United Therapeutics CEO exercises options, sells shares

Rhea-AI Filing Summary

United Therapeutics Corp Chairperson and CEO Martine A. Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share, then sold 9,500 shares in multiple open-market trades at prices generally between about $530 and $548 per share. These transactions on March 10, 2026 were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which is designed to execute trades automatically over time. Following the sales, she holds 130 shares directly and also has substantial indirect holdings through family trusts, including 324,518 shares held by a trust.

Insider Trade Summary 10b5-1

Exercise and Sale: 9,500 shares ($3.74M approx. pre-tax spread)

Exercise and Sale 24 txns

Insider ROTHBLATT MARTINE A

Role Chairperson & CEO

Sold 9,500 shs ($5.13M)

Approx. gross sale proceeds $5.13M

Approx. exercise cost $1.39M

Approx. pre-tax spread $3.74M

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	800	$530.03	$424K
Sale	Common Stock	120	$530.4867	$64K
Sale	Common Stock	40	$531.54	$21K
Sale	Common Stock	40	$533.23	$21K
Sale	Common Stock	1,320	$535.0916	$706K
Sale	Common Stock	459	$535.9897	$246K
Sale	Common Stock	647	$537.9227	$348K
Sale	Common Stock	563	$539.0224	$303K
Sale	Common Stock	1,351	$539.839	$729K
Sale	Common Stock	440	$540.6295	$238K
Sale	Common Stock	400	$541.6902	$217K
Sale	Common Stock	560	$542.8795	$304K
Sale	Common Stock	824	$544.0414	$448K
Sale	Common Stock	936	$545.0522	$510K
Sale	Common Stock	480	$546.2075	$262K
Sale	Common Stock	400	$547.1385	$219K
Sale	Common Stock	120	$548.10	$66K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 173,500 contracts (Direct); Common Stock — 130 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse); Common Stock — 639,193 shares (Indirect, by Trust)

Footnotes (19)

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 $541.43 to $542.09. 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 $542.54 to $543.48. 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.
4. F12. This transaction was executed in multiple trades at prices ranging from $543.59 to $544.57. 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 $544.705 to $545.68. 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 $545.72 to $546.68. 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. This transaction was executed in multiple trades at prices ranging from $546.835 to $547.50. 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. F16. 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.
9. F17. 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.
10. F18. 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.
11. F19. 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.
12. F2. This transaction was executed in multiple trades at prices ranging from $529.38 to $530.35. 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. F3. This transaction was executed in multiple trades at prices ranging from $530.44 to $530.51. 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. F4. This transaction was executed in multiple trades at prices ranging from $534.69 to $535.66. 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. F5. This transaction was executed in multiple trades at prices ranging from $535.72 to $536.21. 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. F6. This transaction was executed in multiple trades at prices ranging from $537.24 to $538.22. 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.
17. F7. This transaction was executed in multiple trades at prices ranging from $538.30 to $539.29. 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. F8. This transaction was executed in multiple trades at prices ranging from $539.30 to $540.21. 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. F9. This transaction was executed in multiple trades at prices ranging from $540.34 to $541.22. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did United Therapeutics (UTHR) CEO Martine Rothblatt report in this Form 4?

Martine Rothblatt reported exercising options for 9,500 United Therapeutics shares at $146.03 and selling 9,500 shares in open-market trades around $530–$548 per share. The activity reflects an exercise-and-sell pattern rather than an open-market share purchase.

Was the United Therapeutics (UTHR) CEO’s stock sale part of a 10b5-1 plan?

Yes. The filing states the option exercise and resulting stock sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans automate trades over time and reduce the significance of trade timing as a discretionary signal.

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

After the reported trades, Martine Rothblatt holds 130 United Therapeutics shares directly. The filing also shows substantial indirect ownership through family trusts and spouse-related accounts, including one trust that holds 324,518 shares, giving her significant overall exposure beyond the small direct position.

What type of insider transaction is shown for United Therapeutics (UTHR)?

The Form 4 shows an option exercise followed by open-market sales. Rothblatt exercised 9,500 stock options and sold 9,500 common shares in multiple trades. This is an exercise-and-sell pattern, converting option value into cash rather than an open-market share accumulation.

Over what period will the United Therapeutics (UTHR) CEO’s 10b5-1 plan remain in effect?

The 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. Future option exercises and sales may occur under this same plan.

Did the United Therapeutics (UTHR) Form 4 indicate multiple trade prices for the CEO’s stock sales?

Yes. Several sales were executed in multiple trades within specified price ranges, such as from $529.38 to $530.35 or from $546.835 to $547.50. The Form 4 reports weighted-average prices and offers to provide detailed trade breakdowns upon request.

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Accepted by SEC EDGAR 03/11/2026 - 04:30 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)
03/10/2026

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	03/10/2026		M(1)		9,500	A	$146.03	9,630	D
Common Stock	03/10/2026		S(1)		800	D	$530.03(2)	8,830	D
Common Stock	03/10/2026		S(1)		120	D	$530.4867(3)	8,710	D
Common Stock	03/10/2026		S(1)		40	D	$531.54	8,670	D
Common Stock	03/10/2026		S(1)		40	D	$533.23	8,630	D
Common Stock	03/10/2026		S(1)		1,320	D	$535.0916(4)	7,310	D
Common Stock	03/10/2026		S(1)		459	D	$535.9897(5)	6,851	D
Common Stock	03/10/2026		S(1)		647	D	$537.9227(6)	6,204	D
Common Stock	03/10/2026		S(1)		563	D	$539.0224(7)	5,641	D
Common Stock	03/10/2026		S(1)		1,351	D	$539.839(8)	4,290	D
Common Stock	03/10/2026		S(1)		440	D	$540.6295(9)	3,850	D
Common Stock	03/10/2026		S(1)		400	D	$541.6902(10)	3,450	D
Common Stock	03/10/2026		S(1)		560	D	$542.8795(11)	2,890	D
Common Stock	03/10/2026		S(1)		824	D	$544.0414(12)	2,066	D
Common Stock	03/10/2026		S(1)		936	D	$545.0522(13)	1,130	D
Common Stock	03/10/2026		S(1)		480	D	$546.2075(14)	650	D
Common Stock	03/10/2026		S(1)		400	D	$547.1385(15)	250	D
Common Stock	03/10/2026		S(1)		120	D	$548.1	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(16)
Common Stock								258,117	I	by Trust(17)
Common Stock								45,596	I	by Trust(18)
Common Stock								10,962	I	by Trust(19)

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	03/10/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	173,500	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 $529.38 to $530.35. 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 $530.44 to $530.51. 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 $534.69 to $535.66. 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 $535.72 to $536.21. 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 $537.24 to $538.22. 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 $538.30 to $539.29. 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 $539.30 to $540.21. 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 $540.34 to $541.22. 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.

10. This transaction was executed in multiple trades at prices ranging from $541.43 to $542.09. 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 $542.54 to $543.48. 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.

12. This transaction was executed in multiple trades at prices ranging from $543.59 to $544.57. 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 $544.705 to $545.68. 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 $545.72 to $546.68. 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 $546.835 to $547.50. 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. 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.

17. 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.

18. 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.

19. 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	03/11/2026
	** 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.