United Therapeutics (UTHR) CEO exercises 9,500 options and sells 9,500 shares under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
United Therapeutics Corp Chairperson & CEO Martine A. Rothblatt reported an exercise-and-sell transaction in company stock. On May 27, 2026, she exercised stock options to acquire 9,500 shares of common stock at a strike price of $146.03 per share and sold 9,500 shares in open-market trades at prices mostly around the high $570s per share.
After these transactions, Rothblatt directly holds 50,013 shares of common stock and also has additional indirect holdings through family trusts and her spouse. The filing notes that the option exercise and related sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, indicating the trades were scheduled in advance rather than timed discretionarily.
Positive
- None.
Negative
- None.
Insights
Pre-planned option exercise and matched share sale, net small reduction.
Chairperson & CEO Martine A. Rothblatt exercised stock options for 9,500 shares at $146.03 and sold the same number around the high $570s. This is a classic exercise-and-sell pattern converting options into cash while maintaining a substantial direct equity stake.
The filing shows 50,013 shares held directly after the transactions, so the 9,500-share sale represents a minority of her visible direct holdings. Footnotes state the transactions occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which typically indicates routine, scheduled diversification rather than opportunistic timing.
Rothblatt also reports significant additional indirect ownership through family trusts and her spouse, reinforcing ongoing alignment with shareholders. From an investor perspective, this looks like normal executive liquidity management rather than a thesis-changing development.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,466,283)
Net Sell
16 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.47M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 1,479 | $570.8127 | $844K |
| Sale | Common Stock | 581 | $571.5542 | $332K |
| Sale | Common Stock | 320 | $572.4498 | $183K |
| Sale | Common Stock | 440 | $574.2256 | $253K |
| Sale | Common Stock | 680 | $575.4986 | $391K |
| Sale | Common Stock | 2,469 | $576.2319 | $1.42M |
| Sale | Common Stock | 1,756 | $577.2417 | $1.01M |
| Sale | Common Stock | 1,695 | $578.2158 | $980K |
| Sale | Common Stock | 80 | $579.59 | $46K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 154,910 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
Common Stock — 166 shares (Indirect, by Spouse)
Footnotes (1)
- 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. This transaction was executed in multiple trades at prices ranging from $570.21 to $571.19. 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. This transaction was executed in multiple trades at prices ranging from $571.27 to $572.11. 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. This transaction was executed in multiple trades at prices ranging from $572.29 to $572.84. 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. This transaction was executed in multiple trades at prices ranging from $573.77 to $574.70. 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. This transaction was executed in multiple trades at prices ranging from $574.79 to $575.76. 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. This transaction was executed in multiple trades at prices ranging from $575.79 to $576.76. 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. This transaction was executed in multiple trades at prices ranging from $576.81 to $577.80. 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. This transaction was executed in multiple trades at prices ranging from $577.81 to $578.75. 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. This transaction was executed in multiple trades at prices ranging from $579.49 to $579.69. 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. 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. 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. 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. 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.
Key Figures
Options exercised: 9,500 shares
Exercise price: $146.03/share
Shares sold: 9,500 shares
+5 more
8 metrics
Options exercised
9,500 shares
Common Stock acquired via option exercise on May 27, 2026
Exercise price
$146.03/share
Conversion or exercise price for 9,500 stock options
Shares sold
9,500 shares
Open-market sales of Common Stock on May 27, 2026
Sale prices range example
$570.81–$579.59/share
Multiple trades with weighted average prices in high $570s
Direct holdings after transactions
50,013 shares
Common Stock held directly by CEO after May 27, 2026
Net share change
-9,500 shares
transactionSummary netBuySellShares for the period
Option expiration
March 15, 2027
Expiration date of exercised stock option grant
Indirect trust holding example
324,443 shares
Common Stock held indirectly by family trust as of May 27, 2026
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"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.
stock options financial
"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.
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's spouse shares investment power"
derivative security financial
"Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
What insider transactions did UTHR CEO Martine Rothblatt report on May 27, 2026?
Martine Rothblatt reported exercising stock options for 9,500 shares of United Therapeutics common stock at $146.03 per share and selling 9,500 shares in open-market trades around the high $570s per share, resulting in a matched exercise-and-sell transaction.
Was the May 27, 2026 UTHR insider sale under a Rule 10b5-1 plan?
Yes. A footnote states that the option exercise and related sale of United Therapeutics shares were executed pursuant to a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which schedules trades in advance to reduce concerns about discretionary timing.
What stock option terms are disclosed in the UTHR Form 4 for Martine Rothblatt?
The Form 4 shows a stock option for 9,500 shares of United Therapeutics common stock with a conversion or exercise price of $146.03 per share. The option became exercisable on March 15, 2020 and carries an expiration date of March 15, 2027.