SILVER SPRING, Md. and
RESEARCH TRIANGLE PARK, N.C.,
Aug. 4, 2021 /PRNewswire/ -- United Therapeutics Corporation
(Nasdaq: UTHR) today announced its financial results for the
quarter ended June 30, 2021. Total revenue in the second
quarter of 2021 grew 23% year over year to $446.5 million, compared to $362.0 million in the second quarter of 2020.
"We are pleased to continue our expansion into new indications
outside of WHO Group 1 PAH with strong Tyvaso financial results,
and with patient enrollment continuing in our PERFECT and
TETON phase 3 studies in COPD-associated pulmonary
hypertension and in IPF, respectively," said Martine Rothblatt, Ph.D., Chairperson and Chief
Executive Officer of United Therapeutics. "Meanwhile, we are also
focused on expanding our medical armamentarium for PAH with the
continued progress of our phase 3 studies of once-daily ralinepag,
and with our next-generation treprostinil molecules and delivery
systems."
"As we build traction with the Tyvaso PH-ILD launch, I am also
tremendously excited about the uptake of all of our products during
the past quarter," said Michael
Benkowitz, President and Chief Operating Officer of United
Therapeutics. "Indeed, we are currently seeing some of the highest
levels of referrals of Tyvaso and Orenitram since their launches
and we're well on our way to our goal of doubling the number of
Tyvaso patients on therapy by the end of 2022."
SECOND QUARTER 2021 FINANCIAL RESULTS
Key financial highlights include (dollars in millions, except
per share data):
|
Three Months
Ended
June
30,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$
|
446.5
|
|
|
$
|
362.0
|
|
|
$
|
84.5
|
|
|
23
|
%
|
Net income
|
$
|
172.6
|
|
|
$
|
107.1
|
|
|
$
|
65.5
|
|
|
61
|
%
|
Non-GAAP
earnings(1)
|
$
|
193.5
|
|
|
$
|
163.2
|
|
|
$
|
30.3
|
|
|
19
|
%
|
Net income, per basic
share
|
$
|
3.85
|
|
|
$
|
2.43
|
|
|
$
|
1.42
|
|
|
58
|
%
|
Net income, per
diluted share
|
$
|
3.65
|
|
|
$
|
2.41
|
|
|
$
|
1.24
|
|
|
51
|
%
|
Non-GAAP earnings,
per diluted share(1)
|
$
|
4.09
|
|
|
$
|
3.68
|
|
|
$
|
0.41
|
|
|
11
|
%
|
|
|
(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
June
30,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Net product
sales:
|
|
|
|
|
|
|
|
Remodulin®
|
$
|
139.8
|
|
|
$
|
119.0
|
|
|
$
|
20.8
|
|
|
17
|
%
|
Tyvaso®
|
153.8
|
|
|
119.2
|
|
|
34.6
|
|
|
29
|
%
|
Orenitram®
|
76.2
|
|
|
75.4
|
|
|
0.8
|
|
|
1
|
%
|
Unituxin®
|
53.1
|
|
|
29.0
|
|
|
24.1
|
|
|
83
|
%
|
Adcirca®
|
23.6
|
|
|
19.4
|
|
|
4.2
|
|
|
22
|
%
|
Total
revenues
|
$
|
446.5
|
|
|
$
|
362.0
|
|
|
$
|
84.5
|
|
|
23
|
%
|
Net product sales from our treprostinil-based products
(Remodulin, Tyvaso, and Orenitram) grew by $56.2 million in the second quarter of 2021
compared to the second quarter of 2020. The increase in Remodulin
revenues was driven by a $19.0
million increase in sales outside the United States. While generic competition
continues to increase pressure on our international Remodulin
revenues, this increase primarily reflects the irregular ordering
patterns we typically experience with our international
distributors. The growth in Tyvaso revenues resulted primarily from
an increase in quantities sold, reflecting an increased number of
patients following the pulmonary hypertension associated with
interstitial lung disease (PH-ILD) label expansion. 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
June
30,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
Cost of product
sales
|
$
|
35.8
|
|
|
$
|
23.9
|
|
|
$
|
11.9
|
|
|
50
|
%
|
Share-based
compensation expense(1)
|
1.4
|
|
|
2.0
|
|
|
(0.6)
|
|
|
(30)
|
%
|
Total cost of
product sales
|
$
|
37.2
|
|
|
$
|
25.9
|
|
|
$
|
11.3
|
|
|
44
|
%
|
|
|
(1)
|
Refer to
Share-based compensation below.
