2021 Q4 Form 10-K Financial Statement

#000108255422000004 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $415.2M $1.686B $384.9M
YoY Change 7.87% 13.63% 23.72%
Cost Of Revenue $34.60M $122.5M $34.80M
YoY Change -0.57% 13.32% 20.83%
Gross Profit $380.6M $1.563B $350.1M
YoY Change 8.71% 13.66% 24.02%
Gross Profit Margin 91.67% 92.73% 90.96%
Selling, General & Admin $126.9M $464.5M $158.7M
YoY Change -20.04% 9.58% 50.86%
% of Gross Profit 33.34% 29.72% 45.33%
Research & Development $82.90M $540.1M $126.1M
YoY Change -34.26% 50.99% 11.0%
% of Gross Profit 21.78% 34.56% 36.02%
Depreciation & Amortization $12.60M $49.90M $13.10M
YoY Change -3.82% 0.0% 4.8%
% of Gross Profit 3.31% 3.19% 3.74%
Operating Expenses $209.8M $540.1M $284.8M
YoY Change -26.33% 50.99% 30.16%
Operating Profit $170.8M $555.9M $65.30M
YoY Change 161.56% -6.35% 2.83%
Interest Expense -$26.90M $18.60M -$53.40M
YoY Change -49.63% -20.85% -1670.59%
% of Operating Profit -15.75% 3.35% -81.78%
Other Income/Expense, Net -$2.400M $38.00M $102.5M
YoY Change -102.34% -16.11% 7221.43%
Pretax Income $140.5M $593.9M $114.4M
YoY Change 22.81% -7.04% 67.5%
Income Tax $28.30M $118.1M $15.60M
% Of Pretax Income 20.14% 19.89% 13.64%
Net Earnings $112.2M $475.8M $98.80M
YoY Change 13.56% -7.58% 87.83%
Net Earnings / Revenue 27.02% 28.23% 25.67%
Basic Earnings Per Share $10.60
Diluted Earnings Per Share $2.342M $10.06 $2.186M
COMMON SHARES
Basic Shares Outstanding 45.04M shares 44.90M shares 44.44M shares
Diluted Shares Outstanding 47.30M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.931B $1.931B $1.835B
YoY Change 5.22% 5.22% 23.49%
Cash & Equivalents $894.8M $894.8M $738.7M
Short-Term Investments $1.036B $1.036B $1.096B
Other Short-Term Assets $100.4M $100.4M $88.30M
YoY Change 13.7% 13.7% -34.01%
Inventory $93.80M $93.80M $86.50M
Prepaid Expenses
Receivables $198.7M $198.7M $157.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.324B $2.324B $2.167B
YoY Change 7.22% 7.22% 16.23%
LONG-TERM ASSETS
Property, Plant & Equipment $780.9M $780.9M $731.6M
YoY Change 6.74% 6.74% -0.93%
Goodwill $28.00M $28.00M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $1.650B $1.650B $1.150B
YoY Change 43.52% 43.52% 49.79%
Other Assets $108.2M $370.1M $169.9M
YoY Change -36.32% -9.4% 9.9%
Total Long-Term Assets $2.846B $2.846B $2.448B
YoY Change 16.25% 16.25% 19.47%
TOTAL ASSETS
Total Short-Term Assets $2.324B $2.324B $2.167B
Total Long-Term Assets $2.846B $2.846B $2.448B
Total Assets $5.169B $5.169B $4.615B
YoY Change 12.01% 12.01% 17.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.800M $3.800M $4.100M
YoY Change -7.32% -7.32% -58.59%
Accrued Expenses $170.8M $170.8M $182.9M
YoY Change -6.62% -6.62% 32.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $305.4M $305.4M $323.3M
YoY Change -5.54% -5.54% -30.17%
LONG-TERM LIABILITIES
Long-Term Debt $800.0M $800.0M $800.0M
YoY Change 0.0% 0.0% 33.33%
Other Long-Term Liabilities $104.8M $104.8M $96.50M
YoY Change 8.6% 8.6% 37.86%
Total Long-Term Liabilities $104.8M $904.8M $96.50M
YoY Change 8.6% 0.93% 37.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $305.4M $305.4M $323.3M
Total Long-Term Liabilities $104.8M $904.8M $96.50M
Total Liabilities $1.210B $1.210B $1.220B
YoY Change -0.79% -0.79% 7.66%
SHAREHOLDERS EQUITY
Retained Earnings $4.315B $3.839B
YoY Change 12.39% 15.46%
Common Stock $2.246B $2.149B
YoY Change 4.5% 4.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.959B $3.959B $3.395B
YoY Change
Total Liabilities & Shareholders Equity $5.169B $5.169B $4.615B
YoY Change 12.01% 12.01% 17.93%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $112.2M $475.8M $98.80M
YoY Change 13.56% -7.58% 87.83%
Depreciation, Depletion And Amortization $12.60M $49.90M $13.10M
YoY Change -3.82% 0.0% 4.8%
Cash From Operating Activities $174.6M $598.2M $126.2M
YoY Change 38.35% -20.84% 23.12%
INVESTING ACTIVITIES
Capital Expenditures -$70.60M $120.8M -$12.30M
YoY Change 473.98% 103.71% -50.2%
Acquisitions $0.00
YoY Change
Other Investing Activities -$125.2M -$366.1M -$51.50M
YoY Change 143.11% -46.1% -156.66%
Cash From Investing Activities -$195.8M -$486.9M -$63.80M
YoY Change 206.9% -34.07% -196.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.500M $44.80M 6.100M
YoY Change 22.95% -365.09% -104.07%
NET CHANGE
Cash From Operating Activities 174.6M $598.2M 126.2M
Cash From Investing Activities -195.8M -$486.9M -63.80M
Cash From Financing Activities 7.500M $44.80M 6.100M
Net Change In Cash -13.70M $156.1M 68.50M
YoY Change -120.0% 51933.33% 266.31%
FREE CASH FLOW
Cash From Operating Activities $174.6M $598.2M $126.2M
Capital Expenditures -$70.60M $120.8M -$12.30M
Free Cash Flow $245.2M $477.4M $138.5M
YoY Change 77.04% -31.45% 8.88%

