STOCK TITAN

United Therapeutics Corporation Reports Third Quarter 2024 Financial Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

United Therapeutics (UTHR) reported strong Q3 2024 financial results with total revenues growing 23% year-over-year to $748.9 million. Net income increased 16% to $309.1 million, with diluted EPS of $6.39. Tyvaso remained the biggest growth driver, with total revenues up 33% to $433.8 million. The company achieved record revenue for the sixth straight quarter, driven by increasing demand for pulmonary hypertension and high-risk neuroblastoma treatments. The company also expects multiple clinical data reads and regulatory events in 2025.

United Therapeutics (UTHR) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi totali in crescita del 23% rispetto all'anno precedente, arrivando a 748,9 milioni di dollari. L'utile netto è aumentato del 16%, raggiungendo 309,1 milioni di dollari, con un utile per azione diluito di 6,39 dollari. Tyvaso è rimasto il principale motore di crescita, con ricavi totali in aumento del 33%, fino a 433,8 milioni di dollari. L'azienda ha raggiunto un fatturato record per il sesto trimestre consecutivo, grazie alla crescente domanda di trattamenti per l'ipertensione polmonare e il neuroblastoma ad alto rischio. Inoltre, l'azienda prevede diversi annunci di dati clinici e eventi regolatori nel 2025.

United Therapeutics (UTHR) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales creciendo un 23% comparado con el año anterior, alcanzando 748.9 millones de dólares. La utilidad neta aumentó un 16%, llegando a 309.1 millones de dólares, con una utilidad por acción diluida de 6.39 dólares. Tyvaso siguió siendo el principal motor de crecimiento, con ingresos totales en aumento del 33% hasta 433.8 millones de dólares. La compañía logró ingresos récord durante el sexto trimestre consecutivo, impulsados por la creciente demanda de tratamientos para la hipertensión pulmonar y neuroblastoma de alto riesgo. La compañía también espera múltiples lecturas de datos clínicos y eventos regulatorios en 2025.

유나이티드 테라퓨틱스 (UTHR)는 2024년 3분기 강력한 재무 결과를 보고했으며, 총 수입이 전년 대비 23% 증가하여 7억 4,890만 달러에 이르렀습니다. 순이익은 16% 증가하여 3억 0,910만 달러에 도달했으며, 희석 주당순이익은 6.39달러입니다. Tyvaso는 주요 성장 동력으로 남아 있으며, 총 수입은 33% 증가하여 4억 3,380만 달러에 달했습니다. 회사는 고위험 신경모세포종 치료 및 폐고혈압 치료에 대한 수요 증가에 힘입어 여섯 번째 연속 분기 동안 기록적인 수익을 달성했습니다. 또한, 회사는 2025년에 여러 임상 데이터 발표 및 규제 사건이 있을 것으로 예상하고 있습니다.

United Therapeutics (UTHR) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus totaux en hausse de 23 % par rapport à l'année précédente, atteignant 748,9 millions de dollars. Le bénéfice net a augmenté de 16 %, pour atteindre 309,1 millions de dollars, avec un bénéfice par action dilué de 6,39 dollars. Tyvaso est resté le principal moteur de croissance, avec des revenus totaux en hausse de 33 %, atteignant 433,8 millions de dollars. L'entreprise a enregistré un chiffre d'affaires record pour le sixième trimestre consécutif, grâce à une demande croissante de traitements pour l'hypertension pulmonaire et le neuroblastome à haut risque. De plus, l'entreprise s'attend à plusieurs lectures de données cliniques et événements réglementaires en 2025.

United Therapeutics (UTHR) hat starke Finanzzahlen für das dritte Quartal 2024 berichtet, wobei die Gesamterlöse im Jahresvergleich um 23 % auf 748,9 Millionen Dollar stiegen. Der Nettogewinn stieg um 16 % auf 309,1 Millionen Dollar, mit einem verwässerten Gewinn pro Aktie von 6,39 Dollar. Tyvaso blieb der größte Wachstumstreiber, mit Gesamterlösen, die um 33 % auf 433,8 Millionen Dollar anstiegen. Das Unternehmen erzielte im sechsten aufeinanderfolgendem Quartal Rekordumsätze, getrieben von der steigenden Nachfrage nach Behandlungen für pulmonale Hypertonie und Hochrisiko-Neuroblastom. Das Unternehmen plant zudem mehrere klinische Datenauswertungen und regulatorische Ereignisse im Jahr 2025.

