Intrinsic value of United Therapeutics - UTHR

Previous Close

$125.03

  Intrinsic Value

$342.78

stock screener

  Rating & Target

str. buy

+174%

Previous close

$125.03

 
Intrinsic value

$342.78

 
Up/down potential

+174%

 
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 2017), $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
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
Revenue, $m
  1,861
  2,003
  2,150
  2,303
  2,462
  2,627
  2,799
  2,978
  3,164
  3,358
  3,560
  3,770
  3,989
  4,218
  4,457
  4,707
  4,967
  5,240
  5,524
  5,822
  6,134
  6,460
  6,802
  7,159
  7,534
  7,926
  8,337
  8,768
  9,220
  9,693
Variable operating expenses, $m
  625
  672
  721
  772
  825
  880
  938
  997
  1,059
  1,124
  1,187
  1,257
  1,330
  1,406
  1,486
  1,569
  1,656
  1,747
  1,841
  1,941
  2,045
  2,153
  2,267
  2,386
  2,511
  2,642
  2,779
  2,923
  3,073
  3,231
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
  625
  672
  721
  772
  825
  880
  938
  997
  1,059
  1,124
  1,187
  1,257
  1,330
  1,406
  1,486
  1,569
  1,656
  1,747
  1,841
  1,941
  2,045
  2,153
  2,267
  2,386
  2,511
  2,642
  2,779
  2,923
  3,073
  3,231
Operating income, $m
  1,236
  1,331
  1,429
  1,531
  1,637
  1,747
  1,862
  1,981
  2,105
  2,234
  2,373
  2,513
  2,660
  2,812
  2,971
  3,138
  3,311
  3,493
  3,683
  3,882
  4,089
  4,307
  4,534
  4,773
  5,022
  5,284
  5,558
  5,845
  6,146
  6,462
EBITDA, $m
  1,301
  1,400
  1,503
  1,610
  1,721
  1,836
  1,957
  2,081
  2,212
  2,347
  2,488
  2,635
  2,788
  2,948
  3,115
  3,290
  3,472
  3,662
  3,861
  4,070
  4,287
  4,515
  4,754
  5,004
  5,266
  5,540
  5,827
  6,129
  6,444
  6,775
Interest expense (income), $m
  2
  18
  22
  27
  32
  37
  42
  47
  53
  59
  65
  71
  77
  84
  91
  99
  106
  115
  123
  132
  141
  151
  161
  171
  182
  194
  206
  219
  232
  246
  261
Earnings before tax, $m
  1,218
  1,308
  1,402
  1,499
  1,600
  1,705
  1,814
  1,928
  2,046
  2,169
  2,302
  2,436
  2,575
  2,721
  2,873
  3,031
  3,197
  3,370
  3,551
  3,740
  3,939
  4,146
  4,363
  4,590
  4,828
  5,078
  5,339
  5,613
  5,900
  6,201
Tax expense, $m
  329
  353
  379
  405
  432
  460
  490
  521
  552
  586
  622
  658
  695
  735
  776
  818
  863
  910
  959
  1,010
  1,063
  1,119
  1,178
  1,239
  1,304
  1,371
  1,442
  1,516
  1,593
  1,674
Net income, $m
  889
  955
  1,023
  1,094
  1,168
  1,245
  1,324
  1,407
  1,494
  1,584
  1,681
  1,778
  1,880
  1,986
  2,097
  2,213
  2,334
  2,460
  2,592
  2,731
  2,875
  3,027
  3,185
  3,351
  3,525
  3,707
  3,898
  4,098
  4,307
  4,527

