United Therapeutics (UTHR) FY2022 results: revenue $1.9 billion, up 14.9% on the year

United Therapeutics Corp. (UTHR) reported revenue of $1.9 billion for fiscal 2022, the year ended 31 December 2022, up 14.9% on the year before. Net income was $727 million, up 52.9%, and diluted earnings per share $15.00. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$1.9 billion

+14.9% on the year

FY2015FY2022

Operating margin

50.6%

33.0% a year earlier

FY2015FY2022

Net income

$727 million

+52.9% on the year

FY2015FY2022

Diluted EPS

$15.00

+49.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,936	1,686	1,483	+14.9%
Cost of revenue	152	122	108	+23.8%
Gross profit	1,785	1,563	1,375	+14.2%
Gross margin	92.2%	92.7%	92.7%
Research and development	323	540	358	-40.2%
Selling, general and administrative	482	467	n/a	+3.2%
Operating income	980	556	594	+76.2%
Operating margin	50.6%	33.0%	40.0%
Interest expense	32.4	18.6	23.5	+74.2%
Pre-tax income	951	594	639	+60.1%
Income tax	223	118	124	+89.1%
Effective tax rate	23.5%	19.9%	19.4%
Net income	727	476	515	+52.9%
Net margin	37.6%	28.2%	34.7%
Diluted EPS	$15.00	$10.06	$11.54	+49.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	802	598	756	+34.2%
Capital expenditure	139	121	59.3	+14.9%
Free cash flow	664	477	696	+39.0%
Free cash flow margin	34.3%	28.3%	46.9%
Cash from investing	-812	-487	-738
Cash from financing	75.4	44.8	-16.9	+68.3%
Depreciation and amortisation	51.3	49.9	49.9	+2.8%
Share-based compensation	107	138	164	-22.9%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	48m	47m	45m	+2.5%
Shares outstanding at period end	46m	45m	45m	+2.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,797	3,959	3,395	+21.2%
Debt	800	800	800	0.0%
Other liabilities	448	410	420	+9.2%
Total liabilities and equity	6,044	5,169	4,615	+16.9%
Fixed assets	862	781	732	+10.3%
Goodwill	28.0	28.0	28.0	0.0%
Investments	3,194	2,686	2,246	+18.9%
Cash and equivalents	961	895	739	+7.4%
Receivables	220	199	157	+10.9%
Inventory	102	93.8	86.5	+8.7%
Other assets	678	487	627	+39.1%
Total assets	6,044	5,169	4,615	+16.9%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.