8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):    November 3, 2004

United Therapeutics Corporation

(Exact Name of Registrant as Specified in Charter)

Delaware	000-26301	52-1984749
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

1110 Spring Street Silver Spring, MD	20910
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code:

(301) 608-9292

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

On November 3, 2004, United Therapeutics Corporation (the “Company”) issued a press release setting forth its earnings for the Company’s quarterly fiscal period ended September 30, 2004. A copy of this press release is attached hereto as Exhibit 99.1. The Company does not intend for Exhibit 99.1 to be incorporated by reference into filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.

Item 8.01. Other Events.

As the Company previously disclosed in its Form 10-Q for the quarter ended June 30, 2004, Medicare was reimbursing distributors for Remodulin sold to certain Medicare patients at a payment level significantly less than the acquisition price paid by these distributors to the Company. On October 29, 2004, the Centers for Medicare and Medicaid Services (“CMS”) issued an instruction, effective January 1, 2004, requiring Medicare to use the payment limit previously established by CMS for the pricing of Remodulin, which is $61.75 per milligram. As a result, the Company believes this under-reimbursement situation has been resolved.

Item 9.01. Exhibits

     (c) Exhibits

Exhibit No.	Description of Exhibit
99.1	Press release dated November 3, 2004

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UNITED THERAPEUTICS CORPORATION
Dated: November 3, 2004		By:	/s/ Paul A. Mahon
		Name: Title:	Paul A. Mahon General Counsel

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press release dated November 3, 2004

EX-99.1

Exhibit 99.1

For Immediate Release
For Further Information Contact:
Andrew Fisher at (301) 608-9292
Email: Afisher@unither.com

UNITED THERAPEUTICS REPORTS
THIRD QUARTER 2004 FINANCIAL RESULTS

Conference Call Scheduled for Wednesday, November 3, 2004 at 9:00 a.m. E.T.

Silver Spring, MD, November 3, 2004: United Therapeutics Corporation (NASDAQ: UTHR) today announced financial results for the third quarter ended September 30, 2004.

“We are very pleased to report that United Therapeutics has performed well financially, which helps to enable our continued spending on developing new medicines,” said Martine Rothblatt, Ph.D., United Therapeutics’ Chairman and Chief Executive Officer. “United Therapeutics’ consolidated revenues for the quarter ended September 30, 2004 totaled $20.0 million, representing a 33% increase over the same quarter in 2003,” observed Dr. Rothblatt. “Our net income for the quarter was $6.3 million or $0.29 per basic share.”

Financial Results

Revenues grew to $20.0 million in the third quarter of 2004, as compared to $15.0 million in the third quarter of 2003. United Therapeutics earned quarterly net income of $6.3 million or $0.29 per basic share in the third quarter of 2004, as compared to a net loss of $1.3 million or $0.06 per basic share in the third quarter of 2003.

Research and development expenses were $7.3 million in the third quarter of 2004, as compared to $9.4 million in the third quarter of 2003. The decrease of approximately $2.1 million was due primarily to reduced expenses of approximately $1.3 million for the cancer program and approximately $470,000 for the Remodulin related programs. Selling, general and administrative expenses were approximately $4.8 million in the third quarter of 2004, as compared to approximately $5.6 million in the third quarter of 2003. The decrease of approximately $800,000 was due primarily to decreased sales and marketing expenses related mostly to arginine products.

Interest income was $771,000 in the third quarter of 2004, as compared to interest income of $637,000 in the third quarter of 2003.

Conference Call

United Therapeutics will host a teleconference on Wednesday, November 3, 2004 at 9:00 a.m. Eastern Time. The teleconference is accessible by dialing 1-800-818-5264, with international dialers calling 1-913-981-4910. A rebroadcast of the teleconference will be available for one week following the teleconference by dialing 1-888-203-1112 from the U.S., or by dialing 1-719-457-0820 internationally, and using access code 962873.

United Therapeutics is a biotechnology company focused on combating chronic and life-threatening cardiovascular, infectious and oncological diseases with unique products.

UNITED THERAPEUTICS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS DATA
(In thousands, except share and per share data)

	Three months ended September 30,						Nine months ended September 30,
	2004			2003			2004			2003
Revenues:
Net product sales	$	19,027		$	14,163		$	49,002		$	36,994
Service sales		968			872			2,975			2,757
Total revenues		19,995			15,035			51,977			39,751
Operating expenses:
Research and development		7,322			9,401			23,101			25,644
Selling, general and administrative		4,815			5,624			15,983			16,607
Cost of product sales		1,690			1,233			4,632			4,127
Cost of service sales		470			520			1,366			1,376
Total operating expenses		14,297			16,778			45,082			47,754
Income (loss) from operations		5,698			(1,743	)		6,895			(8,003	)
Other income (expense):
Interest income		771			637			2,094			1,844
Interest expense		(4	)		(31	)		(6	)		(94	)
Equity loss in affiliate		(244	)		(221	)		(482	)		(628	)
Other, net		45			17			58			132
Total other income, net		568			402			1,664			1,254
Income (loss) before income tax		6,266			(1,341	)		8,559			(6,749	)
Income tax		—			—			—			—
Net income (loss)	$	6,266		$	(1,341	)	$	8,559		$	(6,749	)
Net income (loss) per common share — basic	$	0.29		$	(0.06	)	$	0.40		$	(0.32	)
Net income (loss) per common share — diluted	$	0.27		$	(0.06	)	$	0.37		$	(0.32	)
Weighted average number of common shares outstanding — basic		21,850,306			21,231,165			21,524,703			21,079,912
Weighted average number of common shares outstanding — diluted		23,418,207			21,231,165			22,856,179			21,079,912

CONSOLIDATED BALANCE SHEET DATA
As of September 30, 2004
(In thousands)

Cash, cash equivalents and marketable investments (including restricted amounts)	$	135,205
Total assets	$	195,110
Total liabilities	$	15,771
Total stockholders’ equity	$	179,339