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United Therapeutics Corporation Reports First Quarter 2016 Financial Results

SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., April 28, 2016 /PRNewswire/ -- United Therapeutics Corporation UTHR, +0.20% today announced its financial results for the first quarter ended March 31, 2016.

"Our total revenues increased as compared to the same period in the prior year, which shows that our medicines are continuing to reach an increasing number of patients suffering from pulmonary arterial hypertension (PAH) and other life threatening diseases," said Martine Rothblatt, Ph.D., United Therapeutics' Chairman and Co-Chief Executive Officer. "Within our PAH product franchise, Orenitram® continues to be prescribed to a growing number of patients and this momentum underscores our belief in the increasing clinical support for the use of our orally-administered prostacyclin analogues."

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



Three Months EndedMarch 31,


SelectedPercentage




2016


2015


Changes










Revenues


$

369.0


$

327.5


12.7

%

Net income (loss)


$

235.5


$

(16.6)


NM

(2)

Non-GAAP earnings(1)


$

147.3


$

135.0


9.1

%

Net income (loss), per diluted share


$

4.84


$

(0.36)


NM

(2)

Non-GAAP earnings, per diluted share(1)


$

3.02


$

2.55


18.4

%


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

(2) Calculation is not meaningful.

Financial Results for the Three Months Ended March 31, 2016

Revenues

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




Three Months EndedMarch 31,


Percentage




2016


2015


Change


Net product sales:








Remodulin®


$

139.8


$

146.3


(4.4)

%

Tyvaso®


102.2


113.4


(9.9)

%

Adcirca®


72.6


45.3


60.3

%

Orenitram®


40.2


20.9


92.3

%

Unituxin®


14.2



N/A


Other



1.6


(100.0)

%

Total revenues


$

369.0


$

327.5


12.7

%

Revenues for the three months ended March 31, 2016 increased by $41.5 million compared to the same period in 2015. The growth in revenues primarily resulted from: (1) a $27.3 million increase in Adcirca net product sales; (2) a $19.3 million increase in Orenitram net product sales; and (3) a $14.2 million increase in Unituxin net product sales. These revenue increases were partially offset by: (1) an $11.2 million decrease in Tyvaso net product sales; and (2) a $6.5 million decrease in Remodulin net product sales.

Expenses

Cost of product sales. The table below summarizes cost of product sales by major categories (dollars in millions):



Three Months EndedMarch 31,


Percentage




2016


2015


Change


Category:








Cost of product sales


$

12.6


$

11.2


12.5

%

Share-based compensation (benefit) expense


(11.9)


9.6


(224.0)

%

Total cost of product sales


$

0.7


$

20.8


(96.6)

%

Share-based compensation. The decrease in share-based compensation of $21.5 million for the three months ended March 31, 2016, as compared to the same period in 2015, corresponded to a 29 percent decrease in the price of our common stock during the three months ended March 31, 2016, compared to a 33 percent increase in the price of our common stock during the same period in 2015.

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



Three Months EndedMarch 31,


Percentage




2016


2015


Change


Category:








Research and development expense


$

36.8


$

35.2


4.5

%

Share-based compensation (benefit) expense


(37.2)


75.0


(149.6)

%

Total research and development expense


$

(0.4)


$

110.2


(100.4)

%

Share-based compensation. The decrease in share-based compensation of $112.2 million for the three months ended March 31, 2016, as compared to the same period in 2015, corresponded to a 29...


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