EX-99.1 2 w68275exv99w1.htm EXHIBIT 99.1 exv99w1
 

Exhibit 99.1

For Immediate Release
For Further Information Contact:
Andrew Fisher at (301) 608-9292
Email: Afisher@unither.com

UNITED THERAPEUTICS REPORTS
THIRD QUARTER 2004 FINANCIAL RESULTS

Conference Call Scheduled for Wednesday, November 3, 2004 at 9:00 a.m. E.T.

Silver Spring, MD, November 3, 2004: United Therapeutics Corporation (NASDAQ: UTHR) today announced financial results for the third quarter ended September 30, 2004.

“We are very pleased to report that United Therapeutics has performed well financially, which helps to enable our continued spending on developing new medicines,” said Martine Rothblatt, Ph.D., United Therapeutics’ Chairman and Chief Executive Officer. “United Therapeutics’ consolidated revenues for the quarter ended September 30, 2004 totaled $20.0 million, representing a 33% increase over the same quarter in 2003,” observed Dr. Rothblatt. “Our net income for the quarter was $6.3 million or $0.29 per basic share.”

Financial Results

Revenues grew to $20.0 million in the third quarter of 2004, as compared to $15.0 million in the third quarter of 2003. United Therapeutics earned quarterly net income of $6.3 million or $0.29 per basic share in the third quarter of 2004, as compared to a net loss of $1.3 million or $0.06 per basic share in the third quarter of 2003.

Research and development expenses were $7.3 million in the third quarter of 2004, as compared to $9.4 million in the third quarter of 2003. The decrease of approximately $2.1 million was due primarily to reduced expenses of approximately $1.3 million for the cancer program and approximately $470,000 for the Remodulin related programs. Selling, general and administrative expenses were approximately $4.8 million in the third quarter of 2004, as compared to approximately $5.6 million in the third quarter of 2003. The decrease of approximately $800,000 was due primarily to decreased sales and marketing expenses related mostly to arginine products.

Interest income was $771,000 in the third quarter of 2004, as compared to interest income of $637,000 in the third quarter of 2003.

Conference Call

United Therapeutics will host a teleconference on Wednesday, November 3, 2004 at 9:00 a.m. Eastern Time. The teleconference is accessible by dialing 1-800-818-5264, with international dialers calling 1-913-981-4910. A rebroadcast of the teleconference will be available for one week following the teleconference by dialing 1-888-203-1112 from the U.S., or by dialing 1-719-457-0820 internationally, and using access code 962873.

United Therapeutics is a biotechnology company focused on combating chronic and life-threatening cardiovascular, infectious and oncological diseases with unique products.

 

 

UNITED THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except share and per share data)

                                 
    Three months ended September 30,   Nine months ended September 30,
    2004   2003   2004   2003
Revenues:
                                
Net product sales
   $ 19,027     $ 14,163     $ 49,002     $ 36,994  
Service sales
     968       872       2,975       2,757  
 
    
 		      
 		      
 		      
 		  
Total revenues
     19,995       15,035       51,977       39,751  
Operating expenses:
                                
Research and development
     7,322       9,401       23,101       25,644  
Selling, general and administrative
     4,815       5,624       15,983       16,607  
Cost of product sales
     1,690       1,233       4,632       4,127  
Cost of service sales
     470       520       1,366       1,376  
 
    
 		      
 		      
 		      
 		  
Total operating expenses
     14,297       16,778       45,082       47,754  
Income (loss) from operations
     5,698       (1,743 )     6,895       (8,003 )
Other income (expense):
                                
Interest income
     771       637       2,094       1,844  
Interest expense
     (4 )     (31 )     (6 )     (94 )
Equity loss in affiliate
     (244 )     (221 )     (482 )     (628 )
Other, net
     45       17       58       132  
 
    
 		      
 		      
 		      
 		  
Total other income, net
     568       402       1,664       1,254  
Income (loss) before income tax
     6,266       (1,341 )     8,559       (6,749 )
Income tax
     —       —       —       —  
 
    
 		      
 		      
 		      
 		  
Net income (loss)
   $ 6,266     $ (1,341 )   $ 8,559     $ (6,749 )
 
    
 		      
 		      
 		      
 		  
Net income (loss) per common share — basic
   $ 0.29     $ (0.06 )   $ 0.40     $ (0.32 )
 
    
 		      
 		      
 		      
 		  
Net income (loss) per common share — diluted
   $ 0.27     $ (0.06 )   $ 0.37     $ (0.32 )
 
    
 		      
 		      
 		      
 		  
Weighted average number of common shares outstanding — basic
     21,850,306       21,231,165       21,524,703       21,079,912  
 
    
 		      
 		      
 		      
 		  
Weighted average number of common shares outstanding — diluted
     23,418,207       21,231,165       22,856,179       21,079,912  
 
    
 		      
 		      
 		      
 		  

CONSOLIDATED BALANCE SHEET DATA
As of September 30, 2004
(In thousands)

         
Cash, cash equivalents and marketable investments (including restricted amounts)
   $ 135,205  
Total assets
   $ 195,110  
Total liabilities
   $ 15,771  
Total stockholders’ equity
   $ 179,339