<PAGE>
Exhibit 12.1
ViroPharma Incorporated
Schedule of Ratio of Earnings to Fixed Charges
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Six-Month Fiscal Year
Period
ended
June 30, ---------------------------------------------------------------------------
2000 1999 1998 1997 1996 1995
<S> <C> <C> <C> <C> <C> <C>
Net Loss (12,159,172) (29,500,038) (26,402,116) (11,449,883) (6,395,004) (3,854,862)
Add
Fixed charges 4,106,692 434,786 402,512 194,512 132,527 93,930
--------------------------------------------------------------------------------------------
Earnings as Adjusted (8,052,480) (29,065,252) (25,999,604) (11,255,371) (6,262,477) (3,760,932)
============================================================================================
Fixed Charges:
Interest (Gross) 3,670,468 153,956 151,712 64,492 21,977 4,500
Portion of rent 167,190 280,830 250,800 130,020 110,550 89,430
representative
of the interest
factor
Amortization of 269,034
debt issuance
costs
Fixed charges 4,106,692 434,786 402,512 194,512 132,527 93,930
--------------------------------------------------------------------------------------------
Deficiency of
earnings to
cover fixed
charges 12,159,172 29,500,038 26,402,116 11,449,883 6,395,004 3,854,862
============================================================================================
</TABLE>
