$UTHR
UNITED THERAPEUTICS Corp

2019 Q4 Form 10-Q Financial Statement

#000110465919057472 Filed on October 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $311.1M $401.5M $412.7M
YoY Change -18.43% -2.71% -7.36%
Cost Of Revenue $28.80M $33.00M $51.90M
YoY Change -9.72% -36.42% 166.15%
Gross Profit $282.3M $368.5M $360.8M
YoY Change -19.23% 2.13% -15.31%
Gross Profit Margin 90.74% 91.78% 87.42%
Selling, General & Admin $105.2M $99.40M $110.1M
YoY Change 32.83% -9.72% 133.26%
% of Gross Profit 37.27% 26.97% 30.52%
Research & Development $113.6M $85.70M $101.1M
YoY Change -18.16% -15.23% 83.82%
% of Gross Profit 40.24% 23.26% 28.02%
Depreciation & Amortization $12.50M $12.70M $9.400M
YoY Change 19.05% 35.11% 22.08%
% of Gross Profit 4.43% 3.45% 2.61%
Operating Expenses $218.8M $85.70M $101.1M
YoY Change 0.37% -15.23% -1.08%
Operating Profit $63.50M $183.4M $149.6M
YoY Change -51.71% 22.59% -53.8%
Interest Expense $3.400M $11.70M $4.100M
YoY Change -22.73% 185.37% -224.24%
% of Operating Profit 5.35% 6.38% 2.74%
Other Income/Expense, Net $1.400M -$16.50M -$9.500M
YoY Change -148.28% 73.68% -387.88%
Pretax Income $68.30M $166.9M $140.1M
YoY Change -25.68% 19.13% -56.31%
Income Tax $15.70M $34.50M $33.60M
% Of Pretax Income 22.99% 20.67% 23.98%
Net Earnings $52.60M $132.4M $106.5M
YoY Change -19.45% 24.32% -61.45%
Net Earnings / Revenue 16.91% 32.98% 25.81%
Basic Earnings Per Share $1.20 $3.02 $2.44
Diluted Earnings Per Share $1.20 $3.01 $2.42
COMMON SHARES
Basic Shares Outstanding 43.88M 43.90M shares 43.60M
Diluted Shares Outstanding 44.00M shares 44.00M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.486B $1.570B $1.238B
YoY Change 4.94% 26.86% 2.22%
Cash & Equivalents $738.4M $719.7M $656.0M
Short-Term Investments $747.5M $850.3M $581.6M
Other Short-Term Assets $133.8M $85.70M $54.90M
YoY Change 77.45% 56.1% -11.88%
Inventory $93.40M $94.10M $101.0M
Prepaid Expenses
Receivables $151.4M $183.6M $215.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.865B $1.933B $1.609B
YoY Change 5.46% 20.18% -1.86%
LONG-TERM ASSETS
Property, Plant & Equipment $738.5M $678.3M $665.2M
YoY Change 5.55% 1.97% 27.51%
Goodwill $28.00M $28.00M
YoY Change -11.11%
Intangibles
YoY Change
Long-Term Investments $767.5M $730.4M $595.9M
YoY Change 73.41% 22.57% 76.04%
Other Assets $154.6M $231.0M $374.6M
YoY Change -31.04% -38.33% -4.17%
Total Long-Term Assets $2.049B $2.066B $1.803B
YoY Change 25.47% 14.57% 39.07%
TOTAL ASSETS
Total Short-Term Assets $1.865B $1.933B $1.609B
Total Long-Term Assets $2.049B $2.066B $1.803B
Total Assets $3.913B $4.000B $3.412B
YoY Change 15.07% 17.22% 16.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.900M $161.1M $204.8M
YoY Change -57.14% -21.34% 42.92%
Accrued Expenses $138.5M $1.900M
YoY Change -3.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $250.0M $250.0M
YoY Change
Total Short-Term Liabilities $463.0M $469.9M $372.4M
YoY Change 67.39% 26.18% -52.82%
LONG-TERM LIABILITIES
Long-Term Debt $600.0M $750.0M $250.0M
YoY Change 140.0% 200.0%
Other Long-Term Liabilities $70.00M $63.90M $77.70M
YoY Change 5.11% -17.76% 35.13%
Total Long-Term Liabilities $70.00M $63.90M $327.7M
YoY Change 5.11% -80.5% 469.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $463.0M $469.9M $372.4M
Total Long-Term Liabilities $70.00M $63.90M $327.7M
Total Liabilities $1.133B $1.284B $700.1M
YoY Change 91.0% 83.37% -17.33%
SHAREHOLDERS EQUITY
Retained Earnings $3.325B $3.273B
YoY Change -3.19%
Common Stock $2.049B $2.027B
YoY Change 5.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.780B $2.716B $2.693B
YoY Change
Total Liabilities & Shareholders Equity $3.913B $4.000B $3.412B
YoY Change 15.07% 17.22% 16.22%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $52.60M $132.4M $106.5M
YoY Change -19.45% 24.32% -61.45%
Depreciation, Depletion And Amortization $12.50M $12.70M $9.400M
YoY Change 19.05% 35.11% 22.08%
Cash From Operating Activities $102.5M $185.4M $237.5M
YoY Change 20.02% -21.94% -8.12%
INVESTING ACTIVITIES
Capital Expenditures -$24.70M -$13.60M -$41.50M
YoY Change -52.32% -67.23% 88.64%
Acquisitions
YoY Change
Other Investing Activities $90.90M -$285.1M -$288.4M
YoY Change -545.59% -1.14% 61.84%
Cash From Investing Activities $66.20M -$298.7M -$329.9M
YoY Change -191.69% -9.46% 64.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -150.0M -48.30M 2.400M
YoY Change -150100.0% -2112.5% -31.43%
NET CHANGE
Cash From Operating Activities 102.5M 185.4M 237.5M
Cash From Investing Activities 66.20M -298.7M -329.9M
Cash From Financing Activities -150.0M -48.30M 2.400M
Net Change In Cash 18.70M -161.6M -90.00M
YoY Change 40.6% 79.56% -245.63%
FREE CASH FLOW
Cash From Operating Activities $102.5M $185.4M $237.5M
Capital Expenditures -$24.70M -$13.60M -$41.50M
Free Cash Flow $127.2M $199.0M $279.0M
YoY Change -7.29% -28.67% -0.53%

Facts In Submission

