United Therapeutics (UTHR) FY2013 results: revenue $1.1 billion, up 21.9% on the year
United Therapeutics Corp. (UTHR) reported revenue of $1.1 billion for fiscal 2013, the year ended 31 December 2013, up 21.9% on the year before. Net income was $175 million, down 42.7%, and diluted earnings per share $3.28. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2014.
Revenue
$1.1 billion
+21.9% on the year
FY2008FY2013
Operating margin
26.2%
46.0% a year earlier
FY2008FY2013
Net income
$175 million
-42.7% on the year
FY2008FY2013
Diluted EPS
$3.28
-42.6% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,117
916
743
+21.9%
Cost of revenue
131
119
88.9
+9.9%
Gross profit
976
787
652
+24.0%
Gross margin
87.4%
85.9%
87.8%
Research and development
299
173
180
+72.6%
Selling, general and administrative
394
202
156
+95.3%
Operating income
292
422
318
-30.6%
Operating margin
26.2%
46.0%
42.8%
Interest expense
18.1
16.6
21.4
+8.5%
Pre-tax income
279
441
299
-36.7%
Income tax
104
136
81.9
-23.4%
Effective tax rate
37.4%
30.9%
27.4%
Net income
175
304
218
-42.7%
Net margin
15.6%
33.2%
29.3%
Diluted EPS
$3.28
$5.71
$3.67
-42.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
425
324
250
+31.4%
Capital expenditure
31.9
112
36.0
-71.5%
Free cash flow
393
212
214
+85.8%
Free cash flow margin
35.2%
23.1%
28.8%
Cash from investing
n/a
-163
-121
Cash from financing
n/a
-169
-218
Depreciation and amortisation
31.3
27.1
20.5
+15.2%
Share-based compensation
321
30.1
-15.7
+965.2%
Buybacks
42.4
188
212
-77.4%
Diluted shares, weighted
53m
53m
59m
-0.1%
Shares outstanding at period end
50m
50m
54m
+0.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
1,259
1,084
948
+16.2%
Redeemable equity
45.0
10.9
n/a
+313.9%
Debt
282
276
266
+2.2%
Other liabilities
501
255
304
+96.1%
Total liabilities and equity
2,088
1,627
1,518
+28.3%
Fixed assets
465
454
366
+2.5%
Goodwill
10.7
10.5
8.1
+1.6%
Intangible assets
3.4
5.9
n/a
-42.0%
Investments
448
306
344
+46.6%
Cash and equivalents
284
159
168
+78.4%
Receivables
126
117
88.7
+8.3%
Inventory
47.8
37.3
46.0
+28.2%
Other assets
702
537
497
+30.6%
Total assets
2,088
1,627
1,518
+28.3%
10-K for the year ended 31 December 2013, filed 25 February 2014: the filing.