Analyst Note| Rachel Elfman |
United Therapeutics reported solid third-quarter results in line with our expectations, and its pipeline is continuing to progress in development. Total revenue for the quarter was $516 million, representing a 16% increase year over year. We maintain our fair value estimate of $213 per share, and our no-moat, stable moat trend, and High Uncertainty Ratings. We view shares as overvalued, currently trading in 2-star territory.