Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), filed a Form 4 on November 3, 2026, disclosing the exercise of 9,500 stock options and the sale of 9,500 shares of common stock on November 2, 2026, pursuant to a pre-arranged 10b5-1 trading plan.

Key Highlights

  • Option exercise: Rothblatt exercised 9,500 stock options at an exercise price of $117.76 per share on November 2, 2026, with the options held indirectly through a family trust.
  • Shares sold: A total of 9,500 shares were sold across seven separate transactions at weighted average prices ranging from $593.0887 to $598.842 per share.
  • Post-transaction holdings: Following the reported transactions, Rothblatt's indirect beneficial ownership through the trust involved in these transactions stood at 324,443 shares, with additional holdings reported in other trusts and directly.
  • 10b5-1 plan: The filing states the transactions were made pursuant to a pre-arranged trading plan adopted on November 7, 2025, covering up to 1,734,410 stock options expiring March 15, 2027, or terminating December 31, 2026, whichever comes first.
  • Remaining options: After the exercise, 109,910 stock options remain beneficially owned indirectly through a family trust, with an expiration date of March 15, 2027.
  • Option vesting: According to the filing, the exercised stock options vested in equal one-third installments on March 15, 2021, 2022, and 2023.

Rothblatt's November 2 Option Exercise and Share Sales at United Therapeutics

According to the Form 4 filed with the SEC, Martine A. Rothblatt, serving as Chairperson and CEO of United Therapeutics Corp, exercised 9,500 stock options on November 2, 2026, at a conversion price of $117.76 per share. The options were held indirectly through a family trust in which Rothblatt shares investment power and Rothblatt and immediate family members are beneficiaries. The resulting 9,500 shares acquired through the exercise were then sold in seven tranches on the same date.

The seven sale transactions occurred at the following weighted average prices: $593.0887 (223 shares), $594.0297 (905 shares), $595.1495 (1,599 shares), $596.112 (2,776 shares), $597.0162 (2,517 shares), $597.9462 (1,280 shares), and $598.842 (200 shares). Each tranche was executed across multiple individual trades, and the filing notes that the reported prices reflect weighted averages. The filing states that full details of prices and share counts within each tranche are available upon request to the SEC staff, the issuer, or a security holder.

All transactions were carried out under a 10b5-1 trading plan that Rothblatt adopted on November 7, 2025. The plan is set to continue until the earlier of the exercise of 1,734,410 stock options, all expiring March 15, 2027, or December 31, 2026. Beyond the trust involved in these transactions, the filing also reports Rothblatt's beneficial ownership in additional family trusts and directly held shares, including 40,513 shares held directly, 166 shares indirectly through a spouse, 249,108 shares in a trust where the spouse is sole trustee or co-trustee, 45,596 shares in trusts where the spouse shares investment power, and 8,902 shares in trusts where Rothblatt is sole trustee or co-trustee.

What Was Disclosed

Rothblatt's Form 4 reported the November 2, 2026, exercise of 9,500 stock options at $117.76 and the same-day sale of 9,500 resulting shares across seven price tranches, all conducted under a 10b5-1 plan adopted November 7, 2025.