On Wednesday, United Therapeutics Corporation (NASDAQ:UTHR) reported first-quarter sales of $677.7 million, up 34% year over year, beating the consensus of $623.9 million.

The company reported EPS of $6.17, up from $4.86 a year ago, surpassing the consensus of $5.56.

"The first quarter of 2024 represents another quarter of record revenue and double-digit year-over-year revenue growth," jointly said Martine Rothblatt, Chairperson and Chief Executive Officer and Michael Benkowitz, President and Chief Operating Officer.

"That growth, coupled with our upcoming clinical reads, puts us in a unique position in the biotech industry: a company with a solid and growing commercial foundation, near-term clinical catalysts, and the potential to provide an unlimited supply of tolerable, transplantable organs."

"Our distinctive commercial and clinical profile, alongside our solid balance sheet and cash flow potential, makes United Therapeutics a compelling investment opportunity," said James Edgemond, Chief Financial Officer and Treasurer. "That's why we implemented a $1 billion accelerated share repurchase that concretely demonstrates our belief in our near-term and long-term potential despite potential competition emerging this year."

Tyvaso revenues grew by 56% to $372.5 million, primarily due to an increase in quantities sold and continued growth in commercial utilization by patients with pulmonary hypertension associated with interstitial lung disease and, to some extent, due to price increases.

Tyvaso DPI revenues increased 92% to $227.5 million. Nebulized Tyvaso sales reached $145 million, up 21%.

Orenitram sales increased 20% to $106.2 million and Unituxin sales reached $58.4 million, up 19%.

The company highlighted that it reported the highest quarterly revenue for Tyvaso, Orenitram, and Unituxin.

Price Action: UTHR shares are up 8% at $253.08 at the last check Wednesday.