We demonstrate in this work and in the accompanying paper that it is possible to measure simultaneously heat capacity and expansibility of biomolecules in a single DSC experiment. In this study, we provide the theoretical basis for this new method based on rigorous statistical thermodynamics. The theoretical treatment presented here demonstrates that there are two additive contributions to the heat capacity at variable pressure, viz. (1) the isobaric heat capacity and (2) an expansibility term, and that these contributions can be experimentally separated to obtain simultaneously both heat capacity and expansibility in continuous DSC temperature scans preformed under pressure modulation. Equations that describe the mixed heat capacity and expansibility signal are derived, and experimental strategies as well as data extraction procedures are discussed.