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

United Therapeutics CEO sells 9,500 shares

United Therapeutics’ CEO, via family trusts, exercised 9,500 options and sold the resulting shares under a Rule 10b5-1 plan while retaining substantial option and share positions.

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

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp (UTHR) reported that Chairperson & CEO Martine Rothblatt, through family trusts, exercised 9,500 stock options for common stock at an exercise price of $117.76 per share on September 9, 2026, and the resulting 9,500 shares were sold in multiple open-market transactions at prices generally around $494–$509 per share.

The option exercise was from a grant expiring March 15, 2027, leaving 470,910 options held indirectly by a trust after the transaction. The trades were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Rothblatt also reports 40,513 shares held directly and 166 shares held indirectly by a spouse, in addition to other trust holdings.

Positive

  • None.

Negative

  • None.
Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 9,500 shs ($4.77M)
Approx. gross sale proceeds $4.77M
Approx. exercise cost $1.12M
Approx. pre-tax spread $3.65M
Type Security Shares Price Value
Exercise Stock Option F1, F19, F20 9,500 $0.00 $0.00
Exercise Common Stock F1, F2 9,500 $117.76 $1.12M
Sale Common Stock F1, F3, F2 80 $493.8058 $40K
Sale Common Stock F1, F4, F2 1,202 $495.6529 $596K
Sale Common Stock F1, F5, F2 1,278 $496.7266 $635K
Sale Common Stock F1, F6, F2 160 $497.5575 $80K
Sale Common Stock F1, F7, F2 400 $498.8486 $200K
Sale Common Stock F1, F8, F2 519 $499.7341 $259K
Sale Common Stock F1, F9, F2 361 $500.8393 $181K
Sale Common Stock F1, F10, F2 1,017 $502.8653 $511K
Sale Common Stock F1, F11, F2 1,144 $503.604 $576K
Sale Common Stock F1, F12, F2 964 $505.0283 $487K
Sale Common Stock F1, F13, F2 875 $505.7823 $443K
Sale Common Stock F1, F14, F2 794 $506.8377 $402K
Sale Common Stock F1, F15, F2 506 $507.6775 $257K
Sale Common Stock F1, F2 200 $509.00 $102K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock F16 -- -- --
holding Common Stock F17 -- -- --
holding Common Stock F18 -- -- --
Holdings After Transaction: Stock Option — 470,910 contracts (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 (20)
  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 $502.255 to $503.25. 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.
  3. F11. This transaction was executed in multiple trades at prices ranging from $503.26 to $504.22. 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 $504.32 to $505.31. 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 $505.32 to $506.27. 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 $506.33 to $507.21. 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 $507.44 to $507.87. 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's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
  9. F17. 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.
  10. F18. 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.
  11. F19. This stock option become exercisable in three equal annual installments beginning on the second anniversary of the grant date. The stock option was granted on March 15, 2019.
  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. 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.
  14. F3. This transaction was executed in multiple trades at prices ranging from $493.39 to $494.09. 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.
  15. F4. This transaction was executed in multiple trades at prices ranging from $495.145 to $496.12. 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. F5. This transaction was executed in multiple trades at prices ranging from $496.15 to $497.14. 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. F6. This transaction was executed in multiple trades at prices ranging from $497.22 to $497.85. 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. F7. This transaction was executed in multiple trades at prices ranging from $498.27 to $499.235. 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. F8. This transaction was executed in multiple trades at prices ranging from $499.275 to $500.27. 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. F9. This transaction was executed in multiple trades at prices ranging from $500.335 to $501.20. 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.
Options exercised 9,500 options Stock option exercise into United Therapeutics common stock on September 9, 2026
Option exercise price $117.76 per share Exercise price for 9,500 stock options exercised on September 9, 2026
Shares sold 9,500 shares Total United Therapeutics common shares sold in multiple trades on September 9, 2026
Sale price range example $493.39–$509.00 per share Price ranges across reported sale tranches as described in footnotes F3–F7 and the $509.00 trade
Options remaining in trust 470,910 options Stock options held indirectly by a family trust after the reported exercise
Options under 10b5-1 plan 1,734,410 options Maximum stock options subject to the CEO’s Rule 10b5-1 trading plan
Direct common stock holdings 40,513 shares United Therapeutics common stock held directly by the CEO after the reported transactions
Indirect spouse holdings 166 shares United Therapeutics common stock held indirectly by the CEO’s spouse
Rule 10b5-1 trading plan regulatory
"exercise of stock options and sale ... 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"
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"
investment power financial
"shares investment power and the Reporting Person and/or immediate family members are beneficiaries"

FAQ

What insider transactions did UTHR’s CEO Martine Rothblatt report on September 9, 2026?
Rothblatt, via family trusts, exercised 9,500 stock options at $117.76 per share for United Therapeutics common stock and sold 9,500 shares in multiple open-market trades at prices generally around $494–$509 per share.

