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United Therapeutics: Analyst Recommendations, Product Performance

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Aug. 3 2018, Published 8:41 a.m. ET

Remodulin revenue trends

In the second quarter of 2018, United Therapeutics’ Remodulin generated revenues of $159.5 million compared to $157.7 million in the second quarter of 2017, reflecting a 1% YoY (year-over-year) growth.

In the quarter, Remodulin saw $16.7 million growth in US sales YoY. In the international market, Remodulin sales fell $14.9 million YoY.

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Tyvaso revenue trends

In the second quarter, Tyvaso generated revenues of $105.9 million compared to $104.2 million in Q2 2017, reflecting a ~2% YoY growth.

The price hike for Tyvaso primarily contributed to revenue growth for the drug in the second quarter.

Adcirca revenue trends

United Therapeutics’ Adcirca generated revenues of $109.8 million in the second quarter compared to $120.6 million in Q2 2017, reflecting a ~9% YoY decline.

The decline in the number of Adcirca bottles sold primarily led to the decline of revenues for the drug, partially offset by the price hike determined by Eli Lilly (LLY).

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Orenitram and Unituxin revenue trends

Orenitram reported revenues of $49.5 million in Q2 2018 compared to $46 million in Q2 2017, reflecting an ~8% YoY growth. The hike in the number of patients being treated with Orenitram primarily led to an increase in its revenues.

In the second quarter, Unituxin reported revenues of $19.8 million compared to $16.1 million in Q2 2017, reflecting a ~23% YoY growth.

A price hike for Unituxin implemented in 2017 and an increase in the number of Unituxin vials sold primarily contributed to revenue growth for the drug in the second quarter.

United Therapeutics’ PAH (pulmonary arterial hypertension) drugs compete with Gilead Sciences’ (GILD) Letairis and Pfizer’s (PFE) Revatio. Letairis and Revatio generated revenues of $244 million and $109 million, respectively, in the second quarter. Gilead Sciences commercializes Letairis in the US market, while GlaxoSmithKline commercializes the drug outside the United States.

Analyst recommendations

Of the 12 analysts tracking United Therapeutics in August, two of them have recommended a “buy,” and six have recommended a “hold.” Three analysts have recommended a “sell,” and one has recommended a “strong sell.”

On August 3, United Therapeutics had a consensus 12-month target price of $124.70, which represents a ~1.06% return on investment over the next 12 months.

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