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<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.    Organization and Business Description</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">We have approval from the U.S. Food and Drug Administration (FDA) to market the following therapies: Remodulin<sup style="font-size:7.5pt;vertical-align:top;">®</sup> (treprostinil) Injection (Remodulin), Tyvaso<sup style="font-size:7.5pt;vertical-align:top;">®</sup> (treprostinil) Inhalation Solution (Tyvaso), Orenitram<sup style="font-size:7.5pt;vertical-align:top;">®</sup> (treprostinil) Extended-Release Tablets (Orenitram), Unituxin<sup style="font-size:7.5pt;vertical-align:top;">®</sup> (dinutuximab) Injection (Unituxin) and Adcirca<sup style="font-size:7.5pt;vertical-align:top;">®</sup> (tadalafil) Tablets (Adcirca). Our only significant revenues outside the United States are derived from sales of Remodulin in Europe.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">As used in these notes to our consolidated financial statements, unless the context otherwise requires, the terms “we”, “us”, “our”, and similar terms refer to United Therapeutics Corporation and its consolidated subsidiaries.</p>
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<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.    Basis of Presentation</b></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (GAAP) for complete financial statements. These consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the accompanying notes to our consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the SEC on February 27, 2019.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">In our management’s opinion, the accompanying consolidated financial statements contain all adjustments, including normal, recurring adjustments, necessary to fairly present our financial position as of September 30, 2019 and December 31, 2018, our statements of operations, comprehensive income, and stockholders’ equity for the three- and nine-month periods ended September 30, 2019 and 2018 and our statements of cash flows for the nine-month periods ended September 30, 2019 and 2018. Interim results are not necessarily indicative of results for an entire year. In our statements of cash flows, we reclassified the prior period deposits within the “cash flows from operating activities” section to “cash flows from investing activities” section to conform with the current period presentation.</span></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Recently Issued Accounting Standards</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Accounting Standards Adopted During the Period</i></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, <i style="font-style:italic;">Leases (Topic 842)</i> (ASU 2016-02), which requires that assets and liabilities arising under leases be recognized on the balance sheets. ASU 2016-02 also requires additional quantitative and qualitative disclosures of the amount, timing and uncertainty of cash flows relating to lease arrangements. ASU 2016-02 was effective for annual reporting periods beginning after December 15, 2018. In July 2018, the FASB issued ASU No. 2018-11, <i style="font-style:italic;">Leases (Topic 842)—Targeted Improvements </i>(ASU 2018-11). ASU 2018-11 allows entities to elect a simplified transition method, allowing for application of ASU 2016-02 at the adoption date, with recognition of a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. We adopted this standard on January 1, 2019 using the simplified transition method, allowing us to not restate comparative periods and apply ASC 842 on a prospective basis, resulting in a balance sheet presentation that, in certain respects, is not comparable to the prior period in the first year of adoption. We elected the practical expedient package permitted under the transition guidance within the new standard, which among other things, allows us to carry forward historical lease classifications. We also elected to use the lessee component election, allowing us to account for the lease and non-lease components as a single lease component. As the majority of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. We made an accounting policy election to keep leases with an initial term of 12 months or less off of our consolidated balance sheets. We recognize lease payments for such leases in our consolidated statements of operations on a straight-line basis over the lease term.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Upon adoption of this standard, we recognized a right-of-use asset of $8.2 million, and a corresponding lease liability of the same amount, related to our operating leases as of January 1, 2019. In addition, we recognized a cumulative-effect adjustment for the de-recognition of our build-to-suit leases as these leases no longer qualify for build-to-suit accounting and have instead been recognized as operating leases under ASC 842. The adjustment resulted in a decrease to retained earnings of $5.1 million, which is net of a tax benefit. At adoption, our weighted-average remaining lease term was 3.0 years and our weighted-average discount rate was 4.9%.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt;">Supplemental balance sheet information related to operating leases was as follows (in millions):</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:34.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:34.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:34.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:34.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Financial Statement Line Item on our</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:11.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">September 30, </b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">    </b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:11.