United Therapeutics (UTHR) FY2018 results: revenue $1.6 billion, down 5.7% on the year
United Therapeutics Corp. (UTHR) reported revenue of $1.6 billion for fiscal 2018, the year ended 31 December 2018, down 5.7% on the year before. Net income was $589 million, up 41.0%, and diluted earnings per share $13.39. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$1.6 billion
-5.7% on the year
FY2011FY2018
Operating margin
49.5%
47.2% a year earlier
FY2011FY2018
Net income
$589 million
+41.0% on the year
FY2011FY2018
Diluted EPS
$13.39
+43.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,628
1,725
1,599
-5.7%
Cost of revenue
199
106
72.7
+88.0%
Gross profit
1,429
1,620
1,526
-11.8%
Gross margin
87.8%
93.9%
95.5%
Research and development
358
265
148
+35.3%
Selling, general and administrative
266
330
317
-19.5%
Operating income
805
815
1,062
-1.2%
Operating margin
49.5%
47.2%
66.4%
Interest expense
13.9
9.0
3.9
+54.4%
Pre-tax income
759
770
1,060
-1.4%
Income tax
170
352
346
-51.7%
Effective tax rate
22.4%
45.7%
32.7%
Net income
589
418
714
+41.0%
Net margin
36.2%
24.2%
44.6%
Diluted EPS
$13.39
$9.31
$15.25
+43.8%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
778
474
644
+64.2%
Capital expenditure
184
86.3
38.0
+113.7%
Free cash flow
594
388
606
+53.1%
Free cash flow margin
36.5%
22.5%
37.9%
Cash from investing
-821
-836
48.3
Cash from financing
6.3
43.3
-498
-85.5%
Depreciation and amortisation
35.9
31.0
31.6
+15.8%
Share-based compensation
-26.4
73.5
12.1
Buybacks
n/a
250
500
Diluted shares, weighted
44m
45m
47m
-2.0%
Shares outstanding at period end
44m
43m
43m
+0.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
2,789
2,102
1,851
+32.7%
Redeemable equity
19.2
19.2
10.9
0.0%
Debt
250
250
0.0
0.0%
Other liabilities
343
508
463
-32.5%
Total liabilities and equity
3,401
2,879
2,326
+18.1%
Fixed assets
700
546
489
+28.2%
Goodwill
31.5
13.7
10.3
+129.9%
Investments
1,189
725
30.1
+64.0%
Cash and equivalents
669
705
1,023
-5.1%
Receivables
176
297
214
-40.9%
Inventory
101
108
100
-6.4%
Other assets
535
485
458
+10.2%
Total assets
3,401
2,879
2,326
+18.1%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.