United Therapeutics (UTHR) FY2024 results: revenue $2.9 billion, up 23.6% on the year

United Therapeutics Corp. (UTHR) reported revenue of $2.9 billion for fiscal 2024, the year ended 31 December 2024, up 23.6% on the year before. Net income was $1.2 billion, up 21.4%, and diluted earnings per share $24.64. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2025.

Revenue

$2.9 billion

+23.6% on the year

FY2017FY2024

Operating margin

47.9%

50.9% a year earlier

FY2017FY2024

Net income

$1.2 billion

+21.4% on the year

FY2017FY2024

Diluted EPS

$24.64

+24.4% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,877	2,328	1,936	+23.6%
Cost of revenue	310	258	152	+20.3%
Gross profit	2,568	2,070	1,785	+24.0%
Gross margin	89.2%	88.9%	92.2%
Research and development	481	408	323	+17.9%
Selling, general and administrative	710	477	482	+48.8%
Operating income	1,377	1,185	980	+16.2%
Operating margin	47.9%	50.9%	50.6%
Interest expense	42.9	59.3	32.4	-27.7%
Pre-tax income	1,539	1,274	951	+20.8%
Income tax	344	290	223	+18.8%
Effective tax rate	22.3%	22.7%	23.5%
Net income	1,195	985	727	+21.4%
Net margin	41.5%	42.3%	37.6%
Diluted EPS	$24.64	$19.81	$15.00	+24.4%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,327	978	802	+35.7%
Capital expenditure	246	230	139	+7.0%
Free cash flow	1,081	748	664	+44.5%
Free cash flow margin	37.6%	32.1%	34.3%
Cash from investing	417	-720	-812
Cash from financing	-1,255	-11.9	75.4
Depreciation and amortisation	72.5	53.2	51.3	+36.3%
Share-based compensation	144	39.1	107	+268.3%
Buybacks	1,000	0.0	0.0
Diluted shares, weighted	48m	50m	48m	-2.4%
Shares outstanding at period end	45m	47m	46m	-4.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	6,444	5,985	4,797	+7.7%
Debt	300	700	800	-57.1%
Other liabilities	620	482	448	+28.6%
Total liabilities and equity	7,364	7,167	6,044	+2.7%
Fixed assets	1,222	1,045	862	+16.9%
Goodwill	32.3	33.7	28.0	-4.2%
Investments	3,045	3,696	3,194	-17.6%
Cash and equivalents	1,697	1,208	961	+40.5%
Receivables	279	279	220	+0.1%
Inventory	158	112	102	+41.2%
Other assets	930	793	678	+17.2%
Total assets	7,364	7,167	6,044	+2.7%

10-K for the year ended 31 December 2024, filed 26 February 2025: the filing.