United Therapeutics Corporation (NASDAQ: UTHR) has reported record-breaking financial results for the fourth quarter and full year 2023. The company's full year 2023 revenues reached a historic high of $2.33 billion, representing a remarkable 20% growth over 2022. Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics, praised the achievements, stating, "Congratulations to the dedicated Unitherians who worked tirelessly to help us achieve our third straight quarter and second straight year of record revenue. This represents only the beginning of our growth, driven by a strong foundation in our current commercial business and upcoming enrollment milestones for our innovative pipeline."
Michael Benkowitz, President and Chief Operating Officer of United Therapeutics, also expressed confidence in the company's commercial business, highlighting the record revenue for the Tyvaso business in the fourth quarter and solid growth in the U.S. Remodulin business, despite generic competition since 2019.
Key financial highlights of the fourth quarter and full year 2023 include: Total revenues for the fourth quarter amounted to $614.7 million, marking a 25% increase over the same period in 2022. Net income for the fourth quarter was $217.1 million, compared to $132.1 million in the fourth quarter of 2022. * For the full year 2023, net income reached $984.8 million, up from $727.3 million in 2022.
The impressive financial performance was supported by strong growth in net product sales, particularly driven by the Tyvaso business. Total Tyvaso revenues grew by 45% to $350.6 million in the fourth quarter of 2023, and by 41% to $1,233.7 million for the full year 2023. The increase in Tyvaso revenues was attributed to the commercial launch of Tyvaso DPI in June 2022 and continued growth in patient utilization.
Additionally, the company's shares have responded positively to the financial results, with a 2.2% increase in trading, bringing the price to $218.94.
United Therapeutics also highlighted its commitment to innovation and revolutionary efforts to cure end-stage organ disease. The company is making significant strides in its organ manufacturing programs, including the recent opening of the world’s first designated pathogen-free clinical supply facility to support upcoming xenotransplantation clinical programs.
The company's full 8-K submission is available here.