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">January 1,</b></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:34.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Operating Leases</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td style="background-color:auto;vertical-align:bottom;width:34.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;margin:0pt;"><b style="font-weight:bold;"> Consolidated Balance Sheets</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:11.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">​</span></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:11.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:34.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Right-of-use assets</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:34.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Other non-current assets</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.7</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 8.2</p></td></tr><tr><td style="vertical-align:bottom;width:34.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Current lease liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:34.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Other current liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.1</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;width:34.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Non-current lease liabilities</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:34.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Other non-current liabilities</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 2.8</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"> </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.1</p></td></tr><tr><td style="vertical-align:bottom;width:34.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Total operating lease liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:34.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;">  </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 8.2</p></td></tr></table><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">We recorded $1.2 million and $3.9 million in operating lease expense for the three and nine months ended September 30, 2019 and recorded $1.0 million and $3.2 million in operating lease expense for the three and nine months ended September 30, 2018. The amounts recorded in operating lease expense include short-term leases and variable lease costs, which are immaterial.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with completion of construction in the third quarter of 2019 of a building we own, we leased part of the space in the building to another entity as part of a broader collaboration arrangement. The lease is accounted for as a sales-type lease. Upon lease commencement in the third quarter of 2019, we reclassified $23.1 million of property, plant and equipment, net to other non-current assets on our consolidated balance sheets. The collaboration arrangement activity was immaterial for the period ended September 30, 2019.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In February 2018, the FASB issued ASU No. 2018-02, <i style="font-style:italic;">Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income</i> (ASU 2018-02). The standard provides financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect (or portion thereof) of the change in the U.S. federal corporate income tax rate under the Tax Cuts and Jobs Act (Tax Reform) is recorded. We adopted the new standard on January 1, 2019. Adoption of this standard did not have a material impact on our financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In August 2018, the SEC adopted the final rule under SEC Release No. 33-10532, Disclosure Update and Simplification, to eliminate or modify certain disclosure rules that are redundant, outdated, or duplicative of U.S. GAAP or other regulatory requirements. Among other changes, the amendments eliminated the annual requirement to disclose the high and low trading prices of our common stock. In addition, the amendments expanded the disclosure requirements related to the analysis of shareholders’ equity for interim financial statements. An analysis of the changes in each caption of shareholders’ equity presented in the balance sheet must be provided in a note or separate statement, and we have provided this disclosure in a separate statement (Consolidated Statements of Stockholders’ Equity) beginning in the first quarter of 2019.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Accounting Standards Not Yet Adopted</i></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In June 2016, the FASB issued ASU No. 2016-13, <i style="font-style:italic;">Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</i> (ASU 2016-13), which introduces new guidance for estimating credit losses on certain types of financial instruments based on expected losses and the timing of the recognition of such losses. ASU 2016-13 will be effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. We have begun to identify all of our financial instruments that could be impacted by the new standard as well as to gather data required to comply with the guidance. While we are currently evaluating the impact of adopting this guidance on our financial statements, we do not expect the adoption of the standard will have a material impact.