United Therapeutics CEO exercises options, sells 9,500 shares

UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share on March 6, 2026.

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share on March 6, 2026. She then sold 9,500 shares in multiple open-market transactions at prices reported between $471.96 and $484.27 per share.

The filing notes these transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which runs until the earlier of the exercise of 1,734,410 stock options expiring on March 17, 2027 or December 31, 2026. Following the sales, she holds 130 shares directly and additional indirect holdings through her spouse and family trusts.

Insider Trade Summary 10b5-1

Exercise and Sale: 9,500 shares ($3.15M approx. pre-tax spread)

Exercise and Sale 20 txns

Insider ROTHBLATT MARTINE A

Role Chairperson & CEO

Sold 9,500 shs ($4.54M)

Approx. gross sale proceeds $4.54M

Approx. exercise cost $1.39M

Approx. pre-tax spread $3.15M

Type	Security	Shares	Price	Value
Exercise	Stock Option	9,500	$0.00	$0.00
Exercise	Common Stock	9,500	$146.03	$1.39M
Sale	Common Stock	284	$471.9642	$134K
Sale	Common Stock	241	$473.232	$114K
Sale	Common Stock	1,001	$474.1214	$475K
Sale	Common Stock	1,118	$475.3571	$531K
Sale	Common Stock	880	$476.3664	$419K
Sale	Common Stock	2,194	$477.5293	$1.05M
Sale	Common Stock	1,212	$478.3194	$580K
Sale	Common Stock	582	$479.6294	$279K
Sale	Common Stock	938	$480.4703	$451K
Sale	Common Stock	240	$481.5908	$116K
Sale	Common Stock	200	$482.7368	$97K
Sale	Common Stock	450	$483.6856	$218K
Sale	Common Stock	160	$484.27	$77K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 192,500 contracts (Direct); Common Stock — 130 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse); Common Stock — 639,193 shares (Indirect, by Trust)

Footnotes (18)

1. F1. 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. F10. This transaction was executed in multiple trades at prices ranging from $480.05 to $481.01. 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. F11. This transaction was executed in multiple trades at prices ranging from $481.14 to $481.81. 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. F12. This transaction was executed in multiple trades at prices ranging from $482.16 to $483.115. 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. F13. This transaction was executed in multiple trades at prices ranging from $483.20 to $484.04. 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. F14. This transaction was executed in multiple trades at prices ranging from $484.23 to $484.32. 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. F15. 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.
8. F16. 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.
9. F17. 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.
10. F18. 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.
11. F2. This transaction was executed in multiple trades at prices ranging from $471.56 to $472.53. 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. F3. This transaction was executed in multiple trades at prices ranging from $472.66 to $473.65. 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. F4. This transaction was executed in multiple trades at prices ranging from $473.74 to $474.70. 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. F5. This transaction was executed in multiple trades at prices ranging from $474.77 to $475.735. 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. F6. This transaction was executed in multiple trades at prices ranging from $475.92 to $476.74. 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. F7. This transaction was executed in multiple trades at prices ranging from $476.92 to $477.90. 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. F8. This transaction was executed in multiple trades at prices ranging from $477.92 to $478.86. 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. F9. This transaction was executed in multiple trades at prices ranging from $479.05 to $480.04. 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.

FAQ

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What did UNITED THERAPEUTICS (UTHR) CEO report in this Form 4?

The CEO exercised 9,500 stock options at $146.03 per share and sold 9,500 common shares in open-market trades. The transactions occurred on March 6, 2026 and were executed under a pre-arranged Rule 10b5-1 trading plan adopted in November 2025.

At what prices were UNITED THERAPEUTICS (UTHR) shares sold in the Form 4?

The open-market sales covered 9,500 shares at prices reported between about $471.96 and $484.27 per share. Several trades were grouped with weighted-average prices, with detailed breakdowns available to regulators, the issuer, or shareholders upon request, as stated in the filing footnotes.

Was the UNITED THERAPEUTICS (UTHR) CEO’s Form 4 trading pre-planned?

Yes. The filing states the option exercise and related stock sales were conducted under a pre-arranged Rule 10b5-1 trading plan. That plan was adopted on November 7, 2025 and is scheduled to continue until late 2026 or until specified options are fully exercised.

How many UNITED THERAPEUTICS (UTHR) options did the CEO exercise in this Form 4?

The CEO exercised stock options covering 9,500 shares of common stock at an exercise price of $146.03 per share. After this transaction, 192,500 stock options of this type remained outstanding, according to the reported derivative holdings following the exercise event.

What are the CEO’s direct and indirect holdings in UNITED THERAPEUTICS (UTHR) after this Form 4?

After the reported trades, the CEO holds 130 shares directly. The filing also lists additional indirect holdings through a spouse and several family trusts, with each trust and spousal account shown with its own share balance as of the transaction date.

How long will the UNITED THERAPEUTICS (UTHR) CEO’s 10b5-1 trading plan remain in effect?

The Rule 10b5-1 plan will continue until the earlier of two events: the exercise of 1,734,410 stock options that expire on March 17, 2027, or December 31, 2026. Further option exercises and sales under this plan may appear in later filings.

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Accepted by SEC EDGAR 03/10/2026 - 04:33 PM Learn about SEC filing dates

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)
03/06/2026

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	03/06/2026		M(1)		9,500	A	$146.03	9,630	D
Common Stock	03/06/2026		S(1)		284	D	$471.9642(2)	9,346	D
Common Stock	03/06/2026		S(1)		241	D	$473.232(3)	9,105	D
Common Stock	03/06/2026		S(1)		1,001	D	$474.1214(4)	8,104	D
Common Stock	03/06/2026		S(1)		1,118	D	$475.3571(5)	6,986	D
Common Stock	03/06/2026		S(1)		880	D	$476.3664(6)	6,106	D
Common Stock	03/06/2026		S(1)		2,194	D	$477.5293(7)	3,912	D
Common Stock	03/06/2026		S(1)		1,212	D	$478.3194(8)	2,700	D
Common Stock	03/06/2026		S(1)		582	D	$479.6294(9)	2,118	D
Common Stock	03/06/2026		S(1)		938	D	$480.4703(10)	1,180	D
Common Stock	03/06/2026		S(1)		240	D	$481.5908(11)	940	D
Common Stock	03/06/2026		S(1)		200	D	$482.7368(12)	740	D
Common Stock	03/06/2026		S(1)		450	D	$483.6856(13)	290	D
Common Stock	03/06/2026		S(1)		160	D	$484.27(14)	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(15)
Common Stock								258,117	I	by Trust(16)
Common Stock								45,596	I	by Trust(17)
Common Stock								10,962	I	by Trust(18)

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	03/06/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	192,500	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 $471.56 to $472.53. 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 $472.66 to $473.65. 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 $473.74 to $474.70. 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 $474.77 to $475.735. 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 $475.92 to $476.74. 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 $476.92 to $477.90. 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 $477.92 to $478.86. 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 $479.05 to $480.04. 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 $480.05 to $481.01. 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 $481.14 to $481.81. 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 $482.16 to $483.115. 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 $483.20 to $484.04. 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 $484.23 to $484.32. 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. 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.

16. 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.

17. 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.

18. 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.