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  4. [Form 4] UNITED THERAPEUTICS Corp Insider Trading Activity

United Therapeutics CEO trust sells 9,500 shares

The reported stock-option position after the exercise was 347,410 shares.

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Form Type
4

Rhea-AI Filing Summary

A family trust in which United Therapeutics Chairperson & CEO Martine A. Rothblatt shares investment power exercised 9,500 stock options on September 28, 2026, at an exercise price of $117.76 per share, then sold the resulting 9,500 common shares in 14 transactions. Reported weighted-average sale prices ranged from $472.4274 to $486.0050 per share. The exercise and sales were made under a pre-arranged Rule 10b5-1 trading plan adopted November 7, 2025.

Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 9,500 shs ($4.57M)
Approx. gross sale proceeds $4.57M
Approx. exercise cost $1.12M
Approx. pre-tax spread $3.45M
Type Security Shares Price Value
Exercise Stock Option F1, F20, F21 9,500 $0.00 $0.00
Exercise Common Stock F1, F2 9,500 $117.76 $1.12M
Sale Common Stock F1, F3, F2 280 $472.4274 $132K
Sale Common Stock F1, F4, F2 600 $473.2762 $284K
Sale Common Stock F1, F5, F2 680 $474.4551 $323K
Sale Common Stock F1, F6, F2 80 $475.28 $38K
Sale Common Stock F1, F7, F2 160 $476.675 $76K
Sale Common Stock F1, F8, F2 200 $477.448 $95K
Sale Common Stock F1, F9, F2 601 $479.0571 $288K
Sale Common Stock F1, F10, F2 1,013 $480.1843 $486K
Sale Common Stock F1, F11, F2 1,354 $481.1977 $652K
Sale Common Stock F1, F12, F2 693 $482.1125 $334K
Sale Common Stock F1, F13, F2 1,539 $483.202 $744K
Sale Common Stock F1, F14, F2 825 $484.4661 $400K
Sale Common Stock F1, F15, F2 1,315 $485.4544 $638K
Sale Common Stock F1, F16, F2 160 $486.005 $78K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock F17 -- -- --
holding Common Stock F18 -- -- --
holding Common Stock F19 -- -- --
Holdings After Transaction: Stock Option — 347,410 contracts (Indirect, by Trust); Common Stock — 628,049 shares (Indirect, by Trust); Common Stock — 166 shares (Indirect, by Spouse); Common Stock — 40,513 shares (Direct)
Footnotes (21)
  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 15, 2027; or (b) December 31, 2026.
  2. F10. This transaction was executed in multiple trades at prices ranging from $479.66 to $480.65. 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.
  3. F11. This transaction was executed in multiple trades at prices ranging from $480.72 to $481.68. 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.
  4. F12. This transaction was executed in multiple trades at prices ranging from $481.72 to $482.655. 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 $482.76 to $483.62. 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.
  6. F14. This transaction was executed in multiple trades at prices ranging from $483.83 to $484.81. 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.
  7. F15. This transaction was executed in multiple trades at prices ranging from $484.83 to $485.70. 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.
  8. F16. This transaction was executed in multiple trades at prices ranging from $485.87 to $486.19. 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. 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. 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.
  13. F20. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.
  14. F21. Stock options held in a family trust as to which the Reporting Person shares investment power and the Reporting Person and immediate family members are beneficiaries.
  15. F3. This transaction was executed in multiple trades at prices ranging from $471.83 to $472.80. 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. F4. This transaction was executed in multiple trades at prices ranging from $472.91 to $473.90. 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. F5. This transaction was executed in multiple trades at prices ranging from $473.93 to $474.92. 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. F6. This transaction was executed in multiple trades at prices ranging from $474.98 to $475.58. 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. F7. This transaction was executed in multiple trades at prices ranging from $476.26 to $477.09. 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.
  20. F8. This transaction was executed in multiple trades at prices ranging from $477.32 to $477.63. 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. F9. This transaction was executed in multiple trades at prices ranging from $478.64 to $479.63. 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.
Stock options exercised 9,500 options September 28, 2026
Exercise price $117.76 per share Options exercised September 28, 2026
Common shares sold 9,500 shares 14 transactions on September 28, 2026
Reported weighted-average sale prices $472.4274–$486.0050 per share Reported sales on September 28, 2026
Stock-option position after exercise 347,410 shares September 28, 2026
Option exercise threshold in trading plan 1,734,410 stock options Plan end condition
10b5-1 trading plan regulatory
"a pre-arranged 10b5-1 trading plan"
A 10b5-1 trading plan is a pre-arranged strategy that allows company insiders to buy or sell company stock at set times, regardless of their current knowledge about the company's situation. It acts like a scheduled appointment for trading, helping prevent the appearance of impropriety or insider trading. This plan provides a way for insiders to sell or buy shares in a controlled, transparent manner, offering reassurance to investors about fair trading practices.
weighted average price financial
"reflects the weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
exercise price financial
"conversion_or_exercise_price: 117.7600"
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
vested in equal one-third installments financial
"These stock options vested in equal one-third installments"

