Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corporation, filed a Form 4 on November 2, 2026, reporting the exercise of 9,500 stock options and the subsequent sale of the resulting common shares on October 30, 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 30, 2026, with those options held indirectly by trust.
  • Shares sold: A total of 9,500 shares of common stock were disposed of across multiple sale tranches on October 30, 2026, at weighted average prices ranging from $594.9154 to $608.05 per share.
  • Post-transaction ownership: Following all reported transactions, Rothblatt beneficially owned 324,443 shares indirectly by trust through the transactions recorded in Table I, plus additional holdings in other trust structures and directly.
  • 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, set to run until the earlier of the exercise of 1,734,410 stock options (all expiring March 15, 2027) or December 31, 2026.
  • Remaining options: After the exercise, 119,410 stock options remain beneficially owned indirectly by trust, per the filing.
  • Ownership structure: The shares and options involved in the reported transactions are held in family trusts as to which Rothblatt shares investment power and Rothblatt and/or immediate family members are beneficiaries.

Rothblatt's October 30 Option Exercise and Multi-Tranche Share Sales at United Therapeutics

According to the Form 4 filed with the SEC on November 2, 2026, Martine A. Rothblatt, who serves as Chairperson and CEO of United Therapeutics Corporation (NASDAQ:UTHR), exercised 9,500 stock options on October 30, 2026, at an exercise price of $117.76 per share. The filing states that these options vested in equal one-third installments on March 15, 2021, 2022, and 2023, and are scheduled to expire on March 15, 2027. All options involved were held indirectly through a family trust.

The 9,500 shares acquired through the option exercise were then sold in thirteen separate tranches on the same date, October 30, 2026. The weighted average sale prices per tranche ranged from $594.9154 to $608.05. Several tranches were executed across multiple individual trades, and 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." All disposals were made indirectly through the same family trust structure.

The filing discloses that both the option exercise and share sales were conducted "pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025." That plan is set to continue until the earlier of the exercise of 1,734,410 stock options, all expiring March 15, 2027, or December 31, 2026. Separately, the filing lists additional beneficial ownership positions including 40,513 shares held directly, 166 shares held indirectly by spouse, 249,108 shares in other family trusts, 45,596 in further trust arrangements, and 8,902 in additional trusts, as described in accompanying footnotes.

What Was Disclosed

The filing reports that Rothblatt exercised 9,500 stock options at $117.76 and sold the resulting shares on October 30, 2026, under a 10b5-1 plan adopted November 7, 2025. After the transactions, 119,410 stock options and various trust-held share positions remain, per the filing.