United Therapeutics (UTHR) FY2016 results: revenue $1.6 billion, up 9.1% on the year
United Therapeutics Corp. (UTHR) reported revenue of $1.6 billion for fiscal 2016, the year ended 31 December 2016, up 9.1% on the year before. Net income was $714 million, up 9.5%, and diluted earnings per share $15.25. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2017.
Revenue
$1.6 billion
+9.1% on the year
FY2009FY2016
Operating margin
66.4%
47.7% a year earlier
FY2009FY2016
Net income
$714 million
+9.5% on the year
FY2009FY2016
Diluted EPS
$15.25
+19.9% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,599
1,466
1,289
+9.1%
Cost of revenue
72.7
69.0
126
+5.3%
Gross profit
1,526
1,397
1,154
+9.3%
Gross margin
95.5%
95.3%
89.5%
Research and development
148
245
243
-39.8%
Selling, general and administrative
317
453
381
-30.0%
Operating income
1,062
699
539
+51.9%
Operating margin
66.4%
47.7%
41.8%
Interest expense
3.9
4.7
17.6
-17.0%
Pre-tax income
1,060
1,044
525
+1.5%
Income tax
346
393
185
-11.8%
Effective tax rate
32.7%
37.6%
35.2%
Net income
714
652
340
+9.5%
Net margin
44.6%
44.5%
26.4%
Diluted EPS
$15.25
$12.72
$6.28
+19.9%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
644
383
355
+68.1%
Capital expenditure
38.0
49.8
47.4
-23.7%
Free cash flow
606
333
308
+81.9%
Free cash flow margin
37.9%
22.7%
23.9%
Cash from investing
48.3
504
n/a
-90.4%
Cash from financing
-498
-447
n/a
Depreciation and amortisation
31.6
32.9
32.2
-4.0%
Share-based compensation
12.1
280
190
-95.7%
Buybacks
500
394
483
+26.7%
Diluted shares, weighted
47m
51m
54m
-8.6%
Shares outstanding at period end
43m
46m
47m
-6.1%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
1,851
1,589
1,242
+16.5%
Redeemable equity
10.9
11.1
23.2
-1.8%
Debt
0.0
n/a
126
Other liabilities
463
585
492
-20.8%
Total liabilities and equity
2,326
2,184
1,884
+6.5%
Fixed assets
489
496
478
-1.3%
Goodwill
10.3
10.3
10.3
0.0%
Intangible assets
n/a
2.6
3.7
Investments
30.1
38.0
123
-20.8%
Cash and equivalents
1,023
832
398
+23.0%
Receivables
214
193
162
+11.2%
Inventory
100
81.3
66.9
+22.9%
Other assets
458
532
642
-13.8%
Total assets
2,326
2,184
1,884
+6.5%
10-K for the year ended 31 December 2016, filed 22 February 2017: the filing.