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S&P Capital IQ Risk Evaluation: LOW Price: 110.75 (Jul 15, 2016 close) Trading Currency: USD Country: United States
GICS Sector: Healthcare
S&P Capital IQ Sector Ranking: Overweight
S&P Capital IQ Quality Ranking: B
GICS Industry: Biotechnology
Business Summary: United Therapeutics Corporation, a biotechnology company, develops and commercializes products to address the unmet medical needs of
patients with chronic and life-threatening diseases worldwide.
[as of July 14, 2016]
S&P Capital IQ
Quantitative Model Drivers
Price Performance
Positive
Quality
Positive
Growth
Positive
Financial
Health
Neutral
Street
Sentiment
Price
Momentum
Negative
LOW
Low
Relative Strength vs
Index
40-Week Mov. Avg.
Up
Volume
Low
Moderate
Liquidity Risk
Low
Below Avg.
Total Return[%CAGR]
As Reported Earnings vs
Previous Year
Above Avg.
Down
No Change
1Yr
3Yr
5Yr
NasdaqGS:UTHR
-29.3 -37.2
YTD
17.0
14.5
Peer Average
-12.1 -25.0
10.3
26.2
11.0
12.8
S&P 500
7.0
4.9
Key Statistics
Dividend Data
Currency: USD
4,934
97.52 - 180.40
19,699
-0.18
44.5
0.641
Insider Ownership(%)
5Yr Low
5Yr Hi
Indicated Rate/
Share
NIL
Yield [%]
NIL
NIL
NIL
Payout Ratio
[%]
NIL
NIL
NIL
Revenue - %CAGR
1Yr
3Yr
5Yr
Current
Company
13.6
16.4
19.1
NasdaqGS:UTHR
Peer Average
19.6
25.7
26.0
Peer Average
20.1
S&P 500
-2.3
1.1
3.4
S&P 500
17.8
1.57
Company
Payment Details
7.4
5-Year Average
233.5
28.3
45.1
NasdaqGS:UTHR
12.1
12.1
26.1
29.2
Peer Average
22.7
1.9
3.2
3.7
S&P 500
15.1
This document is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the
particular needs of any specific person who may receive this report. Refer to important disclosures at the end of this report.
S&P Capital IQ Risk Evaluation: LOW Price: 110.75 (Jul 15, 2016 close) Trading Currency: USD Country: United States
Earnings Per Share and Revenues (Millions USD, except per share)
Fiscal year ends Dec 31. Next earnings report expected: Late Jul.
EPS Quarterly - Actual & Estimated
%Yr.Yr Chg.
% EPS
Surprise
No. of
Analysts
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16E
-9.0
NM
-11.4
NM
89.3
-17.5
NM
-26.1
-10.2
2013
2014
2015
2016E
2017E
-43.2
97.6
96.2
12.7
17.2
7.7
6.6
12
Q2'15
Q3'15
Q4'15
Q1'16
Q2'16E
7.5
17.1
16.9
12.7
13.5
LTM
% Operating
Margin
43.4
46.8
26.2
41.8
47.7
71.5
Peer Average
19.3
27.1
25.5
35.2
27.2
27.6
% Net Margin
29.2
33.2
15.6
26.4
44.5
60.0
Peer Average
11.6
20.1
12.6
25.9
14.7
15.9
% Return on
Capital
16.8
20.8
12.6
23.1
29.5
46.1
Peer Average
7.5
6.2
4.9
13.7
9.2
9.7
% Cash Flow to
Sales
33.7
35.3
38.1
27.6
26.1
26.5
Peer Average
27.1
23.9
22.3
19.1
23.8
28.6
2013
2014
2015
2016E
2017E
21.9
15.4
13.8
8.5
6.8
Note: EPS & Revenues in graphs above may represent analyst-adjusted actuals and estimates and therefore may not match numbers in the
financial data presentation below.
NA
22.9
11.2
15.7
17.2
NA
8.8
7.5
9.0
10.5
Peer Average
NA
14.7
24.2
25.3
24.5
20.1
Avg
EV/EBITDA
NA
13.7
6.6
7.2
11.6
3.6
Peer Average
NA
11.0
19.3
25.3
29.1
22.0
Avg Price to
Sales
NA
5.2
3.6
3.8
5.0
3.8
Peer Average
NA
8.7
6.6
10.7
16.2
10.0
Avg Price to
Book
NA
3.4
2.6
3.1
4.3
2.9
Peer Average
NA
5.2
5.7
9.6
12.1
8.7
Income Statement, Cash Flow and Balance Sheet Data (Millions USD, except per share)
Revenue
7.4
2009
2010
2011
2012
2013
2014
2015
LTM#
359
593
743
916
1,117
1,289
1,466
1,507
Operating Income
30
171
323
428
292
539
699
1,078
Net Income
19
111
217
304
175
340
652
904
100
212
250
324
425
355
383
399
Capital Expenditures
95.4
18.6
36.0
111.9
31.9
47.4
49.8
49.6
0.34
1.87
3.66
5.71
3.28
6.28
12.72
17.48
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
0.08
3.24
3.61
3.97
7.39
5.68
13.33
13.43
229
627
403
479
694
696
954
975
NIL
69
266
275
NIL
NIL
NIL
NIL
Total Debt
251
305
266
276
282
126
Common Equity
653
884
948
1,084
1,259
1,242
1,589
1,712
Note: Data may be restated; before results of discontinued operations/special items. Per share data adjusted for stock dividends as of ex-dividend date.
