EXHIBIT 99.1

FOR IMMEDIATE RELEASE

CONTACT:	Steve Filton	July 21, 2003
	Chief Financial Officer
	610-768-3300

UNIVERSAL HEALTH SERVICES, INC. REPORTS

SECOND QUARTER EPS GROWTH OF 19%

KING OF PRUSSIA, PA—Universal Health Services, Inc. (NYSE: UHS) announced today that its net income and earnings per share (diluted) were $51.0 million and $.82 for the three-month period ended June 30, 2003, and $103.7 million and $1.66 for the six-month period ended June 30, 2003, respectively. These results represent a 19% increase in earnings per share (diluted) both for the three-month and six-month periods ended June 30, 2003 over the comparable prior year periods. Revenues increased 12% to $903 million in the three-month period and also by 12% to $1.80 billion in the six-month period ended June 30, 2003. At June 30, 2003, the Company’s balance sheet debt, net of cash, was $675 million and its shareholders’ equity was $976 million.

On a same facility basis, patient admissions to the Company’s acute care hospitals located in the U.S. and Puerto Rico remained relatively unchanged during the quarter ended June 30, 2003, as compared to the comparable prior year quarter while patient admissions to the Company’s behavioral health care facilities owned in both periods increased approximately 3%. For the Company’s acute care hospitals owned in both periods located in the U.S. and Puerto Rico, revenues increased 9.4% and revenue per adjusted patient day increased 7.8% during the 2003 second quarter as compared to the prior year quarter. For the Company’s behavioral health hospitals owned in both periods, revenues increased 5.7% and revenue per adjusted patient day increased 3.7%.

Managed care pricing remained strong in the quarter. Operating margins for the Company’s acute care hospitals located in the U.S. and Puerto Rico owned in both the three-month periods ended June 30, 2003 and June 30, 2002, increased to 18.3% from 17.6%. Operating margins for the Company’s behavioral health hospitals owned in both periods increased to 23.8% during the second quarter of 2003 from 21.2% during the prior year quarter. The Company’s operating margin (as calculated on the attached schedules of Supplemental Consolidated Income Statement Information), increased to 16.7% in the three-month period ended June 30, 2003 as compared to 16.0% in the same period of the prior year.

During the quarter, the Company announced its intent to acquire the assets of three acute care hospitals in California from Vista Health System. The Company also expects to complete construction of its new 176-bed hospital in Las Vegas and a 90-bed addition to its Northwest Texas Hospital in Amarillo, Texas later in 2003.

There will be a conference call for investors at 9:00AM ET on Tuesday, July 22, 2003. The dial-in number is 1-877-648-7971.

Universal Health Services, Inc. is one of the nation’s largest hospital companies, operating acute care and behavioral health hospitals, ambulatory surgery and radiation centers nationwide, in Puerto Rico, and in France. It acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE: UHT).

Certain statements in this release may constitute forward-looking statements and are subject to various risks and uncertainties as discussed in the Company’s filings with the Securities and Exchange Commission. The Company is not obligated to update these forward-looking statements even if the Company’s assessment of these risks and uncertainties changes. The Company uses operating income and/or operating margin, which are commonly used indicators within the health care industry, as analytical indicators for purposes of assessing operating performance of its facilities. Operating income and operating margin should not be considered as a measure of financial performance under generally accepted accounting principles, and the items excluded from operating income and operating margin are significant components in understanding and assessing financial performance. Because operating income and operating margin are not measurements determined in accordance with generally accepted accounting principles and are thus susceptible to varying calculations, operating income and operating margin as presented may not be comparable to other similarly titled measures of other companies.

For additional information on the Company, visit our web site: http://www.uhsinc.com.

