SILVER SPRING, Md. and
RESEARCH TRIANGLE PARK, N.C.,
May 5, 2021 /PRNewswire/
-- United Therapeutics Corporation (Nasdaq: UTHR) today
announced its financial results for the quarter ended
March 31, 2021. Total revenue in the first quarter of 2021
grew 6% year over year to $379.1
million, compared to $356.3
million in the first quarter of 2020.
"2021 is already a historic year for United Therapeutics, with
the recent FDA approval and launch of Tyvaso for treatment of
PH-ILD, submission of the Tyvaso DPI NDA, and the launch of our
Remunity® Pump for Remodulin®," said
Martine Rothblatt, Ph.D.,
Chairperson and Chief Executive Officer of United Therapeutics. "In
addition to these product launches and the potential Tyvaso DPI
approval in December, we are progressing our late-stage pipeline
with the commencement of the pivotal TETON study of
Tyvaso in IPF, continued enrollment of the pivotal
PERFECT study of Tyvaso in PH-COPD, and the ongoing
pivotal ADVANCE studies of ralinepag."
"Following approval in late March, we're already gaining
traction with physicians for Tyvaso in PH-ILD, with patient
referrals and starts beginning in April," said Michael Benkowitz, President and Chief Operating
Officer of United Therapeutics. "The commercial launch of Tyvaso in
PH-ILD builds on the momentum we're already seeing for the Remunity
Pump for Remodulin, which provides significant improvements over
legacy subcutaneous delivery options."
FIRST QUARTER 2021 FINANCIAL RESULTS
Key financial highlights include (dollars in millions, except
per share data):
|
Three Months
Ended
March
31,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
379.1
|
|
|
$
|
356.3
|
|
|
$
|
22.8
|
|
|
6
|
%
|
Net income
|
$
|
28.3
|
|
|
$
|
137.7
|
|
|
$
|
(109.4)
|
|
|
(79)
|
%
|
Non-GAAP
earnings(1)
|
$
|
162.1
|
|
|
$
|
159.2
|
|
|
$
|
2.9
|
|
|
2
|
%
|
Net income, per basic
share
|
$
|
0.63
|
|
|
$
|
3.14
|
|
|
$
|
(2.51)
|
|
|
(80)
|
%
|
Net income, per
diluted share
|
$
|
0.61
|
|
|
$
|
3.12
|
|
|
$
|
(2.51)
|
|
|
(80)
|
%
|
Non-GAAP earnings,
per diluted share(1)
|
$
|
3.49
|
|
|
$
|
3.61
|
|
|
$
|
(0.12)
|
|
|
(3)
|
%
|
________________________
|
|
(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
March
31,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Net product
sales:
|
|
|
|
|
|
|
|
Remodulin®
|
$
|
130.2
|
|
|
$
|
145.3
|
|
|
$
|
(15.1)
|
|
|
(10)
|
%
|
Tyvaso®
|
123.0
|
|
|
102.9
|
|
|
20.1
|
|
|
20
|
%
|
Orenitram®
|
72.4
|
|
|
69.0
|
|
|
3.4
|
|
|
5
|
%
|
Unituxin®
|
43.9
|
|
|
26.6
|
|
|
17.3
|
|
|
65
|
%
|
Adcirca®
|
9.6
|
|
|
12.5
|
|
|
(2.9)
|
|
|
(23)
|
%
|
Total
revenues
|
$
|
379.1
|
|
|
$
|
356.3
|
|
|
$
|
22.8
|
|
|
6
|
%
|
Net product sales from our treprostinil-based products
(Remodulin, Tyvaso, and Orenitram) grew by $8.4 million in the first quarter of 2021
compared to the first quarter of 2020. The reduction in Remodulin
revenues was due to decreases of $10.2
million and $4.9 million in
U.S. Remodulin net product sales and international Remodulin net
product sales, respectively. The growth in Tyvaso revenues resulted
primarily from an increase in quantities sold, reflecting an
increased number of patients. The growth in Unituxin revenues
resulted primarily from an increase in quantities sold.
