Report
Kelsey Tsai
EUR 101.80 For Business Accounts Only

Raising United’s FVE to $127 After 3Q, but Company Faces High Uncertainty in the Upcoming Year

While we are raising our fair value estimate for narrow-moat United Therapeutics to $127 per share on the back of stronger-than-expected Remodulin (infused/subcutaneous treprostinil) and Orenitram (oral treprostinil) sales this quarter, we caution that the company’s core pulmonary arterial hypertension portfolio will likely face a series of generic entrants in the upcoming year. Third-quarter sales were nearly flat quarter to quarter but increased 9% from the same period a year prior. Operating ...
Underlying
United Therapeutics Corporation

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Kelsey Tsai

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