(more)

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

Unaudited

	Three months				Six months
	ended June 30,				ended June 30,
	2003		2002		2003		2002
Net revenues	$	902,954	$	805,945	$	1,797,762	$	1,610,316
Operating charges:
Salaries, wages and benefits		357,448		321,595		713,230		641,302
Other operating expenses		211,616		198,296		415,526		390,192
Supplies expense		121,556		103,857		242,293		207,365
Provision for doubtful accounts		61,702		52,845		127,122		110,739
Depreciation and amortization		35,513		30,900		70,050		60,308
Lease and rental expense		15,861		15,290		31,682		30,480
Interest expense, net		9,375		8,402		19,224		17,132
		813,071		731,185		1,619,127		1,457,518
Income before minority interests and income taxes		89,883		74,760		178,635		152,798
Minority interests in earnings of consolidated entities		8,530		4,688		13,560		10,561
Income before income taxes		81,353		70,072		165,075		142,237
Provision for income taxes		30,403		25,725		61,335		52,217
Net income	$	50,950	$	44,347	$	103,740	$	90,020
Earnings per common share—basic	$	0.88	$	0.74	$	1.79	$	1.50
Earnings per common share—diluted	$	0.82	$	0.69	$	1.66	$	1.40
Weighted average number of common shares—basic		57,655		59,934		57,966		59,898
Weighted average number of common share equivalents		7,287		7,320		7,303		7,253
Weighted average number of common shares and equiv.—diluted		64,942		67,254		65,269		67,151
EARNINGS PER SHARE CALCULATION
Net income	$	50,950	$	44,347	$	103,740	$	90,020
Add: Debenture interest, net of taxes		2,178		2,091		4,355		4,183
Adjusted net income	$	53,128	$	46,438	$	108,095	$	94,203
Weighted average number of common shares—basic		57,655		59,934		57,966		59,898
Add: Shares for conversion of convertible debentures		6,577		6,577		6,577		6,577
Other share equivalents		710		743		726		676
Weighted average number of common shares and equiv.—diluted		64,942		67,254		65,269		67,151
Earnings per common share—diluted	$	0.82	$	0.69	$	1.66	$	1.40

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

Unaudited

	June 30, 2003		December 31, 2002
Assets:
Cash and cash equivalents	$	26,704	$	17,750
Accounts receivable, net		472,829		474,763
Other current assets		111,343		114,063
Property, plant and equipment, net		1,250,786		1,167,287
Other assets		562,014		549,366
	$	2,423,676	$	2,323,229
Liabilities and Stockholders’ Equity:
Current portion of long-term debt	$	11,935	$	8,253
Other current liabilities		360,500		362,160
Other noncurrent liabilities		226,347		206,238
Minority interest		145,398		134,339
Long-term debt		690,184		680,514
Deferred income taxes		12,880		14,266
Stockholders’ equity		976,432		917,459
	$	2,423,676	$	2,323,229

Universal Health Services, Inc.

Supplemental Consolidated Income Statement Information

(in thousands)

unaudited

	Three months ended				Three months ended
	June 30, 2003				June 30, 2002
Net revenues	$	902,954	100.0	%	$	805,945	100.0	%
Operating charges:
Salaries, wages and benefits		357,448	39.6	%		321,595	39.9	%
Other operating expenses		211,616	23.4	%		198,296	24.6	%
Supplies expense		121,556	13.5	%		103,857	12.9	%
Provision for doubtful accounts		61,702	6.8	%		52,845	6.6	%
		752,322	83.3	%		676,593	84.0	%
Operating income/margin		150,632	16.7	%		129,352	16.0	%
Depreciation and amortization		35,513				30,900
Lease and rental expense		15,861				15,290
Interest expense, net		9,375				8,402
Minority interests in earnings of consolidated entities		8,530				4,688
Income before income taxes		81,353				70,072
Provision for income taxes		30,403				25,725
Net income	$	50,950			$	44,347

Universal Health Services, Inc.

