UTHR insider ownership: who sold, why, and what they still hold

What stands out

Three directors sold $8.0M with no disclosed plan: Louis Sullivan ($3.0M), Tommy Thompson ($2.5M) and Ray Kurzweil ($2.4M). The filings don't state a reason.Louis Sullivan: largest such sale, Dec 22, 2025 · Tommy Thompson: largest such sale, Mar 4, 2026 · Ray Kurzweil: largest such sale, Mar 4, 2026

A share of stake is shown for 0 of the 12 officers and directors who sold. 17 are left out

Left out: Martine Rothblatt, Paul Mahon, Tommy Thompson, Richard Giltner, Ray Kurzweil, James Edgemond, Louis Sullivan, Nilda Mesa, Judy Olian, Christopher Causey, Michael Benkowitz, Christopher Patusky, Raymond Dwek, Jan Malcolm, Linda Maxwell, Kevin Tracey and Victor Dzau (share of stake is being verified).

Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Their share of stake is being verified and is not shown yet; amounts and trading plans are below.

Martine Rothblatt

Chairperson & CEO, Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$876MDisclosed plan

James Edgemond

CFO and Treasurer

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$212MDisclosed plan

Michael Benkowitz

President and COO

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$197MDisclosed plan

Paul Mahon

EVP & General Counsel

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$114MDisclosed plan

Louis Sullivan

Director

Not confirmed

Share of stake not shown: share of stake is being verified. Why

$3.0MNo plan disclosed

All 12 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planNo plan disclosedOne dollar scale for every month; the tallest bar is labeled

Recent activity

Past 30 days, Sep 14, 2026 to Oct 13, 2026

Oct 8, 2026Martine Rothblatt sold 9.5K shares ($5.1M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$534.31	n/a	n/a	Oct 8, 2026	Oct 9, 2026

Oct 7, 2026Martine Rothblatt sold 9.5K shares ($5.2M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$548.95	n/a	n/a	Oct 7, 2026	Oct 8, 2026

Oct 6, 2026Martine Rothblatt sold 9.5K shares ($5.1M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$538.67	n/a	n/a	Oct 6, 2026	Oct 7, 2026

Oct 5, 2026Martine Rothblatt sold 9.5K shares ($5.1M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$541.64	n/a	n/a	Oct 5, 2026	Oct 6, 2026

Oct 2, 2026Martine Rothblatt sold 9.5K shares ($5.2M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$549.37	n/a	n/a	Oct 2, 2026	Oct 5, 2026

Show all 20 events

Oct 1, 20262 executives sold 18K shares ($10.2M) under a disclosed trading plan. 18K shares came in from vesting or option exercises the same day, so their combined holdings rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$576.47	n/a	n/a	Oct 1, 2026	Oct 2, 2026
Paul Mahon EVP & General Counsel	8,300	$564.95	n/a	n/a	Oct 1, 2026	Oct 1, 2026

Sep 30, 2026Martine Rothblatt sold 9.5K shares ($5.0M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$524.48 avg	n/a	n/a	Sep 30, 2026	Oct 1, 2026 +1 more

Sep 29, 2026Martine Rothblatt sold 9.5K shares ($4.5M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$477.42	n/a	n/a	Sep 29, 2026	Sep 30, 2026

Sep 28, 2026Martine Rothblatt sold 9.5K shares ($4.6M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$480.85	n/a	n/a	Sep 28, 2026	Sep 29, 2026

Sep 25, 2026Martine Rothblatt sold 9.5K shares ($4.5M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$476.17	n/a	n/a	Sep 25, 2026	Sep 28, 2026

Sep 24, 2026Martine Rothblatt sold 9.5K shares ($4.5M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$473.55	n/a	n/a	Sep 24, 2026	Sep 25, 2026

Sep 23, 2026Martine Rothblatt sold 9.5K shares ($4.7M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$491.57	n/a	n/a	Sep 23, 2026	Sep 24, 2026

Sep 22, 2026Martine Rothblatt sold 9.5K shares ($4.7M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$494.83	n/a	n/a	Sep 22, 2026	Sep 23, 2026

