United Therapeutics CEO Executes $5.48M Rule 10b5-1 Option Exercise and Sale

Executive Summary

On October 1, 2026, Dr. Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp (NASDAQ: UTHR), exercised stock options to acquire 9,500 shares of common stock at an exercise price of $117.76 per share and sold all 9,500 shares across multiple open-market tranches at prices ranging between $560.05 and $585.05. The total gross sale proceeds amounted to approximately $5.48 million, reflecting a volume-weighted average price of roughly $576.55 per share.

Transaction Details

• Nature of Trades: Derivative exercise (Code M) followed by immediate open-market sales (Code S).
• Option Exercise Price: $117.76 per share ($1,118,720 total cost basis).
• Sale Price Range: $560.05 to $585.05 per share across 19 reported blocks.
• Gross Proceeds: ~$5,477,262.45.
• Net Gain Before Taxes: ~$4,358,542.45.
• Ownership Structure: Held indirectly via a family trust where Dr. Rothblatt shares investment power.

Pre-Arranged Trading Plan (Rule 10b5-1)

According to footnote disclosure (F1), both the option exercise and the sales were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan remains in effect until the earlier of the exercise of 1,734,410 stock options expiring on March 15, 2027, or December 31, 2026.

Post-Transaction Holdings

Following the transactions, Dr. Rothblatt maintains substantial equity exposure:

• 324,443 shares held indirectly via this primary family trust.
• 40,513 shares held directly.
• Over 303,000 shares held in other family trusts and by spouse.
• 318,910 remaining stock options under this specific option grant in trust.

Significance & Market Impact

Because these transactions were executed pursuant to a pre-established 10b5-1 trading plan established almost a year prior and represent standard option monetization ahead of expiration, this filing is viewed as having Low informational significance for fundamental corporate health or discretionary insider sentiment.