United Therapeutics Corporation Reports Fourth Quarter and Full Year 2024 Financial Results
United Therapeutics (UTHR) reported strong financial results for Q4 and full year 2024, with annual revenues reaching a record $2.88 billion, representing 24% growth over 2023.
The company's Tyvaso product line led growth with total revenues of $1.62 billion in 2024, up 31% from 2023. This growth was primarily driven by Tyvaso DPI's increased patient adoption and enhanced commercial utilization following Part D redesign under the Inflation Reduction Act.
Key clinical developments include: fully enrolled TETON studies in idiopathic pulmonary fibrosis with data expected in H2 2024, upcoming ralinepag data in 2025, and FDA clearance for the first potential registration-enabling xenotransplantation study with UKidney. The company also completed a $1 billion accelerated share repurchase program in 2024, resulting in 3,547,374 shares repurchased.
United Therapeutics (UTHR) ha riportato risultati finanziari solidi per il quarto trimestre e per l'intero anno 2024, con ricavi annuali che hanno raggiunto un record di 2,88 miliardi di dollari, con una crescita del 24% rispetto al 2023.
La linea di prodotti Tyvaso ha guidato la crescita con ricavi totali di 1,62 miliardi di dollari nel 2024, in aumento del 31% rispetto al 2023. Questa crescita è stata principalmente trainata dall'aumento dell'adozione da parte dei pazienti di Tyvaso DPI e dall'uso commerciale migliorato dopo la ristrutturazione della Parte D ai sensi dell'Inflation Reduction Act.
I principali sviluppi clinici includono: studi TETON completamente arruolati su fibrosi polmonare idiopatica con dati attesi nella seconda metà del 2024, prossimi dati su ralinepag nel 2025 e approvazione da parte della FDA per il primo potenziale studio di xenotrapianto abilitante la registrazione con UKidney. L'azienda ha anche completato un programma accelerato di riacquisto di azioni da 1 miliardo di dollari nel 2024, risultando in 3.547.374 azioni riacquistate.
United Therapeutics (UTHR) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024, con ingresos anuales alcanzando un récord de $2.88 mil millones, lo que representa un crecimiento del 24% en comparación con 2023.
La línea de productos Tyvaso lideró el crecimiento con ingresos totales de 1.62 mil millones de dólares en 2024, un aumento del 31% respecto a 2023. Este crecimiento fue impulsado principalmente por la mayor adopción de pacientes de Tyvaso DPI y una mejor utilización comercial tras la reestructuración de la Parte D bajo la Ley de Reducción de la Inflación.
Los desarrollos clínicos clave incluyen: estudios TETON completamente inscritos en fibrosis pulmonar idiopática con datos esperados en la segunda mitad de 2024, próximos datos de ralinepag en 2025 y aprobación de la FDA para el primer estudio de xenotrasplante que podría habilitar el registro con UKidney. La empresa también completó un programa acelerado de recompra de acciones de 1 mil millones de dólares en 2024, resultando en 3,547,374 acciones recompradas.
United Therapeutics (UTHR)는 2024년 4분기 및 전체 연도에 대해 강력한 재무 결과를 보고하였으며, 연간 수익은 28억 8천만 달러에 달해 2023년 대비 24% 성장했습니다.
회사의 Tyvaso 제품 라인이 2024년 총 수익 16억 2천만 달러로 성장을 이끌었으며, 이는 2023년 대비 31% 증가한 수치입니다. 이 성장은 주로 Tyvaso DPI의 환자 채택 증가와 인플레이션 감축법에 따른 파트 D 재설계 이후 상업적 활용이 향상된 데 의해 주도되었습니다.
주요 임상 개발 사항으로는: 특발성 폐섬유증에 대한 TETON 연구의 완전 등록, 2024년 하반기에 데이터가 예상되는 연구, 2025년의 ralinepag 데이터, 그리고 UKidney와의 첫 번째 등록 가능성을 위한 이식 연구에 대한 FDA 승인 등이 있습니다. 회사는 또한 2024년에 10억 달러 규모의 가속 주식 매입 프로그램을 완료하여 3,547,374주를 매입했습니다.
