UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13G
                                 (RULE 13D-102)
   

                              INFORMATION STATEMENT
                        PURSUANT TO RULES 13D-1(b) AND (c)
                             AND AMENDMENTS THERETO
                           FILED PURSUANT TO 13D-2(b)
                               (AMENDMENT NO. 1)*
    


                             VIROPHARMA INCORPORATED
                                (Name of Issuer)


                                  COMMON STOCK
                         (Title of Class of Securities)


                                    928241108
                                 (CUSIP Number)



*The  remainder of this cover page shall be filled out for a reporting  person's
initial filing on this form with respect to the subject class of securities, and
for any  subsequent  amendment  containing  information  which  would  alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the  Securities  Exchange  Act of
1934 ("Act") or otherwise  subject to the liabilities of that section of the Act
but  shall be  subject  to all other  provisions  of the Act  (however,  see the
Notes).







                                  


CUSIP NO.   928241108                     13G                  PAGE 2 OF 4 PAGES


1.    NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

            NEW YORK LIFE INSURANCE COMPANY
            13-5582869

2.    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*           (a) [   ]
                                                                  (b) [   ]

3.    SEC USE ONLY

4.    CITIZENSHIP OR PLACE OF ORGANIZATION

            NEW YORK

   
NUMBER OF               5.    SOLE VOTING POWER                      364,397
SHARES
BENEFICIALLY            6.    SHARED VOTING POWER                          0
OWNED BY
EACH                    7.    SOLE DISPOSITIVE POWER                 364,397
REPORTING
PERSON                  8.    SHARED DISPOSITIVE POWER                     0
WITH

9.    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
      REPORTING PERSON                                               364,397

10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9)
      EXCLUDES CERTAIN SHARES* [ ]

11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9                   3.5%
    

12.   TYPE OF REPORTING PERSON*

            IC

                      *SEE INSTRUCTIONS BEFORE FILLING OUT









                                  


CUSIP NO.   928241108                     13G                  PAGE 3 OF 4 PAGES


Item 1(a)   Name of issuer:  VIROPHARMA INCORPORATED
Item 1(b)   Address of issuer's principal executive offices:

            76 GREAT VALLEY PARKWAY
            MALVERN, PA 19355

Item 2(a)   Name of person filing:    NEW YORK LIFE INSURANCE COMPANY

Item 2(b)   Address of principal business office:

                        51 MADISON AVENUE, ROOM 206
                        NEW YORK, NY  10010

Item 2(c)   Citizenship: NEW YORK

Item 2(d)   Title of class of securities:  COMMON STOCK, PAR VALUE $.002 
                                           PER SHARE

Item 2(e)   Cusip No.:  928241108

Item 3      Type of Person:  INSURANCE COMPANY AS DEFINED IN SECTION 3(A)(19) OF
                             THE ACT

   
Item 4(a)   Amount beneficially owned:       364,397

Item 4(b)   Percent of class:                   3.5%

Item 4(c)   (i)   sole power to vote:               364,397
            (ii)  shared power to vote:                   0
            (iii) sole power to dispose:            364,397
            (iv)  shared power to dispose:                0

Item 5      Ownership of 5 percent or less of a class:
            IF THIS  STATEMENT  IS BEING FILED TO REPORT THE FACT THAT AS OF THE
            DATE  HEREOF THE  REPORTING  PERSON HAS CEASED TO BE THE  BENEFICIAL
            OWNER OF MORE THAN FIVE PERCENT OF THE CLASS  SECURITIES,  CHECK THE
            FOLLOWING (X).
    

Item 6      Ownership of more than 5 percent on behalf of another person:
                               NOT APPLICABLE

Item 7      Identification  and  classification of subsidiary:
                               NOT APPLICABLE

Item 8      Identification and classification  of  members  of  the  group:  
                               NOT APPLICABLE






                                  


CUSIP NO.   928241108                      13G                 PAGE 4 OF 4 PAGES



Item 9     Notice of dissolution of the group:  NOT APPLICABLE

Item 10    Certification:

           By signing  below I certify  that,  to the best of my knowledge  and
           belief,  the  securities  referred  to above  were  acquired  in the
           ordinary course of business and were not acquired for the purpose of
           and do not have the effect of changing or influencing the control of
           the issuer of such  securities  and were not acquired in  connection
           with or as a participant in any  transaction  having such purpose or
           effect.

                                    SIGNATURE

            After reasonable inquiry and to the best of my knowledge and belief,
            I certify that the  information set forth in this statement is true,
            complete, and correct.




Dated: February 9, 1998                   NEW YORK LIFE INSURANCE COMPANY


                                          By /S/   DOMINIQUE O. SEMON
                                             -----------------------------------
                                          Name:  Dominique O. Semon
                                          Title: Director