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United Therapeutics Corporation Reports THIRD QUARTER 2015 FINANCIAL RESULTS

The following excerpt is from the company's SEC filing.

Silver Spring, MD and Research Triangle Park, NC, October 27, 2015: United Therapeutics Corporation (NASDAQ: UTHR) today announced its financial results for the third quarter ended September 30, 2015.

We are pleased with our third quarter 2015 results as total revenues reached $386 million and each of our pulmonary arterial hypertension products realized their highest revenue levels ever, said Roger Jeffs, Ph.D., United Therapeutics President and Co-Chief Executive Officer. We are also happy to report the first commercial sales of Unituxin

for the treatment of high-risk neuroblastoma. These stro ng financial results will enable us to continue advancing our innovative product pipeline and returning value to our shareholders through our recently announced $500 million share repurchase program.

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

Three Months Ended

September 30,

Revenues

386,221

329,950

Net income (loss)

464,425

(25,237

Non-GAAP earnings

178,401

123,740

Net income (loss), per diluted share

Non-GAAP earnings, per diluted share

(1) See definition of non-GAAP earnings, a non-GAAP financial measure, and a reconciliation of net income to non-GAAP earnings below.

Financial Results for the Three Months Ended September 30, 2015

The table below summarizes the components of net revenues (dollars in thousands):

Percentage

Change

Net product sales:

Remodulin

150,075

142,877

Tyvaso

121,718

119,685

Adcirca

73,797

51,247

Orenitram

34,389

14,460

Total net revenues

Revenues for the three months ended September 30, 2015 increased by $56.3 million, compared to the three months ended September 30, 2014. The growth in revenues primarily resulted from: (1) a $22.6 million increase in Adcirca revenues, driven by price increases, which are determined by Eli Lilly and Company, and by an increase in the number of Adcirca bottles sold; and (2) a $19.9 million increase in Orenitram revenues due to an increase in the number of patients being treated. In addition, $4.7 million of the increase in revenue was due to our first commercial sales of Unituxin, which commenced during the three months ended September 30, 2015.

Expenses

Research and development expense.

The table below summarizes research and development expense by major project and non-project components (dollars in thousands):

Project and non-project component:

Cardiopulmonary

34,020

28,423

Share-based compensation (benefit) expense

(31,042

82,513

(137.6

Total research and development expense

118,876

Share-based compensation.

The decrease in share-based compensation of $113.6 million for the three months ended September 30, 2015, compared to the same three-month period in 2014, was primarily due to a 25 percent decrease in our stock price during the quarter ended September 30, 2015, compared to a 45 percent increase during the same quarter in 2014.

Selling, general and administrative expense.

The table below summarizes selling, general and administrative expense by major categories (dollars in thousands):

Category:

General and administrative

41,016

53,781

Sales and marketing

21,488

19,719

(79,780

129,007

(161.8

Total selling, general and administrative expense

(17,276

202,507

(108.5

General and administrative.

The decrease in general and administrative expense of $12.8 million for the three months ended September 30, 2015, compared to the same three-month period in 2014, resulted from a $13.0 million decrease in grants to non-profit organizations that provide financial assistance to patients with pulmonary arterial hypertension.

Share-based compensation.

The decrease in share-based compensation of $208.8 million for the three months ended September 30, 2015, compared to the same three-month period in 2014, was primarily due to a 25 percent decrease in our stock price during the quarter ended September 30, 2015, as compared to a 45 percent increase during the same quarter in...


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