Expenses
Cost of product sales. The table below summarizes cost of
product sales by major category (dollars in millions):
|
Three Months
Ended
March
31,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
Cost of product
sales
|
$
|
21.3
|
|
|
$
|
22.2
|
|
|
$
|
(0.9)
|
|
|
(4)
|
%
|
Share-based
compensation expense(1)
|
1.7
|
|
|
1.2
|
|
|
0.5
|
|
|
42
|
%
|
Total cost of
product sales
|
$
|
23.0
|
|
|
$
|
23.4
|
|
|
$
|
(0.4)
|
|
|
(2)
|
%
|
________________________
|
|
(1)
Refer to Share-based compensation below.
|
Research and development expense. The table below
summarizes research and development expense by major category
(dollars in millions):
|
Three Months
Ended
March
31,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
Research and
development projects
|
$
|
297.2
|
|
|
$
|
68.6
|
|
|
$
|
228.6
|
|
|
333
|
%
|
Share-based
compensation expense(1)
|
6.5
|
|
|
4.6
|
|
|
1.9
|
|
|
41
|
%
|
Total research and
development expense
|
$
|
303.7
|
|
|
$
|
73.2
|
|
|
$
|
230.5
|
|
|
315
|
%
|
________________________
|
|
(1)
Refer to Share-based compensation below.
|
Research and development expense, excluding share-based
compensation. Research and development expense for the
three months ended March 31, 2021 increased as compared to the
same period in 2020, due to: (1) a $107.3
million in-process research and development
(IPR&D) impairment charge related to our March 2021 decision to discontinue the U.S.
development of Trevyent®; (2) a $105.0 million purchase of a pediatric disease
priority review voucher, which we redeemed upon submission of the
Tyvaso DPI new drug application; (3) a $11.6
million impairment charge related to repurposing one of our
facilities; and (4) a $6.1 million
IPR&D impairment charge related to our decision to discontinue
development of biomechanical lungs.
Selling, general, and administrative expense. The table
below summarizes selling, general, and administrative expense by
major category (dollars in millions):
|
Three Months
Ended
March
31,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
General and
administrative
|
$
|
71.6
|
|
|
$
|
55.0
|
|
|
$
|
16.6
|
|
|
30
|
%
|
Sales and
marketing
|
13.7
|
|
|
13.0
|
|
|
0.7
|
|
|
5
|
%
|
Share-based
compensation expense(1)
|
31.9
|
|
|
25.0
|
|
|
6.9
|
|
|
28
|
%
|
Total selling,
general, and administrative expense
|
$
|
117.2
|
|
|
$
|
93.0
|
|
|
$
|
24.2
|
|
|
26
|
%
|
________________________
|
|
(1) Refer to
Share-based compensation below.
|
Share-based compensation. The table below summarizes
share-based compensation expense by major category (dollars in
millions):
|
Three Months
Ended
March
31,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
Stock
options
|
$
|
8.3
|
|
|
$
|
16.4
|
|
|
$
|
(8.1)
|
|
|
(49)
|
%
|
Restricted stock
units
|
5.7
|
|
|
4.0
|
|
|
1.7
|
|
|
43
|
%
|
Share tracking awards
plan
|
25.7
|
|
|
10.1
|
|
|
15.6
|
|
|
154
|
%
|
Employee stock
purchase plan
|
0.4
|
|
|
0.3
|
|
|
0.1
|
|
|
33
|
%
|
Total share-based
compensation expense
|
$
|
40.1
|
|
|
$
|
30.8
|
|
|
$
|
9.3
|
|
|
30
|
%
|
Other income, net. The changes in other income, net
for the three months ended March 31, 2021, as compared to the
same period in 2020, were primarily due to net unrealized and
realized gains and losses on equity securities. During the three
months ended March 31, 2021, we sold an investment that we
held in a publicly-traded company. We received $108.9 million in cash from the sale of the
investment and realized a gain of $91.9 million.
