Lowering Narrow-Moat United Therapeutics' FVE on Increased Costs, Continued Generic Headwinds
United Therapeutics reported first-quarter revenue of about $363 million, down about 7% from last year. The results were helped by volume and price increases, including Remodulin's first price increase in nearly a decade. Remodulin contributed $156 million, up 23% from last year. After some adjustments to our model, including United's first-quarter up-front payment of $800 million to Arena Pharmaceuticals for ralinepag and a lowered outlook for Adcirca and Tyvaso, we are lowering our fair value ...United Therapeutics is a biotechnology company. The company markets and sells four commercial therapies to treat pulmonary arterial hypertension (PAH): Remodulin? (treprostinil) Injection; Tyvaso? (treprostinil) Inhalation Solution; Orenitram? (treprostinil) Extended-Release Tablets; and Adcirca? (tadalafil) Tablets. The company also markets and sells an oncology product, Unituxin? (dinutuximab) Injection for treatment of high-risk neuroblastoma. The company also engages in research and development of new indications and formulations and delivery devices for its existing products, as well as new products to treat PAH and other conditions. The company also engages in organ transplantation-related technologies.
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