Supplemental Consolidated Income Statement Information

(in thousands)

unaudited

	Six months ended				Six months ended
	June 30, 2003				June 30, 2002
Net revenues	$	1,797,762	100.0	%	$	1,610,316	100.0	%
Operating charges:
Salaries, wages and benefits		713,230	39.7	%		641,302	39.8	%
Other operating expenses		415,526	23.1	%		390,192	24.2	%
Supplies expense		242,293	13.5	%		207,365	12.9	%
Provision for doubtful accounts		127,122	7.1	%		110,739	6.9	%
		1,498,171	83.3	%		1,349,598	83.8	%
Operating income/margin		299,591	16.7	%		260,718	16.2	%
Depreciation and amortization		70,050				60,308
Lease and rental expense		31,682				30,480
Interest expense, net		19,224				17,132
Minority interests in earnings of consolidated entities		13,560				10,561
Income before income taxes		165,075				142,237
Provision for income taxes		61,335				52,217
Net income	$	103,740			$	90,020

Universal Health Services, Inc.

Supplemental Statistical Information

(unaudited)

Same Store:	% Change Quarter Ended 06/30/2003		% Change 6 mos. ended 06/30/2003
Acute Care Hospitals
Revenues	9.4	%	9.1	%
Adjusted Admissions	0.0	%	1.3	%
Adjusted Patient Days	1.4	%	0.7	%
Revenue Per Adjusted Admission	9.4	%	7.7	%
Revenue Per Adjusted Patient Day	7.8	%	8.3	%
Behavioral Health Hospitals
Revenues	5.7	%	5.3	%
Adjusted Admissions	2.4	%	1.9	%
Adjusted Patient Days	1.9	%	2.5	%
Revenue Per Adjusted Admission	3.2	%	3.3	%
Revenue Per Adjusted Patient Day	3.7	%	2.7	%

	Second Quarter Ended						Six months Ended
UHS Consolidated	06/30/2003			06/30/2002			06/30/2003			06/30/2002
Revenues	$	902,954		$	805,945		$	1,797,762		$	1,610,316
EBITDA (1)	$	126,241		$	109,374		$	254,349		$	219,677
EBITDA Margin (1)		14.0	%		13.6	%		14.1	%		13.6	%
Cash Flow From Operations	$	129,412		$	77,193		$	210,178		$	134,066
Days Sales Outstanding		48			53			48			52
Capital Expenditures	$	58,077		$	56,441		$	98,419		$	97,152
Debt (net of cash)		—			—		$	675,415		$	675,839
Shareholders Equity		—			—		$	976,432		$	899,408
Debt / Total Capitalization		—			—			40.9	%		42.9	%
Debt / EBITDA (2)		—			—			1.44			1.69
Debt / Cash From Operations (2)		—			—			1.66			2.42
Acute Care EBITDAR Margin (3)		18.3	%		17.6	%		18.5	%		17.7	%
Behavioral Health EBITDAR Margin (3)		24.0	%		21.2	%		23.0	%		20.9	%

(1) Net of Minority Interest

(2) Latest 4 quarters

(3) Before Corporate overhead allocation and minority interest

UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

JUNE 30, 2003

AS REPORTED:	FOR THE THREE MONTHS ENDED
	ACUTE (1)								BEHAVIORAL HEALTH
	6/30/03			6/30/02			%		6/30/03			6/30/02			%
Hospitals owned and leased		25			26		-3.8	%		39			37		5.4	%
Average licensed beds		5,735			5,846		-1.9	%		3,902			3,749		4.1	%
Patient days		305,669			300,761		1.6	%		269,451			255,016		5.7	%
Average daily census		3,359.0			3,305.1		1.6	%		2,961.0			2,802.4		5.7	%
Occupancy-licensed beds		58.6	%		56.5	%	3.6	%		75.9	%		74.7	%	1.5	%
Admissions		65,474			65,605		-0.2	%		22,029			21,176		4.0	%
Length of stay		4.7			4.6		1.8	%		12.2			12.0		1.6	%
Inpatient revenue	$	1,458,645		$	1,242,178		17.4	%	$	274,367		$	248,255		10.5	%
Outpatient revenue		535,742			456,875		17.3	%		41,178			39,450		4.4	%
Total patient revenue		1,994,387			1,699,053		17.4	%		315,545			287,705		9.7	%
Other revenue		13,821			16,187		-14.6	%		8,974			9,495		-5.5	%
Gross hospital revenue		2,008,208			1,715,240		17.1	%		324,519			297,200		9.2	%
Total deductions		1,329,714			1,094,852		21.5	%		169,682			153,777		10.3	%
Net hospital revenue	$	678,494		$	620,388		9.4	%	$	154,837		$	143,423		8.0	%
SAME STORE:	FOR THE THREE MONTHS ENDED
	ACUTE (1) (2)								BEHAVIORAL HEALTH (3)
	6/30/03			6/30/02			%		6/30/03			6/30/02			%
Hospitals owned and leased		25			26		-3.8	%		37			37		0.0	%
Average licensed beds		5,735			5,846		-1.9	%		3,785			3,749		1.0	%
Patient days		305,669			300,782		1.6	%		260,906			255,018		2.3	%
Average daily census		3,359.0			3,305.3		1.6	%		2,867.1			2,802.4		2.3	%
Occupancy-licensed beds		58.6	%		56.5	%	3.6	%		75.7	%		74.8	%	1.3	%
Admissions		65,474			65,605		-0.2	%		21,789			21,176		2.9	%
Length of stay		4.7			4.6		1.8	%		12.0			12.0		-0.6	%

