United Therapeutics CEO exercises options, sells 9,500

CEO Martine A. Rothblatt exercised 9,500 United Therapeutics options and sold the resulting shares under a Rule 10b5-1 trading plan.

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp (UTHR) reported that Chairperson & CEO Martine A. Rothblatt, through family trusts, exercised 9,500 stock options on September 18, 2026 at an exercise price of $117.76 per share, receiving 9,500 shares of common stock. On the same date, those 9,500 shares were sold in multiple open-market transactions at weighted average prices generally between the $492–$498 range. Following the option exercise, family trusts associated with Rothblatt held 404,410 stock options, and she also held 40,513 common shares directly and 166 shares indirectly through her spouse. These transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025.

Insider Trade Summary 10b5-1

Exercise and Sale: 9,500 shares ($3.58M approx. pre-tax spread)

Exercise and Sale 13 txns

Insider ROTHBLATT MARTINE A

Role Chairperson & CEO

Sold 9,500 shs ($4.70M)

Approx. gross sale proceeds $4.70M

Approx. exercise cost $1.12M

Approx. pre-tax spread $3.58M

Type	Security	Shares	Price	Value
Exercise	Stock Option F1, F11, F12	9,500	$0.00	$0.00
Exercise	Common Stock F1, F2	9,500	$117.76	$1.12M
Sale	Common Stock F1, F3, F2	248	$492.9053	$122K
Sale	Common Stock F1, F4, F2	2,216	$493.7768	$1.09M
Sale	Common Stock F1, F5, F2	4,269	$494.6993	$2.11M
Sale	Common Stock F1, F6, F2	2,330	$495.6628	$1.15M
Sale	Common Stock F1, F7, F2	277	$496.6395	$138K
Sale	Common Stock F1, F2	160	$498.25	$80K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock F8	--	--	--
holding	Common Stock F9	--	--	--
holding	Common Stock F10	--	--	--

Holdings After Transaction: Stock Option — 404,410 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 (12)

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. 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.
3. F3. This transaction was executed in multiple trades at prices ranging from $492.24 to $493.23. 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. F4. This transaction was executed in multiple trades at prices ranging from $493.29 to $494.26. 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. F5. This transaction was executed in multiple trades at prices ranging from $494.30 to $495.29. 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. F6. This transaction was executed in multiple trades at prices ranging from $495.30 to $496.29. 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. F7. This transaction was executed in multiple trades at prices ranging from $496.35 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.
8. F8. 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. F9. 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. F10. 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. F11. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.
12. F12. 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.

Key Figures

Options exercised: 9,500 options Exercise price: $117.76 per share Shares sold: 9,500 shares +5 more

8 metrics

Options exercised 9,500 options Stock options on UTHR common stock exercised on September 18, 2026

Exercise price $117.76 per share Exercise price of the 9,500 stock options

Shares sold 9,500 shares Common shares sold in multiple trades on September 18, 2026

Sale price range $492.24–$497.14 per share Price ranges disclosed for several sale tranches, with one tranche at $498.25

Options held after exercise 404,410 options Stock options held by a family trust associated with the CEO after the transaction

Direct common shares held 40,513 shares Common stock directly held by Martine A. Rothblatt after the reported date

Indirect spouse holdings 166 shares Common stock held indirectly through spouse

Plan option limit 1,734,410 options Maximum stock options to be exercised under the 10b5-1 plan before December 31, 2026

Key Terms

Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +1 more

5 terms

Rule 10b5-1 trading plan regulatory

"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"

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

"as to which the Reporting Person shares investment power"

FAQ

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

What did UTHR’s CEO Martine A. Rothblatt do in this Form 4 filing?

Rothblatt, via family trusts, exercised 9,500 stock options at $117.76 per share and sold the resulting 9,500 common shares in multiple open-market transactions on September 18, 2026 under a Rule 10b5-1 trading plan.

At what prices were the UTHR shares sold by the trusts on September 18, 2026?

The 9,500 UTHR shares were sold in several trades at weighted average prices around $492.91, $493.78, $494.70, $495.66, $496.64, and a trade at $498.25, with price ranges disclosed from $492.24 up to $497.14 in the footnotes.

Was the UTHR CEO’s trading done under a Rule 10b5-1 plan?

Yes. The filing states that the option exercise and related sales were executed pursuant to 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 United Therapeutics stock options does the CEO-related trust hold after these transactions?

After the September 18, 2026 exercise, the relevant family trust held 404,410 stock options on UTHR common stock, all with an expiration date of March 15, 2027, as reported in the filing.

What are Martine A. Rothblatt’s reported UTHR share holdings after these trades?

The filing reports 40,513 UTHR common shares held directly by Rothblatt and 166 shares held indirectly through her spouse, plus additional indirect holdings in family trusts where she and/or family members are beneficiaries.

How were the stock options involved in this UTHR Form 4 originally structured?

The 9,500 exercised stock options had an exercise price of $117.76 per share and vested in equal one-third installments on March 15, 2021, 2022, and 2023, with an expiration date of March 15, 2027, according to the footnotes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/21/2026 - 04:46 PM Accepted by SEC EDGAR 09/21/2026 - 04:44 PM Learn about SEC filing dates

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)
09/18/2026

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	09/18/2026		M(1)		9,500	A	$117.76	333,943	I	by Trust(2)
Common Stock	09/18/2026		S(1)		248	D	$492.9053(3)	333,695	I	by Trust(2)
Common Stock	09/18/2026		S(1)		2,216	D	$493.7768(4)	331,479	I	by Trust(2)
Common Stock	09/18/2026		S(1)		4,269	D	$494.6993(5)	327,210	I	by Trust(2)
Common Stock	09/18/2026		S(1)		2,330	D	$495.6628(6)	324,880	I	by Trust(2)
Common Stock	09/18/2026		S(1)		277	D	$496.6395(7)	324,603	I	by Trust(2)
Common Stock	09/18/2026		S(1)		160	D	$498.25	324,443	I	by Trust(2)
Common Stock								40,513	D
Common Stock								166	I	by Spouse
Common Stock								249,108	I	by Trust(8)
Common Stock								45,596	I	by Trust(9)
Common Stock								8,902	I	by Trust(10)

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	$117.76	09/18/2026		M(1)			9,500	(11)	03/15/2027	Common Stock	9,500	$0.00	404,410	I	by Trust(12)

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 $492.24 to $493.23. 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 $493.29 to $494.26. 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 $494.30 to $495.29. 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 $495.30 to $496.29. 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 $496.35 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.

8. 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. 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. 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. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.

12. 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 Attorney	09/21/2026
	** 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)