Sep 21, 2026Martine Rothblatt sold 9.5K shares ($4.7M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$494.55	n/a	n/a	Sep 21, 2026	Sep 22, 2026

Sep 18, 2026Martine Rothblatt sold 9.5K shares ($4.7M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$494.79	n/a	n/a	Sep 18, 2026	Sep 21, 2026

Sep 17, 20262 executives sold 18K shares ($8.8M) under a disclosed trading plan. 18K shares came in from vesting or option exercises the same day, so their combined holdings rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$496.06	n/a	n/a	Sep 17, 2026	Sep 18, 2026
Paul Mahon EVP & General Counsel	8,300	$497.54	n/a	n/a	Sep 17, 2026	Sep 18, 2026

Sep 16, 2026Martine Rothblatt sold 9.5K shares ($4.8M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$501.39	n/a	n/a	Sep 16, 2026	Sep 17, 2026

Sep 15, 2026Martine Rothblatt sold 9.5K shares ($4.8M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$501.59	n/a	n/a	Sep 15, 2026	Sep 16, 2026

Sep 14, 2026Martine Rothblatt sold 9.5K shares ($4.8M) under a disclosed trading plan. 9.5K shares came in from vesting or option exercises the same day, so the holding rose by 0 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Martine Rothblatt Chairperson & CEO, Director	9,500	$504.12	n/a	n/a	Sep 14, 2026	Sep 15, 2026

Sep 14, 2026Nilda Mesa sold 228 shares ($115K) with no plan disclosed. 130 shares came in from vesting or option exercises the same day, so the holding fell by 98 net.

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Nilda Mesa Director	228	$505.87	n/a	n/a	Sep 14, 2026	Sep 15, 2026

"% of total stake" is the shares in an event against all the vested shares the person held that day, across every share class and holding entity, after that day's vesting. "n/a" means the person's holdings are not confirmed, or the row is a purchase. "Holdings record incomplete" means more shares were sold than the filings show the person held that day, so a percentage would be wrong.

Common questions

Is the United Therapeutics Corp CEO selling stock?

Yes. Martine Rothblatt sold 1.65M shares ($876M) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are United Therapeutics Corp insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 99% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 0.6% had no disclosed plan. A trading plan schedules sales in advance.

Are any United Therapeutics Corp insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

The evidence

Who sold12 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Martine Rothblatt Chairperson & CEO, Director	$876M 1.65M shares	Not confirmed share of stake is being verified. Why	Disclosed plan
James Edgemond CFO and Treasurer	$212M 398K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Michael Benkowitz President and COO	$197M 419K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Paul Mahon EVP & General Counsel	$114M 224K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Louis Sullivan Director	$3.0M 6K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Christopher Patusky Director	$2.7M 4.9K shares	Not confirmed share of stake is being verified. Why	82% under a disclosed plan 18% no plan disclosed
Tommy Thompson Director	$2.5M 4.9K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Ray Kurzweil Director	$2.4M 4.9K shares	Not confirmed share of stake is being verified. Why	No plan disclosed
Christopher Causey Director	$2.3M 4.3K shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Judy Olian Director	$417K 800 shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Jan Malcolm Director	$373K 720 shares	Not confirmed share of stake is being verified. Why	Disclosed plan
Nilda Mesa Director	$356K 673 shares	Not confirmed share of stake is being verified. Why	No plan disclosed

The full ownership picture0 of 17 officers and directors confirmed

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 13, 2025

Sold

Held Oct 13, 2026

Still held

Martine Rothblatt

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. See the filing Sales and other transactions for Martine Rothblatt are complete.

Chairperson & CEO, Director

n/a

−1.65M

n/a

Vesting, gifts, unvested awards and holding lines for Martine Rothblatt

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Martine Rothblatt are complete; balances and unit counts will be added when the check is finished.

−16Kgifted (net of own trusts)

−29Kwithheld by the company for taxes

Some sales match sales reported by James Edgemond exactly (date, shares and price). Possibly the same shares reported by both; the filings don't confirm it.