NA = Not Available. NM = Not Meaningful.
STRONG BUY
S&P Capital IQ Risk Evaluation: LOW Price: 110.75 (Jul 15, 2016 close) Trading Currency: USD Country: United States
Beta
Dividend
Yield[%] Fwrd P/E
P/B
Ratio
Peer Group
Stock Symbol
United
Therapeutics
Corporation
NasdaqGS:UTHR
4,934
110.75
97.52/180.40
-0.18
Nil
7.4
2.9
Alexion
Pharmaceuticals,
Inc.
NasdaqGS:ALXN
28,132
125.58
110.56/208.88
-0.55
Nil
23.0
Amgen Inc.
NasdaqGS:AMGN
122,659
163.28
130.09/181.81
-0.01
2.4
Ariad
Pharmaceuticals
Inc.
NasdaqGS:ARIA
1,365
7.130
4.370/10.070
0.29
BioMarin
NasdaqGS:BMRN
Pharmaceutical Inc.
14,947
92.08
62.12/151.75
Biogen Inc.
NasdaqGS:BIIB
57,019
260.30
Celgene
Corporation
NasdaqGS:CELG
79,668
S&P Capital IQ
Ranking 1
Strong Buy
64.5
NA
3.5
5.4
2.5
29.5
14.9
4.3
32.6
26.2
50.9
Nil
NM
NM
NM
NM
144.6
-0.73
Nil
NM
6.5
-20.5
-8.0
22.6
223.02/412.24
-0.1
Nil
13.7
5.5
34.2
33.6
38.7
102.85
92.98/140.72
-0.42
Nil
17.2
15.7
17.4
28.4
73.8
115,429
86.67
77.92/120.37
-0.31
2.2
7.2
8.7
52.8
NM
58.5
25.4
36.9
1.9
Hold
Medivation, Inc.
NasdaqGS:MDVN
10,211
61.88
26.41/62.98
2.6
Nil
38.0
11.3
Regeneron
Pharmaceuticals,
Inc.
Buy
NasdaqGS:REGN
38,564
373.81
329.09/605.93
0.23
Nil
31.2
10.4
16.4
21.5
8.7
Vertex
Pharmaceuticals
Incorporated
NasdaqGS:VRTX
22,313
90.21
75.90/143.45
0.18
Nil
58.5
23.3
-32.9
-41.3
34.1
1 Quantitative Rankings : Strong Buy , Buy , Hold , Sell , Strong Sell ; Qualitative Rankings(STARS) : ***** = Strong Buy , **** = Buy , *** = Hold , ** = Sell , * = Strong Sell
S&P Capital IQ Rankings are not predictive of future performance. For full definitions of S&P Capital IQ Rankings, see the glossary section of this report.
Note: Peer Group selection is performed using S&P Capital IQ's proprietary peer ranking system. Peers are selected based on factors such as similarity of analyst coverage, industry, size, and region. The subject company is
ranked against a universe of companies ( the "S&P Capital IQ Universe") which has been compiled by S&P Capital IQ and consists of a list of companies with similar characteristics, but may not include all the companies
within the same industry and/or that engage in the same line of business. The subject company and some of the companies in the Peer Group may be ranked by two different ranking systems. For the purpose of S&P Capital
IQ overall ranking/recommendation, the subject company is ranked against all the companies in the S&P Capital IQ Universe and not necessarily against the companies listed in the Peer Group
STRONG BUY
S&P Capital IQ Risk Evaluation: LOW Price: 110.75 (Jul 15, 2016 close) Trading Currency: USD Country: United States
Business Summary
Corporate Information
Office
1040 Spring Street
Silver Spring , Maryland 20910
United States
Key Developments
Key Officers
Founder, Chairman of the Board and Chief Executive
Officer
M.A.Rothblatt Ph.D., MBA, J.D.
Chief Financial Officer and Treasurer
J.C.Edgemond
Executive Vice President of Strategic Planning,
General Counsel and Corporate Secretary
P.A.Mahon
Senior Advisor
R.A.Jeffs Ph.D.
