July 14, 2003

UNITED THERAPEUTICS SHARES FALL ON ANALYST RESEARCH NOTE

United Therapeutics Corp. shares dropped 12 percent Friday after a Wall Street analyst reinitiated coverage of the stock with a lower investment rating and reduced his revenue expectations for the firm's pulmonary arterial hypertension drug Remodulin (treprostinil).

According to Dow Jones, Leerink Swann & Co. analyst Robert Parente said in a research note that he would resume coverage of the stock with a "market perform" rating compared with his previous rating of "outperform."

Furthermore, Parente said he expects Remodulin's revenue to reach $41 million in 2003, down from a previous estimate of $47 million.

Parente said the lowered revenue estimate is based on the firm's indication that it plans to add 20 net patients per month throughout the year compared with previous expectations of adding of 25 patients per month.

Remodulin, administered via continuous subcutaneous infusion, competes with GlaxoSmithKline Plc's pharmaceutical name Flolan (epoprostenol).

Shares of United Therapeutics closed at $20.50, down $2.80, in heavy trading on the Nasdaq.