Silver Spring, Maryland-based United Therapeutics Corporation (NASDAQ:UTHR) crossed well over $1 billion in revenue for the first time in its corporate history and according to CEO Martine Rothblatt J.D., Ph.D., 2014 will be an even better year.
Rothblatt stated “…without much room for disagreement, 2013 was the best year ever for United Therapeutics, I’m equally confident in saying that 2014 will be an even better year.”
· United Therapeutics ultimate corporate goal was to release an in-house created, oral pill that would treat pulmonary arterial hypertension (PAH) (medical conditions related to the heart and lungs). FDA approved that drug -- to be marketed as Orenitram -- in December 2013. The drug will begin sales nationwide in 2014 and is expected to add substantially to revenues.
· The new drug will add to revenues while all other drug products are expected to continue to grow in sales.
· United Therapeutics is continuing to move forward with new versions of its existing PAH drugs that are in Phase 3 of clinical trials. Furthermore United Therapeutics is branching into new territory outside of PAH with a cancer drug to treat Neuroblastoma which is also in Phase 3 of clinical trials.
· United Therapeutics will stop making patent royalty payments of 10 percent to GlaxoSMithKline towards the end of 2014. It will be another direct add to profits without increased spending eating into it.
The fast-growing biotech reported 2013 annual revenues of $1.17 billion, fully-ear GAAP earnings was a profit of $175 million while non-GAAP earnings came to $545 million. The company basically kept nearly half its revenues as profit via non-GAAP measures, the difference with GAAP was the share-based compensation expense.