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United Therapeutics Reports First Quarter 2009 Financial Results
Date:5/1/2009

Chairman and Chief Executive Officer. "Our core Remodulin franchise continues to grow and is now the preferred form of prostacyclin in North America."

Research and Development Expenses

The table below summarizes research and development expenses by major project and non-project components (dollars in thousands):


                                     Three Months Ended March 31, Percentage
                                            2009        2008        Change
    Program:
      Cardiovascular                      $11,418     $14,485       (21.2)%
      Other                                 4,885       3,324        47.0%
      Share-based compensation              4,656       3,267        42.5%
        Total research and development
         expense                          $20,959     $21,076        (0.6)%

Cardiovascular. Cardiovascular expenses for the three months ended March 31, 2008, included a $3.0 million milestone payment made in connection with the development of a modified release version of the oral prostacyclin analogue, beraprost, under our amended agreement with Toray Industries, Inc. (Toray). There were no milestone payments made to Toray during the three months ended March 31, 2009.

Selling, General and Administrative Expenses

The table below summarizes selling, general and administrative expenses by major category (dollars in thousands):


                                     Three Months Ended March 31, Percentage
                                            2009        2008        Change
    Category:
      General and administrative          $11,383      $8,839        28.8%
      Sales and marketing                   8,459       6,884        22.9%
      Share-based compensation              9,376       3,608       159.9%
        Total selling, general and
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SOURCE United Therapeutics Corporation
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