United Therapeutics Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>United Therapeutics Corp filed its 2023 10-K report detailing its financial performance and corporate information.</b>

AI Summary

UNITED THERAPEUTICS Corp (UTHR) filed a Annual Report (10-K) with the SEC on February 21, 2024. United Therapeutics Corp reported its fiscal year 2023 results. The company's principal executive offices are located at 1000 Spring St, Silver Spring, MD. The filing is a 10-K report for the period ending December 31, 2023. The company's IRS number is 521984749. United Therapeutics Corp is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking UNITED THERAPEUTICS Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of United Therapeutics Corp's financial health and operational status for the fiscal year 2023, crucial for investors to assess performance and future prospects. The detailed financial data and risk factors outlined in the report are essential for stakeholders to understand the company's market position, regulatory environment, and potential challenges.

Risk Assessment

Risk Level: medium — UNITED THERAPEUTICS Corp shows moderate risk based on this filing. The company operates in the pharmaceutical industry, which is subject to significant regulatory oversight, patent expirations, and intense competition, posing inherent risks to revenue and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's performance and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-21 — Filing Date (FILED AS OF DATE)
• 000-26301 — SEC File Number (SEC FILE NUMBER)
• 2023-01-01 — Period Start Date (2023 FY)

Key Players & Entities

• UNITED THERAPEUTICS Corp (company) — FILER
• 1000 Spring St (address) — BUSINESS ADDRESS
• Silver Spring (city) — BUSINESS ADDRESS
• MD (state) — BUSINESS ADDRESS
• 20910 (zip_code) — BUSINESS ADDRESS
• 521984749 (tax_id) — IRS NUMBER
• DE (state) — STATE OF INCORPORATION
• 2834 (sic_code) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Industry Context

United Therapeutics Corp operates within the pharmaceutical industry, focusing on developing and commercializing treatments for life-threatening conditions.

Regulatory Implications

As a pharmaceutical company, United Therapeutics Corp is subject to stringent regulations from bodies like the FDA regarding drug development, approval, and marketing.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential challenges and their impact on the company.
3. Compare United Therapeutics Corp's performance metrics with industry benchmarks and competitors.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-21: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — of the issuer's common stock, par value $0.01 per share, as of February 14, 2024, was
• $1,233.7 m — ors in the United States. We recognized $1,233.7 million, $873.0 million, and $607.5 milli
• $873.0 m — States. We recognized $1,233.7 million, $873.0 million, and $607.5 million in combined T
• $607.5 million — d $1,233.7 million, $873.0 million, and $607.5 million in combined Tyvaso DPI and nebulized Ty
• $494.8 m — ributors internationally. We recognized $494.8 million, $500.2 million, and $513.7 milli
• $500.2 m — tionally. We recognized $494.8 million, $500.2 million, and $513.7 million in Remodulin
• $513.7 million — zed $494.8 million, $500.2 million, and $513.7 million in Remodulin net product sales, represe
• $359.4 m — ed Tyvaso, and Remodulin. We recognized $359.4 million, $325.1 million, and $306.1 milli
• $325.1 m — emodulin. We recognized $359.4 million, $325.1 million, and $306.1 million in Orenitram
• $306.1 million — zed $359.4 million, $325.1 million, and $306.1 million in Orenitram net product sales, represe

Filing Documents

• uthr-20231231.htm (10-K) — 2918KB
• uthrexh4212312023.htm (EX-4.2) — 19KB
• uthrexh105212312023.htm (EX-10.52) — 28KB
• uthrexh105912312023.htm (EX-10.59) — 19KB
• uthrexh211231202310k.htm (EX-21) — 6KB
• uthrexh23112312023.htm (EX-23.1) — 15KB
• uthrexh3111231202310k.htm (EX-31.1) — 11KB
• uthrexh3121231202310k.htm (EX-31.2) — 11KB
• uthrexh3211231202310k.htm (EX-32.1) — 6KB
• uthrexh3221231202310k.htm (EX-32.2) — 7KB
• uthrexh9712312023.htm (EX-97) — 18KB
• uthr-20231231_g1.jpg (GRAPHIC) — 92KB
• 0001082554-24-000005.txt (&nbsp;) — 14069KB
• uthr-20231231.xsd (EX-101.SCH) — 79KB
• uthr-20231231_cal.xml (EX-101.CAL) — 139KB
• uthr-20231231_def.xml (EX-101.DEF) — 408KB
• uthr-20231231_lab.xml (EX-101.LAB) — 1167KB
• uthr-20231231_pre.xml (EX-101.PRE) — 739KB
• uthr-20231231_htm.xml (XML) — 2246KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 36 Item 1B. Unresolved Staff Comments 48 Item 1C. Cybersecurity 49 Item 2.

Properties

Properties 50 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 PART II 51 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 51 Item 6. [Reserved] 52 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 64 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F- 1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 65 Item 9A.

Controls and Procedures

Controls and Procedures 65 Item 9B. Other Information 65 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 66 PART III 66 Item 10. Directors, Executive Officers, and Corporate Governance 66 Item 11.

Executive Compensation

Executive Compensation 68 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 68 Item 13. Certain Relationships and Related Transactions, and Director Independence 70 Item 14. Principal Accountant Fees and Services 70 PART IV 70 Item 15. Exhibits and Financial Statement Schedules 70 Item 16. Form 10-K Summary 75

SIGNATURES

SIGNATURES 75 2 United Therapeutics, a public benefit corporation PART I

Business

Item 1. Business Overview We build on the strength of our research and development expertise and a distinctive, entrepreneurial culture that encourages diversity, innovation, creativity, sustainability, and, simply, fun. Since inception, our mission has been to find a cure for pulmonary arterial hypertension ( PAH ) and other life-threatening diseases. Toward this goal we have successfully obtained approval from the U.S. Food and Drug Administration ( FDA ) for several medicines, we are always conducting new clinical trials, and we are working to create an unlimited supply of manufactured organs for transplantation. We are the first publicly-traded biotech or pharmaceutical company to take the form of a public benefit corporation ( PBC ). Our public benefit purpose is to provide a brighter future for patients through (a) the development of novel pharmaceutical therapies; and (b) technologies that expand the availability of transplantable organs . At the same time, we seek to provide our shareholders with superior financial performance and our communities with earth-sensitive energy utilization. We market and sell the following commercial therapies in the United States to treat PAH: Tyvaso DPI (treprostinil) Inhalation Powder ( Tyvaso DPI ); Tyvaso (treprostinil) Inhalation Solution ( nebulized Tyvaso ), which includes the Tyvaso Inhalation System; Remodulin (treprostinil) Injection ( Remodulin ); Orenitram (treprostinil) Extended-Release Tablets ( Orenitram ); and Adcirca (tadalafil) Tablets ( Adcirca ). Tyvaso DPI and nebulized Tyvaso are also approved to treat pulmonary hypertension associated with interstitial lung disease ( PH-ILD ). In the United States, we market and sell an oncology product, Unituxin (dinutuximab) Injection ( Unituxin ), which is approved for the treatment of high-risk neuroblastoma, and the Remunity Pump for Remodulin ( Remunity ). Outside the United States, we derive revenues from sales of nebulized Tyvaso, Remodulin, and Unituxin. We