United Therapeutics Corporation (United Therapeutics), a US-based biotechnology company, has reported total revenues of $79.7 million for the first quarter of 2009, compared with the total revenues of $62 million in the year-ago quarter. It has also reported net income of $13.2 million, or $0.49 per diluted share, for the first quarter of 2009, compared with the net income of $9.9 million, or $0.41 per diluted share, in the year ago quarter.
The company’s gross margins from sales were $70.4 million for the first quarter of 2009, compared to $54.5 million for the first quarter of 2008. Earnings before non-cash charges, defined as net income before non-cash interest and income taxes, depreciation, amortization, impairment charges and share-based compensation (stock option and share tracking award expense), were $37.1 million for the first quarter of 2009, up 44% from $25.8 million for the first quarter of 2008.
Also, net income was reduced by around $(1.5) million, representing a reduction in earnings per share of $(0.07) per basic share and $(0.06) per diluted share, from what was previously reported.
I am pleased that we started the year with an extremely strong first quarter, said Martine Rothblatt, chairman and chief executive officer of the company. Our core Remodulin franchise continues to grow and is now the preferred form of prostacyclin in North America.