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Organization and Business Description<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">United Therapeutics Corporation is a biotechnology company focused on the development and commercialization of innovative products to address the unmet medical needs of patients with chronic and life-threatening conditions. On September 30, 2021, we converted to a Delaware public benefit corporation, with the express public benefit purpose</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-style:italic;font-weight:400;line-height:120%"> to provide a brighter future for patients through (a) the development of novel pharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">We have approval from the U.S. Food and Drug Administration (</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">FDA</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">) to market the following therapies: Tyvaso</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:120%;position:relative;top:-2.97pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> (treprostinil) Inhalation Solution (</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">Tyvaso</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">), Remodulin</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:120%;position:relative;top:-2.97pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> (treprostinil) Injection (</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">Remodulin</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">), Orenitram</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:120%;position:relative;top:-2.97pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> (treprostinil) Extended-Release Tablets (</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">Orenitram</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">), Unituxin</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:120%;position:relative;top:-2.97pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> (dinutuximab) Injection (</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">Unituxin</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">), and Adcirca</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:5.52pt;font-weight:400;line-height:120%;position:relative;top:-2.97pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%"> (tadalafil) Tablets (</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">Adcirca</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">). We also derive revenues outside the United States from sales of Tyvaso, Remodulin, and Unituxin.</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">As used in these notes to our consolidated financial statements, unless the context otherwise requires, the terms “</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">we</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">”, “</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">us</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">”, “</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:700;line-height:120%">our</span><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">”, and similar terms refer to United Therapeutics Corporation and its consolidated subsidiaries.</span></div>
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<div style="margin-bottom:6pt;margin-top:14pt"><span style="color:#c12034;font-family:'DIN Offc',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'DIN Offc',sans-serif;font-size:8.5pt;font-weight:400;line-height:120%">The preparation of our consolidated financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect reported amounts of assets and liabilities at the date of our consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on assumptions regarding historical experience, currently available information, and anticipated developments that we believe are reasonable and appropriate. However, because the use of estimates involves an inherent degree of uncertainty, actual results could differ from those estimates. Estimates are used for, but not limited to, revenue recognition, share-based compensation, determining the fair value of assets acquired and liabilities assumed in business combinations, marketable investments, fair value measurements (including those related to contingent consideration), inventory reserves, investments in privately-held companies, income taxes, goodwill and other intangible assets, and obligations related to our Supplemental Executive Retirement Plan.</span></div>
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2800000 USD
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CY2020 uthr Effective Income Tax Rate Reconciliation Deconsolidation Of Vie
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CY2019 uthr Effective Income Tax Rate Reconciliation Deconsolidation Of Vie
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1500000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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300000 USD
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CY2019 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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0 USD
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1900000 USD
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CY2020 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
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7100000 USD
CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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13300000 USD
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400000 USD
CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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1000000.0 USD
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6700000 USD
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12300000 USD
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2000000.0 USD
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4500000 USD
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1300000 USD
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2000000.0 USD
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3300000 USD
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5800000 USD
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500000 USD
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6700000 USD
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0 USD
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59100000 USD
CY2020Q4 us-gaap Defined Benefit Plan Accumulated Benefit Obligation
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58700000 USD
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18200000 USD
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6300000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
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16500000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
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6800000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
0 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter
38900000 USD
CY2021Q4 uthr Defined Benefit Plan Expected Future Benefit Payments
DefinedBenefitPlanExpectedFutureBenefitPayments
86700000 USD
CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.40
CY2021 uthr Defined Contribution Plan Vesting Of Matching Contribution Service Period
DefinedContributionPlanVestingOfMatchingContributionServicePeriod
P3Y
CY2021 uthr Defined Contribution Plan Annual Increments Vesting Period
DefinedContributionPlanAnnualIncrementsVestingPeriod
P3Y
CY2021 uthr Defined Contribution Plan Vesting Of Matching Contribution Service Period
DefinedContributionPlanVestingOfMatchingContributionServicePeriod
P3Y
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3100000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2700000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2400000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1700000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1800000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
7200000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18900000 USD
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
3600000 USD
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
3500000 USD
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
4900000 USD
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1685500000 USD
CY2021 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
122500000 USD
CY2021 us-gaap Gross Profit
GrossProfit
1563000000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1483300000 USD
CY2020 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
108100000 USD
CY2020 us-gaap Gross Profit
GrossProfit
1375200000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1448800000 USD
CY2019 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
117600000 USD
CY2019 us-gaap Gross Profit
GrossProfit
1331200000 USD
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1685500000 USD
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1483300000 USD
CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1448800000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
780900000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
731600000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
738500000 USD
CY2019Q1 uthr Upfront Payment
UpfrontPayment
800000000 USD

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