$UTHR
UNITED THERAPEUTICS Corp

2019 Q2 Form 10-Q Financial Statement

#000141057819000591 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $373.6M $444.5M $389.2M
YoY Change -15.95% -0.02% 5.05%
Cost Of Revenue $26.70M $61.70M $53.20M
YoY Change -56.73% 226.46% 272.03%
Gross Profit $346.9M $382.8M $336.0M
YoY Change -9.38% -10.08% -5.67%
Gross Profit Margin 92.85% 86.12% 86.33%
Selling, General & Admin $39.60M $83.10M -$6.600M
YoY Change -52.35% 23.29% -111.7%
% of Gross Profit 11.42% 21.71% -1.96%
Research & Development $85.90M $82.30M $35.70M
YoY Change 4.37% 37.63% -1.38%
% of Gross Profit 24.76% 21.5% 10.63%
Depreciation & Amortization $10.40M $8.100M $7.900M
YoY Change 28.4% 5.19% 0.0%
% of Gross Profit 3.0% 2.12% 2.35%
Operating Expenses $85.90M $82.30M $29.10M
YoY Change 4.37% -35.3% -68.57%
Operating Profit $221.4M $217.4M $306.9M
YoY Change 1.84% -27.17% 16.43%
Interest Expense $12.20M $2.900M -$2.600M
YoY Change 320.69% -307.14% 225.0%
% of Operating Profit 5.51% 1.33% -0.85%
Other Income/Expense, Net $29.00M $500.0K $4.700M
YoY Change 5700.0% -86.11% 487.5%
Pretax Income $250.4M $217.9M $309.0M
YoY Change 14.92% 392.99% 17.22%
Income Tax $45.30M $45.00M $64.50M
% Of Pretax Income 18.09% 20.65% 20.87%
Net Earnings $205.1M $172.9M $244.5M
YoY Change 18.62% -408.75% 36.9%
Net Earnings / Revenue 54.9% 38.9% 62.82%
Basic Earnings Per Share $4.68 $4.01 $5.65
Diluted Earnings Per Share $4.66 $3.98 $5.57
COMMON SHARES
Basic Shares Outstanding 43.80M shares 43.10M
Diluted Shares Outstanding 44.00M shares 43.40M

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.786B $1.213B $1.257B
YoY Change 47.25% 8.77% 8.69%
Cash & Equivalents $881.3M $745.9M $932.7M
Short-Term Investments $904.9M $467.1M $324.1M
Other Short-Term Assets $75.70M $57.20M $64.20M
YoY Change 32.34% -5.45% 21.36%
Inventory $96.90M $102.7M $101.5M
Prepaid Expenses
Receivables $181.0M $251.3M $211.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.140B $1.624B $1.634B
YoY Change 31.74% 3.87% 8.61%
LONG-TERM ASSETS
Property, Plant & Equipment $709.3M $626.1M $577.5M
YoY Change 13.29% 24.75% 17.02%
Goodwill $31.50M
YoY Change
Intangibles
YoY Change
Long-Term Investments $420.7M $578.3M $414.8M
YoY Change -27.25% 167.48% 187.06%
Other Assets $202.9M $370.7M $348.7M
YoY Change -45.27% 1.87% -9.57%
Total Long-Term Assets $1.759B $1.621B $1.387B
YoY Change 8.54% 43.7% 31.16%
TOTAL ASSETS
Total Short-Term Assets $2.140B $1.624B $1.634B
Total Long-Term Assets $1.759B $1.621B $1.387B
Total Assets $3.899B $3.245B $3.020B
YoY Change 20.15% 20.56% 17.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $163.9M $216.0M $203.4M
YoY Change -24.12% 70.35% 92.61%
Accrued Expenses $2.900M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $250.0M
YoY Change
Total Short-Term Liabilities $463.5M $350.0M $318.4M
YoY Change 32.43% -58.27% -25.56%
LONG-TERM LIABILITIES
Long-Term Debt $800.0M $250.0M $250.0M
YoY Change 220.0%
Other Long-Term Liabilities $68.60M $60.10M $63.20M
YoY Change 14.14% 4.7% 10.1%
Total Long-Term Liabilities $68.60M $310.1M $313.2M
YoY Change -77.88% 440.24% 445.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $463.5M $350.0M $318.4M
Total Long-Term Liabilities $68.60M $310.1M $313.2M
Total Liabilities $1.332B $660.1M $631.6M
YoY Change 101.8% -26.34% 30.2%
SHAREHOLDERS EQUITY
Retained Earnings $3.140B
YoY Change
Common Stock $2.002B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.558B $2.566B $2.369B
YoY Change
Total Liabilities & Shareholders Equity $3.899B $3.245B $3.020B
YoY Change 20.15% 20.56% 17.92%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $205.1M $172.9M $244.5M
YoY Change 18.62% -408.75% 36.9%
Depreciation, Depletion And Amortization $10.40M $8.100M $7.900M
YoY Change 28.4% 5.19% 0.0%
Cash From Operating Activities $132.9M $179.8M $275.7M
YoY Change -26.08% 154.31% 19.45%
INVESTING ACTIVITIES
Capital Expenditures -$20.30M -$53.50M -$37.60M
YoY Change -62.06% 155.98% 141.03%
Acquisitions
YoY Change
Other Investing Activities -$22.30M -$306.3M -$21.10M
YoY Change -92.72% 79.65% -85.93%
Cash From Investing Activities -$42.60M -$359.8M -$58.70M
YoY Change -88.16% 87.98% -64.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K -6.800M 10.60M
YoY Change -105.88% -288.89% -69.19%
NET CHANGE
Cash From Operating Activities 132.9M 179.8M 275.7M
Cash From Investing Activities -42.60M -359.8M -58.70M
Cash From Financing Activities 400.0K -6.800M 10.60M
Net Change In Cash 90.70M -186.8M 227.6M
YoY Change -148.55% 59.52% 128.51%
FREE CASH FLOW
Cash From Operating Activities $132.9M $179.8M $275.7M
Capital Expenditures -$20.30M -$53.50M -$37.60M
Free Cash Flow $153.2M $233.3M $313.3M
YoY Change -34.33% 154.69% 27.15%

