Martine A. Rothblatt, Chairperson and CEO of United Therapeutics Corp (NASDAQ:UTHR), filed a Form 4 on November 9, 2026, disclosing a stock option exercise and multiple share sales executed on November 6, 2026, under a pre-arranged Rule 10b5-1 trading plan.

Key Highlights

  • Option exercise: Rothblatt exercised 9,500 stock options at an exercise price of $117.76 per share on November 6, 2026, held indirectly through a family trust.
  • Share sales: A total of 9,500 shares were sold across nine tranches on November 6, 2026, at weighted average prices ranging from $560.7894 to $568.68 per share, all disposed of indirectly through a family trust.
  • Post-transaction ownership: Following all reported transactions, the trust holding subject to these trades reflected beneficial ownership of 324,443 shares of common stock, held indirectly.
  • Total beneficial ownership: The filing reports aggregate indirect and direct holdings across multiple trusts and direct ownership, including 40,513 shares held directly and 249,108, 45,596, and 8,902 shares held in separate family trusts, plus 166 shares held indirectly by spouse.
  • Trading plan: According to the filing, the transactions were made pursuant to a 10b5-1 plan adopted on November 7, 2025, covering up to 1,734,410 stock options expiring March 15, 2027, with the plan set to end on the earlier of full option exercise or December 31, 2026.
  • Remaining options: Following the exercise, 71,910 stock options remain beneficially owned indirectly through a family trust, with an expiration date of March 15, 2027.

Rothblatt's November 6 Option Exercise and Sales Under 10b5-1 Plan

According to the filing, Martine A. Rothblatt, serving as Chairperson and CEO of United Therapeutics Corp, exercised 9,500 stock options on November 6, 2026, at an exercise price of $117.76 per share. The options, held indirectly through a family trust, had vested in equal one-third installments on March 15, 2021, March 15, 2022, and March 15, 2023, the filing disclosed. The exercise was coded as transaction type "M" in Table I and Table II of the form.

The filing reports that all 9,500 resulting shares were sold the same day across nine separate tranches at weighted average prices ranging from $560.7894 to $568.68 per share. Each tranche was executed in multiple trades, with the weighted average price reported for each; full detail is available upon request to the SEC, the issuer, or a security holder, as the filing states. All sales were made indirectly through the same family trust, described as one "as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries."

The filing states the transactions were executed pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. That plan, the filing explains, "will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 15, 2027; or (b) December 31, 2026." The form was signed by John S. Hess, Jr. under Power of Attorney and filed on November 9, 2026.

What Was Disclosed

The Form 4 discloses Martine A. Rothblatt's exercise of 9,500 stock options and sale of the resulting shares on November 6, 2026, all conducted indirectly through a family trust under a 10b5-1 plan adopted in November 2025, with 71,910 options remaining in that trust.