  96
  101
  107
  112
  118
Total cash flow (excl. dividends), $m
  846
  868
  890
  915
  942
  972
  1,005
  1,040
  1,078
  1,119
  1,161
  1,207
  1,257
  1,309
  1,364
  1,423
  1,486
  1,551
  1,621
  1,694
  1,772
  1,853
  1,939
  2,030
  2,126
  2,226
  2,332
  2,443
  2,560
  2,683
Retained Cash Flow (-), $m
  -33
  -38
  -43
  -49
  -54
  -59
  -65
  -70
  -75
  -81
  -86
  -92
  -98
  -104
  -111
  -117
  -124
  -131
  -139
  -147
  -155
  -163
  -172
  -181
  -191
  -201
  -211
  -222
  -234
  -246
Prev. year cash balance distribution, $m
  483
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,296
  830
  847
  866
  888
  913
  940
  970
  1,003
  1,038
  1,075
  1,115
  1,158
  1,205
  1,254
  1,306
  1,361
  1,420
  1,482
  1,548
  1,617
  1,690
  1,768
  1,849
  1,935
  2,025
  2,120
  2,221
  2,326
  2,437
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,242
  760
  737
  713
  689
  663
  635
  606
  576
  544
  510
  476
  440
  404
  368
  332
  296
  262
  228
  197
  167
  140
  116
  94
  75
  59
  46
  34
  25
  18
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

United Therapeutics Corporation is a biotechnology company. The Company is focused on the development and commercialization of products for the treatment of chronic and life-threatening conditions. The Company markets and sells four commercial therapies in the United States to treat pulmonary arterial hypertension (PAH): Remodulin (treprostinil) Injection; Tyvaso (treprostinil) Inhalation Solution (Tyvaso); Orenitram (treprostinil) Extended-Release Tablets (Orenitram); and Adcirca (tadalafil) Tablets (Adcirca). The Company markets and sells an oncology product in the United States, Unituxin (dinutuximab) Injection (Unituxin), which is approved for treatment of neuroblastoma. The Company is also engaged in early-stage research and development of a number of organ transplantation-related technologies.

FINANCIAL RATIOS  of  United Therapeutics (UTHR)

Valuation Ratios
P/E Ratio 7.6
Price to Sales 3.4
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.4
Price to Free Cash Flow 9
Growth Rates
Sales Growth Rate 9.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14%
Cap. Spend. - 3 Yr. Gr. Rate 6.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 531
Management Effectiveness
Return On Assets 31.7%
Ret/ On Assets - 3 Yr. Avg. 27%
Return On Total Capital 41.2%
Ret/ On T. Cap. - 3 Yr. Avg. 35.8%
Return On Equity 41.2%
Return On Equity - 3 Yr. Avg. 37.7%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 95.4%
Gross Margin - 3 Yr. Avg. 93.7%
EBITDA Margin 68.4%
EBITDA Margin - 3 Yr. Avg. 61.9%
Operating Margin 66.4%
Oper. Margin - 3 Yr. Avg. 52%
Pre-Tax Margin 66.3%
Pre-Tax Margin - 3 Yr. Avg. 59.4%
Net Profit Margin 44.7%
Net Profit Margin - 3 Yr. Avg. 38.5%
Effective Tax Rate 32.6%
Eff/ Tax Rate - 3 Yr. Avg. 35.1%
Payout Ratio 0%

UTHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the UTHR stock intrinsic value calculation we used $1725.3 million for the last fiscal year's total revenue generated by United Therapeutics. The default revenue input number comes from 0001 income statement of United Therapeutics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our UTHR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for UTHR is calculated based on our internal credit rating of United Therapeutics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of United Therapeutics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of UTHR stock the variable cost ratio is equal to 33.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for UTHR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.2% for United Therapeutics.

Corporate tax rate of 27% is the nominal tax rate for United Therapeutics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the UTHR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for UTHR are equal to 31.2%.

Life of production assets of 18 years is the average useful life of capital assets used in United Therapeutics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for UTHR is equal to 4.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2101.8 million for United Therapeutics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 43.544 million for United Therapeutics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of United Therapeutics at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ United Therapeutics makes another real estate buy   [Sep-13-18 03:12PM  American City Business Journals]
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▶ Why MannKind Stock Is Skyrocketing Today   [Sep-04-18 11:27AM  InvestorPlace]
▶ CORV: US Brinavess Launch Now Reflected   [Aug-28-18 03:45PM  Zacks Small Cap Research]
▶ United Therapeutics: 2Q Earnings Snapshot   [06:11AM  Associated Press]
▶ CORV: Cipher Transaction Done; Focus Back to Europe   [May-31-18 10:45AM  Zacks Small Cap Research]
▶ Maryland Commerce Department's Preakness guest list includes Amazon, Marriott execs   [May-21-18 02:44PM  American City Business Journals]
▶ Analysts: Generic drugs wont affect United Therapeutics that much   [May-08-18 11:12PM  American City Business Journals]
▶ Md. biotech to be acquired by New Jersey pharmaceutical goliath   [05:00AM  American City Business Journals]
▶ Top 3 Undervalued Stocks For The Month   [May-07-18 10:02AM  Simply Wall St.]
▶ United Therapeutics: 1Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Taking out potential competition, drug maker says it will buy East Bay rival   [Apr-30-18 04:52PM  American City Business Journals]
▶ Merger Monday Makes A Return   [03:24PM  Benzinga]
▶ United Therapeutics beats Street 4Q forecasts   [06:31AM  Associated Press]
▶ United Therapeutics reaches patent settlement with Actavis   [Feb-16-18 03:31PM  American City Business Journals]
▶ United Therapeutics settles patent litigation over $157M drug   [03:16PM  American City Business Journals]
▶ 6 Companies Boosting Revenue and Earnings   [Jan-05-18 02:32PM  GuruFocus.com]

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