09:15 AM EDT, 03/25/2024 (MT Newswires) -- United Therapeutics ( UTHR ) said Monday it has authorized a $1 billion stock repurchase program.

The company said it is entering an accelerated share repurchase program with Citigroup ( C ) for the entire $1 billion authorization. United Therapeutics ( UTHR ) is paying the bank $1 billion for 80% of the total shares in the repurchase program, based on the company stock price Monday. Under the agreement, $300 million of stock is expected to be delivered in Q2 and the rest in Q3.

Shares of the company were up more than 2% in Monday's premarket activity.

Price: 243.5, Change: +5.6, Percent Change: +2.35