United Therapeutics Chairperson & CEO Martine Rothblatt Executes Pre-Arranged Option Exercise and Sale

Executive Summary

On September 24, 2026, Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp ($UTHR), filed a Form 4 disclosing the exercise of 9,500 stock options and the subsequent open-market sale of all 9,500 underlying shares of common stock on September 23, 2026. The sales grossed approximately $4.67 million at a volume-weighted average price of roughly $491.57 per share, across prices ranging from $488.11 to $500.05.

Transaction Details

• Option Exercise: Exercised 9,500 stock options with an exercise price of $117.76 per share (expiring March 15, 2027).
• Open Market Sales: Sold 9,500 shares in multiple tranches via indirect trust ownership:
  • 2,388 shares at a weighted average price of $488.70
  • 2,162 shares at a weighted average price of $489.52
  • 1,440 shares at a weighted average price of $490.48
  • 824 shares at a weighted average price of $491.65
  • 480 shares at a weighted average price of $492.54
  • 160 shares at a weighted average price of $493.72
  • 155 shares at a weighted average price of $495.17
  • 525 shares at a weighted average price of $496.38
  • 766 shares at a weighted average price of $497.27
  • 270 shares at a weighted average price of $498.38
  • 90 shares at a weighted average price of $498.90
  • 240 shares at $500.05
• Trading Plan: The transactions were conducted pursuant to a Rule 10b5-1 trading plan established on November 7, 2025.

Ownership Structure Post-Transaction

Following these transactions, Dr. Rothblatt retains substantial direct and indirect holdings:

• Trusts (shared investment power): 324,443 shares of common stock and 375,910 derivative stock options remaining under this specific trust.
• Direct Holdings: 40,513 shares.
• Other Family Trusts / Spouse: Over 300,000 additional shares held across various family trusts and spouse holdings.

Significance & Market Impact

The trading significance is assessed as Low. The disposition represents a routine, automated exercise-and-sell pattern under a pre-established Rule 10b5-1 trading plan ahead of option expiration in March 2027. It does not reflect discretionary or sentiment-driven selling by executive leadership.