United Therapeutics Chairperson & CEO Exercises Options and Sells Shares Under Rule 10b5-1 Plan

Overview & Executive Summary

On September 18, 2026, Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp ($UTHR), filed a Form 4 reporting the exercise of 9,500 stock options and the corresponding open-market sale of 9,500 shares of common stock on September 17, 2026.

The transactions yielded aggregate gross sale proceeds of approximately $4.71 million at a volume-weighted average price of approximately $496.06 per share (with individual execution batches ranging from $492.71 to $501.66). The exercised stock options had an exercise price of $117.76 per share and were set to expire on March 15, 2027.

Rule 10b5-1 Plan Details

All reported transactions were executed pursuant to a pre-arranged Rule 10b5-1 trading plan established on November 7, 2025. The plan is scheduled to terminate upon the earlier of:

1. The exercise of 1,734,410 stock options (all expiring March 15, 2027), or
2. December 31, 2026.

Because these sales were carried out under a pre-established plan adopted well in advance to address expiring option tranches, the transactions represent standard executive compensation realization rather than a discretionary market timing move.

Post-Transaction Holdings

Following these transactions, Dr. Rothblatt continues to retain substantial equity exposure to United Therapeutics across direct and indirect holdings:

• Direct Ownership: 40,513 shares of Common Stock
• Indirect Trust Accounts: Over 628,000 shares across multiple family trusts
• Remaining Derivative Holdings: 413,910 stock options under the respective trust

Market & Governance Impact

• Significance Level: Low
• Key Takeaway: The activity represents routine, programmed option exercise and liquidations under a Rule 10b5-1 plan adopted nearly a year prior. It does not indicate a shift in insider sentiment regarding United Therapeutics' operational performance or fundamental outlook.