United Therapeutics (UTHR) Q1 FY2022 earnings: revenue $462 million, up 21.8% on the year

United Therapeutics Corp. (UTHR) reported revenue of $462 million for Q1 FY2022, the quarter ended 31 March 2022, up 21.8% on the same quarter a year earlier as this quarter's filing gives it. Net income was $240 million, up 747.7% on the year as this quarter's filing gives it, and diluted earnings per share $5.03. The figures are the company's own, from the 10-Q it filed with the SEC on 4 May 2022.

Revenue

$462 million

+21.8% on the year · +11.2% on the quarter

Q2 FY2020Q1 FY2022

Operating margin

62.4%

-17.1% a year earlier

Q2 FY2020Q1 FY2022

Net income

$240 million

+747.7% on the year · +113.8% on the quarter

Q2 FY2020Q1 FY2022

Diluted EPS

$5.03

+724.6% on the year · +111.3% on the quarter

Q2 FY2020Q1 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Revenue	462	415	379	+11.2%	+21.8%
Cost of revenue	25.9	34.6	n/a	-25.1%
Gross profit	436	381	n/a	+14.6%
Gross margin	94.4%	91.7%	n/a
Research and development	69.0	82.9	n/a	-16.8%
Selling, general and administrative	79.0	n/a	n/a
Operating income	288	170	-64.8	+69.6%
Operating margin	62.4%	40.9%	-17.1%
Interest expense	4.7	4.7	n/a	0.0%
Pre-tax income	309	140	n/a	+119.7%
Income tax	68.8	28.3	n/a	+143.1%
Effective tax rate	22.3%	20.1%	n/a
Net income	240	112	28.3	+113.8%	+747.7%
Net margin	51.9%	27.0%	n/a
Diluted EPS	$5.03	$2.38	$0.61	+111.3%	+724.6%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Operating cash flow	289	175	n/a	+65.3%
Capital expenditure	13.5	70.6	n/a	-80.9%
Free cash flow	275	104	n/a	+164.6%
Free cash flow margin	59.6%	25.0%	n/a
Cash from investing	-359	-196	n/a
Cash from financing	-11.0	7.5	n/a
Depreciation and amortisation	12.5	12.6	12.5	-0.8%	0.0%
Share-based compensation	-21.1	44.7	n/a
Diluted shares, weighted	48m	47m	46m	+0.8%	+2.8%
Shares outstanding at period end	45m	45m	45m	+0.4%	+1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2022	Q4 FY2021	Q1 FY2021	On the quarter	On the year
Shareholders' equity	4,176	3,959	3,445	+5.5%	+21.2%
Debt	800	800	n/a	0.0%
Other liabilities	384	410	n/a	-6.5%
Total liabilities and equity	5,360	5,169	n/a	+3.7%
Fixed assets	784	781	n/a	+0.4%
Goodwill	28.0	28.0	n/a	0.0%
Investments	3,014	2,686	n/a	+12.2%
Cash and equivalents	813	895	832	-9.1%	-2.3%
Receivables	170	199	n/a	-14.2%
Inventory	88.2	93.8	n/a	-6.0%
Other assets	462	487	n/a	-5.2%
Total assets	5,360	5,169	n/a	+3.7%

Questions

What was United Therapeutics' revenue in Q1 FY2022?

United Therapeutics (UTHR) reported revenue of $462 million for Q1 FY2022, the quarter ended 31 March 2022, up 21.8% on the same quarter a year earlier as the company restated it.

How much did United Therapeutics earn in Q1 FY2022?

Net income for Q1 FY2022 was $240 million, up 747.7% on the year, and diluted earnings per share $5.03.

When did United Therapeutics report Q1 FY2022 results?

United Therapeutics filed its 10-Q for the quarter ended 31 March 2022 with the SEC on 4 May 2022.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 * †	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	415	462	467	516	492	507	596	609	615	678	715	749	736	794	799	800	790	782	783	832
Cost of revenue	34.6	25.9	29.7	37.2	58.8	52.3	64.1	70.1	71.0	72.9	77.8	83.1	75.9	92.5	87.6	101	103	133	99.5	99.1
Gross profit	381	436	437	479	433	455	532	539	544	605	637	666	660	702	711	699	687	648	684	733
Gross margin	92%	94%	94%	93%	88%	90%	89%	88%	88%	89%	89%	89%	90%	88%	89%	87%	87%	83%	87%	88%
R&D	82.9	69.0	93.9	66.1	93.9	82.9	89.0	84.7	151	104	140	104	134	149	134	128	140	138	146	279
SG&A	n/a	79.0	142	98.4	163	87.3	130	128	132	144	178	219	168	170	212	183	191	184	207	146
Operating income	170	288	202	314	176	284	313	327	260	356	320	343	358	383	364	388	357	326	331	308
Operating margin	41%	62%	43%	61%	36%	56%	53%	54%	42%	53%	45%	46%	49%	48%	46%	49%	45%	42%	42%	37%
Interest expense	4.7	4.7	6.2	9.2	12.3	13.8	14.8	15.6	15.1	13.3	11.6	10.1	7.9	6.1	7.3	3.0	3.1	3.0	2.9	2.9
Pre-tax income	140	309	151	312	179	292	335	352	295	399	355	389	396	424	408	438	444	318	373	373
Tax rate	20%	22%	23%	23%	26%	17%	23%	24%	27%	23%	22%	20%	24%	24%	24%	23%	18%	14%	11%	31%
Net income	112	240	116	239	132	241	259	268	217	307	278	309	301	322	310	339	364	275	333	259
Net margin	27%	52%	25%	46%	27%	48%	43%	44%	35%	45%	39%	41%	41%	41%	39%	42%	46%	35%	43%	31%
Diluted EPS	$2.38	$5.03	$2.41	$4.91	$2.65	$4.86	$5.24	$5.38	$4.36	$6.17	$5.85	$6.39	$6.19	$6.63	$6.41	$7.16	$7.70	$5.82	$7.27	$5.71
Operating cash flow	175	289	127	259	128	375	106	346	151	376	232	377	341	461	192	562	346	463	314	306
Capital expenditure	70.6	13.5	17.0	68.8	39.5	41.3	44.7	65.7	78.7	38.2	45.1	76.5	86.7	74.9	62.2	210	173	101	108	181
Free cash flow	104	275	110	190	88.7	334	61.6	280	72.0	338	187	301	254	386	130	352	173	362	206	126
Buybacks	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	1,000	0.0	0.0	0.0	0.0	0.0	1,000	0.0	1,500	0.0	500
Shares outstanding	45m	45m	45m	46m	46m	47m	47m	47m	47m	44m	44m	45m	45m	45m	45m	43m	44m	42m	43m	42m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2022, filed 4 May 2022: the filing.