United Therapeutics Corp (UTHR) CEO exercises 9,500 options, sells 9,500 shares

Q: What insider transactions did UTHR CEO Martine Rothblatt report in this Form 4?

She reported exercising 9,500 stock options at an exercise price of $146.03 per share and selling 9,500 shares of UNITED THERAPEUTICS Corp common stock in multiple open‑market trades on March 2, 2026.

Q: How many United Therapeutics stock options did the CEO exercise in this filing?

She exercised 9,500 stock options for UNITED THERAPEUTICS Corp common stock at an exercise price of $146.03 per share. The exercise was recorded with transaction code “M,” indicating a derivative exercise or conversion into common shares.

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt reported a series of insider trades in the company’s common stock. On March 2, 2026, she exercised 9,500 stock options at an exercise price of $146.03 per share, receiving 9,500 shares of common stock.

That same day, she conducted multiple open‑market sales totaling 9,500 shares of common stock, at reported weighted‑average prices generally between about $507 and $525 per share across numerous trades. The Form 4 notes these transactions were carried out under a pre‑arranged Rule 10b5‑1 trading plan adopted on November 7, 2025, which will continue until the earlier of the exercise of 1,734,410 stock options expiring on March 17, 2027, or December 31, 2026.

The filing also reports indirect holdings of common stock through a spouse and various family trusts, where the reporting person or her immediate family share or hold investment power and are beneficiaries.

Insider Trade Summary

Net Seller: 9,500 shares ($4,896,019)

Net Sell 25 txns

Insider ROTHBLATT MARTINE A

Role Chairperson & CEO

Sold 9,500 shs ($4.90M)

Type	Security	Shares	Price	Value
Exercise	Stock Option	9,500	$0.00	--
Exercise	Common Stock	9,500	$146.03	$1.39M
Sale	Common Stock	160	$507.2669	$81K
Sale	Common Stock	319	$508.4893	$162K
Sale	Common Stock	427	$509.6608	$218K
Sale	Common Stock	311	$511.0497	$159K
Sale	Common Stock	722	$511.949	$370K
Sale	Common Stock	1,360	$512.8323	$697K
Sale	Common Stock	1,042	$514.0208	$536K
Sale	Common Stock	1,064	$515.1472	$548K
Sale	Common Stock	768	$515.991	$396K
Sale	Common Stock	872	$517.0219	$451K
Sale	Common Stock	598	$517.8521	$310K
Sale	Common Stock	319	$518.965	$166K
Sale	Common Stock	239	$520.0492	$124K
Sale	Common Stock	420	$521.0719	$219K
Sale	Common Stock	300	$522.1413	$157K
Sale	Common Stock	379	$523.1907	$198K
Sale	Common Stock	160	$524.0425	$84K
Sale	Common Stock	40	$525.28	$21K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 230,500 shares (Direct); Common Stock — 9,630 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse)

Footnotes (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 $515.54 to $516.53. 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 $516.56 to $517.47. 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 $517.595 to $518.59. 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 $518.61 to $519.57. 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 $519.61 to $520.45. 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 $520.65 to $521.62. 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 $521.65 to $522.52. 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 $522.66 to $523.64. 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. This transaction was executed in multiple trades at prices ranging from $523.85 to $524.21. 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. 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. This transaction was executed in multiple trades at prices ranging from $507.00 to $507.86. 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. 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 $508.11 to $509.01. 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 $509.18 to $510.16. 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 $510.37 to $511.35. 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 $511.39 to $512.37. 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 $512.44 to $513.38. 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. This transaction was executed in multiple trades at prices ranging from $513.50 to $514.45. 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 $514.54 to $515.51. 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.

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Form 4 Insider Transactions: What Each Field Means →

03/03/2026 - 04:31 PM

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).

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

20910

(City)

(State)

(Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/02/2026		M⁽¹⁾		9,500	A	$146.03	9,630	D
Common Stock	03/02/2026		S⁽¹⁾		160	D	$507.2669⁽²⁾	9,470	D
Common Stock	03/02/2026		S⁽¹⁾		319	D	$508.4893⁽³⁾	9,151	D
Common Stock	03/02/2026		S⁽¹⁾		427	D	$509.6608⁽⁴⁾	8,724	D
Common Stock	03/02/2026		S⁽¹⁾		311	D	$511.0497⁽⁵⁾	8,413	D
Common Stock	03/02/2026		S⁽¹⁾		722	D	$511.949⁽⁶⁾	7,691	D
Common Stock	03/02/2026		S⁽¹⁾		1,360	D	$512.8323⁽⁷⁾	6,331	D
Common Stock	03/02/2026		S⁽¹⁾		1,042	D	$514.0208⁽⁸⁾	5,289	D
Common Stock	03/02/2026		S⁽¹⁾		1,064	D	$515.1472⁽⁹⁾	4,225	D
Common Stock	03/02/2026		S⁽¹⁾		768	D	$515.991⁽¹⁰⁾	3,457	D
Common Stock	03/02/2026		S⁽¹⁾		872	D	$517.0219⁽¹¹⁾	2,585	D
Common Stock	03/02/2026		S⁽¹⁾		598	D	$517.8521⁽¹²⁾	1,987	D
Common Stock	03/02/2026		S⁽¹⁾		319	D	$518.965⁽¹³⁾	1,668	D
Common Stock	03/02/2026		S⁽¹⁾		239	D	$520.0492⁽¹⁴⁾	1,429	D
Common Stock	03/02/2026		S⁽¹⁾		420	D	$521.0719⁽¹⁵⁾	1,009	D
Common Stock	03/02/2026		S⁽¹⁾		300	D	$522.1413⁽¹⁶⁾	709	D
Common Stock	03/02/2026		S⁽¹⁾		379	D	$523.1907⁽¹⁷⁾	330	D
Common Stock	03/02/2026		S⁽¹⁾		160	D	$524.0425⁽¹⁸⁾	170	D
Common Stock	03/02/2026		S⁽¹⁾		40	D	$525.28	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust⁽¹⁹⁾
Common Stock								258,117	I	by Trust⁽²⁰⁾
Common Stock								45,596	I	by Trust⁽²¹⁾
Common Stock								10,962	I	by Trust⁽²²⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option	$146.03	03/02/2026		M⁽¹⁾			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	230,500	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 $507.00 to $507.86. 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 $508.11 to $509.01. 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 $509.18 to $510.16. 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 $510.37 to $511.35. 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 $511.39 to $512.37. 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 $512.44 to $513.38. 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.

8. This transaction was executed in multiple trades at prices ranging from $513.50 to $514.45. 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 $514.54 to $515.51. 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.

10. This transaction was executed in multiple trades at prices ranging from $515.54 to $516.53. 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 $516.56 to $517.47. 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 $517.595 to $518.59. 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.

13. This transaction was executed in multiple trades at prices ranging from $518.61 to $519.57. 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 $519.61 to $520.45. 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 $520.65 to $521.62. 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 $521.65 to $522.52. 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 $522.66 to $523.64. 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.

18. This transaction was executed in multiple trades at prices ranging from $523.85 to $524.21. 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.

19. 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.

20. 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.

21. 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.

22. 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	03/03/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did UTHR CEO Martine Rothblatt report in this Form 4?

She reported exercising 9,500 stock options at an exercise price of $146.03 per share and selling 9,500 shares of UNITED THERAPEUTICS Corp common stock in multiple open‑market trades on March 2, 2026.

At what prices did the UTHR CEO sell United Therapeutics common stock?

The open‑market sales were executed in numerous trades at weighted‑average prices generally ranging from about $507 to $525 per share, with specific footnotes detailing narrower price ranges for each transaction group on March 2, 2026.

Was the UTHR CEO’s United Therapeutics stock sale part of a 10b5-1 plan?

Yes. The Form 4 states the option exercise and resulting share sales were made under a pre‑arranged Rule 10b5‑1 trading plan adopted on November 7, 2025, designed to execute trades automatically according to preset instructions.

How long will Martine Rothblatt’s 10b5-1 trading plan for UTHR remain in effect?

The plan will continue until the earlier of the exercise of 1,734,410 stock options, all expiring on March 17, 2027, or December 31, 2026, according to the footnote describing the Rule 10b5‑1 trading arrangement.

What indirect holdings in UTHR does the Form 4 disclose for Martine Rothblatt?

The filing shows indirect ownership of United Therapeutics common stock by spouse and through several family trusts. Footnotes explain that the reporting person, spouse, and immediate family members have investment power and are beneficiaries under these trust arrangements.

How many United Therapeutics stock options did the CEO exercise in this filing?

She exercised 9,500 stock options for UNITED THERAPEUTICS Corp common stock at an exercise price of $146.03 per share. The exercise was recorded with transaction code “M,” indicating a derivative exercise or conversion into common shares.