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

Executive Summary

On October 13, 2026, United Therapeutics Corp (UTHR) Chairperson & CEO Martine A. Rothblatt filed a Form 4 disclosing the exercise of stock options for 9,500 shares and the corresponding sale of all 9,500 shares on October 9, 2026. The transactions were conducted pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025.

Transaction Details

• Derivative Exercise: Exercised 9,500 stock options at an exercise price of $117.76 per share (options set to expire on March 15, 2027).
• Open Market Sales: Sold 9,500 shares in multiple tranches at weighted average prices ranging from $531.92 to $550.72 per share, generating aggregate gross proceeds of approximately $5.18 million (weighted average price of ~$544.94 per share).
• Ownership Post-Transaction: Following the sales, the family trust holding these shares retained 324,443 shares. Rothblatt also holds 40,513 shares directly, alongside hundreds of thousands of additional shares across separate family trusts.

Market & Governance Context

• 10b5-1 Plan Nature: The sales were executed under a Rule 10b5-1 plan established nearly a year prior (November 7, 2025). The plan is structured to execute the exercise and sale of up to 1,734,410 expiring options by December 31, 2026.
• Significance Assessment: Low. The transaction represents programmatic execution under an established trading plan to exercise options nearing expiration rather than a discretionary market-timing trade.