Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp, filed a Form 4 on October 28, 2026, disclosing the exercise of 9,500 stock options and the sale of the resulting common stock on October 27, 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 October 27, 2026, held indirectly by trust.
  • Shares sold: A total of 9,500 shares of common stock were disposed of across eleven sale transactions on October 27, 2026, at weighted average prices ranging from approximately $582.6649 to $592.835 per share.
  • 10b5-1 plan: The transactions were executed pursuant to a pre-arranged 10b5-1 trading plan adopted by Rothblatt on November 7, 2025.
  • Plan scope: The plan covers up to 1,734,410 stock options, all expiring March 15, 2027, and runs until the earlier of full exercise or December 31, 2026.
  • Remaining beneficial ownership: Following the reported transactions, Rothblatt beneficially owned 324,443 shares indirectly by trust (from the transacted trust), plus additional holdings directly and indirectly through multiple trusts and a spouse.
  • Remaining options: 147,910 stock options remain beneficially owned indirectly by trust following the reported exercise.

Rothblatt's October 27 Option Exercise and Stock Sales at United Therapeutics

According to the filing, Martine A. Rothblatt, who serves as Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), exercised 9,500 stock options on October 27, 2026, at a conversion price of $117.76 per share. The options were held indirectly through a family trust and had vested in equal one-third installments on March 15, 2021, 2022, and 2023, with an expiration date of March 15, 2027, according to the filing.

The filing discloses that the 9,500 shares acquired through the option exercise were subsequently sold in eleven separate transactions on the same date, at weighted average prices ranging from $582.6649 to $592.835 per share. Each sale was executed across multiple trades; the prices reported reflect weighted averages, and the filing notes that Rothblatt has undertaken to provide full detail on individual trade prices and share counts upon request by 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 filing states. That plan is set to continue until the earlier of the exercise of 1,734,410 stock options or December 31, 2026. Following all reported transactions, the filing shows Rothblatt held shares directly (40,513), indirectly through a spouse (166), and indirectly through several family trusts totaling 329,173 shares across three separate trust arrangements, in addition to 147,910 remaining stock options held indirectly by trust. The Form 4 was signed by John S. Hess, Jr. under Power of Attorney and filed on October 28, 2026.

What Was Disclosed

The filing reports the exercise of 9,500 stock options at $117.76 and the sale of those shares by United Therapeutics CEO Martine A. Rothblatt on October 27, 2026, all executed under a 10b5-1 plan adopted November 7, 2025, with the transactions held indirectly through a family trust.