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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 the 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><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">​</span></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 the audited consolidated financial statements and the accompanying notes to the 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 June 30, 2019 and December 31, 2018, statements of operations, comprehensive income, and stockholders’ equity for the three- and six-month periods ended June 30, 2019 and 2018 and statements of cash flows for the six-month periods ended June 30, 2019 and 2018. Interim results are not necessarily indicative of results for an entire year.</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;">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 </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;">recognize lease payments for such leases in the 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:29.36%;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:3.1%;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:32.95%;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:3.1%;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:1.95%;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:12.24%;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:3.1%;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:1.95%;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:12.21%;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:29.36%;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:3.1%;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:32.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Financial Statement Line Item</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:3.1%;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:14.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">June 30, </b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:3.1%;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:14.17%;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:29.36%;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:3.1%;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:32.95%;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;">on the Consolidated Balance Sheets</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:3.1%;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:14.19%;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:3.1%;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:14.17%;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:29.36%;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:3.1%;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:32.95%;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:3.1%;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:1.95%;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:12.24%;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;"> 6.8</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.1%;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:1.95%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.21%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 8.2</p></td></tr><tr><td style="vertical-align:bottom;width:29.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Current lease liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:32.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">Other current liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 2.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;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:1.95%;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:12.21%;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:29.36%;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:3.1%;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:32.95%;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:3.1%;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:1.95%;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:12.24%;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;"> 4.0</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.1%;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:1.95%;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:12.21%;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:29.36%;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:3.1%;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:32.95%;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:3.1%;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:1.95%;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:12.24%;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;"> 6.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;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:1.95%;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:12.21%;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 $1.3 million and $2.7 million in operating lease expense for the three and six months ended June 30, 2019 and recorded $1.0 million and $2.2 million in operating lease expense for the three and six months ended June 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 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 are currently evaluating the impact of adopting this guidance on our financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:18pt;margin: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 </p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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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CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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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 Maturities Next Rolling Twelve Months Fair Value
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CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 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 Incremental Common Shares Attributable To Share Based Payment Arrangements
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500000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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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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43900000
CY2019Q2 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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9.62
CY2019Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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9.51
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4700000
us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q2 us-gaap Unrecognized Tax Benefits
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CY2018Q2 us-gaap Unrecognized Tax Benefits
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500000
CY2019Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2018Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
300000
us-gaap Number Of Operating Segments
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
26700000
CY2019Q2 uthr Gross Profit Excluding Other Revenue
GrossProfitExcludingOtherRevenue
346900000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
444500000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
61700000
CY2018Q2 uthr Gross Profit Excluding Other Revenue
GrossProfitExcludingOtherRevenue
382800000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
833700000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
114900000
uthr Gross Profit Excluding Other Revenue
GrossProfitExcludingOtherRevenue
718800000
CY2019Q2 us-gaap Revenues
Revenues
373600000
CY2018Q2 us-gaap Revenues
Revenues
444500000
us-gaap Revenues
Revenues
736200000
us-gaap Revenues
Revenues
833700000
uthr Number Of Distributors
NumberOfDistributors
2

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