United Therapeutics CEO Exercises Options and Sells $5.66M Under 10b5-1 Plan

Executive Summary

On November 2, 2026, Dr. Martine A. Rothblatt, Chairperson and Chief Executive Officer of United Therapeutics Corp ($UTHR), executed an option exercise and corresponding sale of 9,500 shares of common stock. The transactions were conducted indirectly through a family trust under a pre-arranged Rule 10b5-1 trading plan established on November 7, 2025. Gross sales proceeds totaled approximately $5.66 million at a volume-weighted average price of roughly $596.22 per share.

Transaction Breakdown

• Derivative Exercise: Exercised 9,500 stock options at an exercise price of $117.76 per share (total exercise cost: $1,118,720).
• Open Market Sales: Sold all 9,500 acquired shares across seven tranches at prices ranging between $592.49 and $599.10 per share:
  • 223 shares at a weighted average of $593.0887
  • 905 shares at a weighted average of $594.0297
  • 1,599 shares at a weighted average of $595.1495
  • 2,776 shares at a weighted average of $596.1120
  • 2,517 shares at a weighted average of $597.0162
  • 1,280 shares at a weighted average of $597.9462
  • 200 shares at a weighted average of $598.8420
• Gross Proceeds: $5,664,135.94
• Pre-Tax Gain on Exercise: ~$4,545,415.94

Ownership Post-Transaction

Following the transaction, Dr. Rothblatt retains substantial equity holdings in United Therapeutics across direct and various family trust holdings:

• Transacting Family Trust: 324,443 shares
• Direct Ownership: 40,513 shares
• Other Family Trusts: 303,606 shares
• Spouse: 166 shares
• Total Common Stock Retained: 668,728 shares
• Derivative Holdings: 109,910 options remain in the trust under this tranche.

Market and Trading Significance

The trading significance of this filing is categorized as Low. The transaction represents programmatic liquidity generation under a pre-established Rule 10b5-1 trading plan designed to exercise options nearing their March 15, 2027 expiration. Given the execution under a scheduled plan and the executive's ongoing multi-hundred-thousand share equity interest, this activity does not indicate a discretionary shift in management's outlook on the company.