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3,869	$129.49	Dec 31, 2024	$1.6M
14,669	$129.49	Dec 31, 2024	$6.0M
221,000	$146.03	Mar 15, 2027	$87.3M
202,000	$146.03	Mar 15, 2027	$79.8M
15,288	$146.03	Mar 15, 2027	$6.0M
500,000	$117.76	Mar 15, 2027	$212M
349,192	$135.42	Mar 15, 2027	$142M
271,410	$117.76	Mar 15, 2027	$115M

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Paul Mahon

Holdings and share of stake are being verified. Share-of-stake figures and holdings for this company are held back while they are verified. Sales and other transactions for Paul Mahon are complete.

EVP & General Counsel

n/a

−224K

n/a

Vesting, gifts, unvested awards and holding lines for Paul Mahon

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Paul Mahon are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−8.4Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
48,000	$117.76	Mar 15, 2027	$20.3M
9,250	$146.03	Mar 15, 2027	$3.7M
300	$146.03	Mar 15, 2027	$119K
72,440	$146.03	Mar 15, 2027	$28.6M
39,240	$146.03	Mar 15, 2027	$15.5M

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Tommy Thompson

Director

n/a

−4.9K

n/a

Vesting, gifts, unvested awards and holding lines for Tommy Thompson

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Tommy Thompson are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,500	$175.43	Jun 26, 2025	$2.7M
2,890	$336.37	Jul 25, 2034	$592K
3,650	$306.41	Jul 24, 2035	$857K
1,190	$527.07	Jul 22, 2033	$17K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Richard Giltner

Director

n/a

Vesting, gifts, unvested awards and holding lines for Richard Giltner

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Richard Giltner are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,000	$175.43	Jun 26, 2025	$1.8M

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Ray Kurzweil

Director

n/a

−4.9K

n/a

Vesting, gifts, unvested awards and holding lines for Ray Kurzweil

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Ray Kurzweil are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,440	$336.37	Jul 25, 2034	$295K
1,830	$306.41	Jul 24, 2035	$430K
1,190	$527.07	Jul 22, 2033	$17K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

James Edgemond

CFO and Treasurer

n/a

−398K

n/a

Vesting, gifts, unvested awards and holding lines for James Edgemond

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for James Edgemond are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−8.8Kwithheld by the company for taxes

Some sales match sales reported by Martine Rothblatt exactly (date, shares and price). Possibly the same shares reported by both; the filings don't confirm it.

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
31,312	$146.03	Mar 15, 2027	$12.4M
111,500	$117.76	Mar 15, 2027	$47.2M

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Louis Sullivan

Director

n/a

−6K

n/a

Vesting, gifts, unvested awards and holding lines for Louis Sullivan

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Louis Sullivan are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,440	$336.37	Jul 25, 2034	$295K
1,830	$306.41	Jul 24, 2035	$430K
2,380	$527.07	Jul 22, 2033	$34K
2,490	$240.20	Jul 7, 2032	$750K
1,840	$229.81	Jul 13, 2033	$573K
1,440	$336.37	Jul 25, 2034	$295K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Nilda Mesa

Director

n/a

−673

n/a

Vesting, gifts, unvested awards and holding lines for Nilda Mesa

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Nilda Mesa are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,440	$336.37	Jul 25, 2034	$295K
1,830	$306.41	Jul 24, 2035	$430K
1,190	$527.07	Jul 22, 2033	$17K
6,430	$110.86	Oct 31, 2028	$2.8M

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Judy Olian

Director

n/a

−800

n/a

Vesting, gifts, unvested awards and holding lines for Judy Olian

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Judy Olian are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,320	$112.14	Jun 26, 2028	$995K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Christopher Causey

Director

n/a

−4.3K

n/a

Vesting, gifts, unvested awards and holding lines for Christopher Causey

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Christopher Causey are complete; balances and unit counts will be added when the check is finished.