Income tax expense. Income tax expense for the three
months ended March 31, 2021 and 2020 was $4.2 million and $33.9
million, respectively. The effective income tax rate
(ETR) for the three months ended March 31, 2021 and
2020 was 13 percent and 20 percent, respectively. The ETR for the
three months ended March 31, 2021 decreased compared to the
ETR for the three months ended March 31, 2020 primarily due to
excess tax benefits from share-based compensation recognized as a
discrete item, relative to the amount of pretax income, and a
decrease in valuation allowance, partially offset by an increase in
state tax expense.
Non-GAAP Earnings
Non-GAAP earnings is defined as net income, adjusted for:
(1) share-based compensation expense (including expenses
relating to stock options, restricted stock units, share tracking
awards, and our employee stock purchase plan); (2) impairments of
investments in privately-held companies; (3) unrealized gain on an
investment in a privately-held company; (4) net changes in
recurring fair value measurements; (5) the purchase of a priority
review voucher; (6) IPR&D impairment charges; (7) other
impairment charges; and (8) tax impact on non-GAAP earnings
adjustments.
A reconciliation of net income to non-GAAP earnings is presented
below (in millions, except per share data):
|
Three Months
Ended
March
31,
|
|
2021
|
|
2020
|
Net income, as
reported
|
$
|
28.3
|
|
|
$
|
137.7
|
|
Adjusted for the
following items:
|
|
|
|
Share-based
compensation expense(1)
|
40.1
|
|
|
30.8
|
|
Impairments of
investments in privately-held companies(2)
|
—
|
|
|
5.6
|
|
Unrealized gain on an
investment in a privately-held company(3)
|
—
|
|
|
(22.5)
|
|
Net changes in
recurring fair value measurements(4)
|
(100.7)
|
|
|
6.1
|
|
Purchase of a priority
review voucher(5)
|
105.0
|
|
|
—
|
|
IPR&D impairment
charges(5)
|
113.4
|
|
|
—
|
|
Other impairment
charges(6)
|
17.0
|
|
|
1.5
|
|
Tax benefit
|
(41.0)
|
|
|
—
|
|
Non-GAAP
earnings
|
$
|
162.1
|
|
|
$
|
159.2
|
|
Non-GAAP earnings per
share:
|
|
|
|
Basic
|
$
|
3.63
|
|
|
$
|
3.63
|
|
Diluted
|
$
|
3.49
|
|
|
$
|
3.61
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
44.6
|
|
|
43.9
|
|
Diluted
|
46.4
|
|
|
44.1
|
|
________________________
|
|
|
(1)
|
Recorded within
operating expenses on our consolidated statements of
operations.
|
(2)
|
Recorded within
impairments of investments in privately-held companies on
our consolidated statements of operations.
|
(3)
|
Recorded within
other income, net on our consolidated statements of
operations.
|
(4)
|
For the three months
ended March 31, 2021 and March 31, 2020, we recognized
$96.8 million of net unrealized and realized gains and $6.1 million
of net unrealized and realized losses, respectively, on equity
securities issued by public companies. For the three months ended
March 31, 2021, we recognized a $1.9 million gain related to
changes in the fair values of our contingent consideration assets
and a $2.0 million gain related to changes in the fair values of
our contingent consideration liabilities. The net unrealized and
realized gains and losses on equity securities is recorded within
other income, net on our consolidated statements of
operations. The change in fair value of our contingent
consideration assets is recorded within other income, net on
our consolidated statements of operations, and the change in fair
value of our contingent consideration liabilities is recorded
within research and development on our consolidated
statements of operations.
|
(5)
|
Recorded within
research and development on our consolidated statements of
operations.
|
(6)
|
For the three months
ended March 31, 2021, we recognized $17.0 million of
impairment charges related to property, plant, and equipment, of
which $15.5 million was recorded within research and
development on our consolidated statements of operations and
$1.5 million was recorded within selling, general, and
administrative on our consolidated statements of operations.
