01—Abstract
Summary
Summary of the 10-K filed February 26, 2025. Cited figures are marked; the original filing is the authoritative source.
United Therapeutics Corporation's 2024 Form 10-K reports total revenues of $2,877.4 milliona for 2024, up from $2,327.5 million in 2023, with net income of $1,195.1 million (diluted EPS $24.64) compared with $984.8 million in 2023.
Growth was led by Tyvaso DPI, whose net product sales rose to $1,033.6 millionb from $731.1 million, and combined Tyvaso DPI and nebulized Tyvaso sales reached $1,620.4 million, or 56 percent of total revenues. Orenitram ($434.3 million), Remodulin ($538.1 million) and Unituxin ($238.7 million) also grew, while Adcirca declined to $23.8 million amid generic competition. The company is pursuing a pipeline centered on nebulized Tyvaso in idiopathic pulmonary fibrosis (TETON 1 and TETON 2 phase 3 studies) and progressive pulmonary fibrosis (TETON PPF), plus ralinepag in phase 3 (ADVANCE OUTCOMES) and manufactured organ programs, including a UKidney IND cleared by the FDA in January 2025.
Management cites risks from Merck's Winrevair, Liquidia's Yutrepia (exclusivity expiring May 2025), generic competition for Remodulin, nebulized Tyvaso and Orenitram, and Inflation Reduction Act pricing pressure. The company also recorded a $71.1 millionc litigation accrual related to the Sandoz matter and spent $1.0 billion on share repurchases in 2024, leaving $4,742.3 million in cash and marketable investments at year-end against $300.0 million outstanding under its credit agreement.
Total research and development expense rose to $481.0 milliond and selling, general and administrative expense to $709.7 million, with share-based compensation of $144.0 million. Investors will want to watch the Yutrepia launch timing, the outcome of the TETON studies, and the capital program of roughly $750 million budgeted for 2025 through 2027 for facilities.
02—Key points
Key Highlights
- Total revenues rose to $2,877.4 million in 2024 from $2,327.5 million in 2023; net income was $1,195.1 million versus $984.8 million.
- Tyvaso DPI net product sales were $1,033.6 million, up from $731.1 million, and combined Tyvaso products represented 56 percent of total 2024 revenues.
- Operating cash flow was $1,327.1 million, and cash plus marketable investments totaled $4,742.3 million at December 31, 2024.
- The company repurchased $1.0 billion of common stock in 2024 under an accelerated share repurchase agreement, and $300.0 million remained outstanding under its credit agreement.
- Phase 3 TETON 1 and TETON 2 studies of nebulized Tyvaso in IPF are ongoing, with the primary endpoint being change in absolute FVC at week 52.
- Liquidia's Yutrepia has tentative FDA approval and could launch after exclusivity expires in May 2025, creating competitive risk for Tyvaso DPI and nebulized Tyvaso.
- A $71.1 million litigation accrual was recorded related to the Sandoz matter, with all parties having appealed the final judgment.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2024, United Therapeutics kept $0.42.
- Revenue$2.88B100.0%
- Cost of revenue−$309.7M10.8%
- Gross profit$2.57B89.2%
- Operating costs−$1.19B41.4%
- Operating income$1.38B47.9%
- Interest, other & tax−$181.9M6.3%
- Net income$1.20B41.5%
Where FY2024 revenue went
$2.88B- Net income: $1.20B, 42% of revenue
- SG&A: $709.7M, 25% of revenue
- R&D: $481.0M, 17% of revenue
- Cost of revenue: $309.7M, 11% of revenue
- Interest, other & tax: $181.9M, 6.3% of revenue
Kept 42% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 26, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $2.88B$2.33B | +23.6% |
| Cost of Revenue | $309.70M$257.50M | +20.3% |
| Gross Profit | $2.57B$2.07B | +24.0% |
| R&D Expenses | $481.00M$408.00M | +17.9% |
| SG&A Expenses | $709.70M$477.10M | +48.8% |
| Operating Expenses | $1.50B$1.14B | +31.3% |
| Operating Income | $1.38B$1.18B | +16.2% |
| Net Income | $1.20B$984.80M | +21.4% |
| EPS (Basic) | $26.44$21.04 | +25.7% |
| EPS (Diluted) | $24.64$19.81 | +24.4% |
| Shares Outstanding (Basic) | 45.20M46.80M | −3.4% |
| Shares Outstanding (Diluted) | 48.50M49.70M | −2.4% |
05—Questions
Frequently Asked Questions
What drove revenue growth in 2024?
Total revenues increased to $2,877.4 million from $2,327.5 million. The filing attributes the largest increase to Tyvaso DPI, whose net product sales rose $302.5 million, driven mainly by growth in patients following launch, including PH-ILD patients, and by higher quantities sold. Orenitram, Unituxin and Remodulin also grew.
What are the main risks to the Tyvaso franchise?
The filing cites Merck's Winrevair, approved in March 2024, and Liquidia's Yutrepia, a dry powder treprostinil expected to receive final approval after May 2025 exclusivity expires. It also notes that generic nebulized Tyvaso could enter the U.S. market beginning January 2026 under a settlement with Watson, and that Part D rebate agreements and Inflation Reduction Act discounts affect net revenues.
What is the status of the pipeline beyond existing products?
Nebulized Tyvaso is in phase 3 TETON 1 and TETON 2 studies for IPF and a phase 3 TETON PPF study. Ralinepag is in the phase 3 ADVANCE OUTCOMES study, with enrollment expected to close in mid-2025. The UKidney clinical trial IND was cleared by the FDA in January 2025.
How did the company return capital to shareholders and how is its balance sheet positioned?
The company repurchased $1.0 billion of common stock in 2024 through an accelerated share repurchase agreement, completed in September 2024, and it has never paid cash dividends. At year-end it held $4,742.3 million in cash and marketable investments against $300.0 million outstanding under its 2022 Credit Agreement, which the company intends to repay within one year.
What capital spending does the company plan?
The company has budgeted approximately $750 million for capital expenditures during 2025 through the end of 2027, primarily for a new Tyvaso DPI manufacturing facility in Research Triangle Park, a clinical-scale designated pathogen-free facility in Stewartville, Minnesota, and pre-construction for a commercial-scale DPF facility. It plans to fund these expenditures using cash on hand.
06—Continue