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United Therapeutics Corporation Reports Second Quarter 2011 Financial Results
Date:7/28/2011

$

104,894$

96,3678.8%Tyvaso

61,80929,483109.6%Adcirca

16,8438,58996.1%Other

205282(27.3)%Total net revenues

$

183,751$

134,72136.4%Revenues for the quarter ended June 30, 2011 increased by $49.0 million, compared to the quarter ended June 30, 2010. The growth in revenues primarily reflects the increase in the number of patients being prescribed our products.

Expenses

The table below summarizes research and development expense by major project and non-project components (dollars in thousands):Three Months EndedJune 30,20112010Percentage ChangeProject and non-project component:Cardiopulmonary

$

24,490$

18,61931.5%Share-based compensation

(9,555)1,420(772.9)%Other

9,3058,5488.9%Total research and development expense

$

24,240$

28,587(15.2)%Cardiopulmonary. The increase in expenses related to our cardiopulmonary projects for the quarter ended June 30, 2011 was attributable largely to increases in expenses related to our FREEDOM-C2 and FREEDOM-M clinical trials and our development of beraprost-MR.

Share-based compensation. The decrease in share-based compensation for the quarter ended June 30, 2011, compared to the same quarter in 2010, corresponded to a reduction in share-based compensation recognized in connection with our share tracking awards plans as a result of the decrease in our stock price.

The table below summarizes selling, general and administrative expense by major categories (in thousands):Three Months EndedJune 30,20112010Percentage ChangeCategory:General and administrative

$

24,268$

18,75429.4%Sales and marketing

17,07212,90032.3%Share-based compensation

(17,484)(2,000)(774.2)%Total selling, general and administrative expense

$

23,856$

29,654(19.6)%General and administrative. The increase in general and administr
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SOURCE United Therapeutics Corporation
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