SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., Oct. 27, 2015 /PRNewswire/ -- United Therapeutics Corporation (NASDAQ: UTHR) today announced its financial results for the third quarter ended September 30, 2015.
"We are pleased with our third quarter 2015 results as total revenues reached $386 million and each of our pulmonary arterial hypertension products realized their highest revenue levels ever," said Roger Jeffs, Ph.D., United Therapeutics' President and Co-Chief Executive Officer. "We are also happy to report the first commercial sales of Unituxin for the treatment of high-risk neuroblastoma. These strong financial results will enable us to continue advancing our innovative product pipeline and returning value to our shareholders through our recently announced $500 million share repurchase program."
Key financial highlights include (in thousands, except per share data):
Three Months Ended | |||||||
2015 | 2014 | ||||||
Revenues | $ | 386,221 | $ | 329,950 | |||
Net income (loss) | $ | 464,425 | $ | (25,237) | |||
Non-GAAP earnings(1) | $ | 178,401 | $ | 123,740 | |||
Net income (loss), per diluted share | $ | 9.24 | $ | (0.53) | |||
Non-GAAP earnings, per diluted share(1) | $ | 3.55 | $ | 2.33 | |||
(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 September 30, 2015
Revenues
The table below summarizes the components of net revenues (dollars in thousands):
Three Months Ended | Percentage | ||||||||
2015 | 2014 | Change | |||||||
Net product sales: | |||||||||
Remodulin® | $ | 150,075 | $ | 142,877 | 5.0 | % | |||
Tyvaso® | 121,718 | 119,685 | 1.7 | % | |||||
Adcirca® | 73,797 | 51,247 | 44.0 | % | |||||
Orenitram® | 34,389 | 14,460 | 137.8 | % | |||||
Unituxin | 4,729 | N/A | |||||||
Other | 1,513 | 1,681 | (10.0) | % | |||||
Total net revenues | $ | 386,221 | $ | 329,950 | 17.1 | % | |||
Revenues for the three months ended September 30, 2015 increased by $56.3 million, compared to the three months ended September 30, 2014. The growth in revenues primarily resulted from: (1) a $22.6 million increase in Adcirca revenues, driven by price increases, which are determined by Eli Lilly and Company, and by an increase in the number of Adcirca bottles sold; and (2) a $19.9 million increase in Orenitram revenues due to an increase in the number of patients being treated. In addition, $4.7 million of the increase in revenue was due to our first commercial sales of Unituxin, which commenced during the three months ended September 30, 2015.
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 | ||||||
2015 | 2014 | Change | |||||
Project and non-project component: | |||||||
Cardiopulmonary | $ | 34,020 | $ | 28,423 | 19.7% | ||
Share-based compensation (benefit) expense | (31,042) | 82,513 | (137.6)% | ||||
Other | 6,549 | 7,940 | (17.5)% | ||||
Total research and development expense | $ | 9,527 | $ | 118,876 | (92.0)% | ||
Share-based compensation. The decrease in share-based compensation of $113.6 million for the three months ended September 30, 2015, compared to the same three-month period in 2014, was primarily due to a 25 percent decrease in our stock price during the quarter ended September 30, 2015, compared to a 45 percent increase during the same quarter in 2014.
Selling, general and administrative expense. The table below summarizes selling, general and administrative expense by major categories (dollars in thousands):
Three Months Ended | Percentage | ||||||
2015 | 2014 | Change | |||||
Category: | |||||||
General and administrative | $ | 41,016 | $ | 53,781 | (23.7)% | ||
Sales and marketing | 21,488 | 19,719 | 9.0% | ||||
Share-based compensation (benefit) expense | (79,780) | 129,007 | (161.8)% | ||||
Total selling, general and administrative expense | $ | (17,276) | $ | 202,507 | (108.5)% | ||
General and administrative. The decrease in general and administrative expense of $12.8 million for the three months ended September 30, 2015, compared to the same three-month period in 2014, resulted from a $13.0 million decrease in grants to non-profit organizations that provide financial assistance to patients with pulmonary arterial hypertension.
Share-based compensation. The decrease in share-based compensation of $208.8 million for the three months ended September 30, 2015, compared to the same three-month period in 2014, was primarily due to a 25 percent decrease in our stock price during the quarter ended September 30, 2015, as compared to a 45 percent increase during the same quarter in 2014.
Cost of product sales. The table below summarizes cost of product sales by major categories (dollars in thousands):
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Three Months Ended | Percentage | ||||||
2015 | 2014 |
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