1082554--2/26/2009--UNITED_THERAPEUTICS

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Risks Related to Our Business We have a history of losses and may not maintain profitability. We rely heavily on sales of Remodulin to produce revenues. Most of our pharmaceutical products are in clinical development and may never generate profits. We may not successfully compete with established and newly-developed drugs, products and the companies that develop and market them. Discoveries or development of new products or technologies by others may make our products obsolete or less useful. If third-party payers will not reimburse patients for our drug products or if third-party payers limit the amount of reimbursement, our sales will suffer. The growth of our cardiac monitoring business is dependent upon physicians utilizing our services. If we fail to maintain our current level of physician utilization, our cardiac monitoring revenues may stagnate and our business could be adversely affected. Reimbursement for cardiac monitoring services by Medicare is highly regulated and subject to change. The operation of our cardiac monitoring facility is subject to rules and regulations governing Independent Diagnostic Testing Facilities (IDTFs). Failure to comply with these rules could prevent us from receiving reimbursement for our cardiac services from Medicare and some commercial payers. We rely in part on third parties to market, distribute and sell most of our products and those third parties may not perform. Interruptions or delays in telecommunications systems or in network or related services could impair the delivery of our services and harm our telemedicine business. Our operations depend on compliance with complex FDA and comparable international regulations. Failure to obtain broad approvals on a timely basis or to achieve continued compliance could delay or halt commercialization of our products. Reports of side effects, such as sepsis, associated with intravenous Remodulin could cause physicians and patients to avoid or discontinue use of Remodulin in favor of alternative treatments. We have transitioned our manufacturing operations to a new location and if the FDA and other international agencies do not approve our new location for commercial use, our ability to produce treprostinil sodium, the active ingredient in Remodulin, could suffer. We depend on third parties to formulate and manufacture our products and related devices. Our ability to generate commercial sales or conduct clinical trials could suffer if our third-party vendors fail to perform. If our products fail in clinical studies, we will be unable to obtain or maintain FDA and international approvals and will be unable to sell those products. Our corporate compliance program cannot guarantee that we comply with all potentially applicable federal, state and international regulations. If the licenses, assignments and alliance agreements we depend on are breached or terminated, we would lose our right to develop and sell the products covered by such agreements. Certain license and assignment agreements relating to our products may restrict our ability to develop products in certain countries and/or for particular diseases and may impose other restrictions on our freedom to develop and market our products. If our or our suppliers' patents or other intellectual property protections are inadequate, our sales and profits could suffer or our competitors could force our products out of the market. Our success depends in large part on our ability to operate without infringing third-party patents or other proprietary rights. If our highly qualified management and technical personnel leave us, our business may suffer. We may not maintain adequate insurance and this could expose us to significant product liability claims. Our marketable investments maybe subject to loss. If we need additional financing and cannot obtain it, product development and sales efforts may be limited. Improper handling of hazardous materials used in our activities could expose us to significant liabilities. We may encounter substantial difficulties managing our growth. We invest in auction-rate securities that are subject to market risk and the recent problems in the financial markets could adversely affect the value and liquidity of our investments in these securities. Our ability to recognize the full value of our business tax credits may be limited. Risks Related to Our Common Stock The price of our common stock could be volatile and could decline. We may fail to meet third-party projections for our revenue or profits. Sales of shares of our common stock may depress our stock price. The fundamental change purchase feature of the Convertible Senior Notes may delay or prevent an otherwise beneficial attempt to take over our company. Provisions of Delaware law and our certificate of incorporation, by-laws, shareholder rights plan, and employment and license agreements could prevent or delay a change of control or change in management that may be beneficial to our public stockholders. Our existing directors and executive officers own a substantial portion of our common stock and might be able to influence the outcome of matters requiring stockholder approval. Because we do not intend to pay dividends, stockholders must rely on stock appreciation for any return on their investment in us.

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1082554--2/26/2009--UNITED_THERAPEUTICS_CORP