Note: These figures reflect diluted GAAP earnings per share, reported before non-recurring items, and may differ from the non-GAAP figures used by some sources.
Part 2.1: Price Behavior Around Earnings
United Therapeutics typically reports earnings before market open, meaning Day 0 captures the market's immediate reaction during the first trading session, while Day +1 reflects follow-through momentum.
| Earnings Date | Day 0 Move | Day 0 Range | Day +1 Move | Day +1 Range |
|---|---|---|---|---|
| 2026-05-06 | +$24.56 (+4.29%) | $34.35 (6.00%) | -$27.58 (-4.62%) | $30.25 (5.07%) |
| 2026-02-25 | +$61.67 (+13.03%) | $59.06 (12.47%) | -$31.50 (-5.89%) | $35.81 (6.69%) |
| 2025-10-29 | +$39.98 (+9.63%) | $64.24 (15.47%) | -$1.79 (-0.39%) | $10.88 (2.39%) |
| 2025-07-30 | -$15.61 (-5.25%) | $20.14 (6.77%) | -$7.25 (-2.57%) | $11.88 (4.21%) |
| 2025-04-30 | +$2.33 (+0.77%) | $26.37 (8.77%) | -$9.24 (-3.05%) | $12.27 (4.05%) |
| 2025-02-26 | -$38.61 (-10.80%) | $37.43 (10.47%) | +$4.73 (+1.48%) | $11.67 (3.66%) |
| 2024-10-30 | +$8.60 (+2.44%) | $18.46 (5.23%) | +$12.57 (+3.48%) | $15.47 (4.28%) |
| 2024-07-31 | -$24.25 (-7.18%) | $15.99 (4.74%) | +$14.50 (+4.63%) | $17.98 (5.74%) |
| Avg Abs Move | 6.67% | 8.74% | 3.26% | 4.51% |
UTHR exhibits substantial post-earnings volatility, with Day 0 moves averaging 6.67% in absolute terms and ranging as high as 13.03% (February 2026's strong beat). The stock has moved in both directions—four positive Day 0 reactions and four negative—with no clear directional bias, suggesting results quality drives the response rather than systematic positioning.
The most dramatic recent move came in February 2026, when the stock surged +13.03% following a +13.57% earnings beat, demonstrating how significant upside surprises can generate outsized gains. Conversely, May 2026's -4.62% Day +1 decline (following a -13.52% miss) shows the market punishes disappointments, though the initial Day 0 reaction was muted at +4.29%, indicating delayed recognition of the miss's severity.
Day +1 follow-through averages 3.26% in absolute terms, smaller than Day 0 but still meaningful. The pattern suggests initial reactions can extend or reverse, with February 2026 seeing a -5.89% Day +1 pullback after the Day 0 surge, while July 2025 reversed a -5.25% Day 0 drop with a +4.63% Day +1 recovery. Investors should prepare for a potential swing of 6–7% on earnings day, with additional volatility possible in the following session depending on management commentary and analyst reactions.
Part 2.2: Options Market Expected Move
| Metric | Value |
|---|---|
| Expiration Date | 08/21/26 (DTE 17) |
| Expected Move | $32.16 (6.20%) |
| Expected Range | $486.52 to $550.84 |
| Implied Volatility | 43.42% |
The options market is pricing an expected move of 6.20% ($32.16) for the August 21 expiration, closely aligned with UTHR's average historical Day 0 move of 6.67%. This suggests options traders are anticipating typical earnings volatility rather than an outsized reaction, despite last quarter's sharp miss and the stock's recent technical weakness.
Part 3: What Analysts Are Saying
Analysts maintain a bullish stance on United Therapeutics, with the consensus rating at 4.33 out of 5.00—firmly in Buy territory. The breakdown shows 9 Strong Buys, 2 Moderate Buys, and 4 Holds, with no sell ratings, reflecting confidence in the company's long-term franchise value despite near-term execution concerns.
Sentiment has remained unchanged over the past month, with rating counts holding steady at 9 Strong Buys, 2 Moderate Buys, and 4 Holds. This stability suggests analysts are looking through Q1's miss as a temporary setback rather than a fundamental deterioration, maintaining conviction in the PAH portfolio's durability and pipeline optionality.
The mean price target of $663.28 implies 27.9% upside from the current price of $518.68, with estimates ranging from a low of $516.00 (essentially flat) to a high of $750.00 (+44.6% upside). The wide target range reflects differing views on the company's growth trajectory and pipeline value, but the clustering of Strong Buy ratings indicates most analysts see the current valuation as attractive relative to the franchise's earnings power and market position.
Part 4: Technical Picture
United Therapeutics enters earnings with deteriorating technical momentum. The Barchart Technical Opinion currently stands at 24% Sell, down sharply from 56% Buy one month ago, marking a significant reversal in near-term sentiment. Last week's reading also showed 24% Sell, indicating the weakness has stabilized at cautionary levels rather than continuing to deteriorate.
Timeframe Analysis:
- Short-term (50% Sell): Moderate sell signal indicates near-term momentum has turned negative heading into the report
- Medium-term (Hold): Neutral reading suggests the intermediate trend remains in consolidation without a clear directional bias
- Long-term (Hold): Neutral signal reflects a balanced longer-term technical picture despite recent weakness
Trend Characteristics: The trend is showing Minimum strength with a Weakening direction, suggesting technical support is fragile and the stock lacks the momentum cushion that typically helps absorb negative earnings surprises.
| Period | Value | Period | Value |
|---|---|---|---|
| 5-Day MA | $520.64 | 50-Day MA | $542.49 |
| 10-Day MA | $523.99 | 100-Day MA | $553.05 |
| 20-Day MA | $530.88 | 200-Day MA | $515.24 |
The stock is trading at $518.68, positioned below its 5-day ($520.64), 10-day ($523.99), 20-day ($530.88), 50-day ($542.49), and 100-day ($553.05) moving averages, but above its 200-day moving average ($515.24). This configuration—below all short- and intermediate-term averages but clinging to long-term support—paints a cautionary picture. The downward slope across the moving average stack indicates a stock in retreat, with the 200-day average serving as the last line of defense. Given the weak technical setup, UTHR will need a strong earnings beat and positive guidance to reverse the momentum—a miss or cautious outlook could accelerate the decline toward the $486.52 lower bound of the options expected move range.