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Royalty Pharma plc（RPRX）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
UNITED THERAPEUTICS Corp的季度营收约是Royalty Pharma plc的1.3倍（$790.2M vs $622.0M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 34.4%，领先11.7%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs 4.8%），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% vs 4.6%）
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
RPRX vs UTHR — 直观对比
营收规模更大
UTHR
是对方的1.3倍
$622.0M
营收增速更快
UTHR
高出2.6%
4.8%
净利率更高
UTHR
高出11.7%
34.4%
两年增速更快
UTHR
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.0M | $790.2M |
| 净利润 | $214.2M | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | 62.4% | 45.1% |
| 净利率 | 34.4% | 46.1% |
| 营收同比 | 4.8% | 7.4% |
| 净利润同比 | 2.9% | 20.9% |
| 每股收益（稀释后） | $0.49 | $7.66 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收RPRXUTHR
| Q4 25 | $622.0M | $790.2M | ||
| Q3 25 | $609.3M | $799.5M | ||
| Q2 25 | $578.7M | $798.6M | ||
| Q1 25 | $568.2M | $794.4M | ||
| Q4 24 | $593.6M | $735.9M | ||
| Q3 24 | $564.7M | $748.9M | ||
| Q2 24 | $537.3M | $714.9M | ||
| Q1 24 | $568.0M | $677.7M |
净利润RPRXUTHR
| Q4 25 | $214.2M | $364.3M | ||
| Q3 25 | $288.2M | $338.7M | ||
| Q2 25 | $30.2M | $309.5M | ||
| Q1 25 | $238.3M | $322.2M | ||
| Q4 24 | $208.2M | $301.3M | ||
| Q3 24 | $544.0M | $309.1M | ||
| Q2 24 | $102.0M | $278.1M | ||
| Q1 24 | $4.8M | $306.6M |
毛利率RPRXUTHR
| Q4 25 | — | 86.9% | ||
| Q3 25 | — | 87.4% | ||
| Q2 25 | — | 89.0% | ||
| Q1 25 | — | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
营业利润率RPRXUTHR
| Q4 25 | 62.4% | 45.1% | ||
| Q3 25 | 70.1% | 48.6% | ||
| Q2 25 | 36.3% | 45.6% | ||
| Q1 25 | 94.0% | 48.2% | ||
| Q4 24 | 60.9% | 48.6% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | 50.2% | 44.7% | ||
| Q1 24 | -13.0% | 52.6% |
净利率RPRXUTHR
| Q4 25 | 34.4% | 46.1% | ||
| Q3 25 | 47.3% | 42.4% | ||
| Q2 25 | 5.2% | 38.8% | ||
| Q1 25 | 41.9% | 40.6% | ||
| Q4 24 | 35.1% | 40.9% | ||
| Q3 24 | 96.3% | 41.3% | ||
| Q2 24 | 19.0% | 38.9% | ||
| Q1 24 | 0.8% | 45.2% |
每股收益（稀释后）RPRXUTHR
| Q4 25 | $0.49 | $7.66 | ||
| Q3 25 | $0.67 | $7.16 | ||
| Q2 25 | $0.07 | $6.41 | ||
| Q1 25 | $0.55 | $6.63 | ||
| Q4 24 | $0.46 | $6.23 | ||
| Q3 24 | $1.21 | $6.39 | ||
| Q2 24 | $0.23 | $5.85 | ||
| Q1 24 | $0.01 | $6.17 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $618.7M | $2.9B |
| 总债务越低越好 | $9.0B | — |
| 股东权益账面价值 | $9.7B | $7.1B |
| 总资产 | $19.6B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.92× | — |
8季度趋势，按日历期对齐
现金及短期投资RPRXUTHR
| Q4 25 | $618.7M | $2.9B | ||
| Q3 25 | $938.9M | $2.8B | ||
| Q2 25 | $631.9M | $3.0B | ||
| Q1 25 | $1.1B | $3.3B | ||
| Q4 24 | $929.0M | $3.3B | ||
| Q3 24 | $950.1M | $3.3B | ||
| Q2 24 | $1.8B | $3.0B | ||
| Q1 24 | $843.0M | $2.7B |
总债务RPRXUTHR
| Q4 25 | $9.0B | — | ||
| Q3 25 | $8.9B | — | ||
| Q2 25 | $8.0B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.6B | — | ||
| Q3 24 | $7.6B | — | ||
| Q2 24 | $7.6B | — | ||
| Q1 24 | $6.1B | — |
股东权益RPRXUTHR
| Q4 25 | $9.7B | $7.1B | ||
| Q3 25 | $9.6B | $6.6B | ||
| Q2 25 | $9.5B | $7.2B | ||
| Q1 25 | $9.8B | $6.8B | ||
| Q4 24 | $10.3B | $6.4B | ||
| Q3 24 | $10.3B | $6.1B | ||
| Q2 24 | $9.8B | $5.7B | ||
| Q1 24 | $9.9B | $5.3B |
总资产RPRXUTHR
| Q4 25 | $19.6B | $7.9B | ||
| Q3 25 | $19.3B | $7.4B | ||
| Q2 25 | $18.3B | $7.9B | ||
| Q1 25 | $17.6B | $7.7B | ||
| Q4 24 | $18.2B | $7.4B | ||
| Q3 24 | $18.0B | $7.1B | ||
| Q2 24 | $17.7B | $6.7B | ||
| Q1 24 | $16.1B | $6.5B |
负债/权益比RPRXUTHR
| Q4 25 | 0.92× | — | ||
| Q3 25 | 0.93× | — | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.74× | — | ||
| Q2 24 | 0.78× | — | ||
| Q1 24 | 0.62× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $827.1M | $346.2M |
| 自由现金流经营现金流 - 资本支出 | — | $173.3M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 21.9% |
| 现金转化率经营现金流/净利润 | 3.86× | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流RPRXUTHR
| Q4 25 | $827.1M | $346.2M | ||
| Q3 25 | $702.6M | $562.1M | ||
| Q2 25 | $364.0M | $191.7M | ||
| Q1 25 | $596.1M | $461.2M | ||
| Q4 24 | $742.5M | $341.2M | ||
| Q3 24 | $703.6M | $377.2M | ||
| Q2 24 | $658.2M | $232.2M | ||
| Q1 24 | $664.6M | $376.5M |
自由现金流RPRXUTHR
| Q4 25 | — | $173.3M | ||
| Q3 25 | — | $351.6M | ||
| Q2 25 | — | $129.5M | ||
| Q1 25 | — | $386.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | — | $300.7M | ||
| Q2 24 | — | $187.1M | ||
| Q1 24 | — | $338.3M |
自由现金流率RPRXUTHR
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 44.0% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 48.6% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 26.2% | ||
| Q1 24 | — | 49.9% |
资本支出强度RPRXUTHR
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 26.3% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 6.3% | ||
| Q1 24 | — | 5.6% |
现金转化率RPRXUTHR
| Q4 25 | 3.86× | 0.95× | ||
| Q3 25 | 2.44× | 1.66× | ||
| Q2 25 | 12.06× | 0.62× | ||
| Q1 25 | 2.50× | 1.43× | ||
| Q4 24 | 3.57× | 1.13× | ||
| Q3 24 | 1.29× | 1.22× | ||
| Q2 24 | 6.45× | 0.83× | ||
| Q1 24 | 139.10× | 1.23× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
