Biotech company United Therapeutics (NASDAQ:UTHR) said Tuesday it swung into fourth quarter profit as revenues grew by 53%.
For the fourth quarter, the Maryland-based company reported a net income of $9.5 million, or 15 cents a share, compared to a net loss of $3.3 million, or 6 cents a share, for the year ago period.
Excluding non-cash charges, earnings came in at $72.4 million, or $1.17 per diluted share for the period, beating analyst estimates of 62 cents a share. That compares to $36.2 million, or 62 cents per diluted share, for the prior year period.
Meanwhile, revenues were $166.5 million, up from $108.9 million a year ago, but fell short of the $174.9 million expected by analysts.
Sales of the company’s Remodulin, a medication for high blood pressure in the lungs, rose 18% year-over-year to $101.9 million during the quarter. The company’s other heart and lung medications, Tyvaso and Adcirca, which together accounts for 37% of the quarter’s revenue, saw sales more than double.
Gross margin held steady at 88%.
At quarter end, the company had about $0.76 million of cash and marketable securities.
For fiscal 2010, the company had a net income of $105.9 million, or $1.78 a share, compared to $19.5 million, or 35 cents a share, for year before.
Shares ended Tuesday down less than 1% at $67.04.