United Therapeutics (UTHR) a annoncé de solides résultats financiers pour le quatrième trimestre et l'année complète 2024, avec des revenus annuels atteignant un record de 2,88 milliards de dollars, représentant une croissance de 24 % par rapport à 2023.
La gamme de produits Tyvaso a conduit la croissance avec des revenus totaux de 1,62 milliard de dollars en 2024, en hausse de 31 % par rapport à 2023. Cette croissance a été principalement alimentée par l'adoption accrue des patients de Tyvaso DPI et une utilisation commerciale améliorée suite à la refonte de la Partie D dans le cadre de la loi sur la réduction de l'inflation.
Les développements cliniques clés incluent : des études TETON entièrement inscrites sur la fibrose pulmonaire idiopathique avec des données attendues au second semestre 2024, des données de ralinepag à venir en 2025, et une autorisation de la FDA pour la première étude de xénotransplantation potentiellement habilitante pour l'enregistrement avec UKidney. L'entreprise a également complété un programme accéléré de rachat d'actions de 1 milliard de dollars en 2024, ce qui a entraîné le rachat de 3 547 374 actions.
United Therapeutics (UTHR) berichtete über starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024, mit einem Jahresumsatz von 2,88 Milliarden Dollar, was einem Wachstum von 24% im Vergleich zu 2023 entspricht.
Die Produktlinie Tyvaso führte das Wachstum mit Gesamteinnahmen von 1,62 Milliarden Dollar im Jahr 2024 an, was einem Anstieg von 31% im Vergleich zu 2023 entspricht. Dieses Wachstum wurde hauptsächlich durch die erhöhte Patientenakzeptanz von Tyvaso DPI und eine verbesserte kommerzielle Nutzung nach der Neugestaltung von Teil D im Rahmen des Inflation Reduction Act vorangetrieben.
Wichtige klinische Entwicklungen umfassen: vollständig eingeschriebene TETON-Studien zur idiopathischen Lungenfibrose mit Daten, die in der zweiten Jahreshälfte 2024 erwartet werden, bevorstehende ralinepag-Daten im Jahr 2025 und die FDA-Zulassung für die erste potenzielle registrierungsfähige Xenotransplantationsstudie mit UKidney. Das Unternehmen hat auch ein beschleunigtes Aktienrückkaufprogramm im Wert von 1 Milliarde Dollar im Jahr 2024 abgeschlossen, was zu einem Rückkauf von 3.547.374 Aktien führte.
- Record annual revenue of $2.88B (+24% YoY)
- Tyvaso revenue grew 31% to $1.62B
- Strong commercial performance across product portfolio
- Completed $1B share repurchase program
- FDA clearance for xenotransplantation study
- $71.1M litigation accrual liability
- Increased cost of sales due to higher royalty expenses
- Higher general and administrative expenses
- Increased legal expenses from litigation matters
Insights
United Therapeutics delivered exceptional financial performance in 2024, with record annual revenues of $2.88 billion representing 24% year-over-year growth – significantly outpacing typical single-digit growth rates in the established biotech sector. This performance demonstrates remarkable commercial execution in UTHR's pulmonary hypertension franchise.
The Tyvaso product family continues as the primary growth engine, contributing $1.62 billion (56% of total revenue) and growing 31% year-over-year. This growth stems from two key factors: continued penetration in the pulmonary hypertension associated with interstitial lung disease (PH-ILD) indication and increased commercial utilization following Medicare Part D redesign under the Inflation Reduction Act, which has reduced patient out-of-pocket costs. The successful transition to Tyvaso DPI has been particularly impressive, with substantial volume increases of $269.2 million year-over-year.
Supporting products also delivered solid growth, with Remodulin, Orenitram, and Unituxin all benefiting from increased volumes and strategic price adjustments. This balanced portfolio approach provides revenue diversification while the company advances its innovative pipeline.
On the pipeline front, UTHR is approaching several potentially transformative catalysts: the fully-enrolled TETON studies in idiopathic pulmonary fibrosis could potentially double Tyvaso's addressable market with data expected in H2 2025; ralinepag data in 2026 could establish a new oral prostacyclin standard; and the FDA-cleared xenotransplantation study with UKidney represents a revolutionary approach to organ shortage.
