SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C. - United Therapeutics (NASDAQ:UTHR) Corporation (NASDAQ:UTHR) announced a strong start to the year with its first quarter financial results surpassing analyst expectations.
The biotechnology firm reported an adjusted earnings per share (EPS) of $6.17, which was $0.38 higher than the consensus estimate of $5.79. Total revenue for the quarter reached $677.7 million, exceeding the $620.31 million analyst forecast and marking a significant 34% increase from the $506.9 million reported in the same quarter last year.
The company's record revenue was largely driven by a 56% surge in total Tyvaso revenues, which hit $372.5 million, thanks to the commercial launch of Tyvaso DPI and increased patient utilization. Other products such as Remodulin and Orenitram also contributed to the revenue growth with respective increases of 5% and 20%. The robust financial performance led to a modest stock price increase of 0.71%.
United Therapeutics' leadership expressed confidence in the company's trajectory. "The first quarter of 2024 represents another quarter of record revenue and double-digit YoY revenue growth," stated Martine Rothblatt, Ph.D., Chairperson and CEO, and Michael Benkowitz, President and COO. They highlighted the company's solid commercial foundation and potential clinical advancements as key differentiators in the biotech industry.
CFO James Edgemond remarked on the company's strong financial position and cash flow potential, which supported a $1 billion accelerated share repurchase, underscoring their belief in the company's near-term and long-term prospects.
The company's performance was further bolstered by increases in quantities sold across several products, with the implementation of the Part D redesign under the Inflation Reduction Act playing a role in boosting commercial utilization.
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