Steve Filton Chief Financial Officer

UNIVERSAL HEALTH SERVICES, INC. REPORTS

2011 THIRD QUARTER FINANCIAL RESULTS

Consolidated Results of Operations - Three-month periods ended September 30, 2011 and 2010:

KING OF PRUSSIA, PA Universal Health Services, Inc. (NYSE: UHS) announced today that net income attributable to UHS was $85.1 million, or $.86 per diluted share, during the third quarter of 2011 as

compared to $55.6 million, or $.57 per diluted share, during the comparable prior year quarter. After adjusting the reported results for last year s third quarter to neutralize the impact of the below-mentioned adjustments (no such adjustments

were applicable to the third quarter of 2011), our adjusted net income attributable to UHS during the third quarter of 2010 was $53.7 million, or $.55 per diluted share.

Net revenues increased 40% to $1.85 billion during the third quarter of 2011 as compared to $1.32 billion during the third quarter of 2010. The increase in net revenues during the third quarter of 2011,

as compared to the comparable quarter of the prior year, was due primarily to the revenues generated at the behavioral health care facilities acquired from Psychiatric Solutions, Inc. ( PSI ) in November, 2010.

As indicated on the attached Schedules of Non-GAAP Supplemental Consolidated Statements of Income Information ( Supplemental

Schedules ), included in our net income attributable to UHS during the three-month period ended September 30, 2010, was net income of $1.9 million, or $.02 per diluted share, consisting of the unfavorable after-tax impact of $2.5 million,

or $.02 per diluted share, resulting from transaction fees incurred in connection with the PSI acquisition, offset by a favorable discrete tax item $4.3 million, or $.04 per diluted share.

Consolidated Results of Operations - Nine-month periods ended September 30, 2011 and 2010:

During the nine-month period ended September 30, 2011, net income attributable to UHS was $302.9 million, or $3.06 per diluted share, as compared to $193.0 million, or $1.96 per diluted share, during

the comparable prior year period. After adjusting the reported results for the first nine months of last year to neutralize the impact of the below-mentioned adjustments (no such adjustments were applicable to the results for the first nine months

of 2011), our adjusted net income attributable to UHS during the nine-month period ended September 30, 2010 was $192.2 million, or $1.96 per diluted share.

Net revenues increased 41% to $5.66 billion during the nine-month period ended September 30, 2011 as compared to $4.01 billion during the first nine months of 2010. The increase in net revenues

during the first nine months of 2011, as compared to the comparable prior year period, was due

primarily to the revenues generated at the behavioral health care facilities acquired from PSI in November, 2010.

As indicated on the Supplemental Schedules, included in our net income attributable to UHS during the nine-month period ended September 30, 2010, were the following which, on a net aggregate basis,

had no impact on our earnings per diluted share: (i) a favorable after-tax adjustment of $10.2 million, or $.10 per diluted share, resulting from a reduction to our professional and general liability self-insurance reserves relating to years

prior to 2010 based upon a reserve analysis; (ii) a favorable discrete tax item $4.3 million, or $.04 per diluted share, offset by; (iii) the unfavorable after-tax impact of $13.7 million, or $.14 per diluted share, resulting from the PSI

acquisition transaction fees.

Acute Care Services - Three and nine-month periods ended September 30, 2011 and 2010:

At our acute care hospitals owned during both periods ( same facility basis ), adjusted admissions (adjusted

for outpatient activity) decreased 0.3% while adjusted patient days increased 2.2% during the third quarter of 2011, as compared to the third quarter of 2010. Net revenues at these facilities increased 3.1% during the third quarter of 2011 as

compared to the comparable quarter of the prior year. At these facilities, net revenue per adjusted admission increased 3.5% while net revenue per adjusted patient day increased 0.9% during the third quarter of 2011 as compared to the comparable

quarter of the prior year. On a same facility basis, the operating margin (net revenues less salaries, wages and benefits, other operating expenses, supplies expense and provision for doubtful accounts) at our acute care hospitals decreased to 12.3%

during the third quarter of 2011 as compared to 13.0% during the third quarter of 2010. As expected, the robust revenue growth experienced by our acute care facilities earlier in the year has moderated considerably as improvements in payor mix

weakened in the third quarter of 2011.

During the nine-month period ended September 30, 2011, on a same facility basis,

adjusted admissions decreased 0.3% while adjusted patient days increased 2.0% as compared to the comparable period of the prior year. Net revenues at these facilities increased 5.3% during the first nine months of 2011 as compared to the comparable

period of the prior year. At these facilities, net revenue per adjusted admission increased 5.5% while net revenue per adjusted patient day increased 3.3% during the first nine months of 2011 as compared to the comparable period of the prior year.

On a same facility basis, the operating margin at our acute care hospitals increased to 15.1% during the first nine months of 2011 as compared to 14.5% during the comparable period of the prior year.

We provide care to patients who meet certain financial or economic criteria without charge or at amounts substantially less than our

established rates. Because we do not pursue collection of amounts determined to qualify as charity care, they are not reported in net revenues or in accounts receivable, net. Our acute care hospitals provided charity care and uninsured discounts,

based on charges at established rates, amounting to $246 million and $233 million during the three-month periods ended September 30, 2011 and 2010, respectively, and $708 million and $599 million during the nine-month periods ended

September 30, 2011 and 2010, respectively.

