How much did United Therapeutics grow revenue in 2024?

Total revenues rose to a record $2,877.4 million for the year ended December 31, 2024, compared with $2,327.5 million in 2023, an increase the filing states as 24%. Management described this as the company's third consecutive year of record revenue.

What drove the growth in Tyvaso revenues?

Total Tyvaso revenues grew 31% to $1,620.4 million, driven mainly by Tyvaso DPI, where quantities sold increased $269.2 million and price increases contributed to a lesser extent. The filing attributes growth to patient growth following launch, including pulmonary hypertension associated with interstitial lung disease (PH-ILD) patients, and to Part D redesign under the Inflation Reduction Act.

Why did operating expenses increase significantly in 2024?

Selling, general, and administrative expense rose 49% to $709.7 million, including a $71.1 million litigation accrual for Sandoz Inc. litigation and share-based compensation of $109.5 million, up from $21.1 million. Research and development expense increased 18% to $481.0 million due to manufactured organ projects, licensing payments for drug delivery and ex vivo lung perfusion technologies, and TETON study expenditures.

What are the key upcoming catalysts mentioned by management?

Management said both TETON studies of nebulized Tyvaso in idiopathic pulmonary fibrosis are enrolled, with data starting in the second half of 2025. Ralinepag, described as a once-daily oral prostacyclin agonist, is expected to generate data in 2026. The company also announced FDA clearance to start a potentially registration-enabling xenotransplantation study with its UKidney.

How did the company return capital to shareholders in 2024?

In March 2024 the company entered an accelerated share repurchase agreement with Citibank, N.A., paying an aggregate upfront amount of $1.0 billion. It received 3,275,199 shares initially and 3,547,374 shares in total upon final settlement, which are held as treasury stock.

UTHR 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 26, 2025. Cited figures are marked; the original filing is the authoritative source.

United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, reported record full-year 2024 total revenues of $2.88 billion^a, up 24% from 2023, and its third consecutive year of record revenue.

Fourth-quarter 2024 total revenues were $735.9 million^b versus $614.7 million a year earlier. Net income for the full year was $1.20 billion ($24.64 per diluted share), compared with $984.8 million ($19.81 per diluted share) in 2023. Total Tyvaso revenues grew 31% for the year to $1.62 billion, led by Tyvaso DPI, which rose 41% to $1.03 billion.

Expenses rose sharply during the year. Selling, general, and administrative expense increased 49% to $709.7 million^c, including a $71.1 million litigation accrual related to Sandoz Inc. litigation and share-based compensation of $109.5 million. Research and development expense rose 18% to $481.0 million, reflecting manufactured organ projects, licensing payments, and TETON study costs.

Cash, cash equivalents, and marketable investments were $4.74 billion^d at December 31, 2024, down from $4.90 billion a year earlier, while total stockholders' equity rose to $6.44 billion. The company also repurchased 3,547,374 shares under a $1.0 billion accelerated share repurchase agreement in 2024.

Management highlighted upcoming catalysts: both TETON studies in idiopathic pulmonary fibrosis are enrolled with data expected starting in the second half of 2025, ralinepag data are expected in 2026, and FDA clearance was announced to begin a potentially registration-enabling xenotransplantation study with UKidney. The filing furnishes the earnings press release as Exhibit 99.1 under Item 2.02 and is not deemed filed for Section 18 purposes.

02—Key points

Key Highlights

Full-year 2024 total revenues reached a record $2,877.4 million, up 24% from $2,327.5 million in 2023.
Fourth-quarter 2024 total revenues were $735.9 million, compared with $614.7 million in the fourth quarter of 2023.
Full-year 2024 net income was $1,195.1 million ($24.64 per diluted share), versus $984.8 million ($19.81 per diluted share) in 2023.
Total Tyvaso revenues grew 31% to $1,620.4 million for 2024, with Tyvaso DPI up 41% to $1,033.6 million.
Selling, general, and administrative expense rose 49% to $709.7 million, including a $71.1 million litigation accrual tied to Sandoz Inc. and $109.5 million of share-based compensation.
Management expects TETON study data in idiopathic pulmonary fibrosis starting in the second half of 2025 and ralinepag data in 2026.
Cash, cash equivalents, and marketable investments were $4,742.3 million at year-end 2024, versus $4,903.9 million at year-end 2023.

03—Questions

Frequently Asked Questions

How much did United Therapeutics grow revenue in 2024?
Total revenues rose to a record $2,877.4 million for the year ended December 31, 2024, compared with $2,327.5 million in 2023, an increase the filing states as 24%. Management described this as the company's third consecutive year of record revenue.
What drove the growth in Tyvaso revenues?
Total Tyvaso revenues grew 31% to $1,620.4 million, driven mainly by Tyvaso DPI, where quantities sold increased $269.2 million and price increases contributed to a lesser extent. The filing attributes growth to patient growth following launch, including pulmonary hypertension associated with interstitial lung disease (PH-ILD) patients, and to Part D redesign under the Inflation Reduction Act.
Why did operating expenses increase significantly in 2024?
Selling, general, and administrative expense rose 49% to $709.7 million, including a $71.1 million litigation accrual for Sandoz Inc. litigation and share-based compensation of $109.5 million, up from $21.1 million. Research and development expense increased 18% to $481.0 million due to manufactured organ projects, licensing payments for drug delivery and ex vivo lung perfusion technologies, and TETON study expenditures.
What are the key upcoming catalysts mentioned by management?
Management said both TETON studies of nebulized Tyvaso in idiopathic pulmonary fibrosis are enrolled, with data starting in the second half of 2025. Ralinepag, described as a once-daily oral prostacyclin agonist, is expected to generate data in 2026. The company also announced FDA clearance to start a potentially registration-enabling xenotransplantation study with its UKidney.
How did the company return capital to shareholders in 2024?
In March 2024 the company entered an accelerated share repurchase agreement with Citibank, N.A., paying an aggregate upfront amount of $1.0 billion. It received 3,275,199 shares initially and 3,547,374 shares in total upon final settlement, which are held as treasury stock.

04—Continue

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