United Therapeutics Corporation announced on September 8, 2026, that it entered into an accelerated share repurchase (ASR) agreement with Citibank, N.A. to repurchase approximately $477.6 million of its common stock. This transaction utilizes the remaining portion of the company's previously announced $2 billion share repurchase authorization.
Under the terms of the agreement, United Therapeutics will make an aggregate upfront payment of approximately $477.6 million to Citi on or around September 10, 2026. The company will receive an initial delivery of approximately 719,376 shares, representing approximately 75% of the total shares anticipated to be repurchased based on the closing stock price of UTHR common stock on September 8, 2026.
The final number of shares repurchased will be determined based on the average of the daily volume-weighted average price per share of the common stock during the term of the ASR, less a discount and subject to adjustments. Final settlement of the ASR agreement is expected to be completed in the fourth quarter of 2026. At final settlement, the company may receive additional shares, be required to make a cash payment to Citi, or deliver shares to Citi, depending on the specific circumstances.
The company noted that this repurchase, combined with previous agreements and open-market transactions, will bring total shareholder returns to approximately $4 billion over approximately 2.5 years. As of September 4, 2026, United Therapeutics had approximately 42.9 million shares outstanding.
