Downtown Silver Spring-based United Therapeutics today announced a third-quarter net income of $171.2 million, beating Wall Street expectations.
According to a Zacks Investment Research report, the quarterly report of $3.84 per share represents an earnings surprise of 59.34%. The drugmaker posted revenue of $380.1 million in the period, also beating Zacks estimates.
United Therapeutics shares have climbed 40% since the beginning of the year, and the stock (NASDAQ: UTHR) has risen 43% in the last 12 months.
“As our core business continues to perform well, we have a solid footing to enter 2021 with several key product launches including the potential INCREASE product label expansion for Tyvaso, the Remunity Pump for Remodulin, and the Implantable System for Remodulin,” said Martine Rothblatt, Ph.D., Chairman and Chief Executive Officer of United Therapeutics in a press release. “I expect these three launches will set us on the path to revenue growth in the near term.”
“We are very pleased with the strong year-over-year growth for both Orenitram and Tyvaso,” said Michael Benkowitz, President and Chief Operating Officer of United Therapeutics. “Our prostacyclin products are now being used by a larger number of pulmonary arterial hypertension patients in the United States than ever before, as demand has returned to pre-pandemic levels.”
United Therapeutics has been expanding in the downtown Silver Spring area in recent years, opening the DDOMAL and net-zero Unisphere buildings, as well as purchasing the 8808 Cameron St. building.
A PDF of the Q3 2020 financial report can be found here.
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