United Therapeutics authorizes $2 billion buyback and $1.5 billion accelerated repurchase
United Therapeutics approved a share repurchase program of up to $2.0 billion through March 9, 2027, and on March 9, 2026 entered two accelerated share repurchase agreements with Citibank for $1.5 billion of its common stock. The company will make a $1.5 billion upfront payment to Citi by March 11, 2026, and leaves $500 million of the authorization available for future repurchases.
Key points
- Board approved up to $2.0 billion in share repurchases on March 8, 2026, with the program running before March 9, 2027.
- Two ASRs with Citi: $750 million uncollared and $750 million collared, with an aggregate upfront payment of $1.5 billion on or before March 11, 2026.
- Initial share deliveries on March 11, 2026 of about 992,120 shares (uncollared) and 708,657 shares (collared), with final share counts set by VWAP averages.
- Uncollared ASR is scheduled to terminate in Q2 2026 and collared ASR in Q3 2026; $500 million remains available for repurchases over the next year.
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 March 09, 2026.
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.