For the three months ended March 31, 2020, we recognized a
$1.5 million impairment charge on a note receivable, which was
recorded within other income, net on our consolidated
statements of operations.
|
PRODUCT COMMERCIALIZATION UPDATE
Thus far in 2021, we have already launched one new product and
one new product indication. In February
2021, we launched commercial sales of the Remunity Pump for
Remodulin, and in April 2021, we
launched a label expansion for Tyvaso to include an indication for
PH-ILD following FDA approval on March 31,
2021. We are targeting FDA approval of Tyvaso DPI in late
2021.
Remunity Pump for
Remodulin. In February
2021, we announced the commercial launch of the Remunity
Pump for Remodulin. The Remunity Pump is a pre-filled,
semi-disposable system for subcutaneous delivery of treprostinil,
developed in collaboration with DEKA Research & Development
Corp. under an exclusive development and license agreement. The
system consists of a small, lightweight, durable pump and
controller designed to have a service life of at least three years.
The pump uses disposable cartridges filled with Remodulin, which
can be connected to the pump with less patient manipulation than is
typically involved in filling other currently-available
subcutaneous pumps.
Tyvaso Inhalation Solution in
PH-ILD. In February 2020, we
reported that the INCREASE study of Tyvaso in patients with
PH-ILD met its primary endpoint of demonstrating improvement in
six-minute walk distance (6MWD). Tyvaso also showed benefits
across several key subgroups, including etiology of PH-ILD, disease
severity, age, gender, baseline hemodynamics, and
dose. Significant improvements were also observed in each of
the study's secondary endpoints, including reduction in the cardiac
biomarker NT-proBNP, time to first clinical worsening event, change
in peak 6MWD at week 12, and change in trough 6MWD at week 15.
Treatment with Tyvaso of up to 12 breaths per session, four times
daily, in the INCREASE study was well tolerated and the
safety profile was consistent with previous Tyvaso studies and
known prostacyclin-related adverse events. Comprehensive data from
the INCREASE study were recently published in the New
England Journal of Medicine.
The FDA approved Tyvaso for the
PH-ILD indication on March 31, 2021
and we launched commercial efforts for the new indication shortly
thereafter.
Tyvaso DPI. In
April 2021, we submitted an NDA for
Tyvaso DPI for pulmonary arterial hypertension (PAH) and
PH-ILD indications. If the FDA accepts our NDA, we expect the
agency's review to be complete in December
2021. This represents an expedited review timeframe based on
the use of a priority review voucher we purchased for $105.0 million in January
2021.
Our Tyvaso DPI NDA includes the
results of two clinical studies we conducted of Tyvaso DPI. One was
a study in healthy volunteers, comparing the pharmacokinetics of
Tyvaso DPI to Tyvaso Inhalation Solution. We completed the study in
October 2020, and announced in
January 2021 that the study
demonstrated comparable systemic treprostinil exposure between
Tyvaso DPI and Tyvaso Inhalation Solution. In December 2020, we completed a clinical study
(called BREEZE), which evaluated the safety and
pharmacokinetics of switching PAH patients from Tyvaso Inhalation
Solution to Tyvaso DPI. In January
2021, we announced that the study demonstrated safety and
tolerability of Tyvaso DPI in subjects with PAH transitioning from
Tyvaso Inhalation Solution.
Implantable System for
Remodulin (ISR). Developed in collaboration with Medtronic, the
premarket approval application (PMA) for the ISR was
approved by the FDA in December 2017.
However, our ability to launch the product is subject to Medtronic
satisfying various conditions to its PMA approval. We are working
with Medtronic to meet these conditions to the FDA's satisfaction.
Based on feedback the FDA recently provided to Medtronic, we do not
believe these conditions will be satisfied in time for a 2021
launch. We are working with Medtronic to determine the timing
required to address this new feedback. Our ability to launch the
ISR on a timely basis, or at all, depends on our ability to work
with Medtronic to satisfy the FDA's conditions and other factors,
many of which are entirely outside our control.
RESEARCH AND DEVELOPMENT UPDATE
Updates on selected later-stage programs are below.
