Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corporation, filed a Form 4 on October 26, 2026, reporting the exercise of 9,500 stock options and the sale of 9,300 shares of common stock on October 23, 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 23, 2026, held indirectly through a family trust.
  • Shares sold: A total of 9,300 shares of common stock were disposed of across eleven separate sale transactions on October 23, 2026, at weighted average prices ranging from $577.6774 to $587.9997.
  • 10b5-1 plan: According to the filing, the transactions were made pursuant to a pre-arranged trading plan adopted by the reporting person on November 7, 2025.
  • Plan scope: The plan covers up to 1,734,410 stock options, all of which expire on March 15, 2027, and will continue until the earlier of full exercise or December 31, 2026.
  • Remaining beneficial ownership: Following the reported transactions, Rothblatt indirectly held 324,443 shares through the trust involved in the transactions, with additional holdings in other trusts and direct accounts disclosed in the filing.
  • Remaining options: After the exercise, 166,910 stock options remain held indirectly through a family trust, according to the filing.

Rothblatt's October 23 Option Exercise and Multi-Tranche Share Sales at United Therapeutics

According to the Form 4 filed with the SEC on October 26, 2026, Martine A. Rothblatt, who serves as Chairperson and CEO of United Therapeutics Corporation (NASDAQ:UTHR), exercised 9,500 stock options on October 23, 2026, at a conversion price of $117.76 per share. The options were held indirectly in a family trust in which the reporting person shares investment power and the reporting person and immediate family members are beneficiaries. The filing notes these options vested in equal one-third installments on March 15, 2021, 2022, and 2023.

On the same date, the filing reports that 9,300 shares of common stock were sold across eleven separate tranches at weighted average prices ranging from $577.6774 to $587.9997. Each sale tranche was executed in multiple trades, and the filing states that the reported prices reflect weighted averages. The filing notes that Rothblatt "undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected" for each tranche. All transactions were conducted indirectly through a family trust.

The filing discloses that all reported transactions were made under a 10b5-1 trading plan 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. Beyond the trust involved in these transactions, the filing also lists additional indirect holdings in several other family trusts and a direct beneficial ownership position, as well as 166 shares held indirectly by the reporting person's spouse.

What Was Disclosed

The filing discloses a stock option exercise of 9,500 shares and sale of 9,300 shares of United Therapeutics common stock by CEO Martine A. Rothblatt on October 23, 2026, all conducted indirectly through a family trust under a Rule 10b5-1 trading plan.