United Therapeutics CEO Exercises Options and Sells Shares via 10b5-1 Plan

Executive Summary

On September 28, 2026, Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp ($UTHR), filed a Form 4 detailing derivative exercises and open-market sales of common stock executed on September 25, 2026.

Transaction Details

• Stock Option Exercise: Exercised 9,500 stock options at a strike price of $117.76 per share (options expiring March 15, 2027).
• Open-Market Dispositions: Sold all 9,500 acquired shares across multiple tranches at weighted average prices ranging from $470.56 to $478.95 per share, yielding aggregate proceeds of approximately $4,523,635 (average price of ~$476.17 per share).
• Trading Plan: Transactions were conducted pursuant to a pre-arranged 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:

• Direct Ownership: 40,513 shares
• Indirect Ownership via Reported Trust: 324,443 shares
• Other Indirect Trust & Spousal Holdings: In excess of 303,000 additional shares across separate family trusts and spouse ownership
• Remaining Derivative Holdings: 356,910 stock options in the respective trust

Market Impact & Significance

The transactions represent routine exercise-and-sell activity under an established 10b5-1 plan ahead of option expiration in early 2027. Given the programmatic nature and extensive retained equity interest, this filing carries Low informational significance for directional market sentiment.