Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corporation, filed a Form 4 on September 10, 2026, reporting the exercise of stock options and sale of common stock that occurred on September 9, 2026, pursuant to a pre-arranged Rule 10b5-1 trading plan.

Key Highlights

  • Option exercise: 9,500 stock options were exercised at a conversion price of $117.76 per share on September 9, 2026, held indirectly by trust.
  • Shares sold: A total of 9,500 shares of common stock were disposed of across multiple sale transactions at weighted average prices ranging from $493.8058 to $509.00 per share.
  • Remaining beneficial ownership: Following all reported transactions, Rothblatt beneficially owned 324,443 shares indirectly by trust in the primary trust account, plus additional holdings in other trusts and directly.
  • 10b5-1 plan: The transactions were executed pursuant to a pre-arranged trading plan adopted on November 7, 2025, covering up to 1,734,410 stock options expiring March 15, 2027, with the plan running until the earlier of full exercise or December 31, 2026.
  • Derivative securities: Following the reported option exercise, Rothblatt retained 470,910 stock options indirectly by trust, with an expiration date of March 15, 2027.
  • Indirect ownership structure: Shares are held in family trusts in which Rothblatt shares investment power and Rothblatt and/or immediate family members are beneficiaries.

Rothblatt Option Exercise and Share Sales Under 10b5-1 Plan at United Therapeutics

According to the filing, Martine A. Rothblatt, serving as Chairperson and CEO of NASDAQ:UTHR, exercised 9,500 stock options on September 9, 2026, at an exercise price of $117.76 per share, with the options held indirectly through a family trust. The options underlying the derivative security are scheduled to expire on March 15, 2027, and the filing notes that no cash was paid for the derivative security (price listed as $0.00).

The 9,500 shares acquired through the option exercise were subsequently sold in multiple tranches on the same date, September 9, 2026. The sales were executed at weighted average prices ranging from $493.8058 to $509.00 per share, spread across 15 separate sale transactions. The filing notes that each multi-trade transaction was executed at prices within specified ranges, and the reporting person undertook to provide full trade-level detail upon request to the SEC staff, the issuer, or a security holder.

The filing discloses that all transactions were conducted pursuant to a pre-arranged trading plan adopted by Rothblatt on November 7, 2025, intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). 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. Beyond the trust-held shares actively traded, the filing also reports Rothblatt's direct ownership of 40,513 shares, 166 shares held indirectly by spouse, and additional shares held in separate trusts totaling 249,108, 45,596, and 8,902 shares respectively.

What Was Disclosed

The filing reported a September 9, 2026 exercise of 9,500 stock options and the same-day sale of 9,500 common shares by United Therapeutics CEO Martine A. Rothblatt, all conducted indirectly through family trusts under a pre-arranged 10b5-1 trading plan adopted November 7, 2025.