Tyvaso in chronic fibrosing
interstitial lung diseases — TETON. We are
launching a new phase 3 program called TETON, which will be
comprised of one or more phase 3 studies of Tyvaso in subjects with
various forms of chronic fibrosing interstitial lung diseases,
including patients with idiopathic interstitial pneumonias
(IIP), chronic hypersensitivity pneumonitis (CHP),
and environmental/occupational lung disease. The first TETON
study is designed to enroll subjects with IPF. The primary endpoint
of this study is the change in absolute forced vital capacity
(FVC) from baseline to week 52. We expect to start patient
enrollment in this study in the second quarter of 2021.
The TETON program was
prompted by data from the INCREASE study, which demonstrated
improvements in certain key parameters of lung function in
pulmonary hypertension patients with fibrotic lung disease.
Specifically, in the INCREASE study, treatment with Tyvaso
resulted in significant improvements in percent predicted FVC at
weeks 8 and 16, with subjects having underlying etiologies of IIP
showing greater improvement. Consistent positive effects were also
observed in patients with CHP and environmental/occupational lung
disease. These data points, combined with substantial preclinical
evidence of antifibrotic activity of treprostinil, suggest that
Tyvaso may offer a treatment option for patients with fibrotic lung
disease.
Tyvaso in PH-COPD —
PERFECT. Enrollment is ongoing for the phase 3
PERFECT study (NCT03496623) evaluating Tyvaso in patients
with WHO Group 3 pulmonary hypertension associated with chronic
obstructive pulmonary disease (PH-COPD). In a 30-week
crossover study, 136 subjects will be randomized between inhaled
treprostinil and placebo for a 26-week treatment period. The
primary endpoint of the study is the change in 6MWD from baseline
to week 12.
Ralinepag phase 3 clinical
studies — ADVANCE CAPACITY and ADVANCE
OUTCOMES. We are enrolling two phase 3 clinical
studies to support the potential approval of oral ralinepag for
PAH.
Unituxin in relapsed/refractory
neuroblastoma — ANBL1221. Following comments from
the FDA ahead of our planned supplemental biologics license
application submission, we elected to discontinue development of
Unituxin in relapsed/refractory neuroblastoma.
INDUCEMENT RESTRICTED STOCK UNITS
On April 30, 2021, we granted a
total of 454 restricted stock units under our 2019 Inducement Stock
Incentive Plan to one newly hired employee. These restricted stock
units vest in three equal installments on April 30, 2022, 2023, and 2024, assuming
continued employment on such dates, and are 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).
CONFERENCE CALL
We will host a teleconference on Wednesday, May 5, 2021, at
9:00 a.m. Eastern Time. The teleconference is accessible by
dialing (866) 209-9943 in the United
States, with international callers dialing +1 (825)
312-2282. A rebroadcast of the teleconference will be available for
one week and can be accessed by dialing (800) 585-8367 in
the United States, with
international callers dialing +1 (416) 621-4642, and using access
code: 3044748.
This teleconference will also be webcast and can be accessed via
our website at
https://ir.unither.com/events-and-presentations/default.aspx.
UNITED THERAPEUTICS: ENABLING INSPIRATION
United Therapeutics Corporation focuses on the strength of a
balanced, value-creating biotechnology model. We are confident in
our future thanks to our fundamental attributes, namely our
obsession with quality and innovation, the power of our brands, our
entrepreneurial culture, and our bioinformatics leadership. We also
believe that our determination to be responsible citizens — having
a positive impact on patients, the environment, and society — will
sustain our success in the long term.
Through our wholly-owned subsidiary, Lung Biotechnology PBC, we
are focused on addressing the acute national shortage of
transplantable lungs and other organs with a variety of
technologies that either delay the need for such organs or expand
the supply. Lung Biotechnology is the first public benefit
corporation subsidiary of a public biotechnology or pharmaceutical
company.
Please visit unither.com to learn more.
NON-GAAP FINANCIAL INFORMATION
This press release contains a financial measure, non-GAAP
earnings, which does not comply with United States generally accepted accounting
principles (GAAP). This measure supplements our financial results
prepared in accordance with GAAP as reported below.