Positive
  • Total revenues grew 23% YoY to $748.9 million
  • Net income increased 16% to $309.1 million
  • Tyvaso revenues grew 33% to $433.8 million
  • Orenitram revenues increased 23% to $113.2 million
  • Unituxin revenues rose 19% to $61.1 million
Negative
  • Remodulin revenues declined 2% to $128.3 million
  • Adcirca revenues decreased 4% to $7.0 million
  • $65.1 million litigation accrual related to Sandoz Inc. lawsuit

Insights

United Therapeutics delivered an impressive $748.9 million in Q3 2024 revenue, marking a robust 23% year-over-year growth. The standout performer was Tyvaso, with total revenues surging 33% to $433.8 million. Net income grew 16% to $309.1 million, with diluted EPS of $6.39.

Key growth drivers include:

  • Tyvaso DPI's strong market penetration, up 34% YoY
  • Orenitram's 23% growth driven by increased quantities and pricing
  • Solid U.S. market performance with $717.3 million in domestic revenues
A notable concern is the $65.1 million litigation accrual related to the Sandoz case, though the impact appears manageable given the company's strong financial position.

The company's strategic positioning in the pulmonary hypertension market continues to strengthen, with Tyvaso's dual indications driving substantial growth. The implementation of the Part D redesign under the Inflation Reduction Act has positively impacted commercial utilization of key products.

Notable market dynamics include:

  • Sustained leadership in pulmonary arterial hypertension treatment
  • Expanding presence in interstitial lung disease market
  • Strong pipeline potential with upcoming TETON and ADVANCE OUTCOMES data
The company's innovative product portfolio and upcoming clinical milestones position it well for continued market expansion through the decade.

SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)-- United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended September 30, 2024. Total revenues in the third quarter of 2024 grew 23 percent year-over-year to $748.9 million, compared to $609.4 million in the third quarter of 2023.

"I’m proud of the close to 1,300 Unitherians who have contributed to yet another record revenue quarter and reaching a $3 billion annual revenue run rate in the third quarter," said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics. "On top of our stellar revenue performance, 2025 marks the start of a multi-year cascade of clinical data reads and regulatory events that should continue to propel our growth through the balance of the decade and beyond, with data expected for the TETON studies in idiopathic pulmonary fibrosis and ADVANCE OUTCOMES in pulmonary arterial hypertension; data from the miroliverELAP phase 1 study now underway for acute liver failure; and, importantly, the launch of our UKidney human clinical program for which we expect to file an investigational new drug application shortly."

Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, added, "Our team’s efforts have once again translated into outstanding financial results, achieving record revenue for a sixth straight quarter that underscores the increasing demand for our innovative products serving pulmonary hypertension and high-risk neuroblastoma patients. Tyvaso remains our biggest near-term growth driver, and we are encouraged by the underlying dynamics driving its continued uptake in pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease."

Third Quarter 2024 Financial Results

Key financial highlights include (dollars in millions, except per share data):

 

Three Months Ended
September 30,

 

Dollar
Change

 

Percentage
Change

 

2024

 

2023

 

 

 

 

 

 

 

 

 

 

Total revenues

$

748.9

 

$

609.4

 

$

139.5

 

23 %

Net income

$

309.1

 

$

267.6

 

$

41.5

 

16 %

Net income, per basic share

$

6.93

 

$

5.71

 

$

1.22

 

21 %

Net income, per diluted share

$

6.39

 

$

5.38

 

$

1.01

 

19 %

Revenues

The table below presents the components of total revenues (dollars in millions):

 

Three Months Ended
September 30,

 

Dollar
Change

 

Percentage
Change

 

2024

 

2023

 

 

Net product sales:

 

 

 

 

 

 

 

Tyvaso DPI®(1)