−450gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
3,000	$132.30	Jun 28, 2027	$1.2M
3,650	$306.41	Jul 24, 2035	$857K
5,000	$119.76	Jun 26, 2030	$2.1M
2,380	$527.07	Jul 22, 2033	$34K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Michael Benkowitz

President and COO

n/a

−419K

n/a

Vesting, gifts, unvested awards and holding lines for Michael Benkowitz

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Michael Benkowitz are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

−15Kwithheld by the company for taxes

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
14,500	$111.00	Mar 15, 2028	$6.2M
22,179	$111.00	Mar 15, 2028	$9.5M
9,500	$111.00	Mar 15, 2028	$4.1M
158,250	$135.42	Mar 15, 2027	$64.2M
49,000	$146.03	Mar 15, 2027	$19.4M
12,000	$135.42	Mar 15, 2027	$4.9M
82,500	$117.76	Mar 15, 2027	$34.9M
20,815	$146.03	Mar 15, 2027	$8.2M
38,625	$117.76	Mar 15, 2027	$16.4M
99,720	$217.50	Mar 15, 2033	$32.3M

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Christopher Patusky

Director

n/a

−4.9K

n/a

Vesting, gifts, unvested awards and holding lines for Christopher Patusky

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Christopher Patusky are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$175.43	Jun 26, 2025	$3.7M
3,000	$76.36	Jun 26, 2029	$1.4M
1,440	$336.37	Jul 25, 2034	$295K
1,830	$306.41	Jul 24, 2035	$430K
2,380	$527.07	Jul 22, 2033	$34K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Raymond Dwek

Director

n/a

Vesting, gifts, unvested awards and holding lines for Raymond Dwek

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Raymond Dwek are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
10,000	$175.43	Jun 26, 2025	$3.7M
2,890	$336.37	Jul 25, 2034	$592K
3,650	$306.41	Jul 24, 2035	$857K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Jan Malcolm

Director

n/a

−720

n/a

Vesting, gifts, unvested awards and holding lines for Jan Malcolm

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Jan Malcolm are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,520	$318.95	Jun 26, 2034	$338K
1,440	$336.37	Jul 25, 2034	$295K
1,830	$306.41	Jul 24, 2035	$430K
3,570	$527.07	Jul 22, 2033	$51K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Linda Maxwell

Director

n/a

Vesting, gifts, unvested awards and holding lines for Linda Maxwell

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Linda Maxwell are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,890	$336.37	Jul 25, 2034	$592K
3,650	$306.41	Jul 24, 2035	$857K
1,190	$527.07	Jul 22, 2033	$17K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Kevin Tracey

Director

n/a

Vesting, gifts, unvested awards and holding lines for Kevin Tracey

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Kevin Tracey are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Victor Dzau

Director

n/a

Vesting, gifts, unvested awards and holding lines for Victor Dzau

Holdings and share of stake are being verified. Sales, proceeds, plan and tax status and dates for Victor Dzau are complete; balances and unit counts will be added when the check is finished.

0gifted (net of own trusts)

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,300	$527.07	Jul 22, 2033	$33K

Estimate: options held × ($541.23 − strike price), using the most recent insider trade price on Form 4 (Oct 8, 2026), not a market close.

Holdings and share of stake for United Therapeutics Corp are being verified, so no balances, unit counts or percentages are shown. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings.

What explains the selling$1.41B of sales by plan status, purpose, seller and month

Officer and director open-market sales: $1.41B across 2,721,630 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $1.40B · 99%

The lighter segment is sales with no plan disclosed in the filing ($8.8M), including tax-related sales outside a plan.

No plan disclosed · $8.8M

Sales with no 10b5-1 plan and no tax reference in the filing. $3.0M of it is Louis Sullivan. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Louis Sullivan, Dec 22, 2025

