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Biopharma & Life Sciences

United Therapeutics Corporation Executive Compensation (FY25)

UTHR · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Martine Rothblatt
Latest say-on-pay support
=
June 26, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 17, 2026Latest filing (8-K): June 29, 2026
7 filings cited on this page
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267 figures on this page: 262 cited to the filing that reported them, 5 calculated from figures it prints. See the citations

More on United Therapeutics Corporation

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Martine Rothblatt: $23,009,609 → $18,038,972 (21.6% lower)
CEO pay ratio: 28:1 → 76:1 (171.4% higher)

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 Chairperson and Chief Executive Officer for fiscal 2025. Rothblatt's total moved 21.6% lower from the $23,009,609 reported for fiscal 2024.
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 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Martine Rothblatt
Chairperson and Chief Executive Officer
◇———◇—◇◇
Michael Benkowitz
President and Chief Operating Officer
◇———◇—◇◇
Paul Mahon
Executive Vice President and General Counsel
◇———◇—◇◇
James Edgemond
Chief Financial Officer and Treasurer
◇———◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Martine Rothblatt
Chairperson and Chief Executive Officer
◇—◇◇◇—◇◇
Michael Benkowitz
President and Chief Operating Officer
◇—◇◇◇◇◇◇
James Edgemond
Chief Financial Officer and Treasurer
◇—◇◇◇◇◇◇
Paul Mahon
Executive Vice President and General Counsel
◇—◇◇◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Martine Rothblatt
Chairperson and Chief Executive Officer
◇—◇◇◇◇◇◇
Michael Benkowitz
President and Chief Operating Officer
◇—◇◇◇◇◇◇
James Edgemond
Chief Financial Officer and Treasurer
◇—◇◇◇◇◇◇
Paul Mahon
Executive Vice President and General Counsel
◇—◇◇◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Martine Rothblatt
Chairperson and Chief Executive Officer
◇—◇◇◇◇◇◇
Michael Benkowitz
President and Chief Operating Officer
◇—◇◇◇◇◇◇
James Edgemond
Chief Financial Officer and Treasurer
◇—◇◇◇◇◇◇
Paul Mahon
Executive Vice President and General Counsel
◇—◇◇◇—◇◇
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
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
James EdgemondPSU◇◇◇—◇—◇
James EdgemondPSU◇◇◇—◇—◇
James EdgemondPSU◇◇◇—◇—◇
Martine RothblattPSU◇◇◇—◇—◇
Martine RothblattPSU◇◇◇—◇—◇
Martine RothblattPSU◇◇◇—◇—◇
Michael BenkowitzPSU◇◇◇—◇—◇
Michael BenkowitzPSU◇◇◇—◇—◇
Michael BenkowitzPSU◇◇◇—◇—◇
Paul MahonPSU◇◇◇—◇—◇
Paul MahonPSU◇◇◇—◇—◇
Paul MahonPSU◇◇◇—◇—◇
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
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
James EdgemondRSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇03/15/2033
RSU◇◇——
Martine RothblattRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇03/15/2033
Michael BenkowitzRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇03/15/2033
Paul MahonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Option◇—◇03/15/2033
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
James Edgemond
Chief Financial Officer and Treasurer · Employment agreement
Change-in-control multiple◇
Michael Benkowitz
President and Chief Operating Officer · Employment agreement
Change-in-control multiple◇
Paul Mahon
Executive Vice President and General Counsel · Employment agreement
Severance multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
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.
Earlier years 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.

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◇
Equity is delivered as Stock Options or RSUs.

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.
YearMeetingSupportVotes forVotes againstAbstentions
2025June 26, 2026=◇◇◇
2024June 26, 2025=◇◇◇
2023June 26, 2024=◇◇◇
2022June 26, 2023=◇◇◇
2021June 27, 2022=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Martine Rothblatt (Chairperson and Chief Executive Officer), FY2025 total compensation $18,038,972 (base salary $1,545,005) [exec_comp, SEC accession 0001082554-26-000009, filed 2026-04-29]

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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 — $1,500
Written 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 — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable 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 Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
267 figures on this page: 262 cited to the filing that reported them, 5 calculated from figures it prints.
262 cited to the filing
5 calculated from the filing

Documents cited

  1. 0001104659-26-078865
  2. 0001082554-26-000009
    CEO pay ratio · Grants of Plan-Based Awards in · Non-Employee Director Compensation · Outstanding Equity Awards at · and 2 more sections
  3. 0001104659-25-063287
  4. 0001104659-24-075375
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001104659-23-075515
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001308179-23-000803
    Summary Compensation Table
  7. 0001104659-22-075294
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “United Therapeutics Corporation executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/UTHR (accessed 2026).
Short form: data: Velarion

The paid brief for United Therapeutics Corporation

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
7 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Biopharma & Life Sciences rankings

Chief executive pay — Biopharma & Life SciencesCEO pay ratio — Biopharma & Life SciencesSay-on-pay support — Biopharma & Life Sciences

Peers United Therapeutics Corporation discloses

The companies named in UTHR's own disclosed peer group.

ACADIA PharmaceuticalsAlkermesAlnylam PharmaceuticalsAmgenAmphastar PharmaceuticalsBiogenBioMarin PharmaceuticalsExelixisGilead SciencesHalozyme TherapeuticsIlluminaIncyteIonis PharmaceuticalsJazz PharmaceuticalsModernaMyriad GeneticsNeurocrine BiosciencesNovavaxPacira BioSciencesPTC TherapeuticsRegeneron PharmaceuticalsSarepta TherapeuticsVertex PharmaceuticalsViatris

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

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}
}
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