The $1 billion share repurchase (approximately 6.3% of market cap) signals management's confidence in future prospects while providing immediate EPS accretion. Despite substantial R&D investments in manufactured organ technology and a $71.1 million litigation accrual (relatively modest at 2.5% of annual revenue), UTHR maintains strong profitability with an effective tax rate of 22%.
The 60% stock price appreciation in 2024 reflects market recognition of UTHR's exceptional execution and pipeline potential, positioning the company for continued momentum through 2025 and beyond.
United Therapeutics' 2024 results reveal a company successfully balancing current commercial growth with ambitious scientific innovation. The 24% year-over-year revenue growth provides the financial foundation to support their high-risk, high-reward pipeline initiatives while maintaining profitability – a rare combination in biotech.
The fully enrolled TETON studies represent UTHR's most significant near-term opportunity. These trials investigating Tyvaso in idiopathic pulmonary fibrosis (IPF) target a patient population of approximately 100,000 in the US alone, potentially doubling Tyvaso's addressable market. With data expected in H2 2025, success could establish Tyvaso as the first approved therapy specifically for pulmonary hypertension in IPF patients, addressing a critical unmet need in this devastating disease.
Ralinepag represents UTHR's strategic move to strengthen its prostacyclin portfolio against competitors like Uptravi (selexipag). The once-daily oral formulation could offer advantages in patient adherence and potentially superior efficacy if it demonstrates improved receptor selectivity and pharmacokinetics in upcoming trials. However, it will enter a competitive landscape with established alternatives.
The company's xenotransplantation program, highlighted by FDA clearance for a potentially registration-enabling UKidney study, represents their most disruptive innovation. While revolutionary in addressing organ shortage, this program faces substantial hurdles beyond traditional drug development:
- Regulatory complexity spanning multiple FDA divisions
- Manufacturing scalability challenges for consistent organ production
- Potential immunological complications requiring novel monitoring approaches
- Ethical considerations regarding animal-to-human transplantation
UTHR's public benefit structure enables this long-term vision despite uncertain commercial timelines. The increased R&D investment in manufactured organs ($165.3 million in 2024) demonstrates commitment to transformative medicine beyond quarterly earnings pressure.
While these innovative programs create significant upside potential, investors should note that UTHR currently derives over 56% of revenue from the Tyvaso franchise, creating concentration risk. However, the company's consistent execution in its core business provides the financial flexibility to pursue these breakthrough technologies while maintaining strong profitability – positioning UTHR as both a commercial leader and scientific pioneer in pulmonary medicine and beyond.
“I want to congratulate every Unitherian for their relentless dedication, which has allowed us to deliver a third consecutive year of record revenue,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. “On top of that, our three-year cascade of clinical and regulatory events is under way: both TETON studies in idiopathic pulmonary fibrosis are enrolled, facilitating data starting the second half of this year; ralinepag, our potentially best-in-class once-daily oral prostacyclin agonist, will generate data next year; and this month we announced FDA clearance to start the first potentially registration-enabling xenotransplantation study with our UKidney.”
Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, added, “Our commercial foundation continues to operate from a place of strength, propelled by robust fourth quarter performance across our product portfolio, which capped a record-setting year. We look forward to continuing this momentum in 2025 as our sales and marketing teams continue their efforts to ensure that prescribers are educated on the benefits of our broad array of treprostinil products, which are widely regarded as a cornerstone for treating pulmonary hypertension.”
