Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), filed a Form 4 on October 29, 2026, disclosing a stock option exercise and sale of common stock conducted on October 28, 2026, pursuant to a pre-arranged Rule 10b5-1 trading plan.

Key Highlights

  • Option exercise: Rothblatt exercised 9,500 stock options at a conversion price of $117.76 per share on October 28, 2026, held indirectly through a family trust.
  • Shares sold: A total of 9,500 shares of common stock were disposed of across six separate sale transactions on October 28, 2026, at weighted average prices ranging from $583.5017 to $588.3913 per share.
  • 10b5-1 plan: According to the filing, the exercise and sales 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, and running until the earlier of full exercise or December 31, 2026.
  • Remaining options: Following the transaction, Rothblatt beneficially owns 138,410 stock options indirectly through a family trust, with an expiration date of March 15, 2027.
  • Beneficial ownership after transactions: Rothblatt's indirect beneficial ownership of common stock held in one family trust stood at 324,443 shares following the reported sales, with additional shares held across other trusts and directly.
  • Indirect ownership structure: All transacted shares are held in family trusts in which Rothblatt shares investment power and Rothblatt and/or immediate family members are beneficiaries, according to the filing.

Rothblatt's October 28 Option Exercise and Multi-Tranche Share Sales at United Therapeutics

According to the Form 4 filed on October 29, 2026, Martine A. Rothblatt, serving as Chairperson and CEO of United Therapeutics Corp, exercised 9,500 stock options on October 28, 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, March 15, 2022, and March 15, 2023, according to the filing's footnotes.

Following the exercise, the filing reports that 9,500 shares of common stock were sold across six transactions at weighted average prices of $583.5017, $584.4314, $585.3585, $586.3694, $587.2653, and $588.3913, respectively. Each sale was executed in multiple trades; for example, the first tranche of 821 shares was sold at prices ranging from $582.91 to $583.88, with the figure reported representing the weighted average. The filing states that full information on individual trade prices is available upon request to the SEC staff, the issuer, or a security holder.

The filing discloses that all transactions were made under a pre-arranged 10b5-1 trading plan that Rothblatt adopted on November 7, 2025. That plan will continue until the earlier of the exercise of 1,734,410 stock options - all expiring March 15, 2027 - or December 31, 2026. After all reported transactions, Rothblatt's total beneficial ownership spans directly held shares, shares held by a spouse, and shares held across multiple family trusts, as detailed in the filing.

What Was Disclosed

The filing reports Martine A. Rothblatt's exercise of 9,500 United Therapeutics stock options and the same-day sale of 9,500 common shares on October 28, 2026, all conducted indirectly through family trusts under a Rule 10b5-1 plan adopted November 7, 2025.