United Therapeutics (UTHR) CEO trades 9,500 shares under Rule 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine A. Rothblatt exercised stock options for 9,500 shares of common stock at an exercise price of $146.03 per share, then sold 9,500 shares in multiple open-market trades at prices around $565–$572.42 per share.
The filing shows this exercise-and-sale was made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which runs until either 1,734,410 stock options expiring on March 17, 2027 are exercised or until December 31, 2026. After these transactions, Rothblatt directly owns 50,013 shares of common stock, alongside additional indirect holdings through family trusts and a spouse account.
Positive
- None.
Negative
- None.
Insights
Pre-planned option exercise and sale, with sizable equity stake retained.
Martine A. Rothblatt, Chairperson & CEO of UNITED THERAPEUTICS Corp, exercised stock options for 9,500 shares at $146.03 and sold an equal number of shares around $565–$572.42 per share. This is a classic exercise-and-sell pattern, turning an option position into cash rather than increasing net share exposure.
A key detail is that the filing states these trades occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans are set in advance and are often used to diversify holdings in a structured way, reducing the informational value of trade timing.
The footnote also notes the plan covers up to 1,734,410 stock options expiring on March 17, 2027, or ends by December 31, 2026, indicating a large remaining option position beyond this 9,500-share exercise. Post-transaction, Rothblatt still holds 50,013 shares directly plus substantial indirect holdings via family trusts and a spouse account, suggesting this filing reflects routine liquidity management rather than a fundamental change in alignment.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,403,684)
Net Sell
15 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.40M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 1,502 | $565.7493 | $850K |
| Sale | Common Stock | 1,311 | $566.5591 | $743K |
| Sale | Common Stock | 1,023 | $567.6136 | $581K |
| Sale | Common Stock | 583 | $568.58 | $331K |
| Sale | Common Stock | 1,891 | $569.7496 | $1.08M |
| Sale | Common Stock | 1,653 | $570.574 | $943K |
| Sale | Common Stock | 1,417 | $571.4873 | $810K |
| Sale | Common Stock | 120 | $572.2183 | $69K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 110,288 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. 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'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 is sole trustee and sole beneficiary or co-trustee and settlor with power to revoke. This transaction was executed in multiple trades at prices ranging from $565.00 to $565.96. 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 $566.01 to $567.00. 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 $567.02 to $568.01. 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 $568.02 to $568.955. 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 $569.02 to $570.01. 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 $570.04 to $571.02. 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. This transaction was executed in multiple trades at prices ranging from $571.04 to $571.98. 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 $572.12 to $572.415. 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: 9,500 shares
Exercise price: $146.03 per share
Shares sold: 9,500 shares
+3 more
6 metrics
Options exercised
9,500 shares
Common stock acquired via option exercise on April 27, 2026
Exercise price
$146.03 per share
Strike price for 9,500 stock options exercised
Shares sold
9,500 shares
Total common shares sold in open-market trades on April 27, 2026
Sale price range
$565.00–$572.415 per share
Weighted-average sale price ranges from multiple trade footnotes
Direct holdings after trades
50,013 shares
Common stock directly owned by CEO after April 27, 2026 transactions
Options under plan
1,734,410 options
Stock options covered by 10b5-1 plan, expiring March 17, 2027
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 ... 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 shares investment power"
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
What insider transactions did UTHR CEO Martine Rothblatt report on April 27, 2026?
Martine Rothblatt reported exercising stock options for 9,500 shares of UNITED THERAPEUTICS common stock at $146.03 per share, then selling 9,500 shares in multiple open-market trades at prices around $565–$572.42 per share, leaving her overall equity exposure largely unchanged.
Was the April 2026 UTHR insider sale by the CEO under a Rule 10b5-1 plan?
Yes. The filing states the option exercise and related stock sales were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which is scheduled to continue until either 1,734,410 options are exercised or December 31, 2026, whichever comes first.
What stock option position does the UTHR CEO still have under the current 10b5-1 plan?
The footnote explains the 10b5-1 plan will continue until the exercise of 1,734,410 stock options, all expiring on March 17, 2027, or until December 31, 2026, whichever occurs first. This indicates a large remaining option position beyond the 9,500 shares exercised in this filing.