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In January 2017, the FASB issued ASU No. 2017-04, <i style="font-style:italic;">Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment</i> (ASU 2017-04), which simplifies how an entity is required to test goodwill for impairment. A goodwill impairment will be measured by the amount by which a reporting unit’s carrying value exceeds its fair value, with the amount of impairment not to exceed the carrying amount of goodwill. ASU 2017-04 is effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, and for interim periods within those fiscal years, and must be adopted on a prospective basis. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt;">In August 2018, the FASB issued ASU No. 2018-14, <i style="font-style:italic;">Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans</i> (ASU 2018-14). The standard modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our financial statements.</p>
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CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Liability
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CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2019Q3 us-gaap Available For Sale Securities Debt Securities
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CY2019Q3 us-gaap Available For Sale Securities Debt Securities
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CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2018Q4 us-gaap Available For Sale Securities Debt Securities
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CY2018Q4 us-gaap Available For Sale Securities Debt Securities
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CY2019Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
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CY2019Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
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CY2019Q3 uthr Available For Sale Securities Debt Maturities Rolling Year One Through Three Amortized Cost Basis
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CY2019Q3 us-gaap Inventory Raw Materials Net Of Reserves
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CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
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CY2018Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
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CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2019Q3 us-gaap Inventory Net
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CY2019Q3 us-gaap Goodwill Gross
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CY2019Q3 us-gaap Goodwill
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CY2018Q4 us-gaap Goodwill
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CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2019Q3 us-gaap Intangible Assets Net Including Goodwill
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CY2019Q3 uthr Number Of Equity Incentive Plans
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us-gaap Allocated Share Based Compensation Expense
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CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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43500000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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44000000.0
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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43800000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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44000000.0
CY2019Q3 us-gaap Earnings Per Share Basic
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CY2018Q3 us-gaap Earnings Per Share Basic
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2.44
us-gaap Earnings Per Share Basic
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-3.59
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4500000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4600000
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
900000
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
900000
CY2018Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
700000
CY2019Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
700000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
401500000
CY2019Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
33000000.0
CY2019Q3 uthr Gross Profit Excluding Other Revenue
GrossProfitExcludingOtherRevenue
368500000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
412700000
CY2018Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
51900000
CY2018Q3 uthr Gross Profit Excluding Other Revenue
GrossProfitExcludingOtherRevenue
360800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1137700000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
88800000
uthr Gross Profit Excluding Other Revenue
GrossProfitExcludingOtherRevenue
1048900000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1246400000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
166800000
uthr Gross Profit Excluding Other Revenue
GrossProfitExcludingOtherRevenue
1079600000
CY2019Q3 us-gaap Revenues
Revenues
401500000
CY2018Q3 us-gaap Revenues
Revenues
412700000
us-gaap Revenues
Revenues
1137700000
us-gaap Revenues
Revenues
1246400000
uthr Number Of Distributors
NumberOfDistributors
2

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