Martine Rothblatt Sold About $1.5M in United Therapeutics Stock During December 2025 While Exercising Options
United Therapeutics CEO Martine Rothblatt exercised options and sold UTHR shares worth ~$1.5M across December 17-19, 2025 at prices around $505-$511 per share.
What Happened
Martine Rothblatt, CEO of United Therapeutics Corp (UTHR), executed a series of option exercises and stock sales during December 17-19, 2025. The pattern was consistent: exercise options at $120.26 per share, then sell the resulting shares at market prices between $505 and $511.
Transaction Details
| Date | Action | Shares | Price |
|---|---|---|---|
| 2025-12-17 | M (Exercise) | 4,000 | — |
| 2025-12-18 | M (Exercise) | 4,000 | $120.26 |
| 2025-12-18 | S (Sale) | 2,000 | $507.24 |
| 2025-12-18 | S (Sale) | 500 | $509.42 |
| 2025-12-18 | S (Sale) | 1,500 | $510.86 |
| 2025-12-19 | M (Exercise) | 2,000 | $120.26 |
| 2025-12-19 | S (Sale) | 500 | $505.45 |
| 2025-12-19 | S (Sale) | 1,500 | $507.61 |
Total sales: approximately 6,000 shares at prices averaging ~$508, for roughly $3.0M in proceeds. After transactions, Rothblatt owned just 130 shares directly.
Why It Matters
The exercise-and-sell pattern is common for executives whose compensation is heavily options-based. Rothblatt exercised at $120.26 (the original grant price) and sold at ~$508, locking in a ~$388 per-share profit — a 322% gain on the options. With only 130 shares remaining after the sales, Rothblatt has effectively monetized her direct equity stake.
Note that Rothblatt’s career Form 4 data shows $1.05 billion in total reported sell value across her tenure — reflecting systematic monetization of option grants over many years.
Context
United Therapeutics is a biotechnology company focused on organ manufacturing and pulmonary arterial hypertension treatments. UTHR shares have performed well, trading above $500, which explains why Rothblatt’s older $120 options are deeply in-the-money.
What to Watch
- Whether Rothblatt exercises additional option tranches in upcoming quarters
- UTHR’s pipeline updates on xenotransplantation and lung manufacturing
- The very low remaining direct ownership (130 shares) — though Rothblatt may hold shares through other entities
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