Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), filed a Form 4 on November 6, 2026, disclosing the exercise of 9,500 stock options and the sale of common stock on November 5, 2026, pursuant to a pre-arranged Rule 10b5-1 trading plan.

Key Highlights

  • Option exercise: Rothblatt acquired 9,500 shares of common stock via stock option exercise (transaction code M) at an exercise price of $117.76 per share on November 5, 2026.
  • Shares sold: A total of 9,380 shares of common stock were disposed of across 24 separate sale transactions on November 5, 2026, at weighted average prices ranging from approximately $562.51 to $591.54 per share.
  • 10b5-1 plan: According to the filing, the transactions were made pursuant to a pre-arranged trading plan adopted by Rothblatt on November 7, 2025, covering up to 1,734,410 stock options expiring March 15, 2027, and running through no later than December 31, 2026.
  • Remaining beneficial ownership: Following the reported transactions, Rothblatt beneficially owned 326,403 shares of common stock indirectly through a trust, among other holdings disclosed in the filing.
  • Remaining options: After the exercise, 81,410 stock options remained beneficially owned indirectly through a trust, according to the filing.
  • Ownership structure: Shares are held across multiple forms of indirect ownership, including family trusts and a spouse, as disclosed in the filing.

Rothblatt's November 5 Option Exercise and Share Sales Under 10b5-1 Plan

According to the Form 4 filed with the SEC, Martine A. Rothblatt, serving as both Chairperson and CEO of United Therapeutics Corp, exercised 9,500 stock options on November 5, 2026, at an exercise price of $117.76 per share. The options are scheduled to expire on March 15, 2027. The filing states that all transactions were carried out under a pre-arranged trading plan adopted on November 7, 2025, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

The 9,500 shares acquired through the option exercise were subsequently sold across 24 separate transactions on the same date, November 5, 2026. The sales were executed in multiple trades per transaction, with weighted average prices reported for each tranche. The lowest reported weighted average sale price was $562.5138 per share (320 shares) and the highest was $591.54 per share (160 shares). The filing notes that full detail on individual trade prices and share counts within each tranche is available upon request to the SEC staff, the issuer, or a security holder.

All reported share transactions were held indirectly through family trusts, as to which the filing states Rothblatt shares investment power and Rothblatt and/or immediate family members are beneficiaries. In addition to the trust holding affected by these transactions, the filing discloses separate holdings of 40,513 shares held directly, 166 shares held indirectly by spouse, and additional trust holdings of 249,108 shares, 45,596 shares, and 8,902 shares, respectively. The 10b5-1 plan, the filing states, will continue until the earlier of the exercise of 1,734,410 stock options or December 31, 2026.

What Was Disclosed

Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp, disclosed a stock option exercise of 9,500 shares at $117.76 and the sale of 9,380 shares across 24 tranches on November 5, 2026, all conducted under a pre-arranged 10b5-1 trading plan adopted November 7, 2025.