SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., Feb. 25, 2016 /PRNewswire/ -- United Therapeutics Corporation (NASDAQ: UTHR) today announced its financial results for the fourth quarter and year ended December 31, 2015.
“We are pleased with our 2015 top-line financial results as fourth-quarter revenues were $405 million, a 17% increase, and total annual revenues approached $1.5 billion, a 14% increase, as compared to the same periods in the prior year,” said Roger Jeffs, Ph.D., United Therapeutics’ President and Co-Chief Executive Officer. “These strong 2015 top-line financial results generated annual net income of $652 million, a 92% increase, and annual non-GAAP earnings(1) of $632 million, a 26% increase, as compared to the prior year, and further strengthens our ability to advance a strategic product pipeline of more innovative therapeutic options and drug delivery technologies for patients with PAH.”
Key financial highlights include (in thousands, except per share data):
Three Months Ended | Year Ended | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Revenues | $ | 404,875 | $ | 346,363 | $ | 1,465,761 | $ | 1,288,519 | ||||||
Net income | $ | 104,644 | $ | 115,935 | $ | 651,639 | $ | 340,074 | ||||||
Non-GAAP earnings(1) | $ | 183,034 | $ | 151,797 | $ | 631,655 | $ | 501,392 | ||||||
Net income, per diluted share | $ | 2.10 | $ | 2.17 | $ | 12.72 | $ | 6.28 | ||||||
Non-GAAP earnings, per diluted share(1) | $ | 3.68 | $ | 2.83 | $ | 12.33 | $ | 9.26 | ||||||
(1) See definition of non-GAAP earnings, a non-GAAP financial measure, and a reconciliation of net income to non-GAAP earnings below. | ||||||||||||||
Revenues
The table below summarizes the components of total revenues (dollars in thousands):
Three Months Ended | Percentage | Year Ended | Percentage | |||||||||||||
2015 | 2014 | Change | 2015 | 2014 | Change | |||||||||||
Net product sales: | ||||||||||||||||
Remodulin® | $ | 140,482 | $ | 136,591 | 3 | % | $ | 572,795 | $ | 553,728 | 3 | % | ||||
Tyvaso® | 119,130 | 115,070 | 4 | % | 470,069 | 463,067 | 2 | % | ||||||||
Adcirca® | 91,581 | 73,545 | 25 | % | 278,829 | 221,471 | 26 | % | ||||||||
Orenitram® | 37,289 | 20,175 | 85 | % | 118,434 | 41,267 | 187 | % | ||||||||
Unituxin® | 15,714 | NM | (1) | 20,443 | NM | (1) | ||||||||||
Other | 679 | 982 | (31) | % | 5,191 | 8,986 | (42) | % | ||||||||
Total revenues | $ | 404,875 | $ | 346,363 | 17 | % | $ | 1,465,761 | $ | 1,288,519 | 14 | % | ||||
(1) Calculation is not meaningful. | ||||||||||||||||
Revenues for the quarter ended December 31, 2015 increased by $58.5 million compared to the same period in 2014. The growth in revenues primarily resulted from: (1) an $18.0 million increase in Adcirca net product sales; (2) a $17.1 million increase in Orenitram net product sales; and (3) a $15.7 million increase in Unituxin net product sales.
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