United Therapeutics Corp., of Silver Spring, saw its first-quarter net income drop 11.9 percent even as its revenue increased by 19.8 percent.
The biotechnology company, develops and markets treatments for unmet medical needs of patients with chronic and life-threatening conditions, reported net income of $62.3 million, or $1.19 per diluted share, compared to net income of $70.8 million, or $1.29 per diluted share, in the prior-year period.
Revenue rose $245.1 million from $204.2 million in the 2012 period. The company attributed the drop in profit to increases in share-based compensation and research and development expenses.
Wall Street analysts surveyed by Thomson Reuters forecast, on average, earnings of $1.47 per share on revenue of $241.14 million.