|
Cost of product sales, excluding share-based
compensation. Cost of product sales for the three months ended
June 30, 2021 increased as compared to the same period in
2020, primarily due to an increase in product costs due to an
overall increase in sales.
Research and development expense. The table below
summarizes research and development expense by major category
(dollars in millions):
|
Three Months
Ended
June
30,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
Research and
development projects
|
$
|
69.5
|
|
|
$
|
78.3
|
|
|
$
|
(8.8)
|
|
|
(11)
|
%
|
Share-based
compensation expense(1)
|
4.8
|
|
|
11.4
|
|
|
(6.6)
|
|
|
(58)
|
%
|
Total research and
development expense
|
$
|
74.3
|
|
|
$
|
89.7
|
|
|
$
|
(15.4)
|
|
|
(17)
|
%
|
|
|
(1)
|
Refer to
Share-based compensation below.
|
Research and development expense, excluding share-based
compensation. Research and development expense for the
three months ended June 30, 2021 decreased as compared to the
same period in 2020, primarily due to: (1) a decrease in milestone
payments for the Tyvaso DPI program; (2) a decrease in spending due
to the completion of the phase 3 DISTINCT study of Unituxin
in 2020; and (3) a decrease in spending following our decision to
discontinue development of biomechanical lungs in March 2021.
Selling, general, and administrative expense. The table
below summarizes selling, general, and administrative expense by
major category (dollars in millions):
|
Three Months
Ended
June
30,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
General and
administrative
|
$
|
72.8
|
|
|
$
|
54.8
|
|
|
$
|
18.0
|
|
|
33
|
%
|
Sales and
marketing
|
17.1
|
|
|
12.7
|
|
|
4.4
|
|
|
35
|
%
|
Share-based
compensation expense(1)
|
22.9
|
|
|
38.4
|
|
|
(15.5)
|
|
|
(40)
|
%
|
Total selling,
general, and administrative expense
|
$
|
112.8
|
|
|
$
|
105.9
|
|
|
$
|
6.9
|
|
|
7
|
%
|
|
|
(1)
|
Refer to
Share-based compensation below.
|
General and administrative, excluding share-based
compensation. The increase in general and administrative
expense for the three months ended June 30, 2021, as compared
to the same period in 2020, was primarily due to: (1) an increase
in legal expenses related to litigation matters; (2) an increase in
expenses related to disposals of property, plant, and equipment;
and (3) an increase in consulting expenses.
Share-based compensation. The table below summarizes
share-based compensation expense by major category (dollars in
millions):
|
Three Months
Ended
June
30,
|
|
Dollar
Change
|
|
Percentage
Change
|
|
2021
|
|
2020
|
|
|
Category:
|
|
|
|
|
|
|
|
Stock
options
|
$
|
5.7
|
|
|
$
|
9.2
|
|
|
$
|
(3.5)
|
|
|
(38)
|
%
|
Restricted stock
units
|
6.5
|
|
|
5.5
|
|
|
1.0
|
|
|
18
|
%
|
Share tracking awards
plan (STAP)
|
16.4
|
|
|
36.7
|
|
|
(20.3)
|
|
|
(55)
|
%
|
Employee stock
purchase plan
|
0.5
|
|
|
0.4
|
|
|
0.1
|
|
|
25
|
%
|
Total share-based
compensation expense
|
$
|
29.1
|
|
|
$
|
51.8
|
|
|
$
|
(22.7)
|
|
|
(44)
|
%
|
The decrease in share-based compensation expense for the three
months ended June 30, 2021, as compared to the same period in
2020, was primarily due to: (1) a decrease in STAP expense driven
by a seven percent increase in our stock price for the three months
ended June 30, 2021, as compared to a 28 percent increase in
our stock price for the same period in 2020; and (2) a decrease in
stock option expense due to fewer awards granted and outstanding in
2021.
