United Therapeutics CEO & Chairperson Files Form 144 Notice for $113M Sale

Executive Summary

Martine Rothblatt, Director and Officer of United Therapeutics Corp ($UTHR), submitted a Form 144 notice disclosing the planned sale of 209,000 shares of common stock through Morgan Stanley Smith Barney LLC. The aggregate market value of the proposed transaction is estimated at $113,255,010.00 (~$541.89 per share), with an approximate sale date of October 1, 2026.

Transaction & Acquisition Details

• Securities to be Sold: 209,000 common shares.
• Origin of Shares: Acquired via the exercise of stock options directly from the issuer on October 1, 2026, settled in cash.
• Trading Plan: The sales are conducted pursuant to a Rule 10b5-1 trading plan established on November 21, 2025.
• Ownership Structure: Shares may be sold directly by Martine Rothblatt or indirectly via the Martine Rothblatt Property Management Trust.

Historical Context (Past 3 Months)

The filing reflects systematic selling under a Rule 10b5-1 plan. Over the preceding three months (July through September 2026), the reporting owner executed numerous daily transactions of exactly 9,500 shares per trading session, generating over $280M in aggregate gross proceeds prior to this new tranche.

Market Impact & Significance

• Significance Level: High, driven by the large nominal transaction value ($113.25M) and executive stature.
• Contextual Mitigation: The transaction is tied to option exercises and governed by a predetermined Rule 10b5-1 plan adopted nearly a year prior, which mitigates concerns regarding discretionary timing or short-term sentiment.