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

UTHR CEO exercises options, sells 9,500 shares

United Therapeutics Corp Chairperson & CEO Martine Rothblatt reported an exercise-and-sale transaction in company stock.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

United Therapeutics Corp Chairperson & CEO Martine Rothblatt reported an exercise-and-sale transaction in company stock. On May 12, 2026, she exercised 9,500 stock options at $146.03 per share to acquire common stock, then sold 9,500 shares in multiple open-market trades around $570–$583 per share.

The filing states these moves were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Following the transactions, Rothblatt directly holds 40,513 shares of common stock and also has additional indirect holdings through family trusts and her spouse. The trading plan will continue until the earlier of the exercise of 1,734,410 stock options, which expire on March 17, 2027, or December 31, 2026.

Positive

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Negative

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Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 9,500 shs ($5.49M)
Approx. gross sale proceeds $5.49M
Approx. exercise cost $1.39M
Approx. pre-tax spread $4.11M
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 240 $568.8313 $137K
Sale Common Stock 400 $570.3134 $228K
Sale Common Stock 106 $571.7119 $61K
Sale Common Stock 293 $573.1152 $168K
Sale Common Stock 401 $573.7005 $230K
Sale Common Stock 753 $575.4665 $433K
Sale Common Stock 767 $576.2349 $442K
Sale Common Stock 1,062 $577.4358 $613K
Sale Common Stock 778 $578.4558 $450K
Sale Common Stock 492 $579.6692 $285K
Sale Common Stock 1,706 $580.6152 $991K
Sale Common Stock 982 $581.6179 $571K
Sale Common Stock 1,464 $582.799 $853K
Sale Common Stock 56 $583.4429 $33K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Stock Option — 249,910 contracts (Direct); Common Stock — 40,513 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse); Common Stock — 639,118 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 $577.95 to $578.90. 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.
  3. F11. This transaction was executed in multiple trades at prices ranging from $579.03 to $580.02. 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 $580.04 to $580.99. 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 $581.06 to $582.00. 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 $582.36 to $583.30. 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 $583.44 to $583.45. 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 $568.57 to $569.01. 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.
  13. F3. This transaction was executed in multiple trades at prices ranging from $569.98 to $570.59. 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 $571.27 to $572.26. 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 $572.47 to $573.46. 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 $573.47 to $574.25. 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 $574.85 to $575.83. 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 $575.87 to $576.77. 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.
  19. F9. This transaction was executed in multiple trades at prices ranging from $576.95 to $577.92. 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.
Options exercised 9,500 shares Stock options converted to common stock on May 12, 2026
Option exercise price $146.03 per share Exercise price for 9,500 stock options
Shares sold 9,500 shares Open-market sales on May 12, 2026
Sale price range $568.83–$583.44 Weighted average prices across multiple sale trades
Direct holdings after transactions 40,513 shares Common stock directly owned following reported trades
Example trust holding 324,443 shares Common stock held in a family trust
Plan option pool 1,734,410 stock options Options referenced in 10b5-1 plan, expiring March 17, 2027
Rule 10b5-1 trading plan financial
"This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
stock options financial
"This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
weighted average price financial
"The price reported above 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.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
Exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""

FAQ

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

What insider transactions did UTHR CEO Martine Rothblatt report on this Form 4?
Martine Rothblatt reported exercising 9,500 stock options and selling 9,500 United Therapeutics common shares. The trades occurred on May 12, 2026 at multiple prices around $570–$583 per share, converting option-based compensation into cash while maintaining a sizable remaining share position.

At what prices did UTHR shares trade in Martine Rothblatt’s reported sales?
The reported United Therapeutics share sales occurred in multiple trades around $570–$583 per share. Individual Form 4 line items show weighted average prices such as $568.83, $575.47 and $583.44, reflecting execution across a tight trading range on May 12, 2026.

How many United Therapeutics shares does Martine Rothblatt hold directly after these Form 4 transactions?
After the reported transactions, Martine Rothblatt directly holds 40,513 United Therapeutics common shares. The filing also lists additional indirect holdings through several family trusts and a small position held by her spouse, giving broader exposure beyond the directly owned shares.

What stock options did Martine Rothblatt exercise in the latest UTHR Form 4 filing?
She exercised 9,500 stock options with an exercise price of $146.03 per share into United Therapeutics common stock. These options are part of a larger option pool referenced in a Rule 10b5-1 plan that covers up to 1,734,410 options expiring March 17, 2027.

Was Martine Rothblatt’s UTHR stock sale made under a Rule 10b5-1 trading plan?
Yes. The Form 4 footnotes state the option exercise and resulting share sales occurred under a pre-arranged Rule 10b5-1 trading plan. The plan was adopted November 7, 2025 and is scheduled to run until late 2026 or earlier if specified options are fully exercised.

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)
05/12/2026		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 Stock05/12/2026M(1)9,500A$146.0350,013D
Common Stock05/12/2026S(1)240D$568.8313(2)49,773D
Common Stock05/12/2026S(1)400D$570.3134(3)49,373D
Common Stock05/12/2026S(1)106D$571.7119(4)49,267D
Common Stock05/12/2026S(1)293D$573.1152(5)48,974D
Common Stock05/12/2026S(1)401D$573.7005(6)48,573D
Common Stock05/12/2026S(1)753D$575.4665(7)47,820D
Common Stock05/12/2026S(1)767D$576.2349(8)47,053D
Common Stock05/12/2026S(1)1,062D$577.4358(9)45,991D
Common Stock05/12/2026S(1)778D$578.4558(10)45,213D
Common Stock05/12/2026S(1)492D$579.6692(11)44,721D
Common Stock05/12/2026S(1)1,706D$580.6152(12)43,015D
Common Stock05/12/2026S(1)982D$581.6179(13)42,033D
Common Stock05/12/2026S(1)1,464D$582.799(14)40,569D
Common Stock05/12/2026S(1)56D$583.4429(15)40,513D
Common Stock166Iby Spouse
Common Stock324,443Iby Trust(16)
Common Stock258,117Iby Trust(17)
Common Stock45,596Iby Trust(18)
Common Stock10,962Iby 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$146.0305/12/2026M(1)9,50003/15/202003/15/2027Common Stock9,500$0.00249,910D
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 $568.57 to $569.01. 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. This transaction was executed in multiple trades at prices ranging from $569.98 to $570.59. 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 $571.27 to $572.26. 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 $572.47 to $573.46. 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 $573.47 to $574.25. 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 $574.85 to $575.83. 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 $575.87 to $576.77. 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.
9. This transaction was executed in multiple trades at prices ranging from $576.95 to $577.92. 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.
10. This transaction was executed in multiple trades at prices ranging from $577.95 to $578.90. 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.
11. This transaction was executed in multiple trades at prices ranging from $579.03 to $580.02. 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 $580.04 to $580.99. 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 $581.06 to $582.00. 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 $582.36 to $583.30. 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 $583.44 to $583.45. 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 Attorney05/13/2026
** 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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