United Therapeutics Corporation Reports Fourth Quarter and Full Year 2023 Financial Results
United Therapeutics Corporation (UTHR) reports record revenues of $2.33 billion for full year 2023, marking a 20% growth over 2022. The company achieved solid growth in its commercial business, particularly in the Tyvaso and Remodulin segments. Key financial highlights include a 25% increase in total revenues for the fourth quarter of 2023 compared to the same period in 2022. The company's innovative pipeline and organ manufacturing programs show promising growth potential.
Positive
Record revenues of $2.33 billion for full year 2023, a 20% increase over 2022.
Solid growth in Tyvaso and Remodulin segments, with record revenue for Tyvaso in the fourth quarter of 2023.
Innovative pipeline and organ manufacturing programs driving growth potential.
Successful commercial launches and increased patient utilization contributing to revenue growth.
The financial results of United Therapeutics Corporation for the quarter and year ended December 31, 2023, indicate a robust performance with a 20% growth in annual revenues , reaching $2.33 billion. This growth trajectory is particularly noteworthy given the competitive landscape of the biopharmaceutical sector and the presence of generic competition since 2019. The record revenue for the Tyvaso business and solid growth in the U.S. Remodulin business are significant contributors to this success, demonstrating effective market penetration and product lifecycle management.
The company's strategic focus on innovative pipeline development and organ manufacturing programs is poised to potentially sustain long-term revenue growth. The FDA clearance for the first human clinical study of a bioengineered organ and the launch of a pathogen-free clinical supply facility are pivotal developments that could redefine treatment paradigms in organ transplantation and end-stage organ disease. These advancements may also create new revenue streams and diversify the company's portfolio.
The net income increase to $984.8 million and the earnings per share growth reflect operational efficiency and a strong market position. Investors should consider the company's ability to maintain profit margins in the face of increasing R&D expenses, which have risen by 26% year-over-year, indicating substantial investment in future growth areas. The financial health of United Therapeutics appears solid, with potential for further growth driven by both existing products and innovative research endeavors.
The impressive growth in Tyvaso DPI® sales, with a 362% increase over the previous year, underscores the successful launch and adoption of the inhalation device. This growth is reflective of the demand for advanced treatment options in pulmonary hypertension associated with interstitial lung disease (PH-ILD), a condition with significant unmet medical needs. The shift from nebulized Tyvaso to Tyvaso DPI indicates a strategic move to enhance patient convenience and compliance, which is a critical factor in chronic disease management.
Furthermore, the expansion of nebulized Tyvaso in Japan represents a strategic initiative to capture market share in international markets, diversifying the company's revenue sources. The decrease in Remodulin revenues, on the other hand, suggests potential challenges in international markets, which may require targeted strategies to bolster sales.
Investments in R&D, including the acquisition of IVIVA Medical, Inc. and the progression of TETON clinical studies, demonstrate United Therapeutics' commitment to advancing their research portfolio. The potential benefits of these investments include not only the development of novel therapies but also a strengthened competitive edge in the biopharmaceutical industry. Stakeholders should monitor the outcomes of these R&D efforts as they will play a crucial role in the company's future growth and ability to meet emerging healthcare needs.
The company's strategic initiatives, such as the commercial launch of Tyvaso DPI and the expansion into the Japanese market, indicate a keen understanding of market dynamics and patient preferences. The growth in Tyvaso sales, both DPI and nebulized, reflects a well-executed product differentiation strategy that caters to diverse patient needs and consumption patterns.
The biopharmaceutical industry is highly competitive and United Therapeutics' ability to grow despite generic competition highlights the strength of its brand and the efficacy of its products. The company's focus on rare diseases, such as PH-ILD, allows it to operate within a niche market, which can be advantageous in terms of pricing power and reduced competition.
Looking at the broader market implications, United Therapeutics' performance can serve as a barometer for the sector's health, indicating a favorable environment for innovation and growth. The company's investment in organ manufacturing technology could disrupt the market and create new standards for treatment, potentially influencing the strategies of other players in the industry. Market stakeholders should closely observe how these advancements impact competitive dynamics and potentially drive regulatory changes.
02/21/2024 - 06:00 AM
SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C. --(BUSINESS WIRE)--
United Therapeutics Corporation (Nasdaq: UTHR ), a public benefit corporation, today announced its financial results for the quarter and year ended December 31, 2023. Full year 2023 revenues rose to a record $2.33 billion 20% growth over 2022.
