US Bio CEO Sells $20 Billion in Stocks After Exercising Stock Options... CFO Also Sells

United Therapeutics Corporation founder and CEO Martin Rothblatt and CFO James Edgmond exercised a large block of stock options in April and subsequently sold tens of thousands of common shares in the open market. On April 10 and again on April 14–15, Rothblatt sold most of the shares he’d acquired through options at about $567–$584 per share, realizing roughly $16 million in proceeds (over ₩20 billion). On April 13, Edgmond exercised about 10,000 options and sold the bulk of those shares, netting approximately $5.7–$5.8 million (around ₩8 billion). Both executives’ transactions were executed under pre-arranged Rule 10b5-1 trading plans set to expire at the end of 2025. Filings note that even after these sales, Rothblatt retains about 40,000 common shares directly and holds a substantial stake through family trusts.

On May 6, United Therapeutics reported its first-quarter 2026 results, posting $780 million in revenue and nearly $270 million in net income. In March, the company approved a new share-repurchase program of up to $2 billion (about ₩2.8 trillion) and signed an accelerated repurchase agreement for $1.5 billion. In April, its bioengineered liver assist device miroliver ELAP received the FDA’s Regenerative Medicine Advanced Therapy designation for acute liver failure, marking another regulatory milestone in its liver-disease pipeline.

Founded in 1996 by Martin Rothblatt, United Therapeutics is a U.S. biotech company dedicated to developing treatments for rare pulmonary diseases—such as pulmonary arterial hypertension—and advanced artificial-organ technologies for transplantation. In 2021, it became the first biotech firm to convert to a public-benefit corporation. Rothblatt is also widely known as the entrepreneur behind the satellite-radio service SiriusXM.