United Therapeutics CEO Martine Rothblatt Executes 10b5-1 Option Exercise and Sale of $4.63M in Stock

Executive Summary

On September 3, 2026, Dr. Martine A. Rothblatt, Chairperson and Chief Executive Officer of United Therapeutics Corp ($UTHR), executed a series of option exercises and share sales pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025.

Transaction Breakdown

1. Option Exercises (Code M):

   • Exercised 8,910 stock options at an exercise price of $135.42 per share.
   • Exercised 590 stock options at an exercise price of $117.76 per share.
   • Total shares acquired: 9,500.

2. Open Market Sales (Code S):

   • Sold a total of 9,500 common shares held indirectly by trust in 12 separate weighted-average tranches ranging from $478.44 to $491.55 per share.
   • Weighted Average Sale Price: ~$487.54 per share.
   • Gross Realized Sale Proceeds: ~$4,631,620.43.

Ownership Post-Transaction

• Indirect Ownership (Trust holding transacted shares): 324,443 shares.
• Direct Ownership: 40,513 shares.
• Other Indirect Holdings (Family Trusts / Spouse): Over 300,000 shares across various trusts and spouse holdings.
• Remaining Stock Options: 499,410 derivative options at $117.76 exercise price expiring March 15, 2027.

Trading Significance Assessment

• Significance Level: Low
• Context: The transaction represents routine execution under an affirmative defense Rule 10b5-1 trading plan adopted in November 2025 ahead of options expiring in March 2027. All acquired shares from the exercise were liquidated on the same day without altering the executive's core long-term equity exposure significantly.