UTHR vs VTRS: United Therapeutics and Viatris compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- United Therapeutics is the larger company, worth $22.8B, about 1.2 times Viatris.
- Viatris grew revenue faster over the last year (+5.0% vs -1.9%).
- United Therapeutics keeps more of each dollar of revenue as operating profit (44.4% vs -0.6%).
- United Therapeutics's price assumes faster free cash flow growth: about 6% a year, against -4% for Viatris (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | UTHR | VTRS |
|---|---|---|
| Market cap | $22.8B | $19.0B |
| Share price | $549.16 | $17.49 |
| Revenue (last fiscal year) | $3.2B | $14.3B |
| Free cash flow (last fiscal year) | $1.0B | $1.9B |
| Revenue growth, last year | -1.9% | +5.0% |
| Revenue growth per year, last 5 fiscal years | +17.2% | -5.4% |
| Operating margin | 44.4% | -0.59% |
| Net margin | 41.6% | — |
| Return on equity | 20.5% | — |
| P/E (trailing) | 19.8x | — |
| Price / free cash flow | 21.9x | 9.79x |
| EV / EBITDA | 11.7x | 11.9x |
| FCF growth the price implies | 6.2% | -4.5% |
| Dividend yield | — | 2.9% |
| Debt / equity | 0.13x | 1.46x |
| Fundamental grade | B | C |
| Superinvestors holding it | 0 | 6 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
United Therapeutics
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.7B | $477M | 33.0% |
| 2022 | $1.9B | $664M | 50.6% |
| 2023 | $2.3B | $748M | 50.9% |
| 2024 | $2.9B | $1.1B | 47.9% |
| 2025 | $3.2B | $1.0B | 46.9% |
Viatris
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.8B | $2.6B | -0.19% |
| 2022 | $16.2B | $2.6B | 10.0% |
| 2023 | $15.4B | $2.5B | 5.0% |
| 2024 | $14.7B | $2.0B | 0.07% |
| 2025 | $14.3B | $1.9B | -18.7% |
Where the revenue comes from
United Therapeutics · by products, 2025
Tyvaso DPI$1.3B41%
Nebulized Tyvaso$586M18%
Remodulin$527M17%
Orenitram$497M16%
Unituxin$227M7%
Adcirca$30M1%
Viatris · by segments, 2025
Developed Markets$8.5B60%
Greater China$2.3B16%
Emerging Markets$2.2B16%
JANZ$1.2B8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open UTHR in InvestinglyQuestions
Which is bigger, United Therapeutics or Viatris?
United Therapeutics (UTHR), at $22.8B against $19.0B.
Which grows faster, UTHR or VTRS?
Viatris: revenue grew +5.0% over the last year, against -1.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.