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United Therapeutics CEO reports 10b5-1 option exercises and sales

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

United Therapeutics (UTHR) disclosed insider transactions by its Chairperson & CEO under a pre-arranged Rule 10b5-1 plan. On 10/15/2025, the officer exercised 4,000 stock options at $120.26 and sold 4,000 common shares in three trades at weighted average prices of $433.42, $434.8 and $436.4721. On 10/16/2025, the officer exercised 4,000 options at $120.26 and sold 4,000 shares at weighted averages of $430.2253, $431.5085 and $432.86.

Direct common stock holdings were 130 shares after each day’s transactions. Derivative holdings were 182,000 options after 10/15/2025 and 178,000 after 10/16/2025. The 10b5-1 plan, entered on May 2, 2025, continues until a 294,000-option tranche is exhausted or December 31, 2025.

Positive

  • None.

Negative

  • None.
Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 8,000 shs ($3.47M)
Type Security Shares Price Value
Exercise Stock Option 4,000 $0.00 --
Exercise Common Stock 4,000 $120.26 $481K
Sale Common Stock 1,500 $430.2253 $645K
Sale Common Stock 1,654 $431.5085 $714K
Sale Common Stock 846 $432.86 $366K
Exercise Stock Option 4,000 $0.00 --
Exercise Common Stock 4,000 $120.26 $481K
Sale Common Stock 1,000 $433.42 $433K
Sale Common Stock 1,000 $434.80 $435K
Sale Common Stock 2,000 $436.4721 $873K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Stock Option — 178,000 shares (Direct); Common Stock — 4,130 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (1)
  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. This transaction was executed in multiple trades at prices ranging from $436.01 to $436.93. 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. This transaction was executed in multiple trades at prices ranging from $430.13 to $430.62. 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. This transaction was executed in multiple trades at prices ranging from $431.29 to $431.77. 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. 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. 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. 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. 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.
Form 4 Insider Transactions: What Each Field Means →
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)
10/15/2025
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 10/15/2025 M(1) 4,000 A $120.26 4,130 D
Common Stock 10/15/2025 S(1) 1,000 D $433.42 3,130 D
Common Stock 10/15/2025 S(1) 1,000 D $434.8 2,130 D
Common Stock 10/15/2025 S(1) 2,000 D $436.4721(2) 130 D
Common Stock 10/16/2025 M(1) 4,000 A $120.26 4,130 D
Common Stock 10/16/2025 S(1) 1,500 D $430.2253(3) 2,630 D
Common Stock 10/16/2025 S(1) 1,654 D $431.5085(4) 976 D
Common Stock 10/16/2025 S(1) 846 D $432.86 130 D
Common Stock 166 I by Spouse
Common Stock 324,518 I by Trust(5)
Common Stock 258,117 I by Trust(6)
Common Stock 45,596 I by Trust(7)
Common Stock 15,962 I by Trust(8)
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 10/15/2025 M(1) 4,000 03/15/2016 03/15/2026 Common Stock 4,000 $0.00 182,000 D
Stock Option $120.26 10/16/2025 M(1) 4,000 03/15/2016 03/15/2026 Common Stock 4,000 $0.00 178,000 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 $436.01 to $436.93. 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 $430.13 to $430.62. 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 $431.29 to $431.77. 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. 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.
6. 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.
7. 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.
8. 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 10/16/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did UTHR report?

The Chairperson & CEO exercised stock options and sold common shares on 10/15/2025 and 10/16/2025 under a Rule 10b5-1 trading plan.

How many options were exercised and at what price?

4,000 options at $120.26 on 10/15/2025 and 4,000 options at $120.26 on 10/16/2025.

At what prices were UTHR shares sold?

On 10/15: weighted averages of $433.42, $434.8, $436.4721. On 10/16: $430.2253, $431.5085, $432.86.

What were the officer’s holdings after the transactions?

Direct common stock: 130 shares after each day. Derivative (options): 182,000 after 10/15 and 178,000 after 10/16.

What are the key terms of the 10b5-1 plan for UTHR’s CEO?

Entered on May 2, 2025; continues until a tranche of 294,000 options expiring March 15, 2026 is exhausted or until December 31, 2025.

Are there additional indirect holdings reported?

Yes. Indirectly held shares include 166 by spouse and multiple family trusts holding 324,518; 258,117; 45,596; and 15,962 shares.