Exhibit 12.1



ViroPharma Incorporated

Schedule of Ratio of Earnings to Fixed Charges



|                                                      |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |  
|----------------------------------------------------- |  | ---- | ----------- | - | ---- | ----------- | - | ---- | ----------- | - | ---- | ----------- | - | ---- | ----------- | -
|                                                      |  | 2004 |             |   | 2003 |             |   | 2002 |             |   | 2001 |             |   | 2000 |            
|Net Loss from continuing operations                   |  | $    | (19,533,326 | ) |      | (36,941,939 | ) |      | (26,622,883 | ) |      | (78,481,204 | ) |      | (41,817,374 | )
|Add:                                                  |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |  
|Fixed charges                                         |  |      | 10,653,814  |   |      | 8,998,924   |   |      | 11,434,451  |   |      | 11,978,112  |   |      | 10,100,287  |  
|                                                      |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |  
|                                                      |  |      |             |   |     
|Earnings as adjusted                                  |  | $    | (8,879,512  | ) |      | (27,943,015 | ) |      | (15,188,432 | ) |      | (66,503,092 | ) |      | (31,717,087 | )
|                                                      |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |  
|Fixed Charges:                                        |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |  
|                                                      |  |      |             |   |     
|Interest (gross)                                      |  | $    | 8,950,190   |   |      | 7,825,658   |   |      | 10,248,483  |   |      | 10,800,693  |   |      | 9,102,914   |  
|                                                      |  |      |             |   |     
|Portion of rent representative of the interest factor |  |      | 334,539     |   |      | 561,376     |   |      | 400,253     |   |      | 358,962     |   |      | 319,110     |  
|                                                      |  |      |             |   |     
|Amortization of debt issuance costs                   |  |      | 1,369,085   |   |      | 611,890     |   |      | 785,715     |   |      | 818,457     |   |      | 678,263     |  
|                                                      |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |  
|                                                      |  |      |             |   |     
|Total fixed charges                                   |  | $    | 10,653,814  |   |      | 8,998,924   |   |      | 11,434,451  |   |      | 11,978,112  |   |      | 10,100,287  |  
|                                                      |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |  
|                                                      |  |      |             |   |     
|Deficiency of earnings to cover fixed charges         |  | $    | 19,533,326  |   |      | 36,941,939  |   |      | 26,622,883  |   |      | 78,481,204  |   |      | 41,817,374  |  
|                                                      |  |      |             |   |      |             |   |      |             |   |      |             |   |      |             |