United's entrenched drug portfolio targeting PAH patients faces upcoming competition.
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...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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