Behavioral Health Care Services - Three and nine-month periods ended September 30,

At our behavioral health care facilities, on a same facility basis, adjusted admissions increased 7.9%

while adjusted patient days increased 3.8% during the third quarter of 2011 as compared to the third quarter of 2010. Net revenues at these facilities increased 6.8% during the third quarter of 2011 as compared to the comparable quarter in the prior

year. At these facilities, net revenue per adjusted

admission decreased 1.0% while net revenue per adjusted patient day increased 2.9% during the third quarter of 2011 as compared to the comparable quarter of the prior year. The operating margin

at our behavioral health care facilities owned during both periods increased to 26.2% during the third quarter of 2011 as compared to 26.0% during the third quarter of 2010.

During the nine-month period ended September 30, 2011, on a same facility basis, adjusted admissions increased 7.2% while adjusted patient days increased 3.0% as compared to the comparable nine-month

period of the prior year. Net revenues at these facilities increased 6.5% during the first nine months of 2011 as compared to the comparable period in the prior year. At these facilities, net revenue per adjusted admission decreased 0.5% while net

revenue per adjusted patient day increased 3.7% during the first nine months of 2011 as compared to the comparable prior year period. The operating margin at our behavioral health care facilities owned during both periods was 26.4% during the first

nine months of 2011 as compared to 26.5% during the comparable period in the prior year.

Conference Call Information:

We will hold a conference call for investors and analysts at 9:00 a.m. (eastern time) on October 28, 2011. The

dial-in number is 1-877-648-7971. A digital recording of the conference call will be available two hours after the completion of the conference call on October 28, 2011 and will continue through midnight on November 11, 2011. The recording

can be accessed by calling 1-855-859-2056 and entering the pass code 15136667. A live broadcast of the call will be available on our web site at www.uhsinc.com. The webcast will also be available through Thompson StreetEvents Network at

www.earnings.com or www.streetevents.com, a password-protected event management site for institutional investors.

Information, Forward-Looking Statements and Risk Factors and Non-GAAP Financial Measures:

Universal Health Services,

Inc. ( UHS ) is one of the nation s largest hospital companies, operating through its subsidiaries, acute care hospitals, behavioral health facilities and ambulatory centers throughout the United States, Puerto Rico and the U.S.

Virgin Islands. A wholly-owned subsidiary of UHS acts as the advisor to Universal Health Realty Income Trust, a real estate investment trust (NYSE:UHT). For additional information on the Company, visit our web site: http://www.uhsinc.com.

This press release contains forward-looking statements based on current management expectations. Numerous factors, including

those disclosed herein, those related to healthcare industry trends and those detailed in our filings with the Securities and Exchange Commission (as set forth in Item 1A-Risk Factors and in Item 7-Forward-Looking

Statements and Risk Factors in our Form 10-K for the year ended December 31, 2010 and in Item 2-Forward Looking Statements and Risk Factors in our Form 10-Q for the quarterly period ended June 30, 2011), may cause the

results to differ materially from those anticipated in the forward-looking statements. Many of the factors that will determine our future results are beyond our capability to control or predict. These statements are subject to risks and

uncertainties and therefore actual results may differ materially. Readers should not place undue reliance on such forward-looking statements which reflect management s view only as of the date hereof. We undertake no obligation to revise or

update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

We believe that operating income, operating margin, adjusted net income attributable to UHS,

adjusted net income attributable to UHS per diluted share and earnings before interest, taxes, depreciation and amortization ( EBITDA ), which are non-GAAP financial measures ( GAAP is Generally Accepted Accounting Principles in

the United States of America), are helpful to our investors as measures of our operating performance. In addition, we believe that, when applicable, comparing and discussing our financial results based on these measures, as calculated, is helpful to

our investors since it neutralizes the effect in each year of items that are nonrecurring or non-operational in nature including items such as, but not limited to, gains on sales of assets and businesses, reserves for settlements, legal judgments

and lawsuits and other amounts that may be reflected in the current or prior year financial statements that relate to prior periods. To obtain a complete understanding of our financial performance these measures should be examined in connection with

net income, determined in accordance with GAAP, as presented in the condensed consolidated financial statements and notes thereto in this report or in our other filings with the Securities and Exchange Commission including our Report on Form 10-K

for the year ended December 31, 2010 and Report on Form 10-Q for the quarterly period ended June 30, 2011. Since the items included or excluded from these measures are significant components in understanding and assessing financial

performance under GAAP, these measures should not be considered to be alternatives to net income as a measure of our operating performance or profitability. Since these measures, as presented, are not determined in accordance with GAAP and are thus

susceptible to varying calculations, they may not be comparable to other similarly titled measures of other companies. Investors are encouraged to use GAAP measures when evaluating our financial performance.

Universal Health Services, Inc.

Consolidated Statements of Income

(in thousands, except per share amounts)

Universal Health Services, Inc.

Footnotes to Consolidated Statements of Income

(in thousands, except per share amounts)

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ( Supplemental Schedule )

For the three months ended September 30, 2011 and 2010

(in thousands, except per share amounts)

Calculation of EBITDA

Calculation of Adjusted Net Income Attributable to UHS

Universal Health Services, Inc.

Schedule of Non-GAAP Supplemental Consolidated Statements of Income Information ( Supplemental Schedule )

For the nine months ended September 30, 2011 and 2010

(in thousands, except per share amounts)

Calculation of EBITDA

Calculation of Adjusted Net Income Attributable to UHS

Universal Health Services, Inc.

Condensed Consolidated Balance Sheets

Universal Health Services, Inc.