United Therapeutics Files 8-K: Material Agreement & Financials

TL;DR

UTHR filed an 8-K on 3/25/24 for a material agreement. Check financials.

AI Summary

On March 25, 2024, United Therapeutics Corporation filed an 8-K report detailing a material definitive agreement. The filing also included Regulation FD disclosures and financial statements/exhibits. The company is incorporated in Delaware and headquartered in Silver Spring, MD.

Why It Matters

This 8-K filing indicates a significant new agreement for United Therapeutics, which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that may affect the company's financial health and stock price.

Key Players & Entities

• United Therapeutics Corporation (company) — Registrant
• March 25, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• Silver Spring, MD (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — h registered Common Stock, par value $0.01 per share UTHR Nasdaq Global Select
• $1 billion — by the Company of up to an aggregate of $1 billion of the Company's common stock ( Common
• $1.0 billion — ll make an aggregate upfront payment of $1.0 billion to Citi and will receive an aggregate i
• $300 million — second quarter of 2024 with respect to $300 million of the transactions and in the third qu
• $700 million — e third quarter of 2024 with respect to $700 million of the transactions. The ASR Agreement

Filing Documents

• tm249556d1_8k.htm (8-K) — 30KB
• tm249556d1_ex99-1.htm (EX-99.1) — 13KB
• tm249556d1_ex10-1.htm (EX-10.1) — 242KB
• tm249556d1_ex99-1img1.jpg (GRAPHIC) — 3KB
• tm249556d1_ex10-1img001.jpg (GRAPHIC) — 1KB
• 0001104659-24-038478.txt ( ) — 513KB
• uthr-20240325.xsd (EX-101.SCH) — 3KB
• uthr-20240325_lab.xml (EX-101.LAB) — 33KB
• uthr-20240325_pre.xml (EX-101.PRE) — 22KB
• tm249556d1_8k_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On March 24, 2024, the Board of Directors (the Board ) of United Therapeutics Corporation (the Company ) approved a share repurchase program (the Share Repurchase Program ), authorizing the purchase by the Company of up to an aggregate of $1 billion of the Company's common stock ( Common Stock ). On March 25, 2024, the Company entered into an accelerated share repurchase agreement (the ASR Agreement ) with Citibank, N.A. ( Citi ) to repurchase approximately $1 billion of the Company's common stock pursuant to the Share Repurchase Program. Under the ASR Agreement, the Company will make an aggregate upfront payment of $1.0 billion to Citi and will receive an aggregate initial delivery of approximately 3,275,199 shares of Common Stock on March 27, 2024, representing approximately 80% of the total shares that would be repurchased under the ASR Agreement measured based on the closing price of the Common Stock on March 25, 2024. The exact number of shares the Company ultimately will repurchase under the ASR Agreement will be based on the average of the daily volume-weighted average price per share of Common Stock during the repurchase period, less a discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. At final settlement of the ASR Agreement, the Company may be entitled to receive additional shares of Common Stock, or, under certain limited circumstances, be required to make cash payment to Citi or, if the Company elects, deliver shares to Citi. The final settlement of the transactions under the ASR Agreement is expected to occur in the second quarter of 2024 with respect to $300 million of the transactions and in the third quarter of 2024 with respect to $700 million of the transactions. The ASR Agreement contains customary terms for these types of transactions, including, but not limited to, the mechanisms to determine the number of shares of Common Stock or the amount

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On March 25, 2024, the Company issued a press release announcing the Share Repurchase Program and the ASR Agreement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in this Item 7.01 and Exhibit 99.1 attached hereto are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act ), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act as amended, regardless of any general incorporation language in such filing.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description of Exhibit 10.1 Master Confirmation – Accelerated Share Repurchase, between the Company and Citi, dated March 25, 2024 99.1 Press release dated March 25, 2024 104 Cover page Interactive Data File - the cover page XBRL tags are embedded within the inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UNITED THERAPEUTICS CORPORATION Dated: March 25, 2024 By: /s/ Paul A. Mahon Name: Paul A. Mahon Title: General Counsel