United Therapeutics (UTHR) FY2023 results: revenue $2.3 billion, up 20.2% on the year

United Therapeutics Corp. (UTHR) reported revenue of $2.3 billion for fiscal 2023, the year ended 31 December 2023, up 20.2% on the year before. Net income was $985 million, up 35.4%, and diluted earnings per share $19.81. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$2.3 billion

+20.2% on the year

FY2016FY2023

Operating margin

50.9%

50.6% a year earlier

FY2016FY2023

Net income

$985 million

+35.4% on the year

FY2016FY2023

Diluted EPS

$19.81

+32.1% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	2,328	1,936	1,686	+20.2%
Cost of revenue	258	152	122	+69.9%
Gross profit	2,070	1,785	1,563	+16.0%
Gross margin	88.9%	92.2%	92.7%
Research and development	408	323	540	+26.4%
Selling, general and administrative	477	482	467	-1.0%
Operating income	1,185	980	556	+20.9%
Operating margin	50.9%	50.6%	33.0%
Interest expense	59.3	32.4	18.6	+83.0%
Pre-tax income	1,274	951	594	+34.1%
Income tax	290	223	118	+29.6%
Effective tax rate	22.7%	23.5%	19.9%
Net income	985	727	476	+35.4%
Net margin	42.3%	37.6%	28.2%
Diluted EPS	$19.81	$15.00	$10.06	+32.1%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	978	802	598	+21.9%
Capital expenditure	230	139	121	+66.0%
Free cash flow	748	664	477	+12.6%
Free cash flow margin	32.1%	34.3%	28.3%
Cash from investing	-720	-812	-487
Cash from financing	-11.9	75.4	44.8
Depreciation and amortisation	53.2	51.3	49.9	+3.7%
Share-based compensation	39.1	107	138	-63.4%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	50m	48m	47m	+2.5%
Shares outstanding at period end	47m	46m	45m	+2.2%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	5,985	4,797	3,959	+24.8%
Debt	700	800	800	-12.5%
Other liabilities	482	448	410	+7.7%
Total liabilities and equity	7,167	6,044	5,169	+18.6%
Fixed assets	1,045	862	781	+21.3%
Goodwill	33.7	28.0	28.0	+20.4%
Investments	3,696	3,194	2,686	+15.7%
Cash and equivalents	1,208	961	895	+25.6%
Receivables	279	220	199	+26.5%
Inventory	112	102	93.8	+9.6%
Other assets	793	678	487	+17.1%
Total assets	7,167	6,044	5,169	+18.6%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.