%General and administrative. The increase in general and administrative expense of $4.2 million for the quarter ended June 30, 2013 compared to the same quarter in 2012 was driven by increases in (1) salaries and operating expenses associated with the expansion of our business, (2) professional fees and (3) grants to non-affiliated, non-profit organizations that provide financial assistance to patients with pulmonary arterial hypertension. These increases were offset in part by a $6.8 million impairment charge on an acquired contract-based intangible we recognized during three months ended June 30, 2012.
Share-based compensation. The increase in share-based compensation of $13.7 million for the quarter ended June 30, 2013, compared to the same quarter in 2012, resulted from the appreciation in the price of our common stock.
Income TaxesThe provision for income taxes was $38.7 million for the quarter ended June 30, 2013, compared to $31.0 million for the same quarter in 2012. The estimated annual effective tax rate was 33 percent and 32 percent as of June 30, 2013 and 2012, respectively.
2013 Revenue GuidanceWe reaffirm our 2013 full-year revenue guidance for our three commercial products (Remodulin®, Tyvaso® and Adcirca®), as we continue to expect related revenues to fall within a range of 5% above or below $1.0 billion for 2013.
Earnings Before Non-Cash ChargesEarnings before non-cash charges is defined as net income, adjusted for the following non-cash charges, as applicable: (1) interest; (2) income taxes; (3) license fees; (4) depreciation and amortization; (5) impairment charges; and (6) share-based compensation (stock option, share tracking award and employee stock purchase plan expense).
A reconciliation of net income to earnings before non-cash charge
|SOURCE United Therapeutics Corporation|
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