“Congratulations to the dedicated Unitherians who worked tirelessly to help us achieve our third straight quarter and second straight year of record revenue,” said Martine Rothblatt, Ph.D. , Chairperson and Chief Executive Officer of United Therapeutics. “This represents only the beginning of our growth, driven by a strong foundation in our current commercial business and upcoming enrollment milestones for our innovative pipeline. On top of this, we have continued momentum for our revolutionary organ manufacturing programs, with the first human clinical study of a bioengineered organ, the miroliverELAP, cleared by the FDA, and the recent opening of the world’s first designated pathogen-free clinical supply facility to support our upcoming xenotransplantation clinical program.”
“Our commercial business remains a solid foundation supporting our innovative and revolutionary efforts to cure end stage organ disease,” said Michael Benkowitz , President and Chief Operating Officer of United Therapeutics. “To that end, in the fourth quarter we saw record revenue for our Tyvaso business, and we achieved solid growth in our U.S. Remodulin business, with strong revenue growth and a record number of patients on therapy despite the presence of generic competition since 2019.”
Fourth Quarter and Full Year 2023 Financial Results
Key financial highlights include (in millions, except per share data):
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
Total revenues
$
614.7
$
491.5
$
2,327.5
$
1,936.3
Net income
$
217.1
$
132.1
$
984.8
$
727.3
Net income, per basic share
$
4.62
$
2.88
$
21.04
$
15.98
Net income, per diluted share
$
4.36
$
2.67
$
19.81
$
15.00
Revenues
The table below presents the components of total revenues (dollars in millions):
Three Months Ended
December 31,
Dollar Change
Percentage Change
Year Ended
December 31,
Dollar Change
Percentage Change
2023
2022
2023
2022
Net product sales:
Tyvaso DPI®(1)
$
213.7
$
92.2
$
121.5
132%
$
731.1
$
158.3
$
572.8
362%
Nebulized Tyvaso®(1)
136.9
150.1
(13.2)
(9)%
502.6
714.7
(212.1)
(30)%
Total Tyvaso
350.6
242.3
108.3
45%
1,233.7
873.0
360.7
41%
Remodulin®(2)
115.1
122.5
(7.4)
(6)%
494.8
500.2
(5.4)
(1)%
Orenitram®
84.1
75.8
8.3
11%
359.4
325.1
34.3
11%
Unituxin®
54.2
36.7
17.5
48%
198.9
182.9
16.0
9%
Adcirca®
6.8
10.4
(3.6)
(35)%
28.9
41.3
(12.4)
(30)%
Other
3.9
3.8
0.1
3%
11.8
13.8
(2.0)
(14)%
Total revenues
$
614.7
$
491.5
$
123.2
25%
$
2,327.5
$
1,936.3
$
391.2
20%
(1)
Net product sales include both the drug product and the respective inhalation device.
(2)
Net product sales include sales of infusion devices including the Remunity® Pump.
Fourth Quarter 2023 Compared to Fourth Quarter 2022. Total Tyvaso revenues grew by 45% to $350.6 million $242.3 million PH-ILD ). The growth in Tyvaso DPI revenues resulted primarily from an increase in quantities sold. The decrease in nebulized Tyvaso revenues was primarily due to a decrease in U.S. quantities sold following the commercial launch of Tyvaso DPI, partially offset by an increase in international nebulized Tyvaso revenues, primarily due to the commercial launch of nebulized Tyvaso in Japan in December 2022, as shown in the table below. The decrease in Remodulin revenues resulted from a decrease in international Remodulin revenues, partially offset by an increase in U.S. Remodulin revenues, as shown in the table below. The increase in Orenitram revenues resulted from a price increase and an increase in quantities sold. The increase in Unituxin revenues resulted from an increase in quantities sold and a price increase.
Full Year 2023 Compared to Full Year 2022. Total Tyvaso revenues grew by 41% to $1,233.7 million $873.0 million U.S. nebulized Tyvaso revenues, primarily due to a decrease in quantities sold following the commercial launch of Tyvaso DPI, partially offset by an increase in international nebulized Tyvaso revenues, primarily due to the commercial launch of nebulized Tyvaso in Japan in December 2022, as shown in the table below. The decrease in Remodulin revenues resulted from a decrease in international Remodulin revenues, partially offset by an increase in U.S. Remodulin revenues, as shown in the table below. The increase in Orenitram revenues resulted from a price increase and an increase in quantities sold. The increase in Unituxin revenues resulted primarily from a price increase.
