Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), filed a Form 4 on October 27, 2026, disclosing the exercise of 9,500 stock options and the same-day sale of 9,500 shares of common stock on October 26, 2026, pursuant to 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 October 26, 2026, held indirectly through a family trust.
  • Share sales: 9,500 shares of common stock were sold across eight separate transactions at weighted average prices ranging from $585.7122 to $592.9168 per share on the same date.
  • 10b5-1 plan: The filing states the exercise and sales were "pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025."
  • Plan scope: The plan will continue until the earlier of the exercise of 1,734,410 stock options (all expiring March 15, 2027) or December 31, 2026, according to the filing.
  • Remaining beneficial ownership: Following the reported transactions, Rothblatt beneficially owned 324,443 shares indirectly through the trust referenced in the transactions, plus additional holdings across other direct and indirect accounts.
  • Remaining options: After the exercise, 157,410 stock options remained beneficially owned indirectly through a family trust, per the filing.

Rothblatt's October 26 Option Exercise and Share Sales at United Therapeutics

According to the Form 4 filing, Martine A. Rothblatt, who serves as Chairperson and CEO of United Therapeutics Corp, exercised 9,500 stock options on October 26, 2026, at a conversion price of $117.76 per share. The options had vested "in equal one-third installments on March 15, 2021, 2022 and 2023," the filing states, and are set to expire on March 15, 2027. All options are held indirectly through a family trust in which Rothblatt shares investment power and Rothblatt and immediate family members are beneficiaries.

The 9,500 shares acquired through the exercise were then sold on the same day across eight transactions. Weighted average sale prices per share were reported as $585.7122 (600 shares), $586.5445 (1,492 shares), $587.5413 (2,707 shares), $588.4653 (1,241 shares), $589.6378 (1,280 shares), $590.5669 (680 shares), $591.6 (694 shares), and $592.9168 (806 shares). Each transaction was executed in multiple trades; the filing notes that full details of individual trade prices are available upon request to the SEC staff, the issuer, or a security holder.

The filing discloses that Rothblatt holds common stock across several ownership structures in addition to the trust involved in these transactions, including 40,513 shares directly, 166 shares indirectly through a spouse, and shares across multiple other family trusts. The filing was signed by John S. Hess, Jr. under Power of Attorney and dated October 27, 2026.

What Was Disclosed

The filing reports a same-day option exercise and sale of 9,500 United Therapeutics common shares by CEO Martine A. Rothblatt on October 26, 2026, carried out under a Rule 10b5-1 plan adopted November 7, 2025, with 157,410 options remaining in the trust following the transaction.