United Therapeutics CEO exercises options, sells shares
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt reported a planned combination of option exercises and share sales.
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt reported a planned combination of option exercises and share sales. She exercised stock options for 19,000 shares of common stock at an exercise price of $146.03 per share, then sold 19,075 shares in multiple open-market trades at prices mostly around the high-$570s to low-$580s.
After these direct transactions, she holds 40,513 common shares directly. In addition, indirect holdings include shares held by family trusts and her spouse, with trust and spouse positions ranging from 10,962 to 258,117 shares as of March 13, 2026. The filing notes that the option exercises and resulting sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
26 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
19,075 shs ($11.06M)
Approx. gross sale proceeds
$11.06M
Approx. exercise cost
$2.77M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | $0.00 |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 80 | $575.29 | $46K |
| Sale | Common Stock | 880 | $576.9787 | $508K |
| Sale | Common Stock | 629 | $577.8085 | $363K |
| Sale | Common Stock | 684 | $579.1401 | $396K |
| Sale | Common Stock | 2,255 | $580.0158 | $1.31M |
| Sale | Common Stock | 2,819 | $581.0508 | $1.64M |
| Sale | Common Stock | 1,624 | $582.0508 | $945K |
| Sale | Common Stock | 202 | $583.4065 | $118K |
| Sale | Common Stock | 327 | $584.2398 | $191K |
| Exercise | Stock Option | 9,500 | $0.00 | $0.00 |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 280 | $574.2495 | $161K |
| Sale | Common Stock | 404 | $575.25 | $232K |
| Sale | Common Stock | 80 | $575.895 | $46K |
| Sale | Common Stock | 1,360 | $577.6214 | $786K |
| Sale | Common Stock | 1,164 | $578.4129 | $673K |
| Sale | Common Stock | 1,580 | $579.6483 | $916K |
| Sale | Common Stock | 3,675 | $580.5458 | $2.13M |
| Sale | Common Stock | 957 | $581.5036 | $556K |
| Sale | Common Stock | 75 | $536.95 | $40K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 36,000 contracts (Direct);
Common Stock — 639,118 shares (Indirect, by Trust);
Common Stock — 40,513 shares (Direct);
Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (22)
- F1. This transaction was not reported earlier due to administrative error.
- F10. This transaction was executed in multiple trades at prices ranging from $580.10 to $581.08. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F11. This transaction was executed in multiple trades at prices ranging from $581.12 to $581.91. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F12. This transaction was executed in multiple trades at prices ranging from $576.47 to $577.44. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F13. This transaction was executed in multiple trades at prices ranging from $577.56 to $578.29. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F14. This transaction was executed in multiple trades at prices ranging from $578.57 to $579.56. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F15. This transaction was executed in multiple trades at prices ranging from $579.57 to $580.56. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F16. This transaction was executed in multiple trades at prices ranging from $580.57 to $581.56. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F17. This transaction was executed in multiple trades at prices ranging from $581.57 to $582.55. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F18. This transaction was executed in multiple trades at prices ranging from $582.66 to $583.56. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F19. This transaction was executed in multiple trades at prices ranging from $584.09 to $584.29. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F2. Shares held in family trusts as to which the Reporting Person shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
- F20. Shares held in family trusts as to which the Reporting Person's spouse is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
- F21. Shares held in family trusts as to which the Reporting Person's spouse shares investment power and the Reporting Person and/or immediate family members are beneficiaries.
- F22. Shares held in family trusts as to which the Reporting Person is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke.
- F3. This exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan adopted by the reporting person on November 7, 2025. This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 17, 2027; or (b) December 31, 2026.
- F4. This transaction was executed in multiple trades at prices ranging from $573.75 to $574.71. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F5. This transaction was executed in multiple trades at prices ranging from $574.75 to $575.72. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F6. This transaction was executed in multiple trades at prices ranging from $575.88 to $575.91. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F7. This transaction was executed in multiple trades at prices ranging from $577.00 to $577.92. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F8. This transaction was executed in multiple trades at prices ranging from $578.04 to $579.02. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
- F9. This transaction was executed in multiple trades at prices ranging from $579.09 to $580.08. The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.
Key Figures
Options exercised: 19,000 shares
Exercise price: $146.03 per share
Shares sold: 19,075 shares
+4 more
7 metrics
Options exercised
19,000 shares
Stock options for common stock exercised at $146.03 per share
Exercise price
$146.03 per share
Exercise price of stock options converting into common stock
Shares sold
19,075 shares
Total common shares sold in open-market trades
Post-trade direct holding
40,513 shares
Common stock held directly after reported transactions
Largest indirect trust holding
258,117 shares
Common stock held indirectly by a family trust as of March 13, 2026
10b5-1 plan option pool
1,734,410 stock options
Options referenced in Rule 10b5-1 plan expiring March 17, 2027
Representative sale price
$580.55 per share
One weighted average sale price for open-market transactions
Key Terms
Rule 10b5-1 trading plan, weighted average price, family trusts, stock options, +1 more
5 terms
Rule 10b5-1 trading plan financial
"exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average price financial
"The price reported above reflects the weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
stock options financial
"This exercise of stock options and sale of the resulting shares of common stock"
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
open-market sale financial
"transaction_code_description": "Sale in open market or private transaction""
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did UTHR CEO Martine Rothblatt report in this Form 4 filing?
The filing shows CEO Martine Rothblatt exercised stock options for 19,000 shares at $146.03 and sold 19,075 shares in open-market trades at prices mainly in the high $570s to low $580s, while retaining a sizable share position.
Were the UTHR insider transactions made under a Rule 10b5-1 plan?
Yes. A footnote states the option exercises and resulting common stock sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which is scheduled to run until certain option exercises are completed or until December 31, 2026.
How many UTHR stock options did the CEO exercise in this Form 4 period?
The CEO exercised stock options covering 19,000 shares of UNITED THERAPEUTICS common stock at an exercise price of $146.03 per share. These options relate to grants expiring on March 15, 2027, as indicated by the derivative transaction details in the filing.
What ongoing option exercise plan is described for UNITED THERAPEUTICS’ CEO?
A footnote explains that the CEO’s 10b5-1 plan will continue until either 1,734,410 stock options expiring on March 17, 2027 are exercised or until December 31, 2026, whichever occurs first, outlining a structured schedule for further potential exercises and sales.
AI-generated analysis. How Rhea-AI works. Not financial advice.
