(Source: PRNewswire-FirstCall)SILVER SPRING, Md., May 1 /PRNewswire-FirstCall/ -- United Therapeutics Corporation today announced its results of operations for the quarter ended March 31, 2009. Total revenues for the first quarter of 2009 were $79.7 million, up from $62.0 million for the first quarter of 2008. Net income for the first quarter of 2009 was $13.2 million, or $0.50 per basic share, compared to $9.9 million, or $0.44 per basic share, for the first quarter of 2008. Gross margins from sales were $70.4 million for the first quarter of 2009, compared to $54.5 million for the first quarter of 2008. Earnings before non-cash charges, defined as net income before non-cash interest and income taxes, depreciation, amortization, impairment charges and share-based compensation (stock option and share tracking award expense), were $37.1 million for the first quarter of 2009, up 44% from $25.8 million for the first quarter of 2008.

Results for the first quarter of 2008 have been adjusted for the retrospective adoption of Financial Accounting Standards Board Staff Position No. APB 14-1 (FSP APB 14-1), which became effective January 1, 2009. The retrospective adoption of FSP APB 14-1 resulted in the recognition of additional non-cash interest expense of approximately $2.7 million. Also, net income was reduced by approximately $(1.5) million, representing a reduction in earnings per share of $(0.07) per basic share and $(0.06) per diluted share, from what was previously reported.

"I am pleased that we started the year with an extremely strong first quarter," said Martine Rothblatt, Ph.D., United Therapeutics' Chairman and Chief Executive Officer. "Our core Remodulin franchise continues to grow and is now the preferred form of prostacyclin in North America."

Research and Development Expenses

The table below summarizes research and development expenses by major project and non-project components (dollars in thousands):

                                    Three Months Ended March 31, Percentage                                           2009        2008        Change   Program:     Cardiovascular                      $11,418     $14,485       (21.2)%     Other                                 4,885       3,324        47.0%     Share-based compensation              4,656       3,267        42.5%       Total research and development        expense                          $20,959     $21,076        (0.6)%   

Cardiovascular. Cardiovascular expenses for the three months ended March 31, 2008, included a $3.0 million milestone payment made in connection with the development of a modified release version of the oral prostacyclin analogue, beraprost, under our amended agreement with Toray Industries, Inc. (Toray). There were no milestone payments made to Toray during the three months ended March 31, 2009.

Selling, General and Administrative Expenses

The table below summarizes selling, general and administrative expenses by major category (dollars in thousands):

                                    Three Months Ended March 31, Percentage                                           2009        2008        Change   Category:     General and administrative          $11,383      $8,839        28.8%     Sales and marketing                   8,459       6,884        22.9%     Share-based compensation              9,376       3,608       159.9%       Total selling, general and        administrative expense           $29,218     $19,331        51.2%   

General and administrative.