United Therapeutics (UTHR) FY2019 results: revenue $1.4 billion, down 11.0% on the year
United Therapeutics Corp. (UTHR) reported revenue of $1.4 billion for fiscal 2019, the year ended 31 December 2019, down 11.0% on the year before. Net income was -$104 million, and diluted earnings per share $-2.39. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2020.
Revenue
$1.4 billion
-11.0% on the year
FY2012FY2019
Operating margin
-12.9%
49.5% a year earlier
FY2012FY2019
Net income
-$104 million
FY2012FY2019
Diluted EPS
-$2.39
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,449
1,628
1,725
-11.0%
Cost of revenue
118
199
106
-40.8%
Gross profit
1,331
1,429
1,620
-6.9%
Gross margin
91.9%
87.8%
93.9%
Research and development
1,183
358
265
+230.4%
Selling, general and administrative
n/a
266
330
Operating income
-188
805
815
Operating margin
-12.9%
49.5%
47.2%
Interest expense
44.2
13.9
9.0
+218.0%
Pre-tax income
-165
759
770
Income tax
-60.5
170
352
Effective tax rate
n/a
22.4%
45.7%
Net income
-104
589
418
Net margin
-7.2%
36.2%
24.2%
Diluted EPS
-$2.39
$13.39
$9.31
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
-207
778
474
Capital expenditure
83.7
184
86.3
-54.6%
Free cash flow
-290
594
388
Free cash flow margin
-20.0%
36.5%
22.5%
Cash from investing
-335
-821
-836
Cash from financing
611
6.3
43.3
+9,601.6%
Depreciation and amortisation
45.9
35.9
31.0
+27.9%
Share-based compensation
45.4
-26.4
73.5
Buybacks
n/a
n/a
250
Diluted shares, weighted
44m
44m
45m
-0.5%
Shares outstanding at period end
44m
44m
43m
+0.7%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
2,780
2,789
2,102
-0.3%
Redeemable equity
n/a
19.2
19.2
Debt
850
250
250
+240.0%
Operating lease liabilities
3.0
n/a
n/a
Other liabilities
280
343
508
-18.4%
Total liabilities and equity
3,913
3,401
2,879
+15.1%
Fixed assets
738
700
546
+5.5%
Goodwill
28.0
31.5
13.7
-11.1%
Investments
1,515
1,189
725
+27.4%
Cash and equivalents
738
669
705
+10.3%
Receivables
151
176
297
-13.8%
Inventory
93.4
101
108
-7.5%
Other assets
649
535
485
+21.3%
Total assets
3,913
3,401
2,879
+15.1%
10-K for the year ended 31 December 2019, filed 26 February 2020: the filing.