United Therapeutics Corporation Chairperson and CEO Martine A. Rothblatt filed a Form 4 on October 30, 2026, disclosing the exercise of 9,500 stock options and the sale of the resulting common shares on October 29, 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, with the options held indirectly through a family trust.
  • Shares sold: A total of 9,500 shares of common stock were disposed of across nine separate sale tranches on October 29, 2026, at weighted average prices ranging from $590.4296 to $599.30 per share.
  • 10b5-1 plan: The transactions were made pursuant to a pre-arranged trading plan adopted by Rothblatt on November 7, 2025, which will continue until the earlier of the exercise of 1,734,410 stock options (all expiring March 15, 2027) or December 31, 2026.
  • Remaining beneficial ownership: Following all reported transactions, Rothblatt beneficially owns 329,683 shares indirectly through the trust involved in the sales, with total beneficial ownership across all forms including direct, spousal, and multiple trust holdings.
  • Option balance: After the exercise, 128,910 stock options remain beneficially owned indirectly through a family trust, with an expiration date of March 15, 2027.
  • 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 29 Option Exercise and Multi-Tranche Share 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 29, 2026, at a conversion price of $117.76 per share. The options were held indirectly through a family trust and, per the filing, had vested in equal one-third installments on March 15, 2021, March 15, 2022, and March 15, 2023. The exercise carried a reported derivative security price of $0.00.

The filing disclosed that the 9,500 shares acquired through the option exercise were then sold across nine tranches on the same date. Weighted average sale prices reported were $590.4296 (53 shares), $591.902 (1,104 shares), $592.9686 (1,563 shares), $593.8794 (1,540 shares), $594.8947 (1,248 shares), $595.8794 (1,678 shares), $596.8608 (1,355 shares), $597.6552 (919 shares), and $599.30 (40 shares). The filing notes that several tranches were executed in multiple trades, and Rothblatt undertakes to provide full per-trade information upon request to the SEC staff, the issuer, or a security holder.

The filing states that all transactions were made pursuant to a 10b5-1 trading plan adopted on November 7, 2025. That plan is designed to continue until the earlier of the exercise of 1,734,410 stock options, all expiring March 15, 2027, or December 31, 2026. Following the reported sales, the trust involved holds 329,683 shares. Rothblatt also holds shares directly (40,513), indirectly through a spouse (166), and through several other family trusts totaling an additional 303,606 shares across three separately described trust structures, according to the filing.

What Was Disclosed

The Form 4 filed October 30, 2026 reports Martine A. Rothblatt's exercise of 9,500 stock options and the subsequent sale of all resulting shares on October 29, 2026, under a pre-arranged 10b5-1 plan, with all transactions conducted indirectly through a family trust.