The table below presents the breakdown of total revenues between the United States and rest-of-world (ROW ) (in millions):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI(1)
$
213.7
$
—
$
213.7
$
92.2
$
—
$
92.2
$
731.1
$
—
$
731.1
$
158.3
$
—
$
158.3
Nebulized Tyvaso(1)
123.7
13.2
136.9
148.4
1.7
150.1
477.1
25.5
502.6
708.6
6.1
714.7
Total Tyvaso
337.4
13.2
350.6
240.6
1.7
242.3
1,208.2
25.5
1,233.7
866.9
6.1
873.0
Remodulin(2)
106.3
8.8
115.1
97.7
24.8
122.5
414.6
80.2
494.8
407.5
92.7
500.2
Orenitram
84.1
—
84.1
75.8
—
75.8
359.4
—
359.4
325.1
—
325.1
Unituxin
48.7
5.5
54.2
36.4
0.3
36.7
181.3
17.6
198.9
170.5
12.4
182.9
Adcirca
6.8
—
6.8
10.4
—
10.4
28.9
—
28.9
41.3
—
41.3
Other
2.6
1.3
3.9
2.8
1.0
3.8
9.8
2.0
11.8
2.8
11.0
13.8
Total revenues
$
585.9
$
28.8
$
614.7
$
463.7
$
27.8
$
491.5
$
2,202.2
$
125.3
$
2,327.5
$
1,814.1
$
122.2
$
1,936.3
(1)
Net product sales include both the drug product and the respective inhalation device.
(2)
Net product sales include sales of infusion devices including the Remunity Pump.
Expenses
Cost of sales. The table below summarizes cost of sales by major category (dollars in millions):
Three Months Ended
December 31,
Dollar Change
Percentage Change
Year Ended
December 31,
Dollar Change
Percentage Change
2023
2022
2023
2022
Category:
Cost of sales
$
70.1
$
55.9
$
14.2
25%
$
255.1
$
146.7
$
108.4
74%
Share-based compensation expense(1)
0.9
2.9
(2.0)
(69)%
2.4
4.9
(2.5)
(51)%
Total cost of sales
$
71.0
$
58.8
$
12.2
21%
$
257.5
$
151.6
$
105.9
70%
(1)
See Share-based compensation below.
Cost of sales, excluding share-based compensation. The increase in cost of sales for the quarter ended December 31, 2023, as compared to the same period in 2022, was primarily due to an increase in Tyvaso DPI royalty expense and product costs following its commercial launch in June 2022.
The increase in cost of sales for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to an increase in Tyvaso DPI royalty expense and product costs, following its commercial launch in June 2022, and an increase in Remunity product sales.
Research and development expense. The table below summarizes the nature of research and development expense by major expense category (dollars in millions):
Three Months Ended
December 31,
Dollar Change
Percentage Change
Year Ended
December 31,
Dollar Change
Percentage Change
2023
2022
2023
2022
Category:
External research and development(1)
$
50.4
$
46.7
$
3.7
8%
$
192.0
$
168.8
$
23.2
14%
Internal research and development(2)
43.2
35.4
7.8
22%
146.6
131.4
15.2
12%
Share-based compensation expense(3)
5.7
11.0
(5.3)
(48)%
15.6
23.8
(8.2
)
(34)%
Impairments(4)
—
—
—
—%
—
—
—
—%
Other(5)
52.1
0.8
51.3
NM(6)
53.8
(1.1)
54.9
NM(6)
Total research and development expense
$
151.4
$
93.9
$
57.5
61%
$
408.0
$
322.9
$
85.1
26%
(1)
External research and development primarily includes fees paid to third parties (such as clinical trial sites, contract research organizations, and contract laboratories) for preclinical and clinical studies and payments to third-party contract manufacturers before FDA approval of the relevant product.
(2)
Internal research and development primarily includes salary-related expenses for research and development functions, internal costs to manufacture product candidates before FDA approval, and internal facilities-related expenses, including depreciation, related to research and development activities.
(3)
See Share-based compensation below.
(4)
Impairments primarily includes impairment charges to write down the carrying value of in-process research and development (IPR&D ) and of certain property, plant, and equipment as a result of research and development activities. There were no impairment charges during the years ended December 31, 2023 and December 31, 2022.
