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United Therapeutics Corporation Reports Second Quarter 2009 Financial Results
Date:7/31/2009

rice of our common stock this quarter. Our increased stock price also highlights our mature pipeline, which has the potential for further growth through continued market penetration by Remodulin, our recent launch of Adcirca, the only once-daily PDE-5 inhibitor for PAH, and the expected launch of Tyvaso, our now FDA-approved inhaled prostacyclin analogue."

Research and Development Expenses

The table below summarizes research and development expenses by significant component (dollars in thousands):

                                        Three Months Ended
                                             June 30,
                                       --------------------  Percentage
                                       2009            2008    Change
                                       ----            ----  ----------
      Program:
       Cardiovascular               $13,105         $11,890        10.2%
       Other                          6,608           3,938        67.8%
       Share-based compensation       8,933           3,313       169.6%
                                      -----           -----       -----
         Total research and
          development expenses      $28,646         $19,141        49.7%
                                    =======         =======        ====

Cardiovascular. The increase in cardiovascular program expenses for the quarter ended June 30, 2009, is principally related to the commencement of our modified FREEDOM-M and new FREEDOM-C2 clinical trials.

Share-based compensation. The increase in share-based compensation expense for the quarter ended June 30, 2009, as compared to the quarter ended June 30, 2008, is primarily due to the increase in the price of our common stock during the quarter, which resulted in additional compensation expense relating to outstanding grants un
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SOURCE United Therapeutics Corporation
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