United Therapeutics CEO exercises, sells 9,500 shares

UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised 9,500 stock options at $146.03 per share and acquired 9,500 shares of common stock on March 24, 2026.

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt exercised 9,500 stock options at $146.03 per share and acquired 9,500 shares of common stock on March 24, 2026. She then sold 9,500 common shares in multiple open‑market trades at prices between approximately $516.84 and $536.02, leaving 40,513 shares held directly.

The filing also lists additional indirect holdings, including shares held by her spouse and in various family trusts. A footnote states these transactions were made under a pre‑arranged 10b5‑1 trading plan adopted on November 7, 2025, which continues until the earlier of the exercise of 1,734,410 stock options expiring on March 17, 2027 or December 31, 2026.

Insider Trade Summary 10b5-1

Exercise and Sale: 9,500 shares ($3.64M approx. pre-tax spread)

Exercise and Sale 24 txns

Insider ROTHBLATT MARTINE A

Role Chairperson & CEO

Sold 9,500 shs ($5.03M)

Approx. gross sale proceeds $5.03M

Approx. exercise cost $1.39M

Approx. pre-tax spread $3.64M

Type	Security	Shares	Price	Value
Exercise	Stock Option	9,500	$0.00	$0.00
Exercise	Common Stock	9,500	$146.03	$1.39M
Sale	Common Stock	40	$516.8363	$21K
Sale	Common Stock	280	$519.099	$145K
Sale	Common Stock	120	$520.7545	$62K
Sale	Common Stock	400	$521.85	$209K
Sale	Common Stock	527	$522.8879	$276K
Sale	Common Stock	737	$523.9252	$386K
Sale	Common Stock	256	$524.6244	$134K
Sale	Common Stock	480	$525.9321	$252K
Sale	Common Stock	680	$526.9436	$358K
Sale	Common Stock	400	$528.02	$211K
Sale	Common Stock	280	$529.4841	$148K
Sale	Common Stock	480	$530.7341	$255K
Sale	Common Stock	1,605	$532.2392	$854K
Sale	Common Stock	1,890	$533.2082	$1.01M
Sale	Common Stock	709	$534.3123	$379K
Sale	Common Stock	536	$535.3867	$287K
Sale	Common Stock	80	$536.02	$43K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 78,500 contracts (Direct); Common Stock — 40,513 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse); Common Stock — 639,193 shares (Indirect, by Trust)

Footnotes (21)

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 17, 2027; or (b) December 31, 2026.
2. F10. This transaction was executed in multiple trades at prices ranging from $526.50 to $527.42. 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.
3. F11. This transaction was executed in multiple trades at prices ranging from $527.59 to $528.34. 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 $529.26 to $530.00. 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 $530.26 to $531.12. 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.
6. F14. This transaction was executed in multiple trades at prices ranging from $531.74 to $532.73. 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.
7. F15. This transaction was executed in multiple trades at prices ranging from $532.76 to $533.75. 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.
8. F16. This transaction was executed in multiple trades at prices ranging from $533.92 to $534.91. 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 $535.10 to $535.94. 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. 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.
11. F19. 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.
12. F2. This transaction was executed in multiple trades at prices ranging from $516.71 to $516.86. 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. F20. 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. F21. 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.
15. F3. This transaction was executed in multiple trades at prices ranging from $518.435 to $519.24. 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. F4. This transaction was executed in multiple trades at prices ranging from $520.11 to $521.07. 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. F5. This transaction was executed in multiple trades at prices ranging from $521.30 to $522.17. 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.
18. F6. This transaction was executed in multiple trades at prices ranging from $522.32 to $523.30. 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. F7. This transaction was executed in multiple trades at prices ranging from $523.32 to $524.30. 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. F8. This transaction was executed in multiple trades at prices ranging from $524.43 to $525.42. 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.
21. F9. This transaction was executed in multiple trades at prices ranging from $525.43 to $526.38. 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.

FAQ

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

What insider transactions did UTHR CEO Martine Rothblatt report on March 24, 2026?

Martine Rothblatt exercised 9,500 stock options at $146.03 per share and acquired 9,500 common shares, then sold 9,500 common shares in multiple open‑market trades at prices around $517–$536, leaving 40,513 shares held directly.

Was the UTHR CEO’s March 24, 2026 stock sale pre-planned?

