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United Therapeutics‘ (UTHR) first-quarter 2024 earnings of $6.17 per share beat the Zacks Consensus Estimate of $5.63. Earnings rose 27% year over year on the back of higher product sales.Revenues were $677.7 million, which beat the Zacks Consensus Estimate of $628 million. Revenues rose 34% year over year, driven by meaningful growth of all key products — Tyvaso, Orenitram, Remodulin and Unituxin.Quarter in DetailUnited Therapeutics markets four products for pulmonary arterial hypertension (PAH) — Remoduli ...

United Therapeutics Corporation (NASDAQ:UTHR) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET Company Participants Dewey Steadman - Head of Investor Relations Martine Rothblatt - Chairperson and Chief Executive Officer Michael Benkowitz - President and Chief Operating Officer James Edgemond - Chief Financial Officer and Treasurer Leigh Peterson - Executive Vice President-Product Development and Xenotransplantation Conference Call Participants Terence Flynn - Morgan Stanley Roanna Ruiz - Leerink Ash ...

United Therapeutics (UTHR) reported $677.7 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 33.7%. EPS of $6.17 for the same period compares to $4.86 a year ago.The reported revenue represents a surprise of +7.96% over the Zacks Consensus Estimate of $627.72 million. With the consensus EPS estimate being $5.63, the EPS surprise was +9.59%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to ...

SILVER SPRING, Md. and RESEARCH TRIANGLE PARK, N.C., May 1, 2024: United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, today announced its financial results for the quarter ended March 31, 2024. Total revenues in the first quarter of 2024 grew 34 percent year-over-year to $677.7 million, compared to $506.9 million in the first quarter of 2023. "The first quarter of 2024 represents another quarter of record revenue and double-digit year-over-year revenue growth," jointly said Martine ...