(1) Does not include hospitals located in France.

(2) Inland Valley and Rancho Springs combined on July 1, 2002.

(3) North Star hosoital and Residential Center are excluded in both current and prior years.

UNIVERSAL HEALTH SERVICES, INC.

SELECTED HOSPITAL STATISTICS

JUNE 30, 2003

AS REPORTED:	FOR THE SIX MONTHS ENDED
	ACUTE (1)								BEHAVIORAL HEALTH
	6/30/03			6/30/02			%		6/30/03			6/30/02			%
Hospitals owned and leased		25			26		-3.8	%		39			37		5.4	%
Average licensed beds		5,735			5,846		-1.9	%		3,887			3,749		3.7	%
Patient days		626,561			624,065		0.4	%		537,541			503,984		6.7	%
Average daily census		3,461.7			3,447.9		0.4	%		2,969.8			2,784.4		6.7	%
Occupancy-licensed beds		60.4	%		59.0	%	2.3	%		76.4	%		74.3	%	2.9	%
Admissions		133,589			132,465		0.8	%		43,983			42,427		3.7	%
Length of stay		4.7			4.7		-0.4	%		12.2			11.9		2.9	%
Inpatient revenue	$	2,968,097		$	2,528,504		17.4	%	$	547,644		$	490,634		11.6	%
Outpatient revenue		1,046,485			881,418		18.7	%		79,751			77,750		2.6	%
Total patient revenue		4,014,582			3,409,922		17.7	%		627,395			568,384		10.4	%
Other revenue		27,419			31,403		-12.7	%		17,575			19,237		-8.6	%
Gross hospital revenue		4,042,001			3,441,325		17.5	%		644,970			587,621		9.8	%
Total deductions		2,684,677			2,197,009		22.2	%		337,386			302,077		11.7	%
Net hospital revenue	$	1,357,324		$	1,244,316		9.1	%	$	307,584		$	285,544		7.7	%

SAME STORE:	FOR THE SIX MONTHS ENDED
	ACUTE (1) (2)						BEHAVIORAL HEALTH (3)
	6/30/03		6/30/02		%		6/30/03		6/30/02		%
Hospitals owned and leased	25		26		-3.8	%	37		37		0.0	%
Average licensed beds	5,735		5,846		-1.9	%	3,770		3,749		0.6	%
Patient days	626,568		624,070		0.4	%	519,941		503,976		3.2	%
Average daily census	3,461.7		3,447.9		0.4	%	2,872.6		2,784.4		3.2	%
Occupancy-licensed beds	60.4	%	59.0	%	2.3	%	76.2	%	74.3	%	2.6	%
Admissions	133,589		132,465		0.8	%	43,533		42,427		2.6	%
Length of stay	4.7		4.7		-0.4	%	11.9		11.9		0.5	%

(1) Does not include hospitals located in France.

(2) Inland Valley and Rancho Springs combined on July 1, 2002.

(3) North Star hosoital and Residential Center are excluded in both current and prior years.