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

United Therapeutics CEO sells 9,500 shares under plan

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(Neutral)
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(Neutral)
Form Type
4

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp (UTHR) reports that Chairperson & CEO Martine A. Rothblatt, through a family trust, exercised 9,500 stock options for common stock at an exercise price of $117.76 per share on September 8, 2026, and the trust sold 9,500 common shares in multiple trades on the same date.

The filing states these transactions were made pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, and that 480,410 stock options expiring March 15, 2027 remain held indirectly by a family trust after this exercise.

Positive

  • None.

Negative

  • None.
Insider ROTHBLATT MARTINE A
Role Chairperson & CEO
Sold 9,500 shs ($4.74M)
Approx. gross sale proceeds $4.74M
Approx. exercise cost $1.12M
Approx. pre-tax spread $3.62M
Type Security Shares Price Value
Exercise Stock Option F1, F21, F22 9,500 $0.00 $0.00
Exercise Common Stock F1, F2 9,500 $117.76 $1.12M
Sale Common Stock F1, F3, F2 40 $481.9118 $19K
Sale Common Stock F1, F4, F2 200 $483.90 $97K
Sale Common Stock F1, F5, F2 220 $491.0382 $108K
Sale Common Stock F1, F6, F2 140 $492.7163 $69K
Sale Common Stock F1, F7, F2 144 $493.9821 $71K
Sale Common Stock F1, F8, F2 600 $494.8724 $297K
Sale Common Stock F1, F9, F2 256 $495.7508 $127K
Sale Common Stock F1, F10, F2 300 $497.0502 $149K
Sale Common Stock F1, F11, F2 1,902 $498.1762 $948K
Sale Common Stock F1, F12, F2 1,018 $498.7683 $508K
Sale Common Stock F1, F13, F2 1,173 $500.1991 $587K
Sale Common Stock F1, F14, F2 1,221 $501.1745 $612K
Sale Common Stock F1, F15, F2 1,167 $502.2578 $586K
Sale Common Stock F1, F16, F2 701 $503.3282 $353K
Sale Common Stock F1, F17, F2 418 $504.1467 $211K
holding Common Stock -- -- --
holding Common Stock -- -- --
holding Common Stock F18 -- -- --
holding Common Stock F19 -- -- --
holding Common Stock F20 -- -- --
Holdings After Transaction: Stock Option — 480,410 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 (22)
  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 $496.55 to $497.52. 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.
  3. F11. This transaction was executed in multiple trades at prices ranging from $497.55 to $498.54. 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 $498.58 to $499.52. 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.
  5. F13. This transaction was executed in multiple trades at prices ranging from $499.66 to $500.64. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  6. F14. This transaction was executed in multiple trades at prices ranging from $500.67 to $501.66. 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 $501.78 to $502.76. 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 $502.83 to $503.82. 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 $503.83 to $504.65. 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's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
  11. F19. 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.
  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. 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.
  14. F21. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.
  15. F22. 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.
  16. F3. This transaction was executed in multiple trades at prices ranging from $481.61 to $482.42. 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.
  17. F4. This transaction was executed in multiple trades at prices ranging from $483.87 to $483.92. 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. F5. This transaction was executed in multiple trades at prices ranging from $490.89 to $491.18. 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. F6. This transaction was executed in multiple trades at prices ranging from $492.03 to $492.83. 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. F7. This transaction was executed in multiple trades at prices ranging from $493.46 to $494.43. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
  21. F8. This transaction was executed in multiple trades at prices ranging from $494.48 to $495.47. 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.
  22. F9. This transaction was executed in multiple trades at prices ranging from $495.50 to $496.21. 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.
Options exercised 9,500 stock options Exercised into common stock on September 8, 2026 by a family trust
Exercise price $117.76 per share Exercise price of stock options converted into 9,500 UTHR common shares
Shares sold 9,500 shares Total United Therapeutics common shares sold on September 8, 2026
Sale price example $481.91 per share One reported weighted-average sale price for a 40-share block of UTHR
Highest reported sale price example $504.15 per share Approximate price from a 418-share block at $504.1467 per share
Options remaining 480,410 stock options Stock options held indirectly by a family trust after the exercise, expiring March 15, 2027
Direct common shares 40,513 shares Direct holdings of United Therapeutics common stock reported for Martine Rothblatt
Indirect spouse holdings 166 shares Common shares held indirectly by 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.
indirect ownership 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 report for Martine Rothblatt on September 8, 2026?
Martine A. Rothblatt, via a family trust, exercised 9,500 stock options at $117.76 and the trust sold 9,500 common shares in multiple trades on September 8, 2026, according to the Form 4.