Fourth Quarter and Full Year 2024 Financial Results
Key financial highlights include (in millions, except per share data):
|
Three Months Ended
|
|
Year Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
||||
Total revenues |
$ |
735.9 |
|
$ |
614.7 |
|
$ |
2,877.4 |
|
$ |
2,327.5 |
Net income |
$ |
301.3 |
|
$ |
217.1 |
|
$ |
1,195.1 |
|
$ |
984.8 |
Net income, per basic share |
$ |
6.74 |
|
$ |
4.62 |
|
$ |
26.44 |
|
$ |
21.04 |
Net income, per diluted share |
$ |
6.19 |
|
$ |
4.36 |
|
$ |
24.64 |
|
$ |
19.81 |
Revenues
The table below presents the components of total revenues (dollars in millions):
|
Three Months Ended
|
|
Dollar
|
|
Percentage
|
|
Year Ended
|
|
Dollar
|
|
Percentage
|
||||||||||||||
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
||||||||||||||
Net product sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tyvaso DPI®(1) |
$ |
273.2 |
|
$ |
213.7 |
|
$ |
59.5 |
|
|
28 |
% |
|
$ |
1,033.6 |
|
$ |
731.1 |
|
$ |
302.5 |
|
|
41 |
% |
Nebulized Tyvaso®(1) |
|
142.7 |
|
|
136.9 |
|
|
5.8 |
|
|
4 |
% |
|
|
586.8 |
|
|
502.6 |
|
|
84.2 |
|
|
17 |
% |
Total Tyvaso |
|
415.9 |
|
|
350.6 |
|
|
65.3 |
|
|
19 |
% |
|
|
1,620.4 |
|
|
1,233.7 |
|
|
386.7 |
|
|
31 |
% |
Remodulin®(2) |
|
134.5 |
|
|
115.1 |
|
|
19.4 |
|
|
17 |
% |
|
|
538.1 |
|
|
494.8 |
|
|
43.3 |
|
|
9 |
% |
Orenitram® |
|
107.8 |
|
|
84.1 |
|
|
23.7 |
|
|
28 |
% |
|
|
434.3 |
|
|
359.4 |
|
|
74.9 |
|
|
21 |
% |
Unituxin® |
|
67.5 |
|
|
54.2 |
|
|
13.3 |
|
|
25 |
% |
|
|
238.7 |
|
|
198.9 |
|
|
39.8 |
|
|
20 |
% |
Adcirca® |
|
4.7 |
|
|
6.8 |
|
|
(2.1 |
) |
|
(31 |
)% |
|
|
23.8 |
|
|
28.9 |
|
|
(5.1 |
) |
|
(18 |
)% |
Other |
|
5.5 |
|
|
3.9 |
|
|
1.6 |
|
|
41 |
% |
|
|
22.1 |
|
|
11.8 |
|
|
10.3 |
|
|
87 |
% |
Total revenues |
$ |
735.9 |
|
$ |
614.7 |
|
$ |
121.2 |
|
|
20 |
% |
|
$ |
2,877.4 |
|
$ |
2,327.5 |
|
$ |
549.9 |
|
|
24 |
% |
(1) |
Net product sales include both the drug product and the respective inhalation device. |
(2) |
Net product sales include sales of infusion devices, including the Remunity® Pump. |
Fourth Quarter 2024 Compared to Fourth Quarter 2023. Total Tyvaso revenues grew by 19 percent to
Full Year 2024 Compared to Full Year 2023. Total Tyvaso revenues grew by 31 percent to
The table below presents the breakdown of total revenues between
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
2024 |
2023 |
||||||||||||||||||||||||||||||
|
|
ROW |
Total |
|
|
ROW |
Total |
|
|
ROW |
Total |
|
ROW |
Total |
||||||||||||||||||||||
