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                                                                    EXHIBIT 11.1

                    THERATX, INCORPORATED AND SUBSIDIARIES
                      COMPUTATION OF EARNINGS PER SHARE

<TABLE>
<CAPTION>
                                                                              YEAR ENDED DECEMBER 31,
                                                                      ------------------------------------
                                                                          1994         1995         1996
                                                                      -----------  ------------  ---------
<S>                                                                   <C>           <C>           <C>           
PRIMARY                                                                                                         
 Weighted average common stock outstanding during the period........   12,498        19,983        20,544       
 Cheap stock (1)....................................................       99            --            --       
 Dilutive effect of common stock equivalents (2)....................    3,375           424            --       
                                                                      -------       -------       -------       
    Total...........................................................   15,972        20,407        20,544       
                                                                      =======       =======       =======       

Income before extraordinary item....................................  $11,593       $11,257       $22,717       
Extraordinary item..................................................       --          (428)       (1,134)      
                                                                      -------       -------       -------       
Net income..........................................................  $11,593       $10,829       $21,583       
                                                                      =======       =======       =======       
Earnings per share:                                                                                             
 Income before extraordinary item...................................  $  0.73       $  0.55         $1.11       
 Extraordinary item.................................................       --         (0.02)        (0.06)      
                                                                      -------       -------       -------       
 Net income.........................................................  $  0.73       $  0.53       $  1.05       
                                                                      =======       =======       =======       
FULLY DILUTED                                                                                                   
 Weighted average common stock outstanding during the period........   12,499        19,983        20,544       
 Cheap stock (1)....................................................       99            --            --       
 Dilutive effect of common stock equivalents (2)....................    3,498           428            --       
                                                                      -------       -------       -------       
    Total...........................................................   16,096        20,411        20,544       
                                                                      =======       =======       =======       

Income before extraordinary item....................................  $11,593       $11,257       $22,717       
Extraordinary item -- loss on early retirement of debt, net of taxes       --          (428)       (1,134)      
                                                                      -------       -------       -------       
Net income..........................................................  $11,593       $10,829       $21,583       
                                                                      =======       =======       =======       
Earnings per share:                                                                                             
 Income before extraordinary item...................................  $  0.73       $  0.55         $1.11       
 Extraordinary item.................................................       --         (0.02)        (0.06)      
                                                                      -------       -------       -------       
 Net income.........................................................  $  0.73       $  0.53       $  1.05       
                                                                      =======       =======       =======       
</TABLE>

(1)  Pursuant to Securities and Exchange Commission Accounting Bulletin No.
     83, common stock and common stock equivalents issued at prices below the
     assumed initial public offering price per share ("cheap stock") during the
     twelve month period immediately preceding the initial filing date of the
     Company's Registration Statement for its public offering have been
     included as outstanding for all periods presented prior to the initial
     public offering.

(2)  In 1996, the weighted average common equivalent shares outstanding were
     computed using the "modified treasury stock method" in accordance with
     Accounting Principles Board Opinion No. 15 ("APB 15").  The modified
     treasury stock method is used when the number of shares obtainable upon
     exercise of outstanding options, warrants and their equivalents, in the
     aggregate, exceeds 20% of the Company's outstanding common stock.  Under
     this method, all options, warrants and their equivalents are assumed to
     have been exercised, whether or not dilutive and the aggregate proceeds
     used to repurchase up to 20% of the outstanding shares.  Excess proceeds
     not utilized for the purchase of such shares are assumed to be utilized to
     reduce outstanding debt with any remainder invested in interest bearing
     securities.  Net earnings is increased for the assumed interest savings or
     interest income, net of taxes.  For the fiscal year ending December 31,
     1996, the effects of the application of the modified treasury stock method
     were anti-dilutive; thus, as prescribed by APB 15, common equivalent
     shares were excluded in determining net income per common share.