Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), filed a Form 4 on November 4, 2026, disclosing a stock option exercise and multiple common stock sales executed on November 3, 2026, under a pre-arranged Rule 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 3, 2026, held indirectly through a family trust.
  • Shares sold: A total of 9,500 shares of common stock were disposed of across eight separate sale transactions, with weighted average prices ranging from $598.676 to $605.97 per share.
  • 10b5-1 plan: According to the filing, the transactions were made pursuant to a pre-arranged trading plan adopted on November 7, 2025, which covers up to 1,734,410 stock options expiring March 15, 2027, and runs through December 31, 2026 at the latest.
  • Remaining beneficial ownership: Following the reported transactions, Rothblatt beneficially owned 324,443 shares indirectly through family trusts (by Trust noted in footnote 2), plus additional shares held directly, by spouse, and through other trusts.
  • Remaining options: After the exercise, 100,410 stock options remain beneficially owned indirectly through a family trust, with an expiration date of March 15, 2027.
  • Indirect ownership structure: Shares are held across multiple family trust arrangements, with the reporting person sharing investment power in certain trusts and family members serving as beneficiaries.

Rothblatt's November 3 Option Exercise and Trust-Held Share Sales at United Therapeutics

According to the Form 4 filed with the SEC on November 4, 2026, Martine A. Rothblatt, serving as Chairperson and CEO of United Therapeutics Corp, exercised 9,500 stock options on November 3, 2026, at an exercise price of $117.76 per share. The options, held indirectly through a family trust, had vested in equal one-third installments on March 15, 2021, 2022, and 2023, per the filing's explanation of responses.

The filing disclosed that the resulting 9,500 shares were subsequently sold across eight transactions on the same date, with weighted average sale prices spanning from $598.676 to $605.97 per share. Each sale block was executed across multiple individual trades; for example, the 426-share transaction reflected a weighted average of $598.676, with individual trade prices ranging from $598.10 to $599.08. The filing states that full price and share detail for each block is available upon request to the SEC staff, the issuer, or a security holder.

All transactions are attributed to a Rule 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 of which expire March 15, 2027, or December 31, 2026. Following all reported activity, the filing shows Rothblatt's indirect beneficial ownership in one family trust category at 324,443 shares, with 40,513 shares held directly, 166 shares held indirectly by spouse, and additional shares held across three other trust arrangements totaling 303,606 shares. The filing was signed by John S. Hess, Jr. under Power of Attorney on November 4, 2026.

What Was Disclosed

The filing reported a November 3, 2026 exercise of 9,500 stock options at $117.76 and the same-day sale of 9,500 common shares at weighted average prices from $598.676 to $605.97, all conducted indirectly through family trusts under a 10b5-1 plan adopted November 7, 2025.