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United Therapeutics Reports 2008 Fourth Quarter and Annual Financial Results
Date:2/17/2009

or $1.06 per basic share, compared to $24.1 million or $1.11 per basic share for the three months ended December 31, 2007.

Results

Revenues. Revenues for the year ended December 31, 2008, increased by 33% over the year ended December 31, 2007, from $210.9 million to $281.5 million. The increase in revenues in 2008 was primarily due to an increase in the number of patients prescribed Remodulin. Gross margins from sales were $249.2 million and $186.5 million, or 89%, for the years ended December 31, 2008 and 2007, respectively.

The table below summarizes the components of revenues (in thousands):

                                   Three Months Ended       Year Ended
                                      December 31,          December 31,
                                    2008        2007      2008      2007

    Revenues:
       Remodulin                 $73,137     $56,824  $269,718  $200,879
       Telemedicine products
        and services               2,370       2,205     9,485     7,725
       Distributor fees              342         827     2,234     2,160
       Other products                 13          42        60       179
       Total revenues            $75,862     $59,898  $281,497  $210,943


Operating Expenses. Our operating expenses principally consist of research and development, selling, general and administrative and costs of service and product sales.

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

                                       Three Months Ended     Year Ended
                                          December 31,       December 31,
                                         2008     2007      2008     2007

    Project and non-project:
      Cardiovascular                
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