Were the UTHR insider transactions made under a Rule 10b5-1 plan?
Yes. The filing states the option exercise and resulting sales were conducted under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which continues until the earlier of exercising 1,734,410 options or December 31, 2026.

How many UTHR stock options does the CEO’s trust hold after these transactions?
After exercising 9,500 options, a family trust associated with the CEO holds 470,910 stock options for United Therapeutics common stock, from an option grant scheduled to expire on March 15, 2027.

What UTHR shareholdings does Martine Rothblatt report following these trades?
Rothblatt reports 40,513 shares of United Therapeutics common stock held directly and 166 shares held indirectly by a spouse, plus additional indirect holdings through family trusts described in the footnotes.

At what prices were the UTHR shares sold in the reported insider trades?
The 9,500 UTHR shares were sold in numerous trades with weighted average prices in tranches such as $493.8058, $495.6529, and up to $509.00 per share, with footnotes giving detailed price ranges for each tranche.

What is the exercise price and expiration of the UTHR options exercised by the CEO’s trust?
The exercised options had an exercise price of $117.76 per share and are from a grant that expires on March 15, 2027. The grant became exercisable in three equal annual installments beginning on the second anniversary of its March 15, 2019 grant date.

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)
09/09/2026		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 Stock09/09/2026M(1)9,500A$117.76333,943Iby Trust(2)
Common Stock09/09/2026S(1)80D$493.8058(3)333,863Iby Trust(2)
Common Stock09/09/2026S(1)1,202D$495.6529(4)332,661Iby Trust(2)
Common Stock09/09/2026S(1)1,278D$496.7266(5)331,383Iby Trust(2)
Common Stock09/09/2026S(1)160D$497.5575(6)331,223Iby Trust(2)
Common Stock09/09/2026S(1)400D$498.8486(7)330,823Iby Trust(2)
Common Stock09/09/2026S(1)519D$499.7341(8)330,304Iby Trust(2)
Common Stock09/09/2026S(1)361D$500.8393(9)329,943Iby Trust(2)
Common Stock09/09/2026S(1)1,017D$502.8653(10)328,926Iby Trust(2)
Common Stock09/09/2026S(1)1,144D$503.604(11)327,782Iby Trust(2)
Common Stock09/09/2026S(1)964D$505.0283(12)326,818Iby Trust(2)
Common Stock09/09/2026S(1)875D$505.7823(13)325,943Iby Trust(2)
Common Stock09/09/2026S(1)794D$506.8377(14)325,149Iby Trust(2)
Common Stock09/09/2026S(1)506D$507.6775(15)324,643Iby Trust(2)
Common Stock09/09/2026S(1)200D$509324,443Iby Trust(2)
Common Stock40,513D
Common Stock166Iby Spouse
Common Stock249,108Iby Trust(16)
Common Stock45,596Iby Trust(17)
Common Stock8,902Iby Trust(18)
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$117.7609/09/2026M(1)9,500 (19)03/15/2027Common Stock9,500$0.00470,910Iby Trust(20)
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 $493.39 to $494.09. 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.
4. This transaction was executed in multiple trades at prices ranging from $495.145 to $496.12. 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 $496.15 to $497.14. 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 $497.22 to $497.85. 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 $498.27 to $499.235. 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 $499.275 to $500.27. 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 $500.335 to $501.20. 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.
10. This transaction was executed in multiple trades at prices ranging from $502.255 to $503.25. 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.
11. This transaction was executed in multiple trades at prices ranging from $503.26 to $504.22. 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 $504.32 to $505.31. 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 $505.32 to $506.27. 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 $506.33 to $507.21. 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 $507.44 to $507.87. 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's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
17. 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.
18. 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.
19. This stock option become exercisable in three equal annual installments beginning on the second anniversary of the grant date. The stock option was granted on March 15, 2019.
20. 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 Attorney09/10/2026
** 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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