Form 4: United Therapeutics CEO Executes Stock Option Sales

Martine A. Rothblatt, Chairperson & CEO of United Therapeutics Corp, exercised and sold common stock under a pre-arranged 10b5-1 trading plan.

Summary

• On October 17, 2025, Martine A. Rothblatt exercised 4,000 stock options at an exercise price of $120.26 per share.
• Following the exercise on October 17, 2025, Rothblatt sold 2,900 shares of common stock at a weighted average price of $430.0517 and an additional 1,100 shares at a weighted average price of $432.3064.
• On October 20, 2025, Rothblatt exercised another 4,000 stock options at an exercise price of $120.26 per share.
• Following the exercise on October 20, 2025, she sold 1,599 shares at a weighted average price of $421.0416, 200 shares at $422.3, 1,301 shares at $424.6826, 400 shares at $427.555, and 500 shares at $434.22.
• These transactions were executed pursuant to a pre-arranged 10b5-1 trading plan entered into on May 2, 2025.
• The 10b5-1 plan covers a tranche of 294,000 stock options that expire on March 15, 2026, and will continue until the earlier of the exhaustion of these options or December 31, 2025.
• After these reported transactions, Rothblatt directly holds 130 shares of common stock.
• Indirect beneficial ownership includes 166 shares by spouse, 324,518 shares by one family trust, 258,117 shares by another family trust, 45,596 shares by a third family trust, and 15,962 shares by a fourth family trust.
• The number of derivative securities (stock options) beneficially owned following these transactions is 170,000.

Sentiment

Score: 5

Explanation: This is a routine insider transaction under a pre-arranged 10b5-1 plan, which is generally considered neutral in terms of company sentiment as it does not reflect new fundamental information or a change in management's outlook.

Future Outlook

The pre-arranged 10b5-1 trading plan, under which these transactions occurred, will continue until the earlier of the exhaustion of a tranche of 294,000 stock options that expire on March 15, 2026, or December 31, 2025.

Industry Context

This filing details a routine insider transaction by a key executive and does not provide specific information related to broader industry trends or competitive landscape.

Related Party Transactions

• Shares are held indirectly by spouse and various family trusts where the Reporting Person and/or immediate family members are beneficiaries or have shared investment power.

Stakeholder Impact

• Minimal impact on shareholders as this is a routine, pre-arranged insider transaction and does not signal a change in company fundamentals or strategic direction.

Next Steps

• Continuation of the 10b5-1 trading plan until December 31, 2025, or until the covered stock options are exhausted.

Key Dates

Recommendation

The filing details a routine exercise and sale of stock options by a key executive under a pre-arranged 10b5-1 plan. This type of transaction is not typically indicative of a change in company fundamentals or management's long-term outlook, thus a 'hold' recommendation is appropriate as no new information warrants a change in investment thesis.

Keywords

United Therapeutics, UTHR, Martine Rothblatt, Insider Trading, Stock Options, Form 4, 10b5-1 Plan, Biotechnology, Pharmaceuticals