Biopharma & Life Sciences
United Therapeutics Corporation Executive Compensation (FY25)
UTHR · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): June 29, 2026
199 figures on this page: 194 cited to the filing that reported them, 5 calculated from figures it prints. See the citations
Frequently asked questions
Answers drawn from the data on this page.
Who is United Therapeutics Corporation's chief executive and what were they paid?
Martine Rothblatt was paid $18,038,972 in total compensation as Founder, Chairperson, Chief Executive Officer, and Director for fiscal 2025.
What was United Therapeutics Corporation's say-on-pay result?
The say-on-pay proposal drew 97.0% support at the meeting held June 26, 2026 for fiscal 2025.
Which companies are in United Therapeutics Corporation's peer group?
The disclosed peer group includes ACADIA Pharmaceuticals, Alkermes, Alnylam Pharmaceuticals, Amgen and Amphastar Pharmaceuticals, among others.
What is United Therapeutics Corporation's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 76:1, against median employee compensation of $237,406.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michael Benkowitz President and Chief Operating Officer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
James Edgemond Chief Financial Officer and Treasurer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Paul Mahon Executive Vice President and General Counsel | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michael Benkowitz President and Chief Operating Officer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
James Edgemond Chief Financial Officer and Treasurer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Paul Mahon Executive Vice President and General Counsel | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Martine Rothblatt Founder, Chairperson, Chief Executive Officer, and Director | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Michael Benkowitz President and Chief Operating Officer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
James Edgemond Chief Financial Officer and Treasurer | ◇ | — | ◇ | ◇ | ◇ | ◇ | ◇ | ◇ |
Paul Mahon Executive Vice President, General Counsel, and Corporate Secretary | ◇ | — | ◇ | ◇ | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| James Edgemond | OPTION | — | — | — | ◇ | — | — | ◇ |
| James Edgemond | PSU | — | — | ◇ | — | ◇ | — | ◇ |
| Martine Rothblatt | OPTION | — | — | — | ◇ | — | — | ◇ |
| Martine Rothblatt | PSU | — | — | ◇ | — | ◇ | — | ◇ |
| Michael Benkowitz | OPTION | — | — | — | ◇ | — | — | ◇ |
| Michael Benkowitz | PSU | — | — | ◇ | — | ◇ | — | ◇ |
| Paul Mahon | OPTION | — | — | — | ◇ | — | — | ◇ |
| Paul Mahon | PSU | — | — | ◇ | — | ◇ | — | ◇ |
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Paul Mahon | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 03/15/2033 | |
| PSU | ◇ | ◇ | — | — | |
| Michael Benkowitz | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 03/15/2033 | |
| James Edgemond | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 03/15/2033 | |
| Martine Rothblatt | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| Option | ◇ | — | ◇ | 03/15/2033 | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Christopher Patusky Lead independent director | ◇ | ◇ | ◇ | — | — | — | ◇ |
Christopher Causey | ◇ | — | ◇ | — | — | — | ◇ |
Richard Giltner | ◇ | ◇ | — | — | — | — | ◇ |
Louis Sullivan | ◇ | ◇ | ◇ | — | — | ◇ | ◇ |
Nilda Mesa | ◇ | ◇ | ◇ | — | — | — | ◇ |
Linda Maxwell | ◇ | — | ◇ | — | — | — | ◇ |
Raymond Dwek | ◇ | — | ◇ | — | — | ◇ | ◇ |
Tommy Thompson | ◇ | — | ◇ | — | — | — | ◇ |
Judy Olian | ◇ | ◇ | — | — | — | — | ◇ |
Jan Malcolm | ◇ | ◇ | ◇ | — | — | — | ◇ |
Ray Kurzweil | ◇ | ◇ | ◇ | — | — | — | ◇ |
Martine Rothblatt served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Lead independent director premium | ◇ |
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance chair | ◇ |
| Nominating and governance member | ◇ |
Equity is delivered as Stock Options or RSUs (director choice: 100% options, 100% RSUs, or 50/50).
Stock ownership guideline: Lesser of 5x annual cash board retainer or 5,000 shares
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- ACADIA Pharmaceuticals ACAD
- Alkermes ALKS
- Alnylam Pharmaceuticals ALNY
- Amgen AMGN
- Amphastar Pharmaceuticals AMPH
- Beigene symbol not shown
- Biogen BIIB
- BioMarin Pharmaceuticals BMRN
- Exelixis EXEL
- Gilead Sciences GILD
- Halozyme Therapeutics HALO
- Illumina ILMN
- Incyte INCY
- Ionis Pharmaceuticals IONS
- Jazz Pharmaceuticals JAZZ
- Moderna MRNA
- Myriad Genetics MYGN
- Neurocrine Biosciences NBIX
- Novavax NVAX
- Pacira BioSciences PCRX
- PTC Therapeutics PTCT
- Regeneron Pharmaceuticals REGN
- Sarepta Therapeutics SRPT
- Vertex Pharmaceuticals VRTX
- Viatris VTRS
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 26, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | June 26, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | June 26, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | June 26, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | June 27, 2022 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact United Therapeutics Corporation disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where United Therapeutics Corporation sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
199 figures on this page: 194 cited to the filing that reported them, 5 calculated from figures it prints.
194 cited to the filing
5 calculated from the filing
Documents cited
- 0001104659-26-078865
- 0001082554-26-000009CEO pay ratio · Director Compensation · Grants of Plan-Based Awards in · Non-Employee Director Compensation · and 2 more sections
- 0001104659-25-063287
- 0001082554-25-000014Summary Compensation Table
- 0001104659-24-075375Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001082554-24-000017Summary Compensation Table
- 0001104659-23-075515Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-22-075294
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “United Therapeutics Corporation executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/UTHR (accessed 2026).
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Biopharma & Life Sciences rankings
Peers United Therapeutics Corporation discloses
The companies named in UTHR's own disclosed peer group.
ACADIA PharmaceuticalsAlkermesAlnylam PharmaceuticalsAmgenAmphastar PharmaceuticalsBiogenBioMarin PharmaceuticalsExelixisGilead SciencesHalozyme TherapeuticsIlluminaIncyteIonis PharmaceuticalsJazz PharmaceuticalsModernaNeurocrine BiosciencesPTC TherapeuticsRegeneron PharmaceuticalsSarepta TherapeuticsVertex PharmaceuticalsViatris
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}