Taxes

61,051 shares ($32.7M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Martine Rothblatt Chairperson & CEO, Director	1.65M	$876M	100%	62%	Oct 14, 2025 to Oct 8, 2026
James Edgemond CFO and Treasurer	398K	$212M	100%	15%	Nov 4, 2025 to Jun 22, 2026
Michael Benkowitz President and COO	419K	$197M	100%	14%	Oct 20, 2025 to Feb 23, 2026
Paul Mahon EVP & General Counsel	224K	$114M	100%	8%	Oct 16, 2025 to Oct 1, 2026
Louis Sullivan Director	6K	$3.0M	0%	0.2%	Dec 22, 2025 to Dec 22, 2025
Christopher Patusky Director	4.9K	$2.7M	82%	0.2%	Dec 15, 2025 to Apr 24, 2026
Tommy Thompson Director	4.9K	$2.5M	0%	0.2%	Dec 18, 2025 to Mar 26, 2026
Ray Kurzweil Director	4.9K	$2.4M	0%	0.2%	Mar 4, 2026 to Mar 4, 2026
Christopher Causey Director	4.3K	$2.3M	100%	0.2%	Jan 2, 2026 to Mar 30, 2026
Judy Olian Director	800	$417K	100%	0.0%	Feb 27, 2026 to Mar 23, 2026
Jan Malcolm Director	720	$373K	100%	0.0%	Dec 11, 2025 to Jul 10, 2026
Nilda Mesa Director	673	$356K	0%	0.0%	Dec 9, 2025 to Sep 14, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$52.8M	$52.8M	$0	$0
Nov 2025	$126M	$126M	$0	$0
Dec 2025	$121M	$117M	$0	$4.1M
Jan 2026	$51.8M	$51.8M	$0	$0
Feb 2026	$47.5M	$47.5M	$0	$0
Mar 2026	$141M	$137M	$0	$4.5M
Apr 2026	$177M	$177M	$0	$0
May 2026	$164M	$164M	$0	$150K
Jun 2026	$155M	$155M	$0	$0
Jul 2026	$121M	$121M	$0	$0
Aug 2026	$112M	$112M	$0	$0
Sep 2026	$107M	$107M	$0	$115K
Oct 2026	$35.9M	$35.9M	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

More than usual: about 4x the 5-year average. 12 insiders sold; the average is 9 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 13, 2026 Latest 12 months	2.72M	12	$1.41B
Oct 13, 2025 1 year earlier	792K	14	$295M
Oct 13, 2024 2 years earlier	983K	11	$265M
Oct 14, 2023 3 years earlier	1.17M	8	$290M
Oct 14, 2022 4 years earlier	233K	9	$48.9M
Oct 14, 2021 5 years earlier	36K	5	$7.2M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty17 officers and directors not confirmed

Holdings and share of stake are being verified. Balances, unit counts and every share-of-stake figure for United Therapeutics Corp are held back until that check is finished. Sales, proceeds, plan and tax status, titles and dates come straight from individual filings and are complete.

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology3,231 filings on record, 321 filed in the 12-month period, and how we read them

All 3,231 Forms 3, 4 and 5 on record for United Therapeutics Corp (SEC CIK 1082554), filed from May 27, 2003 to Oct 9, 2026; 321 of them were filed in the 12 months this page covers, retrieved from SEC EDGAR on Oct 13, 2026. Prices are the ones reported in each filing, often weighted averages. 5 filings were left out because United Therapeutics Corp filed them as an owner of another company's stock.

Probable 2-for-1 stock split on or before Sep 23, 2009 (first filing that shows post-split balances). Splits aren't reported as transactions; 6 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (10)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Katherine Klein	Mar 11, 2024	3,640 shares, last reported balance as of Mar 8, 2024
David Zaccardelli	May 16, 2016	1,542 shares, last reported balance as of May 13, 2016
Roger Jeffs	Mar 15, 2016	27,259 shares, last reported balance as of Mar 15, 2016
John Ferrari	Feb 19, 2015	407 shares, last reported balance as of Feb 19, 2015
Paul Gray	Nov 7, 2013	No balance on record
LILLY ELI & CO	Jul 6, 2011	5,251,394 shares, last reported balance as of Jul 6, 2011
Fred Hadeed	Aug 17, 2006	2,000 shares, last reported balance as of Aug 17, 2006
Ricardo Balda	Jun 17, 2004	No balance on record
Henry Hicks III		No balance on record
Michael Miles		No balance on record

Spotted something wrong on this page? Report an error. We check every report against the SEC filing and list what we fix in the corrections log.

United Therapeutics Corp insiders sold $1.41B in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Recent activity

Common questions

Is the United Therapeutics Corp CEO selling stock?

Why are United Therapeutics Corp insiders selling?

Are any United Therapeutics Corp insiders buying?

The evidence

No plan disclosed · $8.8M

Taxes

Sales by month