We use non-GAAP earnings to assist us in: (1) planning,
including the preparation of our annual operating budget;
(2) allocating resources in an effort to enhance the financial
performance of our business; (3) evaluating the effectiveness
of our operational strategies; and (4) assessing our capacity
to fund capital expenditures and expand our business. We believe
this non-GAAP financial measure improves investors' understanding
of our financial results by providing greater transparency with
respect to the information our management uses to evaluate and
compare the performance of our core operations and make operating
decisions. This non-GAAP financial measure enables investors to see
our business through the eyes of our management. However, there are
limitations in the use of this non-GAAP financial measure in that
it excludes certain operating expenses that are recurring in
nature. In addition, our calculation of this non-GAAP financial
measure may differ from the methodology used by other companies.
The presentation of this non-GAAP financial measure should not be
considered in isolation or as a substitute for our financial
results prepared in accordance with GAAP. A reconciliation of net
income, the most directly comparable GAAP financial measure, to
non-GAAP earnings can be found in the table above under the
heading, Non-GAAP Earnings.
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, our prospects
following the recent launches of our Remunity Pump for Remodulin
and Tyvaso for patients with PH-ILD, our expectations concerning
the timing and success of our efforts to obtain the necessary
approvals to launch Tyvaso DPI and the Implantable System for
Remodulin, statements regarding our research and development plans
related to the PERFECT and TETON studies of
Tyvaso, the ADVANCE studies of ralinepag, and our
organ transplantation programs, and our expectation that we will
sustain our success in the long-term. 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. These
risks include, in particular, the risk that we will not obtain the
necessary FDA approvals to launch the products we expect to launch
in 2021. 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 May 5, 2021, 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.
Orenitram, Remodulin, Remunity, Trevyent, Tyvaso, and Unituxin
are registered trademarks of United Therapeutics Corporation and
its subsidiaries.
Tyvaso DPI is a trademark of United Therapeutics
Corporation.
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
March
31,
|
|
2021
|
|
2020
|
|
(Unaudited)
|
Revenues:
|
|
|
|
Net product
sales
|
$
|
379.1
|
|
|
$
|
356.3
|
|
Total
revenues
|
379.1
|
|
|
356.3
|
|
Operating
expenses:
|
|
|
|
Cost of product
sales
|
23.0
|
|
|
23.4
|
|
Research and
development
|
303.7
|
|
|
73.2
|
|
Selling, general, and
administrative
|
117.2
|
|
|
93.0
|
|
Total operating
expenses
|
443.9
|
|
|
189.6
|
|
Operating (loss)
income
|
(64.8)
|
|
|
166.7
|
|
Interest
income
|
4.7
|
|
|
10.0
|
|
Interest
expense
|
(4.6)
|
|
|
(8.2)
|
|
Other income,
net
|
97.2
|
|
|
8.7
|
|
Impairments of
investments in privately-held companies
|
—
|
|
|
(5.6)
|
|
Total other
income, net
|
97.3
|
|
|
4.9
|
|
Income before income
taxes
|
32.5
|
|
|
171.6
|
|
Income tax
expense
|
(4.2)
|
|
|
(33.9)
|
|
Net
income
|
$
|
28.3
|
|
|
$
|
137.7
|
|
Net income per common
share:
|
|
|
|
Basic
|
$
|
0.63
|
|
|
$
|
3.14
|
|
Diluted
|
$
|
0.61
|
|
|
$
|
3.12
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
44.6
|
|
|
43.9
|
|
Diluted
|
46.4
|
|
|
44.1
|
|
SELECTED
CONSOLIDATED BALANCE SHEET DATA
(Unaudited, in
millions)
|
|
|
March 31,
2021
|
Cash, cash
equivalents, and marketable
investments
|
$
|
3,164.8
|
|
Total
assets
|
4,641.0
|
|
Total
liabilities
|
1,195.6
|
|
Total stockholders'
equity
|
3,445.4
|
|
Contact: Dewey Steadman
Phone: (202) 919-4097
Email: ir@unither.com
View original
content:http://www.prnewswire.com/news-releases/united-therapeutics-corporation-reports-first-quarter-2021-financial-results-301283848.html
SOURCE United Therapeutics Corporation