Net product sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Tyvaso DPI(1) |
$ |
272.8 |
$ |
0.4 |
$ |
273.2 |
|
$ |
213.7 |
$ |
— |
$ |
213.7 |
|
$ |
1,033.2 |
$ |
0.4 |
$ |
1,033.6 |
$ |
731.1 |
$ |
— |
$ |
731.1 |
||||||||||
Nebulized Tyvaso(1) |
|
136.4 |
|
6.3 |
|
142.7 |
|
|
123.7 |
|
13.2 |
|
136.9 |
|
|
545.5 |
|
41.3 |
|
586.8 |
|
477.1 |
|
25.5 |
|
502.6 |
||||||||||
Total Tyvaso |
|
409.2 |
|
6.7 |
|
415.9 |
|
|
337.4 |
|
13.2 |
|
350.6 |
|
|
1,578.7 |
|
41.7 |
|
1,620.4 |
|
1,208.2 |
|
25.5 |
|
1,233.7 |
||||||||||
Remodulin(2) |
|
118.0 |
|
16.5 |
|
134.5 |
|
|
106.3 |
|
8.8 |
|
115.1 |
|
|
464.2 |
|
73.9 |
|
538.1 |
|
414.6 |
|
80.2 |
|
494.8 |
||||||||||
Orenitram |
|
107.8 |
|
— |
|
107.8 |
|
|
84.1 |
|
— |
|
84.1 |
|
|
434.3 |
|
— |
|
434.3 |
|
359.4 |
|
— |
|
359.4 |
||||||||||
Unituxin |
|
61.8 |
|
5.7 |
|
67.5 |
|
|
48.7 |
|
5.5 |
|
54.2 |
|
|
219.6 |
|
19.1 |
|
238.7 |
|
181.3 |
|
17.6 |
|
198.9 |
||||||||||
Adcirca |
|
4.7 |
|
— |
|
4.7 |
|
|
6.8 |
|
— |
|
6.8 |
|
|
23.8 |
|
— |
|
23.8 |
|
28.9 |
|
— |
|
28.9 |
||||||||||
Other |
|
4.2 |
|
1.3 |
|
5.5 |
|
|
2.6 |
|
1.3 |
|
3.9 |
|
|
19.1 |
|
3.0 |
|
22.1 |
|
9.8 |
|
2.0 |
|
11.8 |
||||||||||
Total revenues |
$ |
705.7 |
$ |
30.2 |
$ |
735.9 |
|
$ |
585.9 |
$ |
28.8 |
$ |
614.7 |
|
$ |
2,739.7 |
$ |
137.7 |
$ |
2,877.4 |
$ |
2,202.2 |
$ |
125.3 |
$ |
2,327.5 |
||||||||||
(1) |
Net product sales include both the drug product and the respective inhalation device. |
(2) |
Net product sales include sales of infusion devices, including the Remunity Pump. |
Expenses
Cost of sales. The table below summarizes cost of sales by major category (dollars in millions):
|
Three Months Ended
|
|
Dollar
|
|
Percentage
|
|
Year Ended
|
|
Dollar
|
|
Percentage
|
||||||||||||
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
||||||||||||
Category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of sales |
$ |
74.8 |
|
$ |
70.1 |
|
$ |
4.7 |
|
7 |
% |
|
$ |
304.3 |
|
$ |
255.1 |
|
$ |
49.2 |
|
19 |
% |
Share-based compensation expense(1) |
|
1.1 |
|
|
0.9 |
|
|
0.2 |
|
22 |
% |
|
|
5.4 |
|
|
2.4 |
|
|
3.0 |
|
125 |
% |
Total cost of sales |
$ |
75.9 |
|
$ |
71.0 |
|
$ |
4.9 |
|
7 |
% |
|
$ |
309.7 |
|
$ |
257.5 |
|
$ |
52.2 |
|
20 |
% |
(1) |
See Share-based compensation below. |
Cost of sales, excluding share-based compensation. The increase in cost of sales for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to an increase in Tyvaso DPI royalty expense and product costs driven by growth in Tyvaso DPI revenues.
Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):
|
Three Months Ended
|
|
Dollar
|
|
Percentage
|
|
Year Ended
|
|
Dollar
|
|
Percentage
|
||||||||||||||
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
||||||||||||||
Category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
External research and development(1) |
$ |
63.7 |
|
$ |
50.4 |
|
$ |
13.3 |
|
|
26 |
% |
|
$ |
217.5 |
|
$ |
192.0 |
|
$ |
25.5 |
|
|
13 |
% |
Internal research and development(2) |
|
50.3 |
|
|
43.2 |
|
|
7.1 |
|
|
16 |
% |
|
|
183.6 |
|
|
146.6 |
|
|
37.0 |
|
|
25 |
% |
Share-based compensation expense(3) |
|
6.7 |
|
|
5.7 |
|
|
1.0 |
|
|
18 |
% |
|
|
29.1 |
|
|
15.6 |
|
|
13.5 |
|
|
87 |
% |
Other(4) |
|
13.1 |
|
|
52.1 |
|
|
(39.0 |
) |
|
(75 |
)% |
|
|
50.8 |
|
|
53.8 |
|
|
(3.0 |
) |
|
(6 |
)% |
Total research and development expense |
$ |
133.8 |
|
$ |
151.4 |
|
$ |
(17.6 |
) |
|
(12 |
)% |
|
$ |
481.0 |
|
$ |
408.0 |
|
$ |
73.0 |
|
|
18 |
% |
(1) |
External research and development primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before FDA approval of the relevant product. |
(2) |
Internal research and development primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before FDA approval, and internal facilities-related expenses, including depreciation, related to research and development activities. |
(3) |
See Share-based compensation below. |
(4) |
Other primarily includes upfront fees and milestone payments to third parties under license agreements related to development-stage products, adjustments to the fair value of our contingent consideration obligations, and costs to acquire certain in-process research and development (IPR&D) assets. During the year ended December 31, 2024, we recorded |
Research and development, excluding share-based compensation. The decrease in research and development expense for the quarter ended December 31, 2024, as compared to the same period in 2023, was primarily due to IPR&D expense we recorded in connection with the acquisition of IVIVA during the quarter ended December 31, 2023; partially offset by increased expenditures related to manufactured organ and organ alternative projects and upfront non-refundable licensing payments related to ex vivo lung perfusion technology.
The increase in research and development expense for the year ended December 31, 2024, as compared to the same period in 2023, was due to: (1) increased expenditures related to manufactured organ and organ alternative projects; (2) non-refundable licensing payments for drug delivery device technologies and ex vivo lung perfusion technology; and (3) increased expenditures related to the TETON studies of nebulized Tyvaso in patients with idiopathic pulmonary fibrosis and progressive pulmonary fibrosis. These increases were partially offset by the impact of an IPR&D expense recorded during the year ended December 31, 2023 in connection with the acquisition of IVIVA, which expense did not recur in 2024.
Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):
|
Three Months Ended
|
|
Dollar
|
|
Percentage
|
|
Year Ended
|
|
Dollar
|
|
Percentage
|
||||||||||||
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
||||||||||||
Category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
General and administrative(1) |
$ |
116.3 |
|
$ |
98.1 |
|
$ |
18.2 |
|
19 |
% |
|
$ |
432.8 |
|
$ |
374.2 |
|
$ |
58.6 |
|
16 |
% |
Litigation accrual |
|
6.0 |
|
|
— |
|
|
6.0 |
|
NM(3) |
|
|
71.1 |
|
|
— |
|
|
71.1 |
|
NM(3) |
||
Sales and marketing |
|
27.0 |
|
|
24.1 |
|
|
2.9 |
|
12 |
% |
|
|
96.3 |
|
|
81.8 |
|
|
14.5 |
|
18 |
% |
Share-based compensation expense(2) |
|
19.2 |
|
|
10.0 |
|
|
9.2 |
|
92 |
% |
|
|
109.5 |
|
|
21.1 |
|
|
88.4 |
|
419 |
% |
Total selling, general, and administrative expense |
$ |
168.5 |
|
$ |
132.2 |
|
$ |
36.3 |
|
27 |
% |
|
$ |
709.7 |
|
$ |
477.1 |
|
$ |
232.6 |
|
49 |
% |
(1) |
Excluding litigation accrual. See Litigation accrual section below. |
(2) |
See Share-based compensation below. |
(3) |
Calculation is not meaningful. |
General and administrative, excluding litigation accrual and share-based compensation. The increase in general and administrative expense for the quarter and year ended December 31, 2024, as compared to the same periods in 2023, was primarily due to increases in: (1) personnel expense due to growth in headcount; (2) legal expenses related to litigation matters; and (3) consulting expenses.
Litigation accrual. As of December 31, 2024, we accrued a liability of
Sales and marketing, excluding share-based compensation. The increase in sales and marketing expense for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to increases in: (1) personnel expense due to growth in headcount; (2) marketing expenses; and (3) consulting expenses.
