United Therapeutics (UTHR) CEO sells 9,500 shares under 10b5-1 plan

Rhea-AI Filing Summary

United Therapeutics Corp Chairperson & CEO Martine A. Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share and sold 9,500 shares in open-market transactions on March 25, 2026. The filing shows this exercise and sale were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. After these trades, she holds 40,513 shares directly, alongside additional indirect holdings, including 324,518 shares held by certain family trusts and 166 shares held by her spouse.

Insights

Equity analyst

CEO exercised options for 9,500 shares and sold the same amount under a pre-arranged 10b5-1 plan, leaving substantial direct and indirect holdings.

Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp, exercised stock options covering 9,500 shares of common stock at an exercise price of $146.03 per share. She then sold 9,500 shares in a series of open-market trades coded “S,” with each trade reported at specific per-share prices.

The filing states this option exercise and subsequent sale were conducted pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, reducing the informational value of the trade timing. Following these transactions, she directly owns 40,513 shares and has notable indirect holdings through family trusts and her spouse.

Because the transaction is part of a larger 10b5-1 program that may continue until up to 1,734,410 options expiring on March 17, 2027 are exercised or until December 31, 2026, it appears as a planned liquidity event rather than a discrete shift in sentiment. The overall impact on the broader investment case is therefore limited.

Insider Trade Summary 10b5-1

Net Seller: 9,500 shares ($5,165,475)

Net Sell 18 txns

Insider ROTHBLATT MARTINE A

Role Chairperson & CEO

Sold 9,500 shs ($5.17M)

Type	Security	Shares	Price	Value
Exercise	Stock Option	9,500	$0.00	--
Exercise	Common Stock	9,500	$146.03	$1.39M
Sale	Common Stock	120	$536.97	$64K
Sale	Common Stock	40	$538.7333	$22K
Sale	Common Stock	440	$540.5145	$238K
Sale	Common Stock	1,699	$541.7496	$920K
Sale	Common Stock	1,833	$542.6579	$995K
Sale	Common Stock	1,721	$543.6791	$936K
Sale	Common Stock	1,544	$544.6514	$841K
Sale	Common Stock	911	$545.7165	$497K
Sale	Common Stock	373	$546.5881	$204K
Sale	Common Stock	459	$547.7801	$251K
Sale	Common Stock	360	$548.5237	$197K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 69,000 shares (Direct); Common Stock — 50,013 shares (Direct); Common Stock — 166 shares (Indirect, by Spouse)

Footnotes (1)

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 $547.29 to $548.15. 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 $548.30 to $548.99. 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. 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 $538.63 to $539.22. 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 $540.05 to $540.81. 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 $541.175 to $542.13. 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 $542.18 to $543.17. 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. This transaction was executed in multiple trades at prices ranging from $543.18 to $544.17. 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. This transaction was executed in multiple trades at prices ranging from $544.19 to $545.16. 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 $545.20 to $546.17. 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. This transaction was executed in multiple trades at prices ranging from $546.275 to $547.07. 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.

Form 4 Insider Transactions: What Each Field Means →

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)
03/25/2026

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	03/25/2026		M(1)		9,500	A	$146.03	50,013	D
Common Stock	03/25/2026		S(1)		120	D	$536.97	49,893	D
Common Stock	03/25/2026		S(1)		40	D	$538.7333(2)	49,853	D
Common Stock	03/25/2026		S(1)		440	D	$540.5145(3)	49,413	D
Common Stock	03/25/2026		S(1)		1,699	D	$541.7496(4)	47,714	D
Common Stock	03/25/2026		S(1)		1,833	D	$542.6579(5)	45,881	D
Common Stock	03/25/2026		S(1)		1,721	D	$543.6791(6)	44,160	D
Common Stock	03/25/2026		S(1)		1,544	D	$544.6514(7)	42,616	D
Common Stock	03/25/2026		S(1)		911	D	$545.7165(8)	41,705	D
Common Stock	03/25/2026		S(1)		373	D	$546.5881(9)	41,332	D
Common Stock	03/25/2026		S(1)		459	D	$547.7801(10)	40,873	D
Common Stock	03/25/2026		S(1)		360	D	$548.5237(11)	40,513	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(12)
Common Stock								258,117	I	by Trust(13)
Common Stock								45,596	I	by Trust(14)
Common Stock								10,962	I	by Trust(15)

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	03/25/2026		M(1)			9,500	03/15/2020	03/15/2027	Common Stock	9,500	$0.00	69,000	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 $538.63 to $539.22. 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 $540.05 to $540.81. 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 $541.175 to $542.13. 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 $542.18 to $543.17. 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 $543.18 to $544.17. 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.

7. This transaction was executed in multiple trades at prices ranging from $544.19 to $545.16. 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.

8. This transaction was executed in multiple trades at prices ranging from $545.20 to $546.17. 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.

9. This transaction was executed in multiple trades at prices ranging from $546.275 to $547.07. 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.

10. This transaction was executed in multiple trades at prices ranging from $547.29 to $548.15. 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 $548.30 to $548.99. 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. 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. 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.

14. 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.

15. 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	03/26/2026
	** 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)

FAQ

What did United Therapeutics (UTHR) CEO Martine Rothblatt report in this Form 4?

Martine A. Rothblatt reported exercising stock options for 9,500 United Therapeutics shares at $146.03 per share, then selling 9,500 shares in open-market trades on March 25, 2026. The filing also updates her remaining direct and indirect shareholdings in the company.

Were Martine Rothblatt’s United Therapeutics (UTHR) stock sales pre-planned?

Yes. The Form 4 states the option exercise and related stock sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. This indicates the trades followed a preset schedule rather than discretionary market timing decisions.

How many United Therapeutics shares does Martine Rothblatt hold after these transactions?

After the reported trades, Martine Rothblatt directly holds 40,513 United Therapeutics shares. She also has indirect holdings, including 324,518 shares in certain family trusts and 166 shares held by her spouse, as disclosed in the Form 4 footnotes.

What stock options did the United Therapeutics (UTHR) CEO exercise in this filing?

She exercised stock options for 9,500 United Therapeutics common shares at an exercise price of $146.03 per share. The footnotes state the broader 10b5-1 plan can cover up to 1,734,410 options that expire on March 17, 2027, or run until December 31, 2026.

What type of transactions were the United Therapeutics (UTHR) stock sales in this Form 4?

The sales are coded “S” and described as open-market or private sale transactions of common stock. Multiple trades were executed at specific reported prices, with several footnotes noting they occurred in numerous lots at prices within defined ranges on March 25, 2026.

Does this United Therapeutics (UTHR) Form 4 indicate any changes to option holdings?

The filing shows 9,500 stock options were exercised, reducing that specific option position. A footnote explains a 10b5-1 plan remains in place and may continue until up to 1,734,410 options expiring on March 17, 2027 are exercised or until December 31, 2026.