United Therapeutics (UTHR) CEO sells 9,500 shares after option exercise

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt reported an exercise-and-sell transaction in company stock. On March 9, 2026, she exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share and received 9,500 shares.

That same day, she sold 9,500 shares of common stock in a series of open-market trades, including 200 shares at $500.05 per share and 80 shares at $529.83 per share. After these trades, she held 130 shares directly, and also reported additional indirect holdings through her spouse and several family trusts.

The footnotes state that this option exercise and sale of resulting shares 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.

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)
03/09/2026

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	03/09/2026		M(1)		9,500	A	$146.03	9,630	D
Common Stock	03/09/2026		S(1)		200	D	$500.05	9,430	D
Common Stock	03/09/2026		S(1)		244	D	$509.4939(2)	9,186	D
Common Stock	03/09/2026		S(1)		701	D	$510.8059(3)	8,485	D
Common Stock	03/09/2026		S(1)		896	D	$511.7339(4)	7,589	D
Common Stock	03/09/2026		S(1)		603	D	$512.8836(5)	6,986	D
Common Stock	03/09/2026		S(1)		676	D	$513.6484(6)	6,310	D
Common Stock	03/09/2026		S(1)		565	D	$514.9014(7)	5,745	D
Common Stock	03/09/2026		S(1)		678	D	$515.8111(8)	5,067	D
Common Stock	03/09/2026		S(1)		588	D	$516.6414(9)	4,479	D
Common Stock	03/09/2026		S(1)		319	D	$517.8263(10)	4,160	D
Common Stock	03/09/2026		S(1)		361	D	$518.799(11)	3,799	D
Common Stock	03/09/2026		S(1)		520	D	$519.993(12)	3,279	D
Common Stock	03/09/2026		S(1)		465	D	$520.8668(13)	2,814	D
Common Stock	03/09/2026		S(1)		335	D	$522.0243(14)	2,479	D
Common Stock	03/09/2026		S(1)		165	D	$523.52(15)	2,314	D
Common Stock	03/09/2026		S(1)		120	D	$524.8533(16)	2,194	D
Common Stock	03/09/2026		S(1)		240	D	$526.5983(17)	1,954	D
Common Stock	03/09/2026		S(1)		1,066	D	$527.9518(18)	888	D
Common Stock	03/09/2026		S(1)		678	D	$528.8509(19)	210	D
Common Stock	03/09/2026		S(1)		80	D	$529.825(20)	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(21)
Common Stock								258,117	I	by Trust(22)
Common Stock								45,596	I	by Trust(23)
Common Stock								10,962	I	by Trust(24)

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	03/09/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	183,000	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 $509.15 to $510.14. 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.

3. This transaction was executed in multiple trades at prices ranging from $510.16 to $511.13. 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 $511.22 to $512.18. 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 $512.29 to $513.26. 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 $513.29 to $514.22. 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 $514.33 to $515.22. 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 $515.33 to $516.31. 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.

9. This transaction was executed in multiple trades at prices ranging from $516.34 to $517.05. 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.

10. This transaction was executed in multiple trades at prices ranging from $517.42 to $518.37. 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 $518.46 to $519.39. 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 $519.50 to $520.48. 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 $520.50 to $521.47. 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 $521.555 to $522.37. 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 $523.17 to $523.84. 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 $524.23 to $525.17. 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 $526.15 to $526.92. 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. This transaction was executed in multiple trades at prices ranging from $527.31 to $528.30. 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.

19. This transaction was executed in multiple trades at prices ranging from $528.47 to $529.45. 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.

20. This transaction was executed in multiple trades at prices ranging from $529.74 to $529.91. 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.

21. 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.

22. 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.

23. 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.

24. 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	03/10/2026
	** 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 did United Therapeutics (UTHR) CEO Martine Rothblatt report in this Form 4?

Martine Rothblatt reported exercising stock options for 9,500 shares of United Therapeutics common stock, then selling 9,500 shares in open-market transactions on March 9, 2026. The filing shows this as a combined option exercise and share sale event.

At what price did the United Therapeutics (UTHR) CEO exercise her stock options?

She exercised stock options covering 9,500 shares of United Therapeutics common stock at an exercise price of $146.03 per share. These options converted into 9,500 shares, which were then sold the same day in multiple open-market transactions at significantly higher market prices.

How many United Therapeutics (UTHR) shares did the CEO sell and at what prices?

Martine Rothblatt sold 9,500 shares of United Therapeutics common stock in multiple open-market trades. Examples include 200 shares at $500.05 per share and 80 shares at $529.83 per share, reflecting sales across a range of high market prices that day.

How many United Therapeutics (UTHR) shares does the CEO hold directly after these transactions?

Following the reported March 9, 2026 transactions, Martine Rothblatt directly holds 130 shares of United Therapeutics common stock. The Form 4 also lists additional indirect holdings through her spouse and various family trusts, which are reported separately from her direct ownership position.

Was the United Therapeutics (UTHR) CEO’s sale under a Rule 10b5-1 trading plan?

Yes. A footnote explains the option exercise and sale of resulting shares occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. This plan structures trades in advance and is scheduled to continue until late 2026 or earlier option exhaustion.

What future activity does the CEO’s United Therapeutics (UTHR) 10b5-1 plan allow?

The plan will continue until the earlier of exercising 1,734,410 stock options, all expiring on March 17, 2027, or December 31, 2026. This means additional option exercises and related sales may occur automatically under the plan’s pre-set instructions.