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United Therapeutics Corporation Reports First Quarter 2011 Financial Results
Date:4/28/2011

onths EndedMarch 31,Percentage
Change20112010Cardiopulmonary products:Remodulin

$103,205$95,7697.8%Tyvaso

47,69524,88491.7%Adcirca

11,3184,979127.3%Telemedicine services and products

3,1072,9664.8%Other

2942824.3%Total net revenues

$165,619$128,88028.5%Revenues for the quarter ended March 31, 2011, increased by $36.7 million, compared to the quarter ended March 31, 2010. The growth in revenues predominately reflects the increase in the number of patients being prescribed our products.

The table below summarizes research and development expense by major project and non-project components (dollars in thousands):Three Months EndedMarch 31,Percentage
Change20112010Project and non-project component:Cardiopulmonary

$23,744$17,40036.5%Share-based compensation

14,84110,53640.9%Other

9,4456,93536.2%Total research and development expense

$48,030$34,87137.7%Cardiopulmonary. The increase in expenses related to our cardiopulmonary projects for the quarter ended March 31, 2011 compared to the quarter ended March 31, 2010, was attributable largely to activities related to our FREEDOM-C2 and FREEDOM-M clinical trials.

Share-based compensation. The increase in share-based compensation for the quarter ended March 31, 2011, compared to the same quarter in 2010, corresponded to the increase in share-based compensation recognized in connection with our share tracking awards plans.

Other. The increase in other research and development expenses for the quarter ended March 31, 2011, compared to the same quarter in 2010, primarily reflects increases in costs related to our monoclonal antibody development and overhead supporting our various research projects.  

The table below summarizes selling, general and administrative expense by major categories (in thousands):Three Months EndedMarch 31,Percentage
Change20112010Category:
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