Other expense, net. The change in other expense, net for
the three months ended June 30, 2021, as compared to the same
period in 2020, was primarily due to net unrealized and realized
gains and losses on equity securities.
Income tax expense. Income tax expense for the three
months ended June 30, 2021 and 2020, was $43.9 million and $26.8
million, respectively. The effective income tax rate was 20
percent for the three months ended June 30, 2021 and 2020.
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) impairment
charges; (3) net changes in recurring fair value measurements; (4)
license-related fees; (5) unrealized gains on investments in
privately-held companies; (6) purchase of a priority review
voucher; and (7) 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
June
30,
|
|
2021
|
|
2020
|
Net income, as
reported
|
$
|
172.6
|
|
|
$
|
107.1
|
|
Adjusted for the
following items:
|
|
|
|
Share-based
compensation expense(1)
|
29.1
|
|
|
51.8
|
|
Impairment
charges(2)
|
2.3
|
|
|
—
|
|
Net changes in
recurring fair value measurements(3)
|
2.1
|
|
|
8.9
|
|
License-related
fees(4)
|
—
|
|
|
12.5
|
|
Unrealized gains on
investments in privately-held companies
|
—
|
|
|
—
|
|
Purchase of a priority
review voucher
|
—
|
|
|
—
|
|
Tax benefit
|
(12.6)
|
|
|
(17.1)
|
|
Non-GAAP
earnings
|
$
|
193.5
|
|
|
$
|
163.2
|
|
Non-GAAP earnings per
share:
|
|
|
|
Basic
|
$
|
4.32
|
|
|
$
|
3.70
|
|
Diluted
|
$
|
4.09
|
|
|
$
|
3.68
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
44.8
|
|
|
44.1
|
|
Diluted
|
47.3
|
|
|
44.4
|
|
|
|
(1)
|
Recorded within
operating expenses on our consolidated statements of
operations.
|
(2)
|
For the three months
ended June 30, 2021, we recognized impairment charges of $2.3
million related to investments in privately-held companies. These
impairment charges were recorded within impairments of
investments in privately-held companies on our consolidated
statements of operations.
|
(3)
|
For the three months
ended June 30, 2021 and June 30, 2020, we recognized $1.3
million of net unrealized losses and $8.9 million of net unrealized
and realized losses, respectively, on equity securities issued by
public companies. For the three months ended June 30, 2021, we
recognized a $0.8 million loss related to changes in the fair
values of our contingent consideration assets. The net unrealized
and realized losses on equity securities and changes in fair value
of our contingent consideration assets were recorded within
other expense, net on our consolidated statements of
operations.
|
(4)
|
Recorded within
research and development on our consolidated statements of
operations.
|
PRODUCT COMMERCIALIZATION UPDATE
Thus far in 2021, we 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 approval by the U.S. Food and Drug
Administration (FDA) on March 31,
2021. We expect FDA action on our Tyvaso DPI
new drug application (NDA) in October
2021.
Remunity Pump for
Remodulin. In February 2021, we
launched sales of the Remunity Pump for Remodulin. The Remunity
Pump is a pre-filled, semi-disposable system for subcutaneous
delivery of treprostinil. 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,
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 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. The FDA accepted our NDA for review, and we
expect the agency's review to be complete in October 2021. This represents an expedited review
timeframe as a result of our use of the priority review voucher we
purchased for $105.0 million in
January 2021. The FDA has indicated
that approval of the NDA would be subject to an inspection of the
Tyvaso DPI manufacturing facility in Danbury, Connecticut, operated by our partner
MannKind Corporation, which has been commenced by the FDA and is
ongoing.