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
  2,585
  2,782
  2,986
  3,199
  3,420
  3,649
  3,888
  4,136
  4,394
  4,664
  4,944
  5,236
  5,541
  5,859
  6,190
  6,537
  6,899
  7,277
  7,673
  8,086
  8,519
  8,972
  9,447
  9,943
  10,463
  11,008
  11,579
  12,178
  12,805
  13,463
Adjusted assets (=assets-cash), $m
  2,585
  2,782
  2,986
  3,199
  3,420
  3,649
  3,888
  4,136
  4,394
  4,664
  4,944
  5,236
  5,541
  5,859
  6,190
  6,537
  6,899
  7,277
  7,673
  8,086
  8,519
  8,972
  9,447
  9,943
  10,463
  11,008
  11,579
  12,178
  12,805
  13,463
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
  601
  647
  694
  744
  795
  849
  904
  962
  1,022
  1,085
  1,150
  1,218
  1,289
  1,362
  1,440
  1,520
  1,604
  1,692
  1,784
  1,881
  1,981
  2,087
  2,197
  2,312
  2,433
  2,560
  2,693
  2,832
  2,978
  3,131
Working capital, $m
  -69
  -74
  -80
  -85
  -91
  -97
  -104
  -110
  -117
  -124
  -132
  -139
  -148
  -156
  -165
  -174
  -184
  -194
  -204
  -215
  -227
  -239
  -252
  -265
  -279
  -293
  -308
  -324
  -341
  -359
Total debt, $m
  310
  374
  440
  509
  581
  655
  732
  813
  896
  984
  1,074
  1,169
  1,268
  1,371
  1,478
  1,591
  1,708
  1,830
  1,959
  2,093
  2,233
  2,380
  2,533
  2,694
  2,863
  3,039
  3,224
  3,418
  3,621
  3,835
Total liabilities, $m
  838
  901
  968
  1,036
  1,108
  1,182
  1,260
  1,340
  1,424
  1,511
  1,602
  1,696
  1,795
  1,898
  2,006
  2,118
  2,235
  2,358
  2,486
  2,620
  2,760
  2,907
  3,061
  3,222
  3,390
  3,567
  3,752
  3,946
  4,149
  4,362
Total equity, $m
  1,748
  1,881
  2,019
  2,162
  2,312
  2,467
  2,628
  2,796
  2,971
  3,153
  3,342
  3,540
  3,746
  3,960
  4,185
  4,419
  4,664
  4,919
  5,187
  5,466
  5,759
  6,065
  6,386
  6,722
  7,073
  7,442
  7,828
  8,232
  8,656
  9,101
Total liabilities and equity, $m
  2,586
  2,782
  2,987
  3,198
  3,420
  3,649
  3,888
  4,136
  4,395
  4,664
  4,944
  5,236
  5,541
  5,858
  6,191
  6,537
  6,899
  7,277
  7,673
  8,086
  8,519
  8,972
  9,447
  9,944
  10,463
  11,009
  11,580
  12,178
  12,805
  13,463
Debt-to-equity ratio
  0.180
  0.200
  0.220
  0.240
  0.250
  0.270
  0.280
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.350
  0.360
  0.370
  0.370
  0.380
  0.380
  0.390
  0.390
  0.400
  0.400
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
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
  889
  955
  1,023
  1,094
  1,168
  1,245
  1,324
  1,407
  1,494
  1,584
  1,681
  1,778
  1,880
  1,986
  2,097
  2,213
  2,334
  2,460
  2,592
  2,731
  2,875
  3,027
  3,185
  3,351
  3,525
  3,707
  3,898
  4,098
  4,307
  4,527
Depreciation, amort., depletion, $m
  65
  69
  74
  79
  84
  89
  95
  101
  107
  113
  115
  122
  129
  136
  144
  152
  160
  169
  178
  188
  198
  209
  220
  231
  243
  256
  269
  283
  298
  313
Funds from operations, $m
  954
  1,024
  1,097
  1,173
  1,252
  1,334
  1,419
  1,508
  1,601
  1,697
  1,796
  1,900
  2,009
  2,122
  2,241
  2,365
  2,494
  2,629
  2,771
  2,919
  3,073
  3,235
  3,405
  3,582
  3,768
  3,963
  4,167
  4,381
  4,605
  4,840
Change in working capital, $m
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
Cash from operations, $m
  959
  1,030
  1,103
  1,179
  1,258
  1,340
  1,426
  1,515
  1,607
  1,704
  1,803
  1,908
  2,017
  2,131
  2,250
  2,374
  2,504
  2,640
  2,781
  2,930
  3,085
  3,247
  3,417
  3,595
  3,782
  3,977
  4,182
  4,397
  4,622
  4,858
Maintenance CAPEX, $m
  -56
  -60
  -65
  -69
  -74
  -80
  -85
  -90
  -96
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -188
  -198
  -209
  -220
  -231
