United Therapeutics (UTHR) FY2014 results: revenue $1.3 billion, up 15.4% on the year
United Therapeutics Corp. (UTHR) reported revenue of $1.3 billion for fiscal 2014, the year ended 31 December 2014, up 15.4% on the year before. Net income was $340 million, up 94.8%, and diluted earnings per share $6.28. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2015.
Revenue
$1.3 billion
+15.4% on the year
FY2008FY2014
Operating margin
41.8%
26.2% a year earlier
FY2008FY2014
Net income
$340 million
+94.8% on the year
FY2008FY2014
Diluted EPS
$6.28
+91.5% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
1,289
1,117
916
+15.4%
Cost of revenue
126
131
119
-4.0%
Gross profit
1,154
976
787
+18.2%
Gross margin
89.5%
87.4%
85.9%
Research and development
243
299
173
-19.0%
Selling, general and administrative
381
394
202
-3.2%
Operating income
539
292
422
+84.2%
Operating margin
41.8%
26.2%
46.0%
Interest expense
17.6
18.1
16.6
-2.6%
Pre-tax income
525
279
441
+88.3%
Income tax
185
104
136
+77.4%
Effective tax rate
35.2%
37.4%
30.9%
Net income
340
175
304
+94.8%
Net margin
26.4%
15.6%
33.2%
Diluted EPS
$6.28
$3.28
$5.71
+91.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
355
425
324
-16.5%
Capital expenditure
47.4
31.9
112
+48.7%
Free cash flow
308
393
212
-21.7%
Free cash flow margin
23.9%
35.2%
23.1%
Cash from investing
n/a
n/a
-163
Cash from financing
n/a
n/a
-169
Depreciation and amortisation
32.2
31.3
27.1
+3.2%
Share-based compensation
190
321
30.1
-40.8%
Buybacks
483
42.4
188
+1,038.3%
Diluted shares, weighted
54m
53m
53m
+1.7%
Shares outstanding at period end
47m
50m
50m
-6.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
1,242
1,259
1,084
-1.3%
Redeemable equity
23.2
45.0
10.9
-48.4%
Debt
126
282
276
-55.2%
Other liabilities
492
501
255
-1.7%
Total liabilities and equity
1,884
2,088
1,627
-9.7%
Fixed assets
478
465
454
+2.9%
Goodwill
10.3
10.7
10.5
-4.1%
Intangible assets
3.7
3.4
5.9
+8.5%
Investments
123
448
306
-72.6%
Cash and equivalents
398
284
159
+39.9%
Receivables
162
126
117
+28.5%
Inventory
66.9
47.8
37.3
+40.1%
Other assets
642
702
537
-8.5%
Total assets
1,884
2,088
1,627
-9.7%
10-K for the year ended 31 December 2014, filed 24 February 2015: the filing.