SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., Feb. 22, 2017 /PRNewswire/ -- United Therapeutics Corporation (NASDAQ: UTHR) today announced its financial results for the fourth quarter and year ended December 31, 2016.
“Our annual 2016 financial results reflect continued growth as net revenues reached $1.6 billion and earnings exceeded $700 million,” said Martine Rothblatt, Ph.D., United Therapeutics’ Chairman and Chief Executive Officer. “These financial results strengthen our ability to develop and advance our growing product pipeline, which includes seven phase III programs and multiple second generation Remodulin drug delivery systems.”
Key financial highlights include (in millions, except per share data):
Three Months Ended | Year Ended | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Revenues | $ | 409.0 | $ | 404.9 | $ | 1,598.8 | $ | 1,465.8 | |||||
Net income | $ | 110.3 | $ | 104.6 | $ | 713.7 | $ | 651.6 | |||||
Non-GAAP earnings(1) | $ | 187.2 | $ | 189.1 | $ | 748.6 | $ | 631.7 | |||||
Net income, per diluted share | $ | 2.43 | $ | 2.10 | $ | 15.25 | $ | 12.72 | |||||
Non-GAAP earnings, per diluted share(1) | $ | 4.12 | $ | 3.80 | $ | 16.00 | $ | 12.33 | |||||
(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 millions):
Three Months Ended | Percentage | Year Ended | Percentage | ||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
Net product sales: | |||||||||||||||||
Remodulin® | $ | 151.2 | $ | 140.5 | 7.6% | $ | 602.3 | $ | 572.8 | 5.2% | |||||||
Tyvaso® | 93.6 | 119.2 | (21.5)% | 404.6 | 470.1 | (13.9)% | |||||||||||
Adcirca® | 112.7 | 91.5 | 23.2% | 372.2 | 278.8 | 33.5% | |||||||||||
Orenitram® | 38.3 | 37.2 | 3.0% | 157.2 | 118.4 | 32.8% | |||||||||||
Unituxin® | 13.2 | 15.8 | (16.5)% | 62.5 | 20.5 | 204.9% | |||||||||||
Other | 0.7 | (100.0)% | 5.2 | (100.0)% | |||||||||||||
Total revenues | $ | 409.0 | $ | 404.9 | 1.0% | $ | 1,598.8 | $ | 1,465.8 | 9.1% | |||||||
Revenues for the quarter ended December 31, 2016 increased by $4.1 million as compared to the same period in 2015. The growth in revenues primarily resulted from: (1) a $21.2 million increase in Adcirca net product sales; (2) a $10.7 million increase in Remodulin net product sales; and (3) a $1.1 million increase in Orenitram net product sales, partially offset by: (1) a $25.6 million decrease in Tyvaso net product sales; and (2) a $2.6 million decrease in Unituxin net product sales.
Revenues for the year ended December 31, 2016 increased by $133.0 million as compared to the same period in 2015. The growth in revenues primarily resulted from the following: (1) a $93.4 million increase in Adcirca net product sales; (2) a $42.0 million increase in Unituxin net product sales; (3) a $38.8 million increase in Orenitram net product sales; and (4) a $29.5 million increase in Remodulin net product sales, partially offset by a $65.5 million decrease in Tyvaso net product sales.
Expenses
Cost of product sales. The table below summarizes cost of product sales by major category (dollars in millions):
Three Months Ended | Percentage | Year Ended | Percentage | ||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
Category: | |||||||||||||||||
