United Therapeutics (UTHR) FY2017 results: revenue $1.7 billion, up 7.9% on the year
United Therapeutics Corp. (UTHR) reported revenue of $1.7 billion for fiscal 2017, the year ended 31 December 2017, up 7.9% on the year before. Net income was $418 million, down 41.4%, and diluted earnings per share $9.31. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2018.
Revenue
$1.7 billion
+7.9% on the year
FY2010FY2017
Operating margin
47.2%
66.4% a year earlier
FY2010FY2017
Net income
$418 million
-41.4% on the year
FY2010FY2017
Diluted EPS
$9.31
-39.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,725
1,599
1,466
+7.9%
Cost of revenue
106
72.7
69.0
+45.4%
Gross profit
1,620
1,526
1,397
+6.1%
Gross margin
93.9%
95.5%
95.3%
Research and development
265
148
245
+79.3%
Selling, general and administrative
330
317
453
+4.2%
Operating income
815
1,062
699
-23.2%
Operating margin
47.2%
66.4%
47.7%
Interest expense
9.0
3.9
4.7
+130.8%
Pre-tax income
770
1,060
1,044
-27.4%
Income tax
352
346
393
+1.5%
Effective tax rate
45.7%
32.7%
37.6%
Net income
418
714
652
-41.4%
Net margin
24.2%
44.6%
44.5%
Diluted EPS
$9.31
$15.25
$12.72
-39.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
474
644
383
-26.3%
Capital expenditure
86.3
38.0
49.8
+127.1%
Free cash flow
388
606
333
-35.9%
Free cash flow margin
22.5%
37.9%
22.7%
Cash from investing
-836
48.3
504
Cash from financing
43.3
-498
-447
Depreciation and amortisation
31.0
31.6
32.9
-1.9%
Share-based compensation
73.5
12.1
280
+507.4%
Buybacks
250
500
394
-50.0%
Diluted shares, weighted
45m
47m
51m
-4.1%
Shares outstanding at period end
43m
43m
46m
+0.6%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
2,102
1,851
1,589
+13.5%
Redeemable equity
19.2
10.9
11.1
+76.1%
Debt
250
0.0
n/a
Other liabilities
508
463
585
+9.7%
Total liabilities and equity
2,879
2,326
2,184
+23.8%
Fixed assets
546
489
496
+11.5%
Goodwill
13.7
10.3
10.3
+33.0%
Intangible assets
n/a
n/a
2.6
Investments
725
30.1
38.0
+2,308.6%
Cash and equivalents
705
1,023
832
-31.1%
Receivables
297
214
193
+38.5%
Inventory
108
100
81.3
+7.9%
Other assets
485
458
532
+5.8%
Total assets
2,879
2,326
2,184
+23.8%
10-K for the year ended 31 December 2017, filed 21 February 2018: the filing.