United Therapeutics Reports Second Quarter 2016 Financial Results

SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., July 28, 2016 /PRNewswire/ -- United Therapeutics Corporation (NASDAQ: UTHR) today announced its financial results for the second quarter ended June 30, 2016.

"We are pleased with our second quarter 2016 financial results as total revenues exceeded $400 million and earnings beat $200 million," said Martine Rothblatt, Ph.D., United Therapeutics' Chairman and Chief Executive Officer. "These financial results strengthen our ability to advance our late-stage pipeline programs in cardiopulmonary disease and oncology, as well as early-stage programs in multiple indications."

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



Three Months Ended
June 30,


Percentage




2016


2015


Change










Revenues


$

412.6


$

347.2


18.8

%

Net income


$

206.1


$

99.2


107.8

%

Non-GAAP earnings(1)


$

213.3


$

132.8


60.6

%

Net income, per diluted share


$

4.39


$

1.91


129.8

%

Non-GAAP earnings, per diluted share(1)


$

4.55


$

2.56


77.7

%

______________________________

(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 June 30, 2016

Revenues

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



Three Months Ended
June 30,


Percentage




2016


2015


Change


Net product sales:








Remodulin®


$

158.9


$

135.9


16.9

%

Tyvaso®


107.0


115.8


(7.6)

%

Adcirca®


90.9


68.2


33.3

%

Orenitram®


38.0


25.9


46.7

%

Unituxin®


17.8



NM

(1)

Other



1.4


(100.0)

%

Total revenues


$

412.6


$

347.2


18.8

%

 

______________________________

(1)

Calculation is not meaningful.            



Revenues for the three months ended June 30, 2016 increased by $65.4 million, compared to the same period in 2015. The growth in revenues primarily resulted from the following: (1) a $23.0 million increase in Remodulin net product sales; (2) a $22.7 million increase in Adcirca net product sales; (3) a $17.8 million increase in Unituxin net product sales; and (4) a $12.1 million increase in Orenitram net product sales. These increases were partially offset by an $8.8 million decrease in Tyvaso net product sales.

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