United Therapeutics Corporation, dual-headquartered in Silver Spring, Maryland and Research Triangle Park, North Carolina, announced on September 8, 2026 that it will use the remainder of its previously authorized $2 billion share repurchase program, entering an accelerated share repurchase (ASR) agreement with Citibank, N.A. to buy back approximately $477.6 million in common stock. Chairperson and CEO Martine Rothblatt, Ph.D., framed the move as a statement on valuation: “In our view, the market is not yet reflecting the scale of what United Therapeutics is positioned to achieve. With multiple growth drivers approaching important inflection points beginning as soon as next year, we see opportunities far more powerful than our current stock valuation implies.”
How the Deal Works
Under the ASR agreement, United Therapeutics will pay Citibank roughly $477.6 million upfront around September 10, 2026, and expects to receive approximately 75% of the total shares at the outset, with final settlement in the fourth quarter of 2026. The ultimate share count will be based on the daily volume-weighted average price of UTHR stock over the term of the agreement, less an agreed discount. The company had 42.9 million shares outstanding as of September 4, 2026.
The Full Picture: $4 Billion Back to Shareholders in 2.5 Years
This tranche closes out a buyback authorization the company has been working through in stages: United Therapeutics repurchased $1.5 billion through an earlier ASR agreement in March 2026 and bought an additional $22.4 million on the open market in the third quarter of 2026. Rothblatt tied the completed authorization to a broader capital-return story: “Against that backdrop, accelerating this remaining authorization is a clear and disciplined decision that allows us to invest directly in our own future while continuing to reward shareholders. Upon completion of this additional repurchase, we will have returned $4 billion to our shareholders in approximately 2.5 years.”
About United Therapeutics
Founded by CEO Martine Rothblatt to discover a cure for her daughter’s life-threatening rare disease, pulmonary arterial hypertension, United Therapeutics transforms the treatment of rare diseases and pioneers alternatives to expand the supply of transplantable organs. As a public benefit corporation, the company serves patients, acts with integrity, creates long-term shareholder value, and operates with sustainable practices.
