Business
United Therapeutics Corporation Announces $2 Billion Stock Repurchase Authorization and Enters into $1.5 Billion Accelerated Share Repurchase Program
Agreements for aggregate $1.5 billion Accelerated Share Repurchase (ASR) already executed, with an additional $500 million authorized within the next year
About this update from United Therapeutics Corporation
[{"type":"text","content":"\nAgreements for aggregate $1.5 billion Accelerated Share Repurchase (ASR) already executed, with an additional $500 million authorized within the next year\n\n\n SILVER SPRING, Md. & RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--\nUnited Therapeutics Corporation (Nasdaq: UTHR), a public benefit corporation, announced today that the company’s Board of Directors has authorized a new stock repurchase program of up to $2 billion over the next year. In addition, the company entered into ASR agreements with Citibank, N.A. (Citi) today to implement an initial $1.5 billion ASR program. The remaining amount of up to $500 million will be available for additional repurchases in United Therapeutics’ discretion, over a one-year period.\n\n\n“We are entering 2026 with considerable momentum and a high degree of confidence in the durability of our growth and cash‑flow trajectory. With the underlying strength of our business and our conviction in the catalysts in front of us, we believe there is a clear disconnect between United Therapeutics’ fundamentals and valuation. As such, we view this stock repurchase authorization as a highly compelling and value‑enhancing use of capital. Going forward, with our robust balance sheet, we believe we have sufficient capital to support our long-term objectives while we opportunistically return capital to shareholders,” said Martine Rothblatt, Ph.D., Chairperson and Chief Executive Officer of United Therapeutics.\n\n\nUnder the terms of the ASR agreements with Citi, which comprise a $750 million uncollared agreement and a $750 million collared agreement, United Therapeutics will make an aggregate upfront payment of $1.5 billion on or around March 11, 2026 to Citi and United Therapeutics will receive an initial delivery of shares representing (i) approximately 70% of the total shares anticipated to be repurchased under the uncollared ASR agreement (Uncollared ASR); and (ii) approximately 50% of the total shares anticipated to be repurchased under the collared ASR agreement (Collared ASR), in each case, measured based on the closing stock price of UTHR common stock on March 9, 2026. United Therapeutics will also receive an additional delivery of shares under the Collared ASR, following the completion of an agreed-upon hedging period and the subsequent determination of the minimum and maximum share amounts to ...