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):     February 22, 2005

United Therapeutics Corporation

(Exact Name of Registrant as Specified in Charter)

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

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 February 22, 2005, United Therapeutics Corporation (the “Company”) issued a press release setting forth its earnings for the Company’s quarterly fiscal period and year ended December 31, 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 9.01. Exhibits

     (c) Exhibits

Exhibit No.	Description of Exhibit
99.1	Press release dated February 22, 2005

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: February 22, 2005	By:	/s/ Paul A. Mahon
	Name:	Paul A. Mahon
	Title:	General Counsel

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Press release dated February 22, 2005

EX-99.1

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

UNITED THERAPEUTICS REPORTS 2004 ANNUAL FINANCIAL RESULTS

Silver Spring, MD, February 22, 2005: United Therapeutics Corporation (NASDAQ: UTHR) today announced financial results for the fourth quarter and year ended December 31, 2004.

“We are pleased to report that United Therapeutics’ revenues for the year ended December 31, 2004 totaled $73.6 million, representing a 38% increase over 2003. Additionally, our first ever annual net income was $15.5 million for 2004, or $0.71 per basic share,” said Martine Rothblatt, Ph.D., United Therapeutics’ Chairman and Chief Executive Officer. “In addition to these solid operating results, the company’s financial position also improved during 2004. We had our first ever cash flow positive year, and ended 2004 with $139.1 million of cash and investments and no debt.”

Annual Results

Revenues grew to $73.6 million in 2004, as compared to $53.3 million in 2003. Gross margins from sales were $65.3 million or 89% in 2004, as compared to $46.6 million or 87% in 2003. The increases in revenues and gross margins resulted primarily from expanded sales of Remodulin®.

Net income was $15.5 million or $0.71 per basic share in 2004. This compares very favorably to a net loss of ($10.0) million or ($0.47) per basic share in 2003.

Research and development expenses were $30.6 million in 2004, as compared to $35.4 million in 2003. The decrease was due primarily to reduced expenses related to the cancer and infectious disease development programs, which were partially offset by increases in Remodulin programs. Selling, general and administrative expenses were $21.5 million in 2004, as compared to $22.7 million in 2003. The decrease was due primarily to decreased sales and marketing expenses related mostly to arginine products.

Interest income was $3.0 million in 2004, as compared to $2.4 million in 2003. This increase was attributable primarily to more cash available for investing during 2004.

Fourth Quarter Results

Revenues grew to $21.6 million in 2004, as compared to $13.6 million in 2003. Gross margins from sales were $19.4 million or 90% in 2004, as compared to $12.3 million or 91% in 2003. The increases in revenues and gross margins resulted primarily from expanded sales of Remodulin.

Net income was $6.9 million or $0.31 per basic share in 2004. This compares very favorably to a net loss of ($3.2) million or ($0.15) per basic share in 2003.

Research and development expenses were $7.5 million in 2004, as compared to $9.8 million in 2003. The decrease was due primarily to reduced expenses related to the cancer and infectious disease development programs, which were partially offset by increases in Remodulin programs. Selling, general and administrative expenses were $5.5 million in 2004, as compared to $6.1 million in 2003. The decrease was due primarily to decreased sales and marketing expenses related mostly to arginine products.

Conference Call

United Therapeutics will host a half-hour teleconference on Tuesday, February 22, 2005 at 9:00 a.m. Eastern Time. The teleconference is accessible by dialing 1-800-474-8920, with international dialers calling 001-719-457-2727. A rebroadcast of the teleconference will be available for one week following the teleconference by dialing 1-888-203-1112, with international callers dialing 001-719-457-0820, and using access code 4268360.

United Therapeutics is a biotechnology company focused on the development and commercialization of unique products for patients with chronic and life-threatening cardiovascular, cancer and infectious diseases.

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

	Three months ended December 31,						Year ended December 31,
	2004			2003			2004			2003
Revenues:
Product sales	$	20,537		$	12,721		$	69,539		$	49,715
Service sales		1,076			869			4,051			3,626
Total revenue		21,613			13,590			73,590			53,341
Operating expenses:
Research and development		7,501			9,773			30,602			35,417
Selling, general and administrative		5,546			6,060			21,529			22,667
Cost of product sales		1,715			867			6,347			4,994
Cost of service sales		537			413			1,903			1,789
Total operating expenses		15,299			17,113			60,381			64,867
Income (loss) from operations		6,314			(3,523	)		13,209			(11,526	)
Other income (expense):
Interest income		892			591			2,986			2,435
Interest expense		2			(18	)		(4	)		(112	)
Equity loss in affiliate		(303	)		(325	)		(785	)		(953	)
Other, net		(15	)		55			43			187
Total other income (expense)		576			303			2,240			(1,557	)
Income (loss) before income tax		6,890			(3,220	)		15,449			(9,969	)
Income tax		—			—			—			—
Net income (loss)	$	6,890		$	(3,220	)	$	15,449		$	(9,969	)
Net income (loss) per common share:
Basic	$	0.31		$	(0.15	)	$	0.71		$	(0.47	)
Diluted	$	0.28		$	(0.15	)	$	0.66		$	(0.47	)
Weighted average number of common shares outstanding:
Basic		22,325,000			21,296,907			21,725,871			21,134,607
Diluted		24,269,830			21,296,907			23,351,167			21,134,607

CONSOLIDATED BALANCE SHEET DATA
As of December 31,
(In thousands)

	2004		2003
Cash, cash equivalents and marketable investments (including restricted amounts)	$	139,140	$	117,337
Total assets	$	207,158	$	179,502
Total liabilities	$	15,522	$	11,737
Total stockholders’ equity	$	191,636	$	167,765