Martine Rothblatt, the chairperson and chief executive officer of United Therapeutics (NASDAQ: UTHR), sold 9,500 shares of the company’s common stock on March 23, 2026, generating approximately $5 million in proceeds. The reported sale prices ranged from $518.3888 to $536.1568 per share, according to a Form 4 filed with the Securities and Exchange Commission.
The filing indicates the disposition followed the exercise of stock options. Rothblatt exercised options to acquire 9,500 shares at an exercise price of $146.03, reflecting a total intrinsic value of $1,387,285. The securities were sold as part of transactions tied to a pre-arranged 10b5-1 trading plan that the executive adopted on November 7, 2025.
That 10b5-1 plan permits the exercise of up to 1,734,410 stock options. The filing notes those options have expiration dates that fall either on March 17, 2027, or until December 31, 2026, depending on the specific grants involved. After the March 23 transactions, Rothblatt is reported to directly hold 40,513 shares of United Therapeutics common stock and to have additional indirect holdings through various trusts.
United Therapeutics, with a market valuation reported at $23.3 billion, has been active on the capital-allocation front. The company announced a $2 billion stock repurchase program, starting with $1.5 billion in accelerated share repurchase agreements with Citibank. The remaining $500 million of the authorization will be available for further repurchases at the company’s discretion over the coming year.
The company’s financial profile cited in disclosures includes an 88% gross profit margin. Management’s recent actions have included aggressive buybacks, according to the filing summary. Independent analyst coverage noted in the filing shows differing responses from the sell-side: TD Cowen reiterated a Buy rating and maintained a $575 price target, while Cantor Fitzgerald raised its price target to $625, citing favorable expectations for United Therapeutics’ TETON-1 trial.
On the clinical front, the New England Journal of Medicine published results from United Therapeutics’ phase 3 TETON-2 study of nebulized Tyvaso for idiopathic pulmonary fibrosis. The trial met its primary endpoint, demonstrating a statistically significant improvement in lung function compared with placebo. The filing highlights that the median change in forced vital capacity at week 52 was notably better in the nebulized Tyvaso arm versus placebo.
Taken together, the option exercise and subsequent sale, the large repurchase program, analyst coverage, and the published phase 3 results are documented developments that chart recent activity at United Therapeutics. The Form 4 filing and the company disclosures provide the primary record for the transactions and the parallel corporate and clinical developments noted above.