BofA/Merrill analyst Geoff Meacham initiated coverage of United Therapeutics with an Underperform rating and $80 price target. The analyst notes that while the company's core commercial franchise in pulmonary arterial hypertension, or PAH, has remained durable despite increasing competitive pressures, the escalating competition and entrance of generics has made him more concerned. Meacham further cites the risk of PAH business contraction amid disruptive new formulations and novel MOAs advancing in development, with the potential of declining free cash flows impacting United Therapeutics' capital deployment.