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United Therapeutics (UTHR) CEO sells 9,500 shares after option exercise

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

Rhea-AI Filing Summary

United Therapeutics Chairperson & CEO Martine A. Rothblatt, through a family trust, exercised stock options for 9,500 shares at an exercise price of $135.42 on August 6, 2026, then sold the resulting 9,500 common shares in multiple indirect transactions at per-share prices including $512.5000 and $532.3932.

These option exercises and sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which will continue until the earlier of the exercise of 1,734,410 options expiring March 15, 2027 or December 31, 2026; 189,410 options remain held by the family trust, alongside direct and other indirect share holdings.

Positive

  • None.

Negative

  • None.
Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 9,500 shs ($4.99M)
Approx. gross sale proceeds $4.99M
Approx. exercise cost $1.29M
Approx. pre-tax spread $3.70M
Type Security Shares Price Value
Exercise Stock Option F1, F23 9,500 $0.00 $0.00
Exercise Common Stock F1, F2 9,500 $135.42 $1.29M
Sale Common Stock F1, F2 80 $512.50 $41K
Sale Common Stock F1, F3, F2 625 $514.9242 $322K
Sale Common Stock F1, F4, F2 263 $516.2094 $136K
Sale Common Stock F1, F5, F2 120 $516.7285 $62K
Sale Common Stock F1, F6, F2 80 $517.825 $41K
Sale Common Stock F1, F7, F2 80 $519.175 $42K
Sale Common Stock F1, F8, F2 633 $520.788 $330K
Sale Common Stock F1, F9, F2 719 $521.6316 $375K
Sale Common Stock F1, F10, F2 120 $522.86 $63K
Sale Common Stock F1, F11, F2 182 $524.2431 $95K
Sale Common Stock F1, F12, F2 824 $525.4248 $433K
Sale Common Stock F1, F13, F2 1,357 $526.3194 $714K
Sale Common Stock F1, F14, F2 1,283 $527.2163 $676K
Sale Common Stock F1, F15, F2 875 $528.2805 $462K
Sale Common Stock F1, F16, F2 759 $529.3309 $402K
Sale Common Stock F1, F17, F2 680 $530.4183 $361K
Sale Common Stock F1, F18, F2 400 $531.417 $213K
Sale Common Stock F1, F19, F2 420 $532.3932 $224K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock F20 -- -- --
holding Common Stock F21 -- -- --
holding Common Stock F22 -- -- --
Holdings After Transaction: Stock Option — 189,410 shares (Indirect, by Trust); Common Stock — 628,049 shares (Indirect, by Trust); Common Stock — 40,513 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (23)
  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 $522.48 to $523.17. 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 $523.79 to $524.76. 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 $524.80 to $525.77. 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. F13. This transaction was executed in multiple trades at prices ranging from $525.81 to $526.77. 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.
  6. F14. This transaction was executed in multiple trades at prices ranging from $526.83 to $527.82. 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 $527.91 to $528.89. 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 $528.95 to $529.93. 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.
  9. F17. This transaction was executed in multiple trades at prices ranging from $530.01 to $530.98. 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. F18. This transaction was executed in multiple trades at prices ranging from $531.20 to $531.75. 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. F19. This transaction was executed in multiple trades at prices ranging from $532.30 to $532.69. 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. 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. 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.
  14. F21. 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.
  15. F22. 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.
  16. F23. 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.
  17. F3. This transaction was executed in multiple trades at prices ranging from $514.33 to $515.28. 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. F4. This transaction was executed in multiple trades at prices ranging from $515.50 to $516.32. 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. F5. This transaction was executed in multiple trades at prices ranging from $516.60 to $517.20. 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. F6. This transaction was executed in multiple trades at prices ranging from $517.77 to $517.88. 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. F7. This transaction was executed in multiple trades at prices ranging from $519.17 to $519.18. 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.
  22. F8. This transaction was executed in multiple trades at prices ranging from $520.19 to $521.18. 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.
  23. F9. This transaction was executed in multiple trades at prices ranging from $521.19 to $522.16. 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 exercised into common stock on August 6, 2026
Exercise price $135.42 per share Exercise price for stock options converted into common stock
Shares sold 9,500 shares Common shares sold indirectly via a family trust on August 6, 2026
Lowest reported sale price $512.5000 per share Per-share price on one reported common stock sale transaction
Highest reported sale price $532.3932 per share Per-share price on one reported common stock sale transaction
Options remaining in trust 189,410 options Stock options remaining held by a family trust after the exercise
Options in 10b5-1 plan 1,734,410 options Total stock options covered by the Rule 10b5-1 trading plan
Direct common share holdings 40,513 shares Common stock held directly by the reporting person after transactions
Spouse-held shares 166 shares Common stock held indirectly by the reporting person’s spouse
Rule 10b5-1 trading plan financial
"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.
weighted average price financial
"This transaction was executed in multiple trades at prices within a range. 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 and the Reporting Person and/or immediate family members are beneficiaries."
investment power financial
"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."