FAQ

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

How many UTHR shares did Martine A. Rothblatt’s family trust sell?
The family trust sold 9,500 common shares in 14 transactions on September 28, 2026, at reported weighted-average prices ranging from $472.4274 to $486.0050 per share. The sales were made under a pre-arranged Rule 10b5-1 trading plan adopted November 7, 2025.

How many UTHR stock options remained after the exercise?
The reported stock-option position was 347,410 shares after the 9,500-option exercise on September 28, 2026. The options were held in a family trust in which Martine A. Rothblatt shared investment power.

When did Martine A. Rothblatt’s UTHR trading plan end?
The pre-arranged plan continued until the earlier of the exercise of 1,734,410 stock options, all expiring March 15, 2027, or December 31, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED 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 MARYLAND 20910
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
UNITED THERAPEUTICS Corp [ UTHR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
Chairperson & CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
09/28/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock09/28/2026M(1)9,500A$117.76333,943Iby Trust(2)
Common Stock09/28/2026S(1)280D$472.4274(3)333,663Iby Trust(2)
Common Stock09/28/2026S(1)600D$473.2762(4)333,063Iby Trust(2)
Common Stock09/28/2026S(1)680D$474.4551(5)332,383Iby Trust(2)
Common Stock09/28/2026S(1)80D$475.28(6)332,303Iby Trust(2)
Common Stock09/28/2026S(1)160D$476.675(7)332,143Iby Trust(2)
Common Stock09/28/2026S(1)200D$477.448(8)331,943Iby Trust(2)
Common Stock09/28/2026S(1)601D$479.0571(9)331,342Iby Trust(2)
Common Stock09/28/2026S(1)1,013D$480.1843(10)330,329Iby Trust(2)
Common Stock09/28/2026S(1)1,354D$481.1977(11)328,975Iby Trust(2)
Common Stock09/28/2026S(1)693D$482.1125(12)328,282Iby Trust(2)
Common Stock09/28/2026S(1)1,539D$483.202(13)326,743Iby Trust(2)
Common Stock09/28/2026S(1)825D$484.4661(14)325,918Iby Trust(2)
Common Stock09/28/2026S(1)1,315D$485.4544(15)324,603Iby Trust(2)
Common Stock09/28/2026S(1)160D$486.005(16)324,443Iby Trust(2)
Common Stock166Iby Spouse
Common Stock40,513D
Common Stock249,108Iby Trust(17)
Common Stock45,596Iby Trust(18)
Common Stock8,902Iby 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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Stock Option$117.7609/28/2026M(1)9,500 (20)03/15/2027Common Stock9,500$0.00347,410Iby Trust(21)
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 15, 2027; or (b) December 31, 2026.
2. 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.
3. This transaction was executed in multiple trades at prices ranging from $471.83 to $472.80. 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 $472.91 to $473.90. 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.
5. This transaction was executed in multiple trades at prices ranging from $473.93 to $474.92. 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.
6. This transaction was executed in multiple trades at prices ranging from $474.98 to $475.58. 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 $476.26 to $477.09. 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.
8. This transaction was executed in multiple trades at prices ranging from $477.32 to $477.63. 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 $478.64 to $479.63. 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 $479.66 to $480.65. 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.
11. This transaction was executed in multiple trades at prices ranging from $480.72 to $481.68. 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.
12. This transaction was executed in multiple trades at prices ranging from $481.72 to $482.655. 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 $482.76 to $483.62. 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.
14. This transaction was executed in multiple trades at prices ranging from $483.83 to $484.81. 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.
15. This transaction was executed in multiple trades at prices ranging from $484.83 to $485.70. 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.
16. This transaction was executed in multiple trades at prices ranging from $485.87 to $486.19. 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. 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.
20. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.
21. Stock options held in a family trust as to which the Reporting Person shares investment power and the Reporting Person and immediate family members are beneficiaries.
Remarks:
/s/ John S. Hess, Jr. under Power of Attorney09/29/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

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