United Therapeutics CEO Martine Rothblatt Exercises Options and Sells $5.7M in Common Stock Under 10b5-1 Plan

Executive Summary

On November 2, 2026, Martine A. Rothblatt, Chairperson & CEO of UNITED THERAPEUTICS Corp ($UTHR), filed Form 4 disclosing the exercise of 9,500 stock options at an exercise price of $117.76 per share and the subsequent open-market sale of all 9,500 underlying shares on October 30, 2026. The sales generated aggregate gross proceeds of approximately $5.70 million at weighted average prices ranging between $594.92 and $608.05 per share.

Transaction Details

• Pre-Arranged 10b5-1 Trading Plan: The transactions were conducted pursuant to a Rule 10b5-1 trading plan established on November 7, 2025. Per footnote disclosures, the plan covers the exercise and liquidation of up to 1,734,410 options expiring March 15, 2027, or through December 31, 2026.
• Option Execution: 9,500 stock options originally vesting between 2021 and 2023 were exercised at $117.76 per share, leaving 119,410 options in this tranche remaining in the trust.
• Share Sales: The acquired 9,500 shares were systematically sold in multiple tranches across the day at an average realized price of roughly $600.09 per share.

Ownership Structure & Market Impact

• Remaining Exposure: Following these transactions, the trust holds 324,443 common shares. Rothblatt continues to hold substantial additional equity interests, including 40,513 direct shares and over 300,000 shares across several other family trusts and spouse holdings.
• Trading Significance: Rated Medium. While the transaction value is substantial at $5.70 million, it represents a standard option monetization under a pre-scheduled Rule 10b5-1 plan ahead of option expiration, rather than a discretionary market-timing sale.