Sales and marketing. The increase in sales and marketing expenses for the quarter ended June 30, 2011, compared to the quarter ended June 30, 2010, was attributable to an increase in salaries, as we recently expanded our sales force, and an increase in professional fees in connection with our marketing and advertising initiatives.
Share-based compensation. The decrease in share-based compensation for the quarter ended June 30, 2011, compared to the same quarter in 2010, reflects a reduction in share-based compensation recognized in connection with our share tracking awards plans as a result of the decrease in our stock price.
2011 Revenue GuidanceWe reaffirm our full-year revenue guidance for our three commercial products (Remodulin, Tyvaso and Adcirca), and we continue to expect related revenues to fall within a range of 5% above or below $750 million for 2011.
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 and share tracking award expense).
A reconciliation of net income to earnings before non-cash charges is presented below (in thousands, except per share data):Three Months EndedJune 30,20112010Net income, as reported
37,707Adjust for non-cash charges:Interest expense
5,4314,759Income tax expense
——Depreciation and amortization
|SOURCE United Therapeutics Corporation|
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