Silver Spring-based United Therapeutics Corporation (NASDAQ: UTHR), the largest independent biotechnology company in the Baltimore-Washington area measured by market value, announced financial results today that far exceeded analyst estimates.
In the third quarter ended September 30, 2011, United Therapeutics reported total revenues of $201.7 million, a year-over-year increase of 20 percent from $168.6 million. Revenues beat the average analyst estimate of $194.77 million.
Net income more than doubled to $84.4 million or $1.45 per basic share, a more than 112 percent increase from the $39.7 million or $0.70 per basic share in the third quarter of 2010. The results caught analysts off guard; the average analyst estimate was only $0.73 cents per basic share and actual results beat the high estimate of $1.09 by $0.36 cents.
The company is currently building the final phase of its urban headquarters in downtown Silver Spring.
Pre-market, United Therapeutics stock price is up 3.64 percent or $1.51 to $42.99 a share.