United Therapeutics (UTHR) CEO exercises options and sells 9,500 shares in 10b5-1 plan

Rhea-AI Filing Summary

United Therapeutics Chairperson and CEO Martine Rothblatt reported a mix of option exercises and stock sales. On March 3, 2026, she exercised 9,500 stock options, receiving an equal number of common shares, then sold 9,500 common shares in multiple open-market transactions.

These trades were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which is scheduled to continue until the earlier of the exercise of 1,734,410 stock options expiring on March 17, 2027 or December 31, 2026. After the reported sales, she directly held 130 common shares, in addition to indirect holdings through her spouse and family trusts.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ROTHBLATT MARTINE A

(Last) (First) (Middle)

C/O UNITED THERAPEUTICS CORPORATION

1000 SPRING STREET

(Street)

SILVER SPRING MD 20910

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNITED THERAPEUTICS Corp [ UTHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairperson & CEO

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/03/2026		M(1)		9,500	A	$146.03	9,630	D
Common Stock	03/03/2026		S(1)		283	D	$491.6827(2)	9,347	D
Common Stock	03/03/2026		S(1)		340	D	$492.5343(3)	9,007	D
Common Stock	03/03/2026		S(1)		456	D	$493.7095(4)	8,551	D
Common Stock	03/03/2026		S(1)		680	D	$494.7521(5)	7,871	D
Common Stock	03/03/2026		S(1)		555	D	$495.8727(6)	7,316	D
Common Stock	03/03/2026		S(1)		407	D	$496.7096(7)	6,909	D
Common Stock	03/03/2026		S(1)		1,075	D	$498.0113(8)	5,834	D
Common Stock	03/03/2026		S(1)		1,371	D	$498.955(9)	4,463	D
Common Stock	03/03/2026		S(1)		1,058	D	$499.8547(10)	3,405	D
Common Stock	03/03/2026		S(1)		495	D	$500.9604(11)	2,910	D
Common Stock	03/03/2026		S(1)		379	D	$501.9316(12)	2,531	D
Common Stock	03/03/2026		S(1)		210	D	$503.0318(13)	2,321	D
Common Stock	03/03/2026		S(1)		730	D	$503.9923(14)	1,591	D
Common Stock	03/03/2026		S(1)		908	D	$505.0591(15)	683	D
Common Stock	03/03/2026		S(1)		132	D	$506.1572(16)	551	D
Common Stock	03/03/2026		S(1)		421	D	$507.0903(17)	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(18)
Common Stock								258,117	I	by Trust(19)
Common Stock								45,596	I	by Trust(20)
Common Stock								10,962	I	by Trust(21)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$146.03	03/03/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	221,000	D

Explanation of Responses:

1. This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 17, 2027; or (b) December 31, 2026.

2. This transaction was executed in multiple trades at prices ranging from $491.09 to $492.02. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

3. This transaction was executed in multiple trades at prices ranging from $492.17 to $493.05. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

4. This transaction was executed in multiple trades at prices ranging from $493.17 to $494.14. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

5. This transaction was executed in multiple trades at prices ranging from $494.20 to $495.14. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

6. This transaction was executed in multiple trades at prices ranging from $495.32 to $496.27. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

7. This transaction was executed in multiple trades at prices ranging from $496.33 to $497.31. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

8. This transaction was executed in multiple trades at prices ranging from $497.43 to $498.41. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

9. This transaction was executed in multiple trades at prices ranging from $498.43 to $499.42. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

10. This transaction was executed in multiple trades at prices ranging from $499.43 to $500.42. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

11. This transaction was executed in multiple trades at prices ranging from $500.43 to $501.39. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

12. This transaction was executed in multiple trades at prices ranging from $501.51 to $502.48. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

13. This transaction was executed in multiple trades at prices ranging from $502.51 to $503.40. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

14. This transaction was executed in multiple trades at prices ranging from $503.51 to $504.43. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

15. This transaction was executed in multiple trades at prices ranging from $504.69 to $505.67. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

16. This transaction was executed in multiple trades at prices ranging from $505.85 to $506.54. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

17. This transaction was executed in multiple trades at prices ranging from $507.02 to $507.23. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

18. Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries.

19. Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.

20. Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries.

21. Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	03/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did United Therapeutics (UTHR) CEO Martine Rothblatt report?

Martine Rothblatt reported exercising 9,500 stock options and receiving 9,500 United Therapeutics common shares, then selling 9,500 common shares in multiple open-market trades on March 3, 2026. The filing also updates her remaining direct and indirect share holdings.

Was the United Therapeutics (UTHR) CEO’s recent stock sale pre-planned?

Yes. The option exercise and resulting stock sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. That plan automates trades according to preset instructions rather than day-to-day market decisions by the executive.

How many United Therapeutics (UTHR) stock options are covered by the CEO’s trading plan?

The trading plan will continue until the earlier of exercising 1,734,410 United Therapeutics stock options, all expiring on March 17, 2027, or December 31, 2026. This figure reflects the remaining options potentially subject to sales under the plan’s terms.

What is Martine Rothblatt’s direct United Therapeutics (UTHR) share ownership after these trades?

After the March 3, 2026 transactions, Martine Rothblatt directly held 130 United Therapeutics common shares. The Form 4 also lists substantial additional indirect holdings attributed to her spouse and various family trusts, reflecting broader beneficial ownership structures.

At what prices did the United Therapeutics (UTHR) CEO sell her shares?

The reported common stock sales were executed in multiple trades at weighted-average prices around the high $400s to low $500s per share, with detailed footnotes noting ranges such as $491.09 to $507.23 across the various transactions disclosed.

How are family trusts and spouse holdings of United Therapeutics (UTHR) shares treated in this Form 4?

The Form 4 shows significant United Therapeutics shares held indirectly through the CEO’s spouse and multiple family trusts. Footnotes clarify shared or sole investment power and beneficiary status, indicating these entities as the record holders rather than purely personal direct ownership.