Despite Robust 4Q Growth, Lowering United's FVE to $115 to Reflect Increased Ongoing Expenses
We are lowering our fair value estimate for United Therapeutics to $115 per share from $127 following fourth-quarter earnings, driven largely by our higher forecast operating expenses over the medium term to support the company’s multiple late-stage trials. We also lowered our gross margin expectations over the next few years to reflect the large jump in Adcirca royalty expenses to Eli Lilly (to 42.5% of sales from 5%) following the molecule’s patent expiration late last year. These changes were...
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