(5)
Other primarily includes upfront fees and milestone payments to third parties under license agreements related to development-stage products, adjustments to the fair value of our contingent consideration obligations, and costs to acquire certain IPR&D assets. During the quarter and year ended December 31, 2023, we recorded $46.0 million IVIVA ).
(6)
Calculation is not meaningful.
Research and development, excluding share-based compensation . The increase in research and development expense for the quarter ended December 31, 2023, as compared to the same period in 2022, was due to an increase in IPR&D expense in connection with the acquisition of IVIVA and increased expenditures related to the TETON 1 and TETON 2 clinical studies of nebulized Tyvaso in patients with idiopathic pulmonary fibrosis (IPF ).
The increase in research and development expense for the year ended December 31, 2023, as compared to the same period in 2022, was due to: (1) an increase in IPR&D expense in connection with the acquisition of IVIVA; (2) increased expenditures related to the TETON 1 and TETON 2 clinical studies of nebulized Tyvaso in patients with IPF; and (3) increased expenditures related to organ manufacturing projects.
Selling, general, and administrative expense. The table below summarizes selling, general, and administrative expense by major category (dollars in millions):
Three Months Ended
December 31,
Dollar Change
Percentage Change
Year Ended
December 31,
Dollar Change
Percentage Change
2023
2022
2023
2022
Category:
General and administrative
$
98.1
$
89.3
$
8.8
10%
$
374.2
$
333.2
$
41.0
12%
Sales and marketing
24.1
23.0
1.1
5%
81.8
70.8
11.0
16%
Share-based compensation expense(1)
10.0
50.9
(40.9)
(80)%
21.1
78.1
(57.0)
(73)%
Total selling, general, and administrative expense
$
132.2
$
163.2
$
(31.0)
(19)%
$
477.1
$
482.1
$
(5.0)
(1)%
(1)
See Share-based compensation below.
General and administrative, excluding share-based compensation . The increase in general and administrative expense for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to increases in: (1) office expenses; (2) personnel expense due to growth in headcount; and (3) sponsorships and grants.
Sales and marketing, excluding share-based compensation . The increase in sales and marketing expense for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to increases in: (1) personnel expense due to growth in headcount; and (2) consulting expenses.
Share-based compensation. The table below summarizes share-based compensation expense by major category (dollars in millions):
Three Months Ended
December 31,
Dollar Change
Percentage Change
Year Ended
December 31,
Dollar Change
Percentage Change
2023
2022
2023
2022
Category:
Stock options
$
2.9
$
5.8
$
(2.9)
(50)%
$
15.4
$
22.6
$
(7.2)
(32)%
Restricted stock units
14.1
12.1
2.0
17%
52.4
35.7
16.7
47%
Share tracking awards plan (STAP )
(0.9)
46.5
(47.4)
(102)%
(30.7
)
46.7
(77.4)
(166)%
Employee stock purchase plan
0.5
0.4
0.1
25%
2.0
1.8
0.2
11%
Total share-based compensation expense
$
16.6
$
64.8
$
(48.2)
(74)%
$
39.1
$
106.8
$
(67.7)
(63)%
The decrease in share-based compensation expense for the quarter ended December 31, 2023, as compared to the same period in 2022, was primarily due to an increase in STAP benefit driven by a three percent decrease in our stock price during the quarter ended December 31, 2023, as compared to a 33 percent increase in our stock price for the same period in 2022. The decrease in share-based compensation expense for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to: (1) an increase in STAP benefit driven by a 21 percent decrease in our stock price during 2023, as compared to a 29 percent increase in our stock price during 2022; and (2) a decrease in stock option expense due to fewer awards remaining outstanding in 2023, as compared to the same period in 2022, partially offset by an increase in restricted stock unit expense.
Other expense, net. The change in other expense, net for the year ended December 31, 2023, as compared to the same period in 2022, was primarily due to net unrealized and realized gains and losses on equity securities.
Income tax expense. Income tax expense was $289.5 million $223.3 million
Inducement Restricted Stock Units
On February 19, 2024, we granted a total of 11,250 restricted stock units under our 2019 Inducement Stock Incentive Plan to six newly hired employees. All of these restricted stock units will vest in full on February 19, 2027, the third anniversary of the grant date, assuming continued employment on such date, and subject to the standard terms and conditions we filed with the SEC as Exhibit 10.2 to our Current Report on Form 8-K on March 1, 2019. We are providing this information in accordance with Nasdaq Listing Rule 5635(c)(4).
