United Therapeutics CEO Rothblatt Executes Options and Sells Shares Under 10b5-1

Rhea-AI Filing Summary

United Therapeutics (UTHR) insider activity: Martine A. Rothblatt, Chairperson & CEO, exercised 8,000 stock options at an exercise price of $120.26 on 09/09/2025 and sold two blocks of common stock totaling 8,000 shares (6,165 shares at a weighted average price of $398.285 and 1,835 shares at a weighted average price of $399.4263). The transactions were executed pursuant to a pre-arranged 10b5-1 trading plan established May 2, 2025, covering a tranche of 294,000 stock options that expire March 15, 2026 and continuing until exhaustion of that tranche or December 31, 2025. The Form 4 reports direct and indirect holdings via spouse and family trusts as disclosed.

Positive

• Transactions executed under a 10b5-1 plan, indicating pre-arranged, documented trading intent
• Full disclosure of indirect holdings through spouse and family trusts, enhancing transparency

Negative

• Insider sold 8,000 shares, which may be perceived as liquidity-taking by the CEO
• Continued potential for further sales from a tranche of 294,000 options expiring March 15, 2026

Insights

Corporate Governance Expert

TL;DR: Insider exercised options and sold shares under a documented 10b5-1 plan, which aligns with routine, pre-planned disposition.

The filing shows an exercise of 8,000 options at $120.26 and subsequent sales of 8,000 shares at weighted average prices near $398-$399 executed under a 10b5-1 plan dated May 2, 2025. Use of a 10b5-1 plan reduces immediate concerns about opportunistic timing but does not eliminate the need to monitor ongoing filings for tranche exhaustion and additional sales. Disclosures of indirect holdings through spouse and family trusts are consistent with standard governance transparency.

Securities Analyst

TL;DR: The transactions are material only as routine insider liquidity; they do not, by themselves, indicate a change in company fundamentals.

The reporting person converted options into 8,000 shares and sold those shares in multiple trades at weighted average prices of $398.285 and $399.4263. The plan covers up to 294,000 options expiring March 15, 2026 or through December 31, 2025, which could lead to additional, planned sales. Investors should note the magnitude relative to total outstanding shares is not provided in this filing, so market impact cannot be assessed from this Form 4 alone.

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)
09/09/2025

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	09/09/2025		M(1)		8,000	A	$120.26	8,130	D
Common Stock	09/09/2025		S(1)		6,165	D	$398.285(2)	1,965	D
Common Stock	09/09/2025		S(1)		1,835	D	$399.4263(3)	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(4)
Common Stock								258,117	I	by Trust(5)
Common Stock								45,596	I	by Trust(6)
Common Stock								15,962	I	by Trust(7)

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	$120.26	09/09/2025		M(1)			8,000	03/15/2016	03/15/2026	Common Stock	8,000	$0.00	286,000	D

Explanation of Responses:

1. This exercise and sale of stock options was pursuant to a pre-arranged 10b5-1 trading plan entered into by the reporting person on May 2, 2025. This plan will continue until the earlier of: (a) exhaustion of a tranche of 294,000 stock options that expire March 15, 2026; or (b) December 31, 2025.

2. This transaction was executed in multiple trades at prices ranging from $397.89 to $398.70. 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.

3. This transaction was executed in multiple trades at prices ranging from $398.92 to $399.485. 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. 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.

5. 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.

6. 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.

7. 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	09/10/2025
	** 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 Martine A. Rothblatt do according to the UTHR Form 4?

The filing shows Ms. Rothblatt exercised 8,000 stock options at $120.26 and sold two blocks totaling 8,000 shares on 09/09/2025 under a 10b5-1 plan.

Were the sales made under a 10b5-1 trading plan for UTHR?

Yes. The transactions were made pursuant to a pre-arranged 10b5-1 plan entered into May 2, 2025 that covers a tranche of 294,000 options.

At what prices were the UTHR shares sold?

Sales were executed in multiple trades with weighted average prices of $398.285 and $399.4263; trade ranges were reported in the filing.

How long does the 10b5-1 plan continue for UTHR insider trades?

The plan continues until the earlier of exhaustion of the specified tranche of 294,000 options expiring March 15, 2026 or December 31, 2025.

Does the Form 4 disclose indirect holdings for the UTHR reporting person?

Yes. The filing discloses indirect beneficial ownership via the reporting person’s spouse and multiple family trusts.