President and Chief Operating Officer
M.I.Benkowitz
Apr-28-2016 Earnings Release Date United Therapeutics Corporation to Report Q1, 2016 Results on Apr 28, 2016
Apr-28-2016 Executive Changes CEO
Apr-28-2016 Announcements of
Earnings
Feb-25-2016 Earnings Release Date United Therapeutics Corporation to Report Q4, 2015 Results on Feb 25, 2016
Feb-25-2016 Announcements of
Earnings
Oct-27-2015 Earnings Release Date United Therapeutics Corporation to Report Q3, 2015 Results on Oct 27, 2015
Oct-27-2015 Earnings Calls
Oct-27-2015 Announcements of
Earnings
Jul-28-2015
Telephone
301-608-9292
Web Site
www.unither.com
Board Members
R.C.Bourge M.D. , C.Causey MBA, R.A.Dwek C.B.E.,
F.R.S., R.Giltner, K.J.Klein Ph.D., R.C.Kurzweil,
D.J.Olian Ph.D., C.Patusky J.D., M.G.A, M.A.Rothblatt
Ph.D., MBA, J.D., L.W.Sullivan M.D., S.O.Thier M.D.,
T.G.Thompson J.D.
State of Incorporation
Delaware
Founded
1996
Employees
750
Earnings Release Date United Therapeutics Corporation to Report Q2, 2015 Results on Jul 28, 2015
Glossary
S&P Capital IQ Quantitative Model Overall
Recommendation and drivers of the
recommendation
S&P Capital IQ's global quantitative stock reports
provide a 5-tier recommendation assigning a Strong
Buy, Buy, Hold, Sell, or Strong Sell recommendation
based on a series of quantitative inputs from four
separate regional models:
Glossary
Peer Group
A subset of an universe that groups companies by
specific criteria, such as industry/across industry, lines
of business, geography (local, regional, national, and
international), size of business (e. g. in terms of
revenue), performance criteria, etc.
Universe
A set of companies that shares a common feature
such as the same market capitalization, industry or
index.
Relevant benchmarks:
Beta
Beta is a measurement of the sensitivity of a
company's stock price to the overall fluctuation of a
given benchmark index. The beta values used in this
report are levered, unadjusted and derived from a least
squares regression analysis using stock and
benchmark index returns based on a monthly
frequency. Beta is calculated using 60 monthly returns
(each as of month end) but if the company's trading
history is too short to provide such a sample, fewer
than 60 but not fewer than 24 monthly returns are
used to run the regression. Beta in this report uses five
different benchmark indices to better estimate a
stock's volatility against a respective market: the S&P
500 for all US stocks, the S&P/TSX index for all
Canadian stocks, the S&P Europe 350 for all European
stocks, the S&P/ASX 200 index for all Australian
stocks, and the S&P Global 1200 for all other
international stocks.
Free Cash Flow (FCF)
Operating Cash Flow minus Capital Expenditures over
the past 12 months
Funds from Operations (FFO)
Funds from Operations (FFO) represents a REIT's net
income, excluding gains or losses from sales of
property, plus real estate depreciation.
Not Meaningful (NM)
Value is available but it is not meaningful. Examples are
certain negative ratios such as P/E, as well as certain
ratios that are over +/- 100%
Not Available (NA)
Value is not available for this data item
Return on Capital
EBIT / (Total Equity + Total Debt + Deferred Tax Liability
Non Current + Deferred Tax Liability Current) Notes:
(1) If the denominator is less than or equal to zero then
the ratio will be shown as NM
(2) If the return is less than (300%) then the value will
be shown as NM
Return on Equity
Earnings From Continuing Operations / ((Total
Equity(t) + Total Equity (t-1)) / 2) Notes:
(1) If both periods of data (t and t-1) are not available
then the ratio will be shown as NM
(2) If the denominator is less than or equal to zero then
the ratio will be shown as NM
Region
Country
Index
US
US
Canada
Canada
Europe
All
All except
Asia ex Japan
Australia
EBIT
EBITDA
EPS
EV
Enterprise Value
FCF
FFO
LTD
NM
P/E
Price/Earnings
Disclosures
S&P Capital IQ ranks stocks in accordance with the
following ranking methodologies:
STARS Stock Reports:
S&P Capital IQ''s qualitative STARS recommendations
are determined and assigned by S&P Capital IQ equity
analysts. For reports containing STARS
recommendations refer to the Glossary section of the
report for detailed methodology and the definition of
STARS rankings.
Quantitative Stock Reports:
S&P Capital IQ''s quantitative recommendations are
determined by ranking a universe of common stocks
based on 5 measures or model categories: Valuation,
Quality, Growth, Street Sentiment, and Price
Momentum. In the U.S., a sixth sub-category for
Financial Health will also be displayed. Percentile
scores are used to compare each company to all other
companies in the same universe for each model
category. The five (six) model category scores are then
weighted and rolled up into a single percentile ranking
for that company. For reports containing quantitative
recommendations refer to the Glossary section of the
report for detailed methodology and the definition of
Quantitative rankings.
STARS Stock Reports and Quantitative Stock
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The methodologies used in STARS Stock Reports and
Quantitative Stock Reports (collectively, the "S&P
Capital IQ''s Research Reports" or "Research Reports")
reflect different criteria, assumptions and analytical
methods and may have differing recommendations.
S&P Capital IQ believes that the methodologies and
data used to generate the different types of Research
Reports are reasonable and appropriate. Generally,
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ranking methodologies for the same issuer. However, in
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Poor''s Malaysia Sdn Bhd ("S&P Malaysia"), each a
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