Share-based compensation. The table below summarizes share-based compensation expense by major category (dollars in millions):
|
Three Months Ended
|
|
Dollar
|
|
Percentage
|
|
Year Ended
|
|
Dollar
|
|
Percentage
|
||||||||||||||
|
2024 |
|
2023 |
|
|
|
2024 |
|
2023 |
|
|
||||||||||||||
Category: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options |
$ |
8.0 |
|
$ |
2.9 |
|
|
$ |
5.1 |
|
176 |
% |
|
$ |
29.8 |
|
$ |
15.4 |
|
|
$ |
14.4 |
|
94 |
% |
Restricted stock units |
|
17.8 |
|
|
14.1 |
|
|
|
3.7 |
|
26 |
% |
|
|
79.7 |
|
|
52.4 |
|
|
|
27.3 |
|
52 |
% |
Share tracking awards plan (STAP) |
|
0.6 |
|
|
(0.9 |
) |
|
|
1.5 |
|
167 |
% |
|
|
32.3 |
|
|
(30.7 |
) |
|
|
63.0 |
|
205 |
% |
Employee stock purchase plan |
|
0.6 |
|
|
0.5 |
|
|
|
0.1 |
|
20 |
% |
|
|
2.2 |
|
|
2.0 |
|
|
|
0.2 |
|
10 |
% |
Total share-based compensation expense |
$ |
27.0 |
|
$ |
16.6 |
|
|
$ |
10.4 |
|
63 |
% |
|
$ |
144.0 |
|
$ |
39.1 |
|
|
$ |
104.9 |
|
268 |
% |
The increase in share-based compensation expense for the quarter ended December 31, 2024, as compared to the same period in 2023, was primarily due to: (1) an increase in stock option expense due to a greater number of awards granted in 2024, as compared to the same period in 2023; (2) an increase in restricted stock unit expense due to a greater number of awards remaining outstanding in 2024, as compared to the same period in 2023; and (3) an increase in STAP expense driven by a two percent decrease in our stock price during the quarter ended December 31, 2024, as compared to a three percent decrease in our stock price for the same period in 2023. The increase in share-based compensation expense for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to: (1) an increase in STAP expense driven by a 60 percent increase in our stock price during 2024, as compared to a 21 percent decrease in our stock price during 2023; (2) an increase in restricted stock unit expense due to a greater number of awards granted and remaining outstanding in 2024, as compared to the same period in 2023; and (3) an increase in stock option expense due to a greater number of awards granted in 2024, as compared to the same period in 2023.
Other (expense) income, net. The change in other (expense) income, net for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to net unrealized gains on equity securities.
Income tax expense. Income tax expense was
Share repurchase. In March 2024, we entered into an accelerated share repurchase agreement (the ASR agreement) with Citibank, N.A. (Citi). Under the ASR agreement, we made an aggregate upfront payment of
The share repurchase under the ASR agreement was divided into two tranches, resulting in upfront payments of
Webcast
We will host a webcast to discuss our fourth quarter and full year 2024 financial results on Wednesday, February 26, 2025, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website at https://ir.unither.com/events-and-presentations. A replay of the webcast will also be available at the same location on our website.
United Therapeutics: Enabling Inspiration
At United Therapeutics, our vision and mission are one. We use our enthusiasm, creativity, and persistence to innovate for the unmet medical needs of our patients and to benefit our other stakeholders. We are bold and unconventional. We have fun; we do good. We are the first publicly-traded biotech or pharmaceutical company to take the form of a public benefit corporation (PBC). Our public benefit purpose is to provide a brighter future for patients through (a) the development of novel pharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs.
You can learn more about what it means to be a PBC here: unither.com/pbc.
Forward-Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements related to our anticipated readouts of our TETON and ralinepag clinical trials; our plans to commence a clinical trial of our UKidney product, and that it may be registration-enabling; our expectation that ralinepag may be a best-in-class once-daily prostacyclin agonist; our expectation that our momentum will continue into 2025; our expectations concerning our ultimate liability resulting from our litigation with Sandoz Inc., including our expectation that the amount of any loss in excess of our
ORENITRAM, REMODULIN, REMUNITY, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation and/or its subsidiaries.