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FAQ

What insider transactions did United Therapeutics (UTHR) CEO Martine Rothblatt report on August 6, 2026?
Martine Rothblatt reported exercising stock options for 9,500 United Therapeutics shares at an exercise price of $135.42 and, through a family trust, selling the resulting 9,500 common shares in multiple trades at per-share prices including $512.5000, $520.7880 and $532.3932.

Was the UTHR CEO’s stock sale made under a Rule 10b5-1 trading plan?
Yes. The disclosure states the option exercise and share sales were effected under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which will continue until the earlier of exercising 1,734,410 options expiring March 15, 2027 or December 31, 2026.

At what price were the United Therapeutics (UTHR) options exercised in this Form 4?
The stock options were exercised into common shares at an exercise price of $135.42 per share. These options relate to grants expiring on March 15, 2027, and are held indirectly through a family trust associated with the reporting person.

How many United Therapeutics (UTHR) shares did Martine Rothblatt sell in this transaction?
The filing reports the sale of 9,500 United Therapeutics common shares, all on August 6, 2026. The shares were sold indirectly via a family trust in multiple trades at weighted-average per-share prices specified for each trade grouping in the disclosure.

What are Martine Rothblatt’s reported United Therapeutics (UTHR) holdings after these transactions?
Reported holdings include 40,513 United Therapeutics shares held directly, 166 shares held indirectly by a spouse, and 189,410 stock options held in a family trust, along with additional indirect trust-held share positions described in the ownership footnotes.

How are the UTHR insider’s indirect holdings structured in this Form 4?
Indirect holdings are primarily in family trusts where the reporting person or spouse serves as trustee or co-trustee and shares investment power, with the reporting person and immediate family members as beneficiaries. One trust also holds the stock options that were partially exercised in this transaction.

What does the weighted average price disclosure mean in the UTHR Form 4 sales?
For several sale entries, the per-share price is a weighted average price over multiple trades within a stated range. The insider undertakes to provide full details of the number of shares and exact prices for each underlying trade upon request to regulators or security holders.
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)
08/06/2026		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 Stock08/06/2026M(1)9,500A$135.42333,943Iby Trust(2)
Common Stock08/06/2026S(1)80D$512.5333,863Iby Trust(2)
Common Stock08/06/2026S(1)625D$514.9242(3)333,238Iby Trust(2)
Common Stock08/06/2026S(1)263D$516.2094(4)332,975Iby Trust(2)
Common Stock08/06/2026S(1)120D$516.7285(5)332,855Iby Trust(2)
Common Stock08/06/2026S(1)80D$517.825(6)332,775Iby Trust(2)
Common Stock08/06/2026S(1)80D$519.175(7)332,695Iby Trust(2)
Common Stock08/06/2026S(1)633D$520.788(8)332,062Iby Trust(2)
Common Stock08/06/2026S(1)719D$521.6316(9)331,343Iby Trust(2)
Common Stock08/06/2026S(1)120D$522.86(10)331,223Iby Trust(2)
Common Stock08/06/2026S(1)182D$524.2431(11)331,041Iby Trust(2)
Common Stock08/06/2026S(1)824D$525.4248(12)330,217Iby Trust(2)
Common Stock08/06/2026S(1)1,357D$526.3194(13)328,860Iby Trust(2)
Common Stock08/06/2026S(1)1,283D$527.2163(14)327,577Iby Trust(2)
Common Stock08/06/2026S(1)875D$528.2805(15)326,702Iby Trust(2)
Common Stock08/06/2026S(1)759D$529.3309(16)325,943Iby Trust(2)
Common Stock08/06/2026S(1)680D$530.4183(17)325,263Iby Trust(2)
Common Stock08/06/2026S(1)400D$531.417(18)324,863Iby Trust(2)
Common Stock08/06/2026S(1)420D$532.3932(19)324,443Iby Trust(2)
Common Stock40,513D
Common Stock166Iby Spouse
Common Stock249,108Iby Trust(20)
Common Stock45,596Iby Trust(21)
Common Stock8,902Iby Trust(22)
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$135.4208/06/2026M(1)9,50003/15/202303/15/2027Common Stock9,500$0.00189,410Iby Trust(23)
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 $514.33 to $515.28. 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 $515.50 to $516.32. 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 $516.60 to $517.20. 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 $517.77 to $517.88. 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 $519.17 to $519.18. 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 $520.19 to $521.18. 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 $521.19 to $522.16. 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 $522.48 to $523.17. 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 $523.79 to $524.76. 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 $524.80 to $525.77. 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.
13. This transaction was executed in multiple trades at prices ranging from $525.81 to $526.77. 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.
14. This transaction was executed in multiple trades at prices ranging from $526.83 to $527.82. 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 $527.91 to $528.89. 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 $528.95 to $529.93. 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.
17. This transaction was executed in multiple trades at prices ranging from $530.01 to $530.98. 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. This transaction was executed in multiple trades at prices ranging from $531.20 to $531.75. 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. This transaction was executed in multiple trades at prices ranging from $532.30 to $532.69. 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. 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.
21. 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.
22. 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.
23. 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 Attorney08/07/2026
** 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