SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., April 28, 2015 /PRNewswire/ -- United Therapeutics Corporation (NASDAQ: UTHR) today announced its financial results for the first quarter ended March 31, 2015.
"Our total revenues increased as compared to the prior year and we are continuing to see a growing number of patients being prescribed our pulmonary arterial hypertension (PAH) products," said Martine Rothblatt, Ph.D., United Therapeutics' Chairman and Co-Chief Executive Officer. "Since its commercial launch last June, Orenitram® is being prescribed to an increasing number of patients and this momentum underscores our belief in the growing clinical support for the use of our orally-administered prostacyclin analogues."
Key financial highlights include (in thousands, except per share data):
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Revenues | $ | 327,504 | $ | 289,403 | ||||
Net (loss) income | $ | (16,641) | $ | 137,524 | ||||
Non-GAAP earnings(1) | $ | 134,964 | $ | 106,210 | ||||
Net (loss) income, per diluted share | $ | (0.36) | $ | 2.43 | ||||
Non-GAAP earnings, per diluted share(1) | $ | 2.55 | $ | 1.87 | ||||
________________________ | ||||||||
(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 March 31, 2015
Revenues
The table below summarizes the components of net revenues (dollars in thousands):
Three Months Ended | Percentage Change | |||||||||
2015 | 2014 | |||||||||
Cardiopulmonary products: | ||||||||||
Remodulin® | $ | 146,281 | $ | 136,106 | 7.5 | % | ||||
Tyvaso® | 113,380 | 107,086 | 5.9 | % | ||||||
Adcirca® | 45,370 | 41,361 | 9.7 | % | ||||||
Orenitram® | 20,886 | 100.0 | % | |||||||
Other | 1,587 | 4,850 | (67.3) | % | ||||||
Total net revenues | $ | 327,504 | $ | 289,403 | 13.2 | % | ||||
Revenues for the quarter ended March 31, 2015 increased by $38.1 million, compared to the same quarter in 2014. The growth in revenues reflects the continued increase in the number of patients being treated with our cardiopulmonary products and the commencement of Orenitram sales in the second quarter of 2014.
Expenses
Research and development expense. The table below summarizes research and development expense by major project and non-project components (dollars in thousands):
Three Months Ended | Percentage Change | |||||||||
2015 | 2014 | |||||||||
Project and non-project component: | ||||||||||
Cardiopulmonary | $ | 26,894 | $ | 28,288 | (4.9)% | |||||
Share-based compensation expense (benefit) | 75,019 | (26,574) | 382.3 | % | ||||||
Other | 8,299 | 10,734 | (22.7)% | |||||||
Total research and development expense | $ | 110,212 | $ | 12,448 | 785.4 | % | ||||
Share-based compensation expense (benefit).
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