(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||
Exhibit No. | Description of Exhibit | |||||||
104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |
UNITED THERAPEUTICS CORPORATION | |||||||||||
Dated: August 2, 2023 | By: | /s/ Paul A. Mahon | |||||||||
Name: | Paul A. Mahon | ||||||||||
Title: | General Counsel |
Three Months Ended June 30, | Dollar Change | Percentage Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Total revenues | $ | 596.5 | $ | 466.9 | $ | 129.6 | 28 | % | |||||||||||||||
Net income | $ | 259.2 | $ | 116.0 | $ | 143.2 | 123 | % | |||||||||||||||
Net income, per basic share | $ | 5.53 | $ | 2.56 | $ | 2.97 | 116 | % | |||||||||||||||
Net income, per diluted share | $ | 5.24 | $ | 2.41 | $ | 2.83 | 117 | % |
Three Months Ended June 30, | Dollar Change | Percentage Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net product sales: | |||||||||||||||||||||||
Tyvaso®(1) | $ | 318.9 | $ | 201.0 | $ | 117.9 | 59 | % | |||||||||||||||
Remodulin®(2) | 127.2 | 132.0 | (4.8) | (4) | % | ||||||||||||||||||
Orenitram® | 95.1 | 79.0 | 16.1 | 20 | % | ||||||||||||||||||
Unituxin® | 44.3 | 44.5 | (0.2) | — | % | ||||||||||||||||||
Adcirca® | 7.5 | 10.4 | (2.9) | (28) | % | ||||||||||||||||||
Other | 3.5 | — | 3.5 | NM(3) | |||||||||||||||||||
Total revenues | $ | 596.5 | $ | 466.9 | $ | 129.6 | 28 | % |
1 |
Three Months Ended June 30, | Dollar Change | Percentage Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Category: | |||||||||||||||||||||||
Cost of sales | $ | 63.2 | $ | 27.1 | $ | 36.1 | 133 | % | |||||||||||||||
Share-based compensation expense(1) | 0.9 | 2.6 | (1.7) | (65) | % | ||||||||||||||||||
Total cost of sales | $ | 64.1 | $ | 29.7 | $ | 34.4 | 116 | % |
Three Months Ended June 30, | Dollar Change | Percentage Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Category: | |||||||||||||||||||||||
External research and development(1) | $ | 49.3 | $ | 43.9 | $ | 5.4 | 12 | % | |||||||||||||||
Internal research and development(2) | 34.7 | 34.9 | (0.2) | (1) | % | ||||||||||||||||||
Share-based compensation expense(3) | 5.0 | 14.4 | (9.4) | (65) | % | ||||||||||||||||||
Impairments(4) | — | — | — | — | % | ||||||||||||||||||
Other(5) | — | 0.7 | (0.7) | (100) | % | ||||||||||||||||||
Total research and development expense | $ | 89.0 | $ | 93.9 | $ | (4.9) | (5) | % |
2 |
Three Months Ended June 30, | Dollar Change | Percentage Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Category: | |||||||||||||||||||||||
General and administrative | $ | 102.0 | $ | 76.9 | $ | 25.1 | 33 | % | |||||||||||||||
Sales and marketing | 20.1 | 16.1 | 4.0 | 25 | % | ||||||||||||||||||
Share-based compensation expense(1) | 7.9 | 48.5 | (40.6) | (84) | % | ||||||||||||||||||
Total selling, general, and administrative expense | $ | 130.0 | $ | 141.5 | $ | (11.5) | (8) | % |
3 |
Three Months Ended June 30, | Dollar Change | Percentage Change | |||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Category: | |||||||||||||||||||||||
Stock options | $ | 1.6 | $ | 5.6 | $ | (4.0) | (71) | % | |||||||||||||||
Restricted stock units | 13.6 | 7.4 | 6.2 | 84 | % | ||||||||||||||||||
Share tracking awards plan (STAP) | (1.9) | 52.1 | (54.0) | (104) | % | ||||||||||||||||||
Employee stock purchase plan | 0.5 | 0.4 | 0.1 | 25 | % | ||||||||||||||||||
Total share-based compensation expense | $ | 13.8 | $ | 65.5 | $ | (51.7) | (79) | % |
4 |
5 |
Three Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
(Unaudited) | |||||||||||
Total revenues | $ | 596.5 | $ | 466.9 | |||||||
Operating expenses: | |||||||||||
Cost of sales | 64.1 | 29.7 | |||||||||
Research and development | 89.0 | 93.9 | |||||||||
Selling, general, and administrative | 130.0 | 141.5 | |||||||||
Total operating expenses | 283.1 | 265.1 | |||||||||
Operating income | 313.4 | 201.8 | |||||||||
Interest income | 37.2 | 6.8 | |||||||||
Interest expense | (14.8) | (6.2) | |||||||||
Other expense, net | (0.6) | (51.8) | |||||||||
Total other income (expense), net | 21.8 | (51.2) | |||||||||
Income before income taxes | 335.2 | 150.6 | |||||||||
Income tax expense | (76.0) | (34.6) | |||||||||
Net income | $ | 259.2 | $ | 116.0 | |||||||
Net income per common share: | |||||||||||
Basic | $ | 5.53 | $ | 2.56 | |||||||
Diluted | $ | 5.24 | $ | 2.41 | |||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | 46.9 | 45.4 | |||||||||
Diluted | 49.5 | 48.1 |
June 30, 2023 | |||||
Cash, cash equivalents, and marketable investments | $ | 4,702.6 | |||
Total assets | 6,681.3 | ||||
Total liabilities | 1,270.3 | ||||
Total stockholders’ equity | 5,411.0 |
6 |
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M9FZK:5M?$W/A*S^*T>1\>?T^"NI'5\K
Cover Page Document |
Aug. 02, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 02, 2023 |
Entity Registrant Name | United Therapeutics Corporation |
Amendment Flag | false |
Entity Central Index Key | 0001082554 |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-26301 |
Entity Tax Identification Number | 52-1984749 |
Entity Address, Address Line One | 1000 Spring Street |
Entity Address, City or Town | Silver Spring, |
Entity Address, State or Province | MD |
Entity Address, Postal Zip Code | 20910 |
City Area Code | 301 |
Local Phone Number | 608-9292 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | UTHR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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