Part I: Financial Information [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) This section presents United Therapeutics Corporation's unaudited consolidated financial statements for Q1 2024 and 2023, detailing financial position, performance, and cash flows [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to **$6.50 billion** and equity to **$5.34 billion**, primarily due to a **$1.0 billion** share repurchase Consolidated Balance Sheet Highlights (in millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $1,251.5 | $1,207.7 | | Total current assets | $3,248.7 | $3,551.0 | | Total assets | $6,495.2 | $7,167.0 | | **Liabilities & Equity** | | | | Total current liabilities | $860.6 | $804.4 | | Total liabilities | $1,157.1 | $1,182.2 | | Total stockholders' equity | $5,338.1 | $5,984.8 | | Total liabilities and stockholders' equity | $6,495.2 | $7,167.0 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenues increased **34%** to **$677.7 million**, with net income reaching **$306.6 million** or **$6.17** per diluted share Q1 2024 vs Q1 2023 Statement of Operations (in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenues | $677.7 | $506.9 | | Total operating expenses | $321.4 | $222.5 | | Operating income | $356.3 | $284.4 | | Net income | $306.6 | $240.9 | | Diluted net income per share | $6.17 | $4.86 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow was **$376.5 million**, investing activities generated **$735.3 million**, and financing used **$1.07 billion** for share repurchases Cash Flow Summary (in millions) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $376.5 | $374.8 | | Net cash provided by (used in) investing activities | $735.3 | $(221.1) | | Net cash (used in) provided by financing activities | $(1,068.0) | $48.6 | | Net increase in cash and cash equivalents | $43.8 | $202.3 | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, investments, debt, share-based compensation, the **$1.0 billion** share repurchase, segment revenues, litigation, and recent acquisitions - The company operates as a single operating segment focused on developing and commercializing products for chronic and life-threatening conditions[69](index=69&type=chunk) - In March 2024, the Board authorized a **$1.0 billion** share repurchase program, and the company entered into an accelerated share repurchase (ASR) agreement, receiving an initial delivery of **3,275,199 shares**[65](index=65&type=chunk) - The effective tax rate for Q1 2024 was **23%**, up from **17%** in Q1 2023, primarily due to decreased excess tax benefits from share-based compensation[67](index=67&type=chunk) Revenues by Product (in millions) | Product | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Tyvaso DPI | $227.5 | $118.7 | | Nebulized Tyvaso | $145.0 | $119.7 | | Remodulin | $128.0 | $121.4 | | Orenitram | $106.2 | $88.2 | | Unituxin | $58.4 | $49.1 | | Adcirca | $6.4 | $7.3 | | **Total Revenues** | **$677.7** | **$506.9** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 results, highlighting **34%** revenue growth from Tyvaso, operating expense trends, R&D pipeline progress, and the impact of a **$1.0 billion** share repurchase [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Total revenues increased **34%** to **$677.7 million** driven by **56%** Tyvaso growth, with R&D up **26%** and SG&A up **65%**, and a **23%** effective tax rate Revenue by Product - Q1 2024 vs Q1 2023 (in millions) | Product | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Tyvaso | $372.5 | $238.4 | 56% | | Remodulin | $128.0 | $121.4 | 5% | | Orenitram | $106.2 | $88.2 | 20% | | Unituxin | $58.4 | $49.1 | 19% | | **Total Revenues** | **$677.7** | **$506.9** | **34%** | - The increase in Tyvaso sales was primarily driven by higher quantities sold of Tyvaso DPI following its commercial launch and growth in use by PH-ILD patients[180](index=180&type=chunk) - R&D expense increased by **26%** to **$104.1 million**, mainly due to higher spending on organ manufacturing projects and the TETON clinical studies for nebulized Tyvaso[190](index=190&type=chunk)[192](index=192&type=chunk) - Share-based compensation expense increased significantly to **$25.6 million** from a benefit of **$(12.4) million** in the prior year, primarily due to STAP expense driven by a **4%** increase in stock price in Q1 2024 versus a **19%** decrease in Q1 2023[195](index=195&type=chunk) [Research and Development](index=30&type=section&id=Research%20and%20Development) R&D focuses on Phase 3 TETON studies for nebulized Tyvaso, ADVANCE OUTCOMES for ralinepag, and organ manufacturing initiatives like xenotransplantation - Enrolling two Phase 3 studies (TETON 1 and TETON 2) for nebulized Tyvaso in Idiopathic Pulmonary Fibrosis (IPF) and one Phase 3 study (TETON PPF) in Progressive Pulmonary Fibrosis (PPF)[145](index=145&type=chunk)[147](index=147&type=chunk) - Enrolling the ADVANCE OUTCOMES Phase 3 study for ralinepag, a once-daily oral prostacyclin receptor agonist for PAH[151](index=151&type=chunk) - Organ manufacturing programs are a key long-term goal, with successful xenotransplants of porcine hearts (UHeart) and a thymokidney (UThymoKidney) into living human patients under compassionate use authorizations[154](index=154&type=chunk)[161](index=161&type=chunk)[166](index=166&type=chunk) - In February 2024, the company inaugurated a clinical-scale, designated pathogen-free (DPF) facility in Virginia to supply cGMP-compliant xenografts for human clinical trials[160](index=160&type=chunk) [Financial Condition, Liquidity, and Capital Resources](index=39&type=section&id=Financial%20Condition%2C%20Liquidity%2C%20and%20Capital%20Resources) The company maintains **$4.2 billion** liquidity, initiated a **$1.0 billion** ASR, and reduced its credit facility balance to **$600.0 million** Liquidity Position (in millions) | Category | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $1,251.5 | $1,207.7 | | Marketable investments | $2,948.2 | $3,696.2 | | **Total** | **$4,199.7** | **$4,903.9** | - In March 2024, the company paid **$1.0 billion** to repurchase common stock under an ASR agreement[198](index=198&type=chunk)[204](index=204&type=chunk) - The outstanding balance under the Credit Agreement was reduced to **$600.0 million** as of March 31, 2024, from **$700.0 million** at year-end 2023[199](index=199&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in its market risk exposure since December 31, 2023 - There have been no material changes in the company's market risk exposure since the end of the previous fiscal year[208](index=208&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with no material changes in internal control over financial reporting - The CEO and CFO have concluded that disclosure controls and procedures were effective as of the end of the period[209](index=209&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, such controls[209](index=209&type=chunk) Part II: Other Information [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the detailed discussion of legal proceedings from Note 12 of the consolidated financial statements - For details on legal proceedings, the report refers to Note 12—Litigation in the financial statements[210](index=210&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) This section outlines significant business risks, including reliance on treprostinil therapies, competition, IRA pricing pressures, supply chain, IP challenges, and PBC risks - The company relies heavily on sales of its treprostinil-based therapies (Tyvaso DPI, nebulized Tyvaso, Remodulin, Orenitram), which comprise the vast majority of revenues[211](index=211&type=chunk) - Competition is a major risk, with over fifteen competing PAH drugs and new entrants like Merck's Winrevair™ and potentially Liquidia's Yutrepia, which could materially adversely affect revenues[215](index=215&type=chunk) - The Inflation Reduction Act (IRA) is expected to have a significant impact, particularly the new Medicare Part D discounting program beginning in 2025, which will affect Orenitram and Tyvaso DPI revenues[247](index=247&type=chunk)[250](index=250&type=chunk) - Manufacturing strategy exposes the company to risks, including reliance on third parties like MannKind for Tyvaso DPI and the complexity of developing manufacturing for organ programs[220](index=220&type=chunk)[223](index=223&type=chunk)[230](index=230&type=chunk) - Intellectual property rights may not deter competitors, with ongoing patent challenges from Liquidia regarding Tyvaso patents being a notable risk[273](index=273&type=chunk)[276](index=276&type=chunk) - As a Public Benefit Corporation (PBC), directors must balance shareholder financial interests with the company's public benefit purpose, which could influence decisions in ways that do not maximize short-term shareholder value and may increase litigation risk[296](index=296&type=chunk)[298](index=298&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In March 2024, the Board approved a **$1.0 billion** share repurchase program, initiating an ASR and receiving **3,275,199 shares** - On March 25, 2024, the company initiated a **$1.0 billion** share repurchase program and entered into an ASR agreement with Citibank[299](index=299&type=chunk) - An initial delivery of **3,275,199 shares** was received on March 27, 2024, representing approximately **80%** of the total shares expected to be repurchased under the ASR agreement[299](index=299&type=chunk) [Item 5. Other Information](index=54&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements during Q1 2024 - No director or Section 16 officer adopted or terminated any Rule 10b5-1 plans or non-Rule 10b5-1 trading arrangements during the quarter[300](index=300&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate documents, the accelerated share repurchase agreement, and officer certifications - Key exhibits filed include the Master Confirmation for the Accelerated Share Repurchase with Citibank, N.A., dated March 25, 2024[301](index=301&type=chunk)

United Therapeutics (UTHR) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.The ...

SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--United Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, announced today that Patrick Poisson, Executive Vice President, Technical Operations, will provide an overview and update on the company’s operations during a fireside chat session at the Leerink Partners Global Biopharma Conference 2024 in Miami Beach, Florida. The session will take place on Tuesday, March 12, 2024, from 1:40 p.m. to 2:10 p.m., Eastern Daylight ...