Analysts raised their price target for United Therapeutics to $466.82, citing strong TETON-2 Phase 3 data for Tyvaso in IPF that de-risk future revenue, support peak sales projections, and heighten confidence in market exclusivity and regulatory approvals.
Analyst Commentary
- Bullish analysts raised price targets significantly following strong Phase 3 TETON-2 data for Tyvaso in idiopathic pulmonary fibrosis (IPF), with the drug meeting primary and key secondary endpoints and demonstrating competitive, clinically meaningful efficacy.
- Bullish analysts now see a clear path for Tyvaso in IPF to drive substantial future revenue, with sales estimates reaching up to $5.4B by 2033 and orphan drug exclusivity expected to block direct competition for seven years.
- Positive TETON-2 results de-risk the IPF franchise, lead to model upgrades including risk-adjusted peak sales, and open possibilities for expedited regulatory review, including rolling submission for Tyvaso in IPF.
- The magnitude of benefit in TETON-2 drives read-through optimism to related IPF assets and companies, boosts confidence in upcoming TETON-1 results, and is seen as potentially changing the treatment paradigm for IPF beyond current patient segments.
- Ongoing patent litigation and market exclusivity dynamics remain a consideration, but bullish analysts view these risks as being outweighed by favorable late-stage clinical data, potential accelerated share repurchases, and upside skew in risk/reward profiles.
What's in the News
- United Therapeutics' TETON-2 phase 3 trial showed that nebulized Tyvaso (treprostinil) significantly improved forced vital capacity and quality of life in idiopathic pulmonary fibrosis patients, surpassing outcomes from earlier studies and demonstrating benefit across various patient subgroups (Key Development, Sep 2025).
- The company concluded enrollment for its global phase 3 ADVANCE OUTCOMES trial investigating ralinepag for pulmonary arterial hypertension, with top-line data expected in the first half of 2026; extension studies indicate promising efficacy and safety signals but are uncontrolled (Key Development, Jun 2025).
- United Therapeutics and Intermountain Health treated the first patient in a study of the miroliverELAP, an investigational bioengineered external liver assist device, representing a pioneering effort in manufactured organ alternatives for acute liver failure (Key Development, Jun 2025).
- United Therapeutics authorized a $1 billion share repurchase program expiring March 2026, emphasizing capital return to shareholders (Key Development, Jul 2025).
- Bleecker Street Research published a short thesis on United Therapeutics, citing risk to Tyvaso revenues from competing therapies like Yutrepia (Liquidia) and a meager pipeline with expected market share erosion, while taking a long position in Liquidia (Periodical, Jul 2025).
Valuation Changes
Summary of Valuation Changes for United Therapeutics
- The Consensus Analyst Price Target has risen slightly from $456.82 to $466.82.
- The Consensus Revenue Growth forecasts for United Therapeutics has risen slightly from 6.6% per annum to 6.7% per annum.
- The Future P/E for United Therapeutics has risen slightly from 17.37x to 17.75x.
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