  -243
  -256
  -269
  -283
  -298
New CAPEX, $m
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -121
  -127
  -133
  -139
  -146
  -153
Cash from investing activities, $m
  -100
  -106
  -113
  -118
  -125
  -133
  -141
  -148
  -156
  -165
  -173
  -183
  -193
  -203
  -213
  -225
  -236
  -248
  -261
  -274
  -289
  -303
  -319
  -335
  -352
  -370
  -389
  -408
  -429
  -451
Free cash flow, $m
  859
  924
  991
  1,060
  1,132
  1,207
  1,285
  1,367
  1,451
  1,539
  1,629
  1,725
  1,824
  1,928
  2,036
  2,150
  2,268
  2,391
  2,520
  2,655
  2,796
  2,944
  3,098
  3,260
  3,430
  3,607
  3,793
  3,988
  4,193
  4,407
Issuance/(repayment) of debt, $m
  60
  64
  66
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  203
  213
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  
  60
  64
  66
  69
  72
  74
  77
  80
  84
  87
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
  161
  169
  177
  185
  194
  203
  213
Total cash flow (excl. dividends), $m
  919
  987
  1,057
  1,129
  1,204
  1,282
  1,363
  1,447
  1,535
  1,626
  1,720
  1,820
  1,923
  2,031
  2,144
  2,262
  2,385
  2,514
  2,648
  2,789
  2,936
  3,091
  3,252
  3,421
  3,598
  3,784
  3,978
  4,182
  4,396
  4,620
Retained Cash Flow (-), $m
  -128
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -206
  -215
  -224
  -234
  -245
  -256
  -267
  -280
  -293
  -306
  -321
  -336
  -352
  -368
  -386
  -405
  -424
  -445
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
  74
  80
  86
  92
  99
  106
  113
  120
  128
  136
  144
  153
  162
  172
  181
  192
  202
  214
  225
  238
  250
  264
  278
  292
  308
  324
  341
  358
  377
  396
Cash available for distribution, $m
  1,274
  855
  919
  985
  1,055
  1,127
  1,201
  1,279
  1,360
  1,444
  1,531
  1,622
  1,717
  1,816
  1,920
  2,028
  2,140
  2,258
  2,381
  2,509
  2,644
  2,784
  2,931
  3,085
  3,247
  3,415
  3,592
  3,778
  3,972
  4,175
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
  1,221
  782
  799
  811
  817
  818
  812
  800
  781
  757
  727
  692
  653
  610
  564
  515
  466
  416
  367
  319
  273
  231
  192
  157
  126
  100
  77
  58
  43
  31
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 7.5
Price to Sales 3.4
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 8.9
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 million for the last fiscal year's total revenue generated by United Therapeutics. The default revenue input number comes from 2017 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 7.9% 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 4.3%.

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 32.3%.

Life of production assets of 10 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 -3.7%. 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 - $2102 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 44 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

▶ 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]
▶ United Therapeutics Gets a Quantitative Upgrade   [Dec-18-17 03:25PM  TheStreet.com]
▶ How UTHRs Remodulin, Adcirca, and Unituxin Performed in 3Q17   [Dec-01-17 04:35PM  Market Realist]
▶ How United Therapeutics Performed in 3Q17   [03:03PM  Market Realist]
▶ United Therapeutics gets much-needed reprieve with drug patent   [Nov-21-17 01:55PM  American City Business Journals]
▶ United Therapeutics beats Street 3Q forecasts   [06:13AM  Associated Press]
▶ United Therapeutics lands FDA approval linked to drug at center of patent lawsuits   [Oct-24-17 10:55AM  American City Business Journals]
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