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

Rhea-AI Filing Summary

United Therapeutics Chairperson and CEO Martine Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share. She then sold 9,500 shares of common stock in a series of open-market transactions at prices above $520 per share, creating an exercise-and-sell pattern.

The filing shows she holds 40,513 common shares directly after these trades, plus indirect holdings including 166 shares held by her spouse and trust holdings of 324,518, 258,117, 45,596 and 10,962 shares. The exercise and resulting sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which may continue until up to 1,734,410 stock options expiring on March 17, 2027 are exercised or until December 31, 2026.

Insights

Equity compensation and insider-trading analyst

CEO executes pre-planned option exercise-and-sale, retains substantial holdings.

Martine Rothblatt exercised 9,500 stock options at $146.03 and sold the resulting 9,500 shares at prices above $520, creating cash from long-held equity awards rather than making a fresh market purchase or sale decision.

The filing notes these trades occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which reduces the informational value of the timing because transactions were scheduled in advance. After the trades, she still owns 40,513 shares directly and large additional indirect trust and spousal holdings.

The plan may run until the earlier of exercising up to 1,734,410 options expiring on March 17, 2027 or December 31, 2026. Subsequent company filings may detail additional exercises or sales if the plan continues.

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)
03/20/2026

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	03/20/2026		M(1)		9,500	A	$146.03	50,013	D
Common Stock	03/20/2026		S(1)		40	D	$520.343(2)	49,973	D
Common Stock	03/20/2026		S(1)		520	D	$521.6867(3)	49,453	D
Common Stock	03/20/2026		S(1)		1,538	D	$523.2836(4)	47,915	D
Common Stock	03/20/2026		S(1)		2,749	D	$524.1794(5)	45,166	D
Common Stock	03/20/2026		S(1)		1,815	D	$525.0198(6)	43,351	D
Common Stock	03/20/2026		S(1)		660	D	$526.0603(7)	42,691	D
Common Stock	03/20/2026		S(1)		993	D	$527.0826(8)	41,698	D
Common Stock	03/20/2026		S(1)		865	D	$527.9861(9)	40,833	D
Common Stock	03/20/2026		S(1)		320	D	$529.0775(10)	40,513	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(11)
Common Stock								258,117	I	by Trust(12)
Common Stock								45,596	I	by Trust(13)
Common Stock								10,962	I	by Trust(14)

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	03/20/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	97,500	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 $520.34 to $520.38. 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 $521.40 to $522.25. 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.

4. This transaction was executed in multiple trades at prices ranging from $522.64 to $523.63. 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.

5. This transaction was executed in multiple trades at prices ranging from $523.65 to $524.64. 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 $524.65 to $525.51. 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 $525.65 to $526.63. 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.

8. This transaction was executed in multiple trades at prices ranging from $526.65 to $527.63. 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 $527.65 to $528.43. 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 $528.73 to $529.42. 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. 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.

12. 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.

13. 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.

14. 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	03/23/2026
	** 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 report in this Form 4?

The Form 4 shows CEO Martine Rothblatt exercised 9,500 stock options at $146.03 and sold 9,500 common shares in open-market trades above $520 per share, converting option-based compensation into cash while maintaining a significant remaining share position.

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

After the trades, the CEO directly holds 40,513 shares of United Therapeutics common stock. She also has indirect interests, including 166 shares held by her spouse and trust holdings of 324,518, 258,117, 45,596 and 10,962 shares, according to the filing.

Were the United Therapeutics (UTHR) CEO’s option exercises and sales under a 10b5-1 plan?

Yes. The filing states the option exercise and resulting share sales occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, indicating the transactions were scheduled in advance rather than timed discretionarily around short-term news.

What stock options are covered by the CEO’s trading plan at United Therapeutics (UTHR)?

The 10b5-1 plan may continue until the earlier of the exercise of up to 1,734,410 stock options, all expiring on March 17, 2027, or December 31, 2026. This sets an upper limit on options that can be exercised under the disclosed plan.

What prices were United Therapeutics (UTHR) shares sold for in these CEO transactions?

The reported sales involved 9,500 shares of common stock at prices above $520 per share. Individual trade groups show examples like $520.3430, $523.2836, and $529.0775, with footnotes describing weighted-average prices across multiple executions.

How many United Therapeutics (UTHR) shares were sold versus exercised in this Form 4?

The CEO exercised options for 9,500 shares of common stock and sold 9,500 shares in open-market transactions the same day. This results in a net reported sell volume of 9,500 shares, as summarized in the filing’s transaction totals.