United Therapeutics CEO Martine Rothblatt Sells $4.7M in Common Stock Under Rule 10b5-1 Plan

Insider Transaction Overview

On September 22, 2026, Dr. Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp ($UTHR), executed a series of open-market sales totaling 9,500 shares of common stock at weighted average prices ranging from $489.61 to $499.07 per share. The cumulative gross proceeds from these sales were approximately $4.70 million at an overall weighted average price of $494.83 per share.

Transaction Structure & Context

• Option Exercise: Concurrently, Rothblatt exercised stock options to purchase 9,500 shares of common stock at an exercise price of $117.76 per share (expiration March 15, 2027).
• Net Share Change: The 9,500 acquired shares were immediately liquidated in full, resulting in zero net change to the insider's common stock ownership base.
• Pre-Arranged 10b5-1 Plan: Footnote disclosures confirm that this exercise and subsequent sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan established on November 7, 2025. The plan covers up to 1,734,410 stock options expiring March 15, 2027, or until December 31, 2026.

Post-Transaction Holdings

Following the reported transactions, Dr. Rothblatt retains substantial equity holdings in United Therapeutics:

• 324,443 shares held indirectly via the primary trust involved in the transaction.
• 40,513 shares held directly.
• 303,772 additional shares held indirectly across various family trusts and spouse holdings.
• 385,410 remaining derivative options held in trust under this grant.

Market & Significance Assessment

• Significance: Low. The transactions represent routine compensation monetization through the exercise of legacy stock options nearing expiration, executed entirely under a pre-established Rule 10b5-1 plan. Because this was a simultaneous option exercise and sale with no reduction in underlying base equity, it reflects standard executive wealth management rather than a discretionary directional signal.