UTHRUNITED THERAPEUTICS Corp

Pharmaceutical Preparations

Revenue: $3.2B; 11% YoY
Operating margin: 46.9%; 2.0% YoY
EBITDA: $1.6B; 8.9% YoY
Market cap: $25.6B
Employees: 200,000; $16K revenue each
Net debt / EBITDA: —
AI in 10-K: 0.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$17M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
117% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
64% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$16K · 26th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 29th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$25.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$1.4B net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.7B	$1.9B	$2.3B	$2.9B	$3.2B	11%
Operating income	$556M	$980M	$1.2B	$1.4B	$1.5B	8.4%
Net income	$476M	$727M	$985M	$1.2B	$1.3B	12%
Operating cash flow	$598M	$803M	$978M	$1.3B	$1.6B	18%
Capex	$121M	$139M	$230M	$247M	$521M	111%
Stock-based comp	$139M	$107M	$39M	$144M	$148M	2.6%
Buybacks	—	$0	$0	$1.0B	$1.0B	0.0%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $864K · 1
Open-market sells, 12 mo: $1.4B · 2794
Net: −$1.4B

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$18M	$150M	321	201
FY2024	$23M	$120M	232	156
FY2023	$17M	−$11M	145	144
FY2022	$5M	$41M	183	139
FY2021	$4M	$50M	142	124