$

274.6

 

$

205.1

 

$

69.5

 

 

34 %

Nebulized Tyvaso®(1)

 

159.2

 

 

120.7

 

 

38.5

 

 

32 %

Total Tyvaso

 

433.8

 

 

325.8

 

 

108.0

 

 

33 %

Remodulin®(2)

 

128.3

 

 

131.1

 

 

(2.8

)

 

(2) %

Orenitram®

 

113.2

 

 

92.0

 

 

21.2

 

 

23 %

Unituxin®

 

61.1

 

 

51.3

 

 

9.8

 

 

19 %

Adcirca®

 

7.0

 

 

7.3

 

 

(0.3

)

 

(4) %

Other

 

5.5

 

 

1.9

 

 

3.6

 

 

189 %

Total revenues

$

748.9

 

$

609.4

 

$

139.5

 

 

23 %

 

(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.

Total Tyvaso revenues grew by 33 percent to $433.8 million in the third quarter of 2024, compared to $325.8 million in the third quarter of 2023. This growth was primarily due to an increase in quantities sold, driven by the commercial launch of Tyvaso DPI in June 2022 and continued growth in commercial utilization by patients with pulmonary hypertension associated with interstitial lung disease and, to a lesser extent, price increases.

The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold and, to a lesser extent, a price increase. The increase in Tyvaso DPI quantities sold was due to continued growth in the number of patients following the product’s launch and, to a lesser extent, increased commercial utilization following the implementation of the Part D redesign under the Inflation Reduction Act (IRA).

The growth in nebulized Tyvaso revenues resulted primarily from an increase in quantities sold and, to a lesser extent, a price increase.

The decrease in Remodulin revenues resulted from a decrease in international Remodulin revenues, partially offset by an increase in U.S. Remodulin revenues, driven by an increase in quantities sold.

The growth in Orenitram revenues resulted primarily from an increase in quantities sold and, to a lesser extent, a price increase. The increase in quantities sold was driven, at least in part, by increased commercial utilization following the implementation of the Part D redesign under the IRA, and an increase in the average dose.

The growth in Unituxin revenues resulted from a price increase and an increase in quantities sold.

The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW) (in millions):

 

Three Months Ended September 30,

 

2024

 

2023

 

U.S.

ROW

Total

 

U.S.

ROW

Total

Net product sales:

 

 

 

 

 

 

 

Tyvaso DPI(1)

$

274.6

$

$

274.6

 

$

205.1

$

$

205.1

Nebulized Tyvaso(1)

 

145.2

 

14.0

 

159.2

 

 

118.1

 

2.6

 

120.7

Total Tyvaso

 

419.8

 

14.0

 

433.8

 

 

323.2

 

2.6

 

325.8

Remodulin(2)

 

115.4

 

12.9

 

128.3

 

 

111.6

 

19.5

 

131.1

Orenitram

 

113.2

 

 

113.2

 

 

92.0

 

 

92.0

Unituxin

 

57.6

 

3.5

 

61.1

 

 

48.8

 

2.5

 

51.3

Adcirca

 

7.0

 

 

7.0

 

 

7.3

 

 

7.3

Other

 

4.3

 

1.2

 

5.5

 

 

1.7

 

0.2

 

1.9

Total revenues

$

717.3

$

31.6

$

748.9

 

$

584.6

$

24.8

$

609.4

 

(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
September 30,

 

Dollar
Change

 

Percentage
Change

 

2024

 

2023

 

 

Category:

 

 

 

 

 

 

 

Cost of sales

$

81.8

 

$

69.1

 

$

12.7

 

18 %

Share-based compensation expense(1)

 

1.3

 

 

1.0

 

 

0.3

 

30 %

Total cost of sales

$

83.1

 

$

70.1

 

$

13.0

 

19 %

 

(1)

See Share-based compensation below.

Cost of sales, excluding share-based compensation. Cost of sales for the three months ended September 30, 2024 increased as compared to the same period in 2023, primarily due to an increase in Tyvaso DPI royalty expense driven by growth in Tyvaso DPI revenues.

