United Therapeutics (UTHR) FY2021 results: revenue $1.7 billion, up 13.6% on the year

United Therapeutics Corp. (UTHR) reported revenue of $1.7 billion for fiscal 2021, the year ended 31 December 2021, up 13.6% on the year before. Net income was $476 million, down 7.6%, and diluted earnings per share $10.06. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2022.

Revenue

$1.7 billion

+13.6% on the year

FY2014FY2021

Operating margin

33.0%

40.0% a year earlier

FY2014FY2021

Net income

$476 million

-7.6% on the year

FY2014FY2021

Diluted EPS

$10.06

-12.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,686	1,483	1,449	+13.6%
Cost of revenue	122	108	118	+13.3%
Gross profit	1,563	1,375	1,331	+13.7%
Gross margin	92.7%	92.7%	91.9%
Research and development	540	358	1,183	+51.0%
Selling, general and administrative	467	n/a	n/a
Operating income	556	594	-188	-6.4%
Operating margin	33.0%	40.0%	-12.9%
Interest expense	18.6	23.5	44.2	-20.9%
Pre-tax income	594	639	-165	-7.0%
Income tax	118	124	-60.5	-4.8%
Effective tax rate	19.9%	19.4%	n/a
Net income	476	515	-104	-7.6%
Net margin	28.2%	34.7%	-7.2%
Diluted EPS	$10.06	$11.54	-$2.39	-12.8%

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	598	756	-207	-20.8%
Capital expenditure	121	59.3	83.7	+103.7%
Free cash flow	477	696	-290	-31.4%
Free cash flow margin	28.3%	46.9%	-20.0%
Cash from investing	-487	-738	-335
Cash from financing	44.8	-16.9	611
Depreciation and amortisation	49.9	49.9	45.9	0.0%
Share-based compensation	138	164	45.4	-15.4%
Diluted shares, weighted	47m	45m	44m	+6.1%
Shares outstanding at period end	45m	45m	44m	+1.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	3,959	3,395	2,780	+16.6%
Debt	800	800	850	0.0%
Operating lease liabilities	n/a	n/a	3.0
Other liabilities	410	420	280	-2.3%
Total liabilities and equity	5,169	4,615	3,913	+12.0%
Fixed assets	781	732	738	+6.7%
Goodwill	28.0	28.0	28.0	0.0%
Investments	2,686	2,246	1,515	+19.6%
Cash and equivalents	895	739	738	+21.1%
Receivables	199	157	151	+26.2%
Inventory	93.8	86.5	93.4	+8.4%
Other assets	487	627	649	-22.3%
Total assets	5,169	4,615	3,913	+12.0%

10-K for the year ended 31 December 2021, filed 24 February 2022: the filing.