Goldman Sachs analyst Andrea Newkirk initiated coverage of United Therapeutics Corporation (NASDAQ:UTHR) on September 24, 2026, with a Sell rating and a $321 price target. The firm argues that shares trade above their historical valuation range while the core franchise shrinks, and that the market underestimates how hard the idiopathic pulmonary fibrosis (IPF) launch will be.
Capital allocation adds another layer to the debate, with United Therapeutics committing the remaining $477.6 million of its $2 billion buyback authorization even as it funds an expanding pipeline and manufacturing buildout.
What Is Not Working: A Shrinking Base And A Harder Launch
The second quarter supports the first argument.
Revenue slipped 2% to $783.3 million, and management said the result missed its own expectations, declined to reaffirm or update any 2026 revenue growth outlook, and conceded that its $4 billion run-rate goal for the end of 2027 now has a narrower path.
Nebulized Tyvaso revenue fell 18% to $126.0 million, and Remodulin fell 6%, which United Therapeutics Corporation blamed on competing therapies.
Earnings quality also deserves a look: net income rose 8%, and diluted EPS rose 13% despite lower sales, helped by an 11% tax rate versus 24% a year ago and about 2.76 million shares bought back through accelerated repurchases.
Goldman’s second argument targets growth. It expects burdensome dosing frequency and tolerability problems to limit IPF uptake and adherence.
United Therapeutics’ plan gives that view some footing, since management said the 2027 IPF launch will rely solely on nebulized Tyvaso, while the dry powder and soft mist inhaler versions still need FDA discussions.
What Is Working: Demand Signals And A Crowded Regulatory Calendar
Tyvaso DPI grew 4% to $326.6 million, and management said starts, referrals, commercial patients, and total patients all hit records exiting the quarter. The sales force has roughly doubled since early July, and management expects the second half to beat the first.
The pipeline carries the long-term case.
The FDA accepted the IPF application on September 2, 2026, with its review due in late April 2027.
Combined TETON-1 and TETON-2 results showed a 111.8 mL improvement in forced vital capacity over placebo at 52 weeks. The ralinepag application in pulmonary arterial hypertension was also accepted, with an action date of June 24, 2027. TETON-PPF has enrolled 754 patients, with a readout expected in the second half of 2027.
What The Smart Money Sees
Hedge fund ownership in United Therapeutics Corporation rose to 68 funds from 64 in the second quarter of 2026.
VenBio Select Advisor added 6% to 2,777,777 shares worth $1.51 billion and Vestal Point Capital raised its stake 480% to $235.7 million, while Renaissance Technologies trimmed 5% to $925.8 million and AQR Capital Management cut 34% to $294.6 million.
UTHR shares trade at 16.42 times forward earnings as of September 28, and short interest reached 7.62% of float, up from 2.11 million shares to 2.8 million in a month.
The debate comes down to timing: Goldman prices a slower base and a hard launch, while approval dates begin in April 2027.
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