UKIDNEY is a trademark of United Therapeutics Corporation and/or its subsidiaries.
ADCIRCA is a registered trademark of Eli Lilly and Company.
UNITED THERAPEUTICS CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
(Unaudited) |
|
|
|
|
||||||||||
Total revenues |
$ |
735.9 |
|
|
$ |
614.7 |
|
|
$ |
2,877.4 |
|
|
$ |
2,327.5 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Cost of sales |
|
75.9 |
|
|
|
71.0 |
|
|
|
309.7 |
|
|
|
257.5 |
|
Research and development |
|
133.8 |
|
|
|
151.4 |
|
|
|
481.0 |
|
|
|
408.0 |
|
Selling, general, and administrative |
|
168.5 |
|
|
|
132.2 |
|
|
|
709.7 |
|
|
|
477.1 |
|
Total operating expenses |
|
378.2 |
|
|
|
354.6 |
|
|
|
1,500.4 |
|
|
|
1,142.6 |
|
Operating income |
|
357.7 |
|
|
|
260.1 |
|
|
|
1,377.0 |
|
|
|
1,184.9 |
|
Interest income |
|
49.3 |
|
|
|
51.0 |
|
|
|
199.1 |
|
|
|
162.7 |
|
Interest expense |
|
(7.9 |
) |
|
|
(15.1 |
) |
|
|
(42.9 |
) |
|
|
(59.3 |
) |
Other (expense) income, net |
|
(2.6 |
) |
|
|
(0.6 |
) |
|
|
5.8 |
|
|
|
(14.0 |
) |
Total other income, net |
|
38.8 |
|
|
|
35.3 |
|
|
|
162.0 |
|
|
|
89.4 |
|
Income before income taxes |
|
396.5 |
|
|
|
295.4 |
|
|
|
1,539.0 |
|
|
|
1,274.3 |
|
Income tax expense |
|
(95.2 |
) |
|
|
(78.3 |
) |
|
|
(343.9 |
) |
|
|
(289.5 |
) |
Net income |
$ |
301.3 |
|
|
$ |
217.1 |
|
|
$ |
1,195.1 |
|
|
$ |
984.8 |
|
Net income per common share: |
|
|
|
|
|
|
|
||||||||
Basic |
$ |
6.74 |
|
|
$ |
4.62 |
|
|
$ |
26.44 |
|
|
$ |
21.04 |
|
Diluted |
$ |
6.19 |
|
|
$ |
4.36 |
|
|
$ |
24.64 |
|
|
$ |
19.81 |
|
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
44.7 |
|
|
|
47.0 |
|
|
|
45.2 |
|
|
|
46.8 |
|
Diluted |
|
48.7 |
|
|
|
49.8 |
|
|
|
48.5 |
|
|
|
49.7 |
|
SELECTED CONSOLIDATED BALANCE SHEET DATA (In millions) |
|||||
|
December 31, |
||||
|
2024 |
|
2023 |
||
Cash, cash equivalents, and marketable investments |
$ |
4,742.3 |
|
$ |
4,903.9 |
Total assets |
|
7,364.0 |
|
|
7,167.0 |
Total liabilities |
|
920.0 |
|
|
1,182.2 |
Total stockholders' equity |
|
6,444.0 |
|
|
5,984.8 |
Category: Earnings
View source version on businesswire.com: https://www.businesswire.com/news/home/20250226509986/en/
Dewey Steadman at (202) 919-4097 (media/investors)
Harry Silvers at (301) 578-1401 (investors)
https://ir.unither.com/contact-ir
Source: United Therapeutics Corporation
FAQ
What was United Therapeutics' (UTHR) revenue growth in 2024?
How much revenue did UTHR's Tyvaso product line generate in 2024?
When will UTHR release data from the TETON studies?
How many shares did UTHR repurchase in its 2024 accelerated share repurchase program?
What is UTHR's litigation liability accrual as of December 2024?
