Welcome to our dedicated page for United Therapeutics SEC filings (Ticker: UTHR), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
United Therapeutics Corporation filings document an operating biotechnology company with Nasdaq-listed common stock and a public benefit corporation structure. Recent 8-K reports cover quarterly and annual operating results, business updates, clinical-study announcements for Tyvaso and ralinepag, and capital actions such as share repurchase programs and accelerated share repurchase agreements.
Proxy materials describe board elections, director changes, executive compensation, shareholder voting matters and governance practices. The company’s formal disclosures also address its treprostinil-centered pulmonary arterial hypertension business, development programs in pulmonary and transplant-related medicine, and common-stock capital structure.
United Therapeutics reported that its pivotal phase 3 ADVANCE OUTCOMES study of ralinepag in pulmonary arterial hypertension met its primary goal. Ralinepag reduced the risk of a clinical worsening event by 55% versus placebo and increased the odds of clinical improvement by 47% through Week 28.
The once-daily oral prostacyclin showed statistically significant benefits on six-minute walk distance and NT-proBNP, with no new safety signals observed. The company plans to submit a New Drug Application for ralinepag to the FDA by the second half of 2026 and is hosting a webcast to discuss the results.
United Therapeutics Corporation executive vice president and general counsel Paul A. Mahon reported equity awards tied to multi-year performance goals. He acquired 49,860 performance-based stock options and two tranches of performance-based restricted stock units covering 7,796 and 8,895 units, all at a grant price of $0 per unit.
The options were earned based on average cash profit margin for 2023-2025, while the restricted stock units were earned based on average revenue growth and clinical development performance over 2023-2025. All reported awards will vest on March 15, 2026, and each restricted stock unit converts into one share of common stock after vesting.
ROTHBLATT MARTINE A reported acquisition or exercise transactions in this Form 4 filing.
UNITED THERAPEUTICS Corp reported new performance-based equity awards for Chairperson & CEO Martine A. Rothblatt. She was credited with 207,720 stock options and two blocks of performance-based restricted stock units covering 32,499 and 37,080 units.
The options are tied to average cash profit margin during 2023–2025, while the RSUs are tied to average revenue growth and clinical development performance over the same 2023–2025 period. Performance outcomes were determined in early 2026, and all earned options and RSUs are scheduled to vest on March 15, 2026, with each RSU delivering one common share at vesting.
UNITED THERAPEUTICS Corp reported that President and COO Michael Benkowitz acquired equity awards tied to multi‑year performance goals. On March 15, 2023 he was granted 99,720 performance-based stock options earned from a three-year cash profit margin target for 2023-2025, which will vest on March 15, 2026.
He was also granted 15,592 performance-based restricted stock units tied to average revenue growth for 2023-2025 and 17,790 performance-based restricted stock units tied to clinical development performance for 2023-2025; both awards were earned based on performance and will vest on March 15, 2026. Each restricted stock unit converts into one share of common stock after vesting.
United Therapeutics reported that CFO and Treasurer James Edgemond acquired new equity awards made up of stock options and performance-based restricted stock units. He received 58,170 stock options and two tranches of restricted stock units totaling 9,098 and 10,380 units.
The stock options are tied to a three-year performance condition based on average cash profit margin during 2023-2025, with performance determined in February 2026. One restricted stock unit grant is tied to average revenue growth during 2023-2025, with performance also determined in February 2026, while the other is tied to clinical development performance during 2023-2025, determined in January 2026.
All earned awards will vest on March 15, 2026. Each restricted stock unit gives the right to receive one share of United Therapeutics common stock after vesting, and the units do not have an expiration date.
Morgan Stanley Smith Barney LLC submitted a notice regarding the proposed sale of 1,000 common shares via stock option exercise, with the transaction dated 02/25/2026 and cash proceeds indicated. The filing also lists two prior sales by Christopher Causey: $510,000.00 on 01/06/2026 for 1,000 shares and $500,014.60 on 01/02/2026 for 1,000 shares.
UNITED THERAPEUTICS Corp director Christopher Causey reported option exercises and a share sale. He exercised stock options for 1,000 shares on February 25, 2026, converting derivative securities at a stated price of $0.0000 and acquiring 1,000 shares of common stock at $119.7600 per share.
On the same date, he sold 1,000 shares of common stock at $520.0000 per share in an open-market transaction. After these transactions, he directly held 4,190 shares of common stock and 6,320 stock options. The exercise and subsequent sale were made under a Rule 10b5-1 trading plan entered into on September 30, 2025.
United Therapeutics Corporation reported strong fourth quarter and full year 2025 results, highlighted by record annual revenues of $3.18 billion, up 11% from 2024, and net income of $1.33 billion versus $1.20 billion a year earlier.
Growth was driven mainly by Tyvaso DPI, with 2025 sales of $1.29 billion, up 25%, and total Tyvaso revenues rising 16% to $1.88 billion, helped by higher patient numbers and Medicare Part D redesign effects. Orenitram sales increased 14% to $496.9 million. The company invested $550.0 million in research and development and recorded a $21.7 million PP&E impairment. It also executed accelerated share repurchase agreements totaling $2.0 billion, receiving 2.64 million shares in 2025, while ending the year with $4.70 billion in cash, cash equivalents, and marketable investments and stockholders’ equity of $7.10 billion. Management highlighted upcoming ADVANCE OUTCOMES and TETON-1 clinical readouts and expressed confidence in sustaining double-digit revenue growth.
United Therapeutics is a public benefit corporation focused on treating pulmonary arterial hypertension (PAH), pulmonary hypertension associated with interstitial lung disease (PH-ILD), and other serious diseases while developing manufactured organs and organ alternatives.
The company’s core drugs are treprostinil-based therapies Tyvaso DPI, Nebulized Tyvaso, Remodulin, and Orenitram, plus oncology drug Unituxin and PDE‑5 inhibitor Adcirca. In 2025, combined Tyvaso DPI and Nebulized Tyvaso net product sales were $1,878.2 million, about 59% of total revenue, with Remodulin at $526.8 million, Orenitram at $496.9 million, Unituxin at $226.8 million, and Adcirca at $30.0 million.
Pipeline highlights include positive phase 3 TETON 2 data for Nebulized Tyvaso in idiopathic pulmonary fibrosis (IPF) and the global phase 3 ADVANCE OUTCOMES study of oral prostacyclin agonist ralinepag in PAH. Beyond drugs, the company is advancing xenotransplantation (UKidney and UThymoKidney clinical studies), regenerative programs such as miroliverELAP, and ex vivo lung perfusion services, while investing in low‑emission air transport for organ delivery.