Webcast
We will host a webcast to discuss our fourth quarter and full year 2023 financial results on Wednesday, February 21, 2024, at 9:00 a.m. Eastern Time. The webcast can be accessed live via our website at https://ir.unither.com/events-and-presentations/default.aspx . A replay of the webcast will also be available at the same location on our website.
United Therapeutics: Enabling Inspiration
At United Therapeutics, our vision and mission are one. We use our enthusiasm, creativity, and persistence to innovate for the unmet medical needs of our patients and to benefit our other stakeholders. We are bold and unconventional. We have fun, we do good. We are the first publicly-traded biotech or pharmaceutical company to take the form of a public benefit corporation (PBC ). Our public benefit purpose is to provide a brighter future for patients through (a) the development of novel pharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs .
You can learn more about what it means to be a PBC here: unither.com/pbc .
Forward-Looking Statements
Statements included in this press release that are not historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements related to our future growth expectations from both our current commercial operations and our pipeline; our organ manufacturing programs, including our efforts to cure end-stage organ disease and the anticipated clinical trials of miroliverELAP and our xenotransplantation program; and our goals of innovating for the unmet medical needs of our patients and to benefit our other stakeholders, furthering our public benefit purpose of developing novel pharmaceutical therapies and technologies that expand the availability of transplantable organs. These forward-looking statements are subject to certain risks and uncertainties, such as those described in our periodic reports filed with the Securities and Exchange Commission, that could cause actual results to differ materially from anticipated results. Consequently, such forward-looking statements are qualified by the cautionary statements, cautionary language and risk factors set forth in our periodic reports and documents filed with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. We are providing this information as of February 21, 2024, and assume no obligation to update or revise the information contained in this press release whether as a result of new information, future events, or any other reason.
MIROLIVERELAP, ORENITRAM, REMODULIN, REMUNITY, TYVASO, TYVASO DPI, and UNITUXIN are registered trademarks of United Therapeutics Corporation and/or its subsidiaries.
ADCIRCA is a registered trademark of Eli Lilly and Company.
UNITED THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
Three Months Ended
December 31,
Year Ended
December 31,
2023
2022
2023
2022
(Unaudited)
Total revenues
$
614.7
$
491.5
$
2,327.5
$
1,936.3
Operating expenses:
Cost of sales
71.0
58.8
257.5
151.6
Research and development
151.4
93.9
408.0
322.9
Selling, general, and administrative
132.2
163.2
477.1
482.1
Total operating expenses
354.6
315.9
1,142.6
956.6
Operating income
260.1
175.6
1,184.9
979.7
Interest income
51.0
20.8
162.7
45.2
Interest expense
(15.1
)
(12.3
)
(59.3
)
(32.4
)
Other expense, net
(0.6
)
(5.3
)
(14.0
)
(40.2
)
Impairment of investment in privately-held company
—
—
—
(1.7
)
Total other income (expense), net
35.3
3.2
89.4
(29.1
)
Income before income taxes
295.4
178.8
1,274.3
950.6
Income tax expense
(78.3
)
(46.7
)
(289.5
)
(223.3
)
Net income
$
217.1
$
132.1
$
984.8
$
727.3
Net income per common share:
Basic
$
4.62
$
2.88
$
21.04
$
15.98
Diluted
$
4.36
$
2.67
$
19.81
$
15.00
Weighted average number of common shares outstanding:
Basic
47.0
45.8
46.8
45.5
Diluted
49.8
49.4
49.7
48.5
