What is United Therapeutics's R&D?

United Therapeutics (UTHR) reported R&D of $138.2M in Q1 2026.

How has United Therapeutics's R&D changed year-over-year?

United Therapeutics's R&D decreased by 7.2% year-over-year, from $149M to $138.2M.

What is the long-term trend for United Therapeutics's R&D?

Over 4 years (2021 to 2025), United Therapeutics's R&D has grown at a 0.5% compound annual growth rate (CAGR), from $540.1M to $550M.

Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

United Therapeutics UTHR R&D

R&D at other companies

Johnson & JohnsonJNJ

$3.65B+3.9%

Merck & Co.MRK

$12.59B+248%

InsmedINSM

$209.49M+37.3%

Ethos Technologies, Inc. LIFE

$7.32M-38.1%

LQD

Liquidia CorporationLQDA

$12.57M+80.5%

AmgenAMGN

$1.72B+15.7%

Other financials

Income statement

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Revenue$781.5M-1.6%

Gross profit$648.1M-7.7%

Operating income$325.8M-14.9%

Net income$274.9M-14.7%

EPS (diluted)$5.82-12.2%

Balance sheet

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Cash & equivalents$1.3B-32.6%

Total debt$12.2M—

Total equity$5.9B-13.3%

Total assets$6.7B-13.3%

Cash flow

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Operating cash flow$463.3M+0.5%

CapEx$100.8M+34.6%

Free cash flow$362.5M-6.2%

Valuation

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Market cap$26.32B+95.7%

P/E20.4×+9.6×

P/S8.3×+3.9×

Profitability

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Gross margin86.6%-2.4pp

Operating margin45.3%-1.6pp

Net margin40.6%+0.2pp

FCF margin32.1%-5.6pp

Returns & leverage

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Return on equity20.3%+0.3pp

Debt / equity0×—

Current ratio4.8×-0.7×

Where this comes from

Reported directly by United Therapeutics in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The official record: United Therapeutics’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is United Therapeutics's R&D?: United Therapeutics (UTHR) reported R&D of $138.2M in Q1 2026.
How has United Therapeutics's R&D changed year-over-year?: United Therapeutics's R&D decreased by 7.2% year-over-year, from $149M to $138.2M.
What is the long-term trend for United Therapeutics's R&D?: Over 4 years (2021 to 2025), United Therapeutics's R&D has grown at a 0.5% compound annual growth rate (CAGR), from $540.1M to $550M.
What does R&D mean?: Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.