United Therapeutics reports second quarter income of $7.7 million

By Jennifer Lanning Drey

Eugene, Ore., Aug. 1 - United Therapeutics Corp. reported second quarter net income of $7.7 million, or $0.33 per share, on revenues of $40.2 million, according to a company news release.

The results compare to net income of $12.2 million, or $0.54 per share, on revenues of $30.1 million in the second quarter of 2005, according to the release.

United Therapeutics had $226.3 million of cash, cash equivalents and marketable investments on June 30.

The company was troubled during the quarter by slow enrollment in its 12-week Triumph study of inhaled treprostinil in NYHA class 3 and class 4 patients with severe pulmonary arterial hypertension, said Dr. Martine Rothblatt, chairman and chief executive officer of United Therapeutics, during a company conference call held Tuesday.

Rothblatt said increased competition for patients may have been the cause.

In an effort to gain more patients, the company has increased clinical grants at trial centers and established awards for the centers that enroll the most patients, he said.

United Therapeutics also announced Tuesday that John Ferrari had been promoted to chief financial officer as of Aug. 10. Fred Hadeed, who previously held the position, will continue to serve the company as executive vice president for business development.

Located in Silver Spring, Md., United Therapeutics is a biotechnology company focused on the development of products for patients with chronic and life-threatening cardiovascular, cancer and infectious diseases.

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