United Therapeutics enters $1 billion accelerated share repurchase agreements with Citi
On August 1, 2025, United Therapeutics entered two accelerated share repurchase agreements with Citibank, N.A., totaling $1 billion under the $1 billion program its board approved on July 30, 2025. The company makes the full $1 billion upfront payment to Citi on August 4, 2025, and receives initial share deliveries that day, with the final number of shares repurchased to be set by future average prices. For shareholders, the buyback is a large use of company cash, and the filing does not yet state the total number of shares that will be repurchased.
Key points
- Two agreements of $500 million each: an uncollared ASR and a collared ASR with Citi.
- Aggregate upfront payment of $1 billion to Citi due August 4, 2025.
- Initial deliveries on August 4, 2025 of about 1,274,296 shares (uncollared) and about 849,531 shares (collared).
- Final settlement expected in the fourth quarter of 2025 (uncollared) and the first quarter of 2026 (collared).
The filing
Written by AI on Nov 8, 2026, 1:10 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 01, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.