United Therapeutics Corp (UTHR) Reports 18% YoY Revenue Growth in Q3 2023
United Therapeutics Corp (NASDAQ:UTHR) reports an 18% YoY increase in total revenues for Q3 2023, reaching $609.4 million.
The company's net income also grew by 12% YoY to $267.6 million.
Net product sales of treprostinil-based products grew by 20% for the third quarter of 2023.
Research and development expenses increased by 28% due to increased expenditures on clinical studies and organ manufacturing projects.
United Therapeutics Corp (NASDAQ:UTHR) released its Q3 2023 financial results on November 1, 2023. The company reported an 18% YoY growth in total revenues, reaching $609.4 million compared to $516.0 million in Q3 2022. The net income also saw a 12% YoY increase, reaching $267.6 million.
Financial Highlights
Key financial highlights for the third quarter of 2023 include total revenues of $609.4 million, an 18% increase from the same period in 2022. Net income for the quarter was $267.6 million, a 12% increase YoY. Net income per basic share was $5.71, a 9% increase, and net income per diluted share was $5.38, a 10% increase.
Product Sales
Net product sales of treprostinil-based products, including Tyvaso DPI, nebulized Tyvaso, Remodulin, and Orenitram, grew by $89.7 million, or 20%, for the third quarter of 2023, compared to the same period in 2022. The growth in total Tyvaso revenues resulted primarily from an increase in total quantities sold driven by the commercial launch of Tyvaso DPI in June 2022 and continued growth in utilization by patients with pulmonary hypertension associated with interstitial lung disease (PH-ILD).
Expenses and Research and Development
The company's cost of sales for Q3 2023 was $69.1 million, an 86% increase from the same period in 2022. The increase was primarily due to an increase in Tyvaso DPI royalty expense and product costs following its commercial launch in June 2022. Research and development expenses also increased by 28% due to increased expenditures on the TETON 1 and TETON 2 clinical studies of nebulized Tyvaso in patients with idiopathic pulmonary fibrosis, and organ manufacturing projects.
Future Outlook
United Therapeutics Corp (NASDAQ:UTHR) continues to progress its near-term pipeline with the ongoing TETON 1 and TETON 2 studies of nebulized Tyvaso in idiopathic pulmonary fibrosis and the ADVANCE OUTCOMES study of ralinepag in pulmonary arterial hypertension, both of which could generate data in 2025. The company is well on its way to achieving its expected $4 billion annual run rate by mid-decade.
Explore the complete 8-K earnings release (here) from United Therapeutics Corp for further details.
This article first appeared on GuruFocus.