Research and development. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):

 

Three Months Ended
September 30,

 

Dollar
Change

 

Percentage
Change

 

2024

 

2023

 

 

Category:

 

 

 

 

 

 

 

External research and development(1)

$

51.7

 

$

47.2

 

 

$

4.5

 

10 %

Internal research and development(2)

 

43.9

 

 

34.3

 

 

 

9.6

 

28 %

Share-based compensation expense(3)

 

7.4

 

 

3.6

 

 

 

3.8

 

106 %

Other(4)

 

0.5

 

 

(0.4

)

 

 

0.9

 

225 %

Total research and development expense

$

103.5

 

$

84.7

 

 

$

18.8

 

22 %

 

(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 and adjustments to the fair value of our contingent consideration obligations.

Research and development, excluding share-based compensation. Research and development expense for the three months ended September 30, 2024 increased as compared to the same period in 2023, primarily due to increased expenditures related to manufactured organ and organ alternative projects.

Selling, general, and administrative. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):

 

Three Months Ended
September 30,

 

Dollar
Change

 

Percentage
Change

 

2024

 

2023

 

 

Category:

 

 

 

 

 

 

 

General and administrative(1)

$

100.4

 

$

90.4

 

$

10.0

 

11 %

Litigation accrual

 

65.1

 

 

 

 

65.1

 

NM(2)

Sales and marketing

 

20.7

 

 

20.7

 

 

 

— %

Share-based compensation expense(3)

 

33.0

 

 

16.5

 

 

16.5

 

100 %

Total selling, general, and administrative expense

$

219.2

 

$

127.6

 

$

91.6

 

72 %

 

(1)

Excluding litigation accrual. See Litigation accrual section below.

(2)

Calculation is not meaningful.

(3)

See Share-based compensation below.

General and administrative, excluding litigation accrual and share-based compensation. General and administrative expense for the three months ended September 30, 2024 increased as compared to the same period in 2023, primarily due to an increase in personnel expense due to growth in headcount.

Litigation accrual. In the third quarter of 2024, we accrued a liability of $65.1 million related to ongoing litigation with Sandoz Inc., reflecting the amount of damages we calculated based on factual findings made by the court and included in our submission to the court regarding damages. We currently do not expect that the amount of any loss in excess of the accrual would be material to our financial statements; however, the amount ultimately payable, if any, could be higher or lower than this amount depending on the final judgment entered by the court, the amount of post judgment interest, and the outcome of any appeals. The litigation accrual is included within selling, general, and administrative in our consolidated statements of operations.

Share-based compensation. The table below summarizes share-based compensation expense by major category (dollars in millions):

 

Three Months Ended
September 30,

 

Dollar
Change

 

Percentage
Change

 

2024

 

2023

 

 

Category:

 

 

 

 

 

 

 

Stock options

$

8.0

 

$

6.0

 

$

2.0

 

33 %

Restricted stock units

 

27.2

 

 

12.5

 

 

14.7

 

118 %

Share tracking awards plan

 

5.9

 

 

2.1

 

 

3.8

 

181 %

Employee stock purchase plan

 

0.6

 

 

0.5

 

 

0.1

 

20 %

Total share-based compensation expense

$

41.7

 

$

21.1

 

$

20.6

 

98 %

 

The increase in share-based compensation expense for the three months ended September 30, 2024, as compared to the same period in 2023, was primarily due to an increase in restricted stock unit expense due to a greater number of awards remaining outstanding for the three months ended September 30, 2024, as compared to the same period in 2023.

Other income (expense), net. The change in other income (expense), net for the three months ended September 30, 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 for the three months ended September 30, 2024 and 2023 was $79.5 million and $84.2 million, respectively. Our effective income tax rate (ETR) for the three months ended September 30, 2024 and 2023 was 20 percent and 24 percent, respectively. Our ETR for the three months ended September 30, 2024 decreased compared to our ETR for the three months ended September 30, 2023, primarily due to increased excess tax benefits from share-based compensation.

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 $1.0 billion to Citi and received an aggregate initial delivery of 3,275,199 shares of our common stock on March 27, 2024, representing approximately 80 percent of the total shares that would be repurchased under the ASR agreement measured based on the closing price of our common stock on March 25, 2024.