Yes. The exercise of stock options and sale of the resulting common shares occurred under a pre‑arranged 10b5‑1 trading plan adopted on November 7, 2025, indicating these transactions were scheduled in advance rather than timed discretionarily.

How many United Therapeutics shares does the CEO hold directly after these Form 4 transactions?

After the March 24, 2026 transactions, Martine Rothblatt holds 40,513 United Therapeutics common shares directly. The filing also shows additional indirect holdings through her spouse and several family trusts, which are reported separately from her direct ownership position.

What stock option position did the UTHR CEO exercise in this Form 4 filing?

The CEO exercised 9,500 stock options with an exercise price of $146.03 per share, converting them into 9,500 common shares. These options are part of a larger pool of 1,734,410 stock options that expire on March 17, 2027 under the referenced 10b5‑1 plan.

What does the 10b5-1 trading plan mentioned in the UTHR Form 4 allow?

The 10b5‑1 plan allows the CEO to exercise up to 1,734,410 stock options, all expiring March 17, 2027, with the plan running until the earlier of completing those exercises or December 31, 2026. The March 24, 2026 trades occurred pursuant to this plan.

Does the UTHR CEO have indirect ownership of United Therapeutics shares?

Yes. In addition to 40,513 shares held directly, the filing reports indirect holdings, including shares held by her spouse and in multiple family trusts, where she or family members are beneficiaries or share investment power, expanding her overall reported economic exposure.

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Accepted by SEC EDGAR 03/25/2026 - 04:31 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)
03/24/2026

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	03/24/2026		M(1)		9,500	A	$146.03	50,013	D
Common Stock	03/24/2026		S(1)		40	D	$516.8363(2)	49,973	D
Common Stock	03/24/2026		S(1)		280	D	$519.099(3)	49,693	D
Common Stock	03/24/2026		S(1)		120	D	$520.7545(4)	49,573	D
Common Stock	03/24/2026		S(1)		400	D	$521.85(5)	49,173	D
Common Stock	03/24/2026		S(1)		527	D	$522.8879(6)	48,646	D
Common Stock	03/24/2026		S(1)		737	D	$523.9252(7)	47,909	D
Common Stock	03/24/2026		S(1)		256	D	$524.6244(8)	47,653	D
Common Stock	03/24/2026		S(1)		480	D	$525.9321(9)	47,173	D
Common Stock	03/24/2026		S(1)		680	D	$526.9436(10)	46,493	D
Common Stock	03/24/2026		S(1)		400	D	$528.02(11)	46,093	D
Common Stock	03/24/2026		S(1)		280	D	$529.4841(12)	45,813	D
Common Stock	03/24/2026		S(1)		480	D	$530.7341(13)	45,333	D
Common Stock	03/24/2026		S(1)		1,605	D	$532.2392(14)	43,728	D
Common Stock	03/24/2026		S(1)		1,890	D	$533.2082(15)	41,838	D
Common Stock	03/24/2026		S(1)		709	D	$534.3123(16)	41,129	D
Common Stock	03/24/2026		S(1)		536	D	$535.3867(17)	40,593	D
Common Stock	03/24/2026		S(1)		80	D	$536.02	40,513	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(18)
Common Stock								258,117	I	by Trust(19)
Common Stock								45,596	I	by Trust(20)
Common Stock								10,962	I	by Trust(21)

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	03/24/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	78,500	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 $516.71 to $516.86. 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 $518.435 to $519.24. 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 $520.11 to $521.07. 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 $521.30 to $522.17. 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.

6. This transaction was executed in multiple trades at prices ranging from $522.32 to $523.30. 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 $523.32 to $524.30. 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 $524.43 to $525.42. 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.

9. This transaction was executed in multiple trades at prices ranging from $525.43 to $526.38. 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.

10. This transaction was executed in multiple trades at prices ranging from $526.50 to $527.42. 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. This transaction was executed in multiple trades at prices ranging from $527.59 to $528.34. 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 $529.26 to $530.00. 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 $530.26 to $531.12. 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.

14. This transaction was executed in multiple trades at prices ranging from $531.74 to $532.73. 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.

15. This transaction was executed in multiple trades at prices ranging from $532.76 to $533.75. 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.

16. This transaction was executed in multiple trades at prices ranging from $533.92 to $534.91. 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 $535.10 to $535.94. 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. 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.

19. 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.

20. 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.

21. 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	03/25/2026
	** 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)