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United Therapeutics Corporation Reports Second Quarter 2013 Financial Results
Date:7/25/2013

>124,311$

110,39812.6

%Tyvaso

109,45881,21034.8

%Adcirca

43,72630,22444.7

%Other

3,1113,745(16.9)

%Total net revenues

$

280,606$

225,57724.4

%Revenues for the quarter ended June 30, 2013 increased by $55.0 million, compared to the same quarter in 2012. The growth in product revenues reflects the continuing increase in the number of patients being treated with 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,PercentageChange20132012Project and non-project component:Cardiopulmonary

$

28,537$

22,05829.4

%Share-based compensation expense

14,1584,221235.4

%Other

11,92210,82010.2

%Total research and development expense

$

54,617$

37,09947.2

%Cardiopulmonary. The $6.5 million increase in cardiopulmonary program expense for the quarter ended June 30, 2013, compared to the same quarter in 2012, resulted from increases in expenses incurred related to the development of oral treprostinil and our TransCon once-daily injectable prostacyclin analogues.

Share-based compensation. The increase in share-based compensation of $9.9 million for the quarter ended June 30, 2013, compared to the same quarter in 2012, resulted from the appreciation in the price of our common stock.

The table below summarizes selling, general and administrative expense by major categories (dollars in thousands):Three Months Ended June 30,PercentageChange20132012Category:General and administrative

$

35,445$

31,23313.5

%Sales and marketing

17,34417,1361.2

%Share-based compensation expense

18,5764,889280.0

%Total selling, general and adminis
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