Were the September 8, 2026 UTHR trades by Martine Rothblatt under a Rule 10b5-1 plan?
Yes. The Form 4 states that the option exercise and resulting share sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which continues until certain option exercises are completed or until December 31, 2026.

What option position does Martine Rothblatt retain in UTHR after these transactions?
After the September 8, 2026 option exercise, a family trust associated with Martine Rothblatt holds 480,410 stock options of United Therapeutics that expire on March 15, 2027, as reported in the Form 4.

At what prices were the UTHR shares sold on September 8, 2026?
The Form 4 reports multiple sales of United Therapeutics common stock on September 8, 2026, including blocks priced around $481.91, $491.04, $494.87, and up to about $504.15 per share. Several trades reflect weighted average prices over specified intraday ranges.

How are Martine Rothblatt’s UTHR holdings structured between direct and indirect ownership?
The Form 4 shows 40,513 shares of United Therapeutics common stock held directly, 166 shares held indirectly by spouse, and additional shares and options held indirectly through family trusts with varying investment and voting powers.

Does the September 8, 2026 Form 4 for UTHR indicate open-market purchases by Martine Rothblatt?
No. The filing reports an option exercise that increased common stock holdings and sales of common shares by a family trust. It does not report open-market purchases of United Therapeutics common stock on that 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)
09/08/2026		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 Stock09/08/2026M(1)9,500A$117.76333,943Iby Trust(2)
Common Stock09/08/2026S(1)40D$481.9118(3)333,903Iby Trust(2)
Common Stock09/08/2026S(1)200D$483.9(4)333,703Iby Trust(2)
Common Stock09/08/2026S(1)220D$491.0382(5)333,483Iby Trust(2)
Common Stock09/08/2026S(1)140D$492.7163(6)333,343Iby Trust(2)
Common Stock09/08/2026S(1)144D$493.9821(7)333,199Iby Trust(2)
Common Stock09/08/2026S(1)600D$494.8724(8)332,599Iby Trust(2)
Common Stock09/08/2026S(1)256D$495.7508(9)332,343Iby Trust(2)
Common Stock09/08/2026S(1)300D$497.0502(10)332,043Iby Trust(2)
Common Stock09/08/2026S(1)1,902D$498.1762(11)330,141Iby Trust(2)
Common Stock09/08/2026S(1)1,018D$498.7683(12)329,123Iby Trust(2)
Common Stock09/08/2026S(1)1,173D$500.1991(13)327,950Iby Trust(2)
Common Stock09/08/2026S(1)1,221D$501.1745(14)326,729Iby Trust(2)
Common Stock09/08/2026S(1)1,167D$502.2578(15)325,562Iby Trust(2)
Common Stock09/08/2026S(1)701D$503.3282(16)324,861Iby Trust(2)
Common Stock09/08/2026S(1)418D$504.1467(17)324,443Iby Trust(2)
Common Stock40,513D
Common Stock166Iby Spouse
Common Stock249,108Iby Trust(18)
Common Stock45,596Iby Trust(19)
Common Stock8,902Iby Trust(20)
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$117.7609/08/2026M(1)9,500 (21)03/15/2027Common Stock9,500$0.00480,410Iby Trust(22)
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 $481.61 to $482.42. 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.
4. This transaction was executed in multiple trades at prices ranging from $483.87 to $483.92. 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 $490.89 to $491.18. 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 $492.03 to $492.83. 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 $493.46 to $494.43. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
8. This transaction was executed in multiple trades at prices ranging from $494.48 to $495.47. 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.
9. This transaction was executed in multiple trades at prices ranging from $495.50 to $496.21. 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.
10. This transaction was executed in multiple trades at prices ranging from $496.55 to $497.52. 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.
11. This transaction was executed in multiple trades at prices ranging from $497.55 to $498.54. 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 $498.58 to $499.52. 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.
13. This transaction was executed in multiple trades at prices ranging from $499.66 to $500.64. 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.
14. This transaction was executed in multiple trades at prices ranging from $500.67 to $501.66. 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 $501.78 to $502.76. 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 $502.83 to $503.82. 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 $503.83 to $504.65. 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's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
19. 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.
20. 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.
21. These stock options vested in equal one-third installments on March 15, 2021, 2022 and 2023.
22. 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 Attorney09/09/2026
** 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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