The share repurchase under the ASR agreement was divided into two tranches, resulting in upfront payments of $300 million and $700 million, respectively. The final settlement of the $300 million tranche occurred in June 2024, and we received an additional 181,772 shares of our common stock upon settlement. The final settlement of the $700 million tranche occurred in September 2024, and we received an additional 90,403 shares of our common stock upon settlement. In total, we repurchased 3,547,374 shares of our common stock under the ASR agreement that we currently hold as treasury stock on our consolidated balance sheet.

Webcast

We will host a webcast to discuss our third quarter 2024 financial results on Wednesday, October 30, 2024, 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 clinical data reads and regulatory events, and their potential to propel our growth, including expectations concerning the timing and success of the TETON, ADVANCE OUTCOMES, and miroliverELAP studies, and the potential launch of our UKidney human clinical program and the timing of our anticipated investigational new drug application filing for UKidney; the increasing demand for our products serving pulmonary hypertension and high-risk neuroblastoma patients; the expectation that Tyvaso DPI will be a near-term growth driver; and our goals of innovating for the unmet medical needs of our patients and to benefit our other stakeholders, furthering our public benefit purpose of developing novel pharmaceutical therapies and technologies that expand the availability of transplantable organs. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of October 30, 2024, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.

ORENITRAM, REMODULIN, REMUNITY, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation and/or its subsidiaries.

MIROLIVERELAP and UKIDNEY are trademarks 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
September 30,

 

2024

 

2023

 

(Unaudited)

Total revenues

$

748.9

 

 

$

609.4

 

Operating expenses:

 

 

 

Cost of sales

 

83.1

 

 

 

70.1

 

Research and development

 

103.5

 

 

 

84.7

 

Selling, general, and administrative

 

219.2

 

 

 

127.6

 

Total operating expenses

 

405.8

 

 

 

282.4

 

Operating income

 

343.1

 

 

 

327.0

 

Interest income

 

49.8

 

 

 

45.3

 

Interest expense

 

(10.1

)

 

 

(15.6

)

Other income (expense), net

 

5.8

 

 

 

(4.9

)

Total other income, net

 

45.5

 

 

 

24.8

 

Income before income taxes

 

388.6

 

 

 

351.8

 

Income tax expense

 

(79.5

)

 

 

(84.2

)

Net income

$

309.1

 

 

$

267.6

 

Net income per common share:

 

 

 

Basic

$

6.93

 

 

$

5.71

 

Diluted

$

6.39

 

 

$

5.38

 

Weighted average number of common shares outstanding:

 

 

 

Basic

 

44.6

 

 

 

46.9

 

Diluted

 

48.4

 

 

 

49.7

 

 

SELECTED CONSOLIDATED BALANCE SHEET DATA

(Unaudited, in millions)

 

 

September 30,
2024

Cash, cash equivalents, and marketable investments

$

4,605.9

Total assets

 

7,123.1

Total liabilities

 

1,022.2

Total stockholders’ equity

 

6,100.9

Category: Earnings

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 in Q3 2024?

United Therapeutics reported total revenues of $748.9 million in Q3 2024, representing a 23% increase from $609.4 million in Q3 2023.

How much did UTHR's Tyvaso sales grow in Q3 2024?

Total Tyvaso revenues grew 33% to $433.8 million in Q3 2024, compared to $325.8 million in Q3 2023.

What was UTHR's earnings per share in Q3 2024?

United Therapeutics reported diluted earnings per share of $6.39 in Q3 2024, a 19% increase from $5.38 in Q3 2023.

How many shares did UTHR repurchase in Q3 2024?

UTHR repurchased a total of 3,547,374 shares through an accelerated share repurchase agreement with Citibank for $1.0 billion.

United Therapeutics Corp

NASDAQ:UTHR

UTHR Rankings

UTHR Latest News

UTHR Stock Data

16.77B
44.49M
1.86%
105.42%
4.93%
Biotechnology
Pharmaceutical Preparations
Link
United States of America
SILVER SPRING