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. The study was completed
in October 2020, and 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. The
BREEZE study demonstrated the safety and tolerability of
Tyvaso DPI in subjects with PAH transitioning from Tyvaso
Inhalation Solution, and comparable systemic treprostinil exposure
between Tyvaso DPI and Tyvaso Inhalation Solution.
Implantable System for
Remodulin. In June 2021, we and
Medtronic, Inc. (Medtronic) agreed to discontinue further
efforts to develop and commercialize the Implantable System for
Remodulin (ISR). We are working with Medtronic on a
mutually-agreed approach to wind-down the development program, and
to support patients already enrolled in clinical studies of the
ISR, at United Therapeutics' sole expense.
RESEARCH AND DEVELOPMENT UPDATE
Updates on select later-stage programs are below.
Tyvaso in chronic fibrosing
interstitial lung diseases — TETON. We have launched 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 enrolling subjects with idiopathic pulmonary fibrosis. The
primary endpoint of this study is the change in absolute forced
vital capacity (FVC) from baseline to week 52.
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 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.
INDUCEMENT RESTRICTED STOCK UNITS
On July 30, 2021, we granted a
total of 141 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 July 31, 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).
WEBCAST
We will host a webcast to discuss our second quarter 2021
financial results on Wednesday, August 4, 2021, 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
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 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 FDA
approvals to launch Tyvaso DPI, 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 Tyvaso DPI.
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 August 4, 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, 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
June
30,
|
|
2021
|
|
2020
|
|
(Unaudited)
|
Revenues:
|
|
|
|
Net product
sales
|
$
|
446.5
|
|
|
$
|
362.0
|
|
Total
revenues
|
446.5
|
|
|
362.0
|
|
Operating
expenses:
|
|
|
|
Cost of product
sales
|
37.2
|
|
|
25.9
|
|
Research and
development
|
74.3
|
|
|
89.7
|
|
Selling, general, and
administrative
|
112.8
|
|
|
105.9
|
|
Total operating
expenses
|
224.3
|
|
|
221.5
|
|
Operating
income
|
222.2
|
|
|
140.5
|
|
Interest
income
|
4.0
|
|
|
7.2
|
|
Interest
expense
|
(4.7)
|
|
|
(5.6)
|
|
Other expense,
net
|
(2.7)
|
|
|
(8.2)
|
|
Impairments of
investments in privately-held companies
|
(2.3)
|
|
|
—
|
|
Total other expense,
net
|
(5.7)
|
|
|
(6.6)
|
|
Income before income
taxes
|
216.5
|
|
|
133.9
|
|
Income tax
expense
|
(43.9)
|
|
|
(26.8)
|
|
Net
income
|
$
|
172.6
|
|
|
$
|
107.1
|
|
Net income per common
share:
|
|
|
|
Basic
|
$
|
3.85
|
|
|
$
|
2.43
|
|
Diluted
|
$
|
3.65
|
|
|
$
|
2.41
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
Basic
|
44.8
|
|
|
44.1
|
|
Diluted
|
47.3
|
|
|
44.4
|
|
SELECTED
CONSOLIDATED BALANCE SHEET DATA
|
(Unaudited, in
millions)
|
|
|
June 30,
2021
|
Cash, cash
equivalents, and marketable investments
|
$
|
3,292.9
|
|
Total
assets
|
4,844.9
|
|
Total
liabilities
|
1,205.4
|
|
Total stockholders'
equity
|
3,639.5
|
|
Contact: Dewey Steadman
Phone: (202) 919-4097
Email: ir@unither.com
View original
content:https://www.prnewswire.com/news-releases/united-therapeutics-corporation-reports-second-quarter-2021-financial-results-301347816.html
SOURCE United Therapeutics Corporation