United Therapeutics CEO Exercises Options and Sells $4.76M via 10b5-1 Plan

Executive Summary

On September 11, 2026, Dr. Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp ($UTHR), executed a routine option exercise and sale transaction pursuant to a pre-arranged Rule 10b5-1 trading plan. The insider exercised options to acquire 9,500 shares at an exercise price of $117.76 per share and sold all 9,500 resulting shares at prices ranging between $496.44 and $508.63, generating gross proceeds of approximately $4.76 million.

Transaction Breakdown

• Option Exercise (Code M): 9,500 stock options exercised at $117.76 per share (expiring March 15, 2027).
• Open Market Sales (Code S): 9,500 shares sold across multiple tranches at a volume-weighted average price of ~$500.82 per share.
• Gross Proceeds: ~$4,757,773.38
• Net Cash Flow (Proceeds minus Exercise Cost): ~$3,639,053.38

Governance & Plan Context

• Rule 10b5-1 Plan: The transaction was executed under a Rule 10b5-1 plan established on November 7, 2025. The plan covers the exercise and disposition of up to 1,734,410 stock options expiring March 15, 2027, and terminates on the earlier of the full exercise or December 31, 2026.
• Ownership Position: Following the transaction, Dr. Rothblatt continues to hold substantial equity in the company, including 324,443 shares in the primary family trust, 40,513 shares directly, over 303,000 shares across other family trusts, and 451,910 remaining options in trust.

Market Significance

Given that this transaction represents a pre-scheduled, automated Rule 10b5-1 option exercise approaching option expiration, the market signaling effect is considered Low.