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In millions)
December 31,
2023
2022
Cash, cash equivalents, and marketable investments
$
4,903.9
$
4,154.9
Total assets
7,167.0
6,044.5
Total liabilities
1,182.2
1,247.8
Total stockholders' equity
5,984.8
4,796.7
The table below presents the breakdown of select historical total revenues between the United States and ROW (in millions):
Three Months Ended
March 31, 2023
June 30, 2023
September 30, 2023
December 31, 2023
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI(1)
$
118.7
$
—
$
118.7
$
193.6
$
—
$
193.6
$
205.1
$
—
$
205.1
$
213.7
$
—
$
213.7
Nebulized Tyvaso(1)
115.7
4.0
119.7
119.6
5.7
125.3
118.1
2.6
120.7
123.7
13.2
136.9
Total Tyvaso
234.4
4.0
238.4
313.2
5.7
318.9
323.2
2.6
325.8
337.4
13.2
350.6
Remodulin(2)
93.2
28.2
121.4
103.5
23.7
127.2
111.6
19.5
131.1
106.3
8.8
115.1
Orenitram
88.2
—
88.2
95.1
—
95.1
92.0
—
92.0
84.1
—
84.1
Unituxin
44.3
4.8
49.1
39.5
4.8
44.3
48.8
2.5
51.3
48.7
5.5
54.2
Adcirca
7.3
—
7.3
7.5
—
7.5
7.3
—
7.3
6.8
—
6.8
Other
2.3
0.2
2.5
3.2
0.3
3.5
1.7
0.2
1.9
2.6
1.3
3.9
Total revenues
$
469.7
$
37.2
$
506.9
$
562.0
$
34.5
$
596.5
$
584.6
$
24.8
$
609.4
$
585.9
$
28.8
$
614.7
Three Months Ended
March 31, 2022
June 30, 2022
September 30, 2022
December 31, 2022
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI(1)
$
—
$
—
$
—
$
3.0
$
—
$
3.0
$
63.1
$
—
$
63.1
$
92.2
$
—
$
92.2
Nebulized Tyvaso(1)
170.1
1.9
172.0
196.2
1.8
198.0
193.9
0.7
194.6
148.4
1.7
150.1
Total Tyvaso
170.1
1.9
172.0
199.2
1.8
201.0
257.0
0.7
257.7
240.6
1.7
242.3
Remodulin(2)
99.1
32.6
131.7
108.5
23.5
132.0
102.2
11.8
114.0
97.7
24.8
122.5
Orenitram
82.8
—
82.8
79.0
—
79.0
87.5
—
87.5
75.8
—
75.8
Unituxin
48.0
7.6
55.6
43.3
1.2
44.5
42.8
3.3
46.1
36.4
0.3
36.7
Adcirca
9.8
—
9.8
10.4
—
10.4
10.7
—
10.7
10.4
—
10.4
Other
—
10.0
10.0
—
—
—
—
—
—
2.8
1.0
3.8
Total revenues
$
409.8
$
52.1
$
461.9
$
440.4
$
26.5
$
466.9
$
500.2
$
15.8
$
516.0
$
463.7
$
27.8
$
491.5
Three Months Ended
March 31, 2021
June 30, 2021
September 30, 2021
December 31, 2021
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
U.S.
ROW
Total
Net product sales:
Tyvaso DPI(1)
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
$
—
Nebulized Tyvaso(1)
122.4
0.6
123.0
152.6
1.2
153.8
160.7
3.5
164.2
165.0
1.5
166.5
Total Tyvaso
122.4
0.6
123.0
152.6
1.2
153.8
160.7
3.5
164.2
165.0
1.5
166.5
Remodulin(2)
107.1
23.1
130.2
111.0
28.8
139.8
106.8
18.6
125.4
98.5
19.8
118.3
Orenitram
72.4
—
72.4
76.2
—
76.2
85.2
—
85.2
72.3
—
72.3
Unituxin
42.8
1.1
43.9
48.3
4.8
53.1
44.8
10.5
55.3
42.2
7.8
50.0
Adcirca
9.6
—
9.6
23.6
—
23.6
14.6
—
14.6
8.1
—
8.1
Other
—
—
—
—
—
—
—
—
—
—
—
—
Total revenues
$
354.3
$
24.8
$
379.1
$
411.7
$
34.8
$
446.5
$
412.1
$
32.6
$
444.7
$
386.1
$
29.1
$
415.2
(1)
Net product sales include both the drug product and the respective inhalation device.
(2)
Net product sales include sales of infusion devices including the Remunity Pump.
Category: Earnings
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221477756/en/
Dewey Steadman at (202) 919-4097
https://ir.unither.com/contact-ir
Source: United Therapeutics Corporation
United Therapeutics reported record revenues of $2.33 billion for the full year 2023, marking a 20% growth over 2022.
In the fourth quarter of 2023, United Therapeutics saw record revenue for its Tyvaso business and achieved solid growth in its U.S. Remodulin business.
Key financial highlights for United Therapeutics in the fourth quarter of 2023 include a 25% increase in total revenues compared to the same period in 2022.
United Therapeutics' growth potential is driven by its innovative pipeline and organ manufacturing programs, along with successful commercial launches and increased patient utilization.
The ticker symbol for United Therapeutics Corporation is UTHR.
