United Therapeutics (UTHR) CEO sells 9,500 shares under 10b5-1 plan

Rhea-AI Filing Summary

United Therapeutics Chairperson & CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at a strike price of $146.03 per share, then sold 9,500 shares in multiple open-market trades around $531–$541 on March 17, 2026.

The transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. After these trades, she holds 40,513 shares directly, plus additional indirect holdings through her spouse and family trusts, including 324,518 shares held by a trust.

Insights

Insider transactions analyst

Routine 10b5-1 option exercise-and-sell with large remaining stake.

Martine Rothblatt, Chairperson & CEO of United Therapeutics, exercised 9,500 stock options at a strike price of $146.03 per share and received 9,500 common shares. She then sold 9,500 shares in a series of open-market trades at weighted-average prices in the low $530s to around $540 on March 17, 2026.

The filing notes these trades were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans automate trading and reduce the information value of timing, suggesting these moves are part of a structured diversification or liquidity program rather than a sudden shift in outlook.

Following the transactions, Rothblatt holds 40,513 shares directly and several sizable indirect positions via spouse and family trusts, including one trust with 324,518 shares. A footnote states the plan will continue until the earlier of exercising 1,734,410 options expiring on March 17, 2027 or December 31, 2026, so future filings may show additional similar activity.

Insider Trade Summary 10b5-1

Net Seller: 9,500 shares ($5,099,104)

Net Sell 18 txns

Insider ROTHBLATT MARTINE A

Role Chairperson & CEO

Sold 9,500 shs ($5.10M)

Type	Security	Shares	Price	Value
Exercise	Stock Option	9,500	$0.00	--
Exercise	Common Stock	9,500	$146.03	$1.39M
Sale	Common Stock	133	$531.2113	$71K
Sale	Common Stock	397	$532.2372	$211K
Sale	Common Stock	667	$533.1588	$356K
Sale	Common Stock	1,076	$534.1421	$575K
Sale	Common Stock	727	$535.0505	$389K
Sale	Common Stock	1,840	$536.2572	$987K
Sale	Common Stock	1,000	$537.3175	$537K
Sale	Common Stock	1,091	$538.4081	$587K
Sale	Common Stock	1,709	$539.3972	$922K
Sale	Common Stock	780	$540.1044	$421K
Sale	Common Stock	80	$540.92	$43K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 126,000 shares (Direct); Common Stock — 50,013 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse)

Footnotes (1)

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. This transaction was executed in multiple trades at prices ranging from $538.81 to $539.77. 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. This transaction was executed in multiple trades at prices ranging from $539.83 to $540.80. 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. 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. This transaction was executed in multiple trades at prices ranging from $530.53 to $531.49. 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 $531.62 to $532.61. 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 $532.62 to $533.59. 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. This transaction was executed in multiple trades at prices ranging from $533.62 to $534.58. 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. This transaction was executed in multiple trades at prices ranging from $534.63 to $535.61. 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 $535.74 to $536.73. 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 $536.79 to $537.76. 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. This transaction was executed in multiple trades at prices ranging from $537.81 to $538.80. 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.

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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 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairperson & CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/17/2026		M(1)		9,500	A	$146.03	50,013	D
Common Stock	03/17/2026		S(1)		133	D	$531.2113(2)	49,880	D
Common Stock	03/17/2026		S(1)		397	D	$532.2372(3)	49,483	D
Common Stock	03/17/2026		S(1)		667	D	$533.1588(4)	48,816	D
Common Stock	03/17/2026		S(1)		1,076	D	$534.1421(5)	47,740	D
Common Stock	03/17/2026		S(1)		727	D	$535.0505(6)	47,013	D
Common Stock	03/17/2026		S(1)		1,840	D	$536.2572(7)	45,173	D
Common Stock	03/17/2026		S(1)		1,000	D	$537.3175(8)	44,173	D
Common Stock	03/17/2026		S(1)		1,091	D	$538.4081(9)	43,082	D
Common Stock	03/17/2026		S(1)		1,709	D	$539.3972(10)	41,373	D
Common Stock	03/17/2026		S(1)		780	D	$540.1044(11)	40,593	D
Common Stock	03/17/2026		S(1)		80	D	$540.92	40,513	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(12)
Common Stock								258,117	I	by Trust(13)
Common Stock								45,596	I	by Trust(14)
Common Stock								10,962	I	by Trust(15)

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	03/17/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	126,000	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 $530.53 to $531.49. 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 $531.62 to $532.61. 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 $532.62 to $533.59. 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.

5. This transaction was executed in multiple trades at prices ranging from $533.62 to $534.58. 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.

6. This transaction was executed in multiple trades at prices ranging from $534.63 to $535.61. 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 $535.74 to $536.73. 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 $536.79 to $537.76. 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.

9. This transaction was executed in multiple trades at prices ranging from $537.81 to $538.80. 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.

10. This transaction was executed in multiple trades at prices ranging from $538.81 to $539.77. 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.

11. This transaction was executed in multiple trades at prices ranging from $539.83 to $540.80. 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.

12. 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. 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. 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. 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	03/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

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

Martine Rothblatt exercised 9,500 stock options and sold 9,500 United Therapeutics common shares on March 17, 2026. The sales were open-market transactions executed under a pre-arranged Rule 10b5-1 trading plan adopted in November 2025.

How many United Therapeutics (UTHR) shares did the CEO sell and at what prices?

The CEO sold 9,500 United Therapeutics common shares in multiple trades at weighted-average prices generally between about $531 and $541 per share. Several trades were reported with specific ranges, such as $530.53–$531.49 and $538.81–$540.80.

What stock options did the United Therapeutics (UTHR) CEO exercise?

The CEO exercised stock options covering 9,500 United Therapeutics shares at a conversion or exercise price of $146.03 per share. These options are part of a larger pool of 1,734,410 stock options that expire on March 17, 2027, referenced in the trading plan footnote.

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

After the reported trades, the CEO holds 40,513 United Therapeutics shares directly. She also has indirect ownership through her spouse and multiple family trusts, including one trust position of 324,518 shares, as described in the ownership footnotes.

What is the Rule 10b5-1 trading plan mentioned in the United Therapeutics (UTHR) Form 4?

The filing states the option exercise and related share sales occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan continues until either 1,734,410 options are exercised or December 31, 2026, whichever happens first.

Are the United Therapeutics (UTHR) CEO’s transactions likely routine or discretionary?

The filing describes the trades as made under a pre-arranged Rule 10b5-1 trading plan, which typically automates sales according to preset instructions. That structure suggests the activity is routine portfolio management rather than a discretionary reaction to near-term company events.