United Therapeutics CEO exercises, sells 9,500 shares
United Therapeutics Chairperson and CEO Martine A. Rothblatt reported an exercise-and-sell transaction in company common stock.
Rhea-AI Filing Summary
United Therapeutics Chairperson and CEO Martine A. Rothblatt reported an exercise-and-sell transaction in company common stock. On April 21, 2026, she exercised stock options to acquire 9,500 shares at an exercise price of $146.03 per share and sold the same 9,500 shares in multiple open-market trades at prices generally between the mid-$560s and mid-$570s per share.
The filing states these transactions were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which will continue until the earlier of the exercise of 1,734,410 stock options expiring on March 17, 2027 or December 31, 2026. Following the trades, Rothblatt directly holds 49,854 shares and also has indirect ownership through family trusts and spouse accounts, including trust positions such as 324,443 shares of common stock.
Positive
- None.
Negative
- None.
Insider Trade Summary 10b5-1
Exercise and Sale: 9,500 shares ($4.03M approx. pre-tax spread)
Exercise and Sale
21 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.42M)
Approx. gross sale proceeds
$5.42M
Approx. exercise cost
$1.39M
Approx. pre-tax spread
$4.03M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 7,500 | $0.00 | $0.00 |
| Exercise | Stock Option | 2,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 7,500 | $146.03 | $1.10M |
| Exercise | Common Stock | 2,000 | $146.03 | $292K |
| Sale | Common Stock | 159 | $564.3545 | $90K |
| Sale | Common Stock | 539 | $565.5059 | $305K |
| Sale | Common Stock | 1,347 | $566.5648 | $763K |
| Sale | Common Stock | 1,206 | $567.5357 | $684K |
| Sale | Common Stock | 269 | $568.2122 | $153K |
| Sale | Common Stock | 680 | $569.7105 | $387K |
| Sale | Common Stock | 945 | $570.6491 | $539K |
| Sale | Common Stock | 1,215 | $571.6366 | $695K |
| Sale | Common Stock | 410 | $572.4776 | $235K |
| Sale | Common Stock | 1,366 | $573.4786 | $783K |
| Sale | Common Stock | 701 | $574.9136 | $403K |
| Sale | Common Stock | 663 | $575.7155 | $382K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 148,288 contracts (Direct);
Common Stock — 40,513 shares (Direct);
Common Stock — 166 shares (Indirect, by Spouse);
Common Stock — 639,118 shares (Indirect, by Trust)
Footnotes (17)
- F1. 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.
- F10. This transaction was executed in multiple trades at prices ranging from $572.16 to $573.04. 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 $573.17 to $573.72. 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.
- F12. This transaction was executed in multiple trades at prices ranging from $574.19 to $575.14. 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 $575.21 to $576.01. 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.
- F14. 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.
- F15. 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.
- F16. 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.
- F17. 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.
- F2. This transaction was executed in multiple trades at prices ranging from $563.95 to $564.85. 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.
- F3. This transaction was executed in multiple trades at prices ranging from $564.99 to $565.98. 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.
- F4. This transaction was executed in multiple trades at prices ranging from $566.02 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.
- F5. 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.
- F6. This transaction was executed in multiple trades at prices ranging from $568.09 to $568.52. 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 $569.12 to $570.10. 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 $570.13 to $571.12. 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 $571.13 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.
Key Figures
Shares sold: 9,500 shares
Options exercised: 9,500 shares
Exercise price: $146.03 per share
+4 more
7 metrics
Shares sold
9,500 shares
Open-market sales of common stock on April 21, 2026
Options exercised
9,500 shares
Stock option exercise into common stock at stated price
Exercise price
$146.03 per share
Conversion or exercise price for exercised stock options
Direct holdings after trades
49,854 shares
Common stock directly held by CEO following reported transactions
Trust holdings example
324,443 shares
Common stock held indirectly in a family trust
Remaining option balance (example grant)
148,288 options
Stock options remaining after a 2,000-share exercise from that grant
Plan option pool
1,734,410 options
Options referenced in 10b5-1 plan expiring March 17, 2027
Key Terms
Rule 10b5-1 trading plan, stock options, open-market sale, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan financial
"This 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
"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_action": "open-market sale""
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.
family trusts financial
"Shares held in family trusts as to which the Reporting Person shares investment power"
exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What did United Therapeutics (UTHR) CEO Martine Rothblatt report in this Form 4?
Martine Rothblatt reported exercising 9,500 stock options at $146.03 per share and selling the resulting 9,500 common shares in multiple open-market trades around the high $560s to mid $570s on April 21, 2026 under a pre-arranged plan.
Were Martine Rothblatt’s United Therapeutics (UTHR) stock sales pre-planned?
Yes. The Form 4 states the option exercises and related share sales occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. This plan continues until the earlier of exercising 1,734,410 options expiring in 2027 or December 31, 2026.
What type of transactions did the United Therapeutics (UTHR) Form 4 disclose?
The filing shows a combination of option exercises and open-market sales. Rothblatt exercised stock options for 9,500 shares of common stock at $146.03 and then sold those 9,500 shares in multiple trades at prices generally in the mid $560s–$570s range.
How many United Therapeutics (UTHR) stock options did the CEO exercise in this filing?
Martine Rothblatt exercised a total of 9,500 stock options for United Therapeutics common stock at a conversion or exercise price of $146.03 per share. These exercises are reflected as derivative transactions with underlying common shares that were then sold on April 21, 2026.
What ongoing stock option plan is mentioned for United Therapeutics (UTHR) CEO in this Form 4?
A footnote explains that her Rule 10b5-1 trading plan will continue until the earlier of the exercise of 1,734,410 stock options, all expiring on March 17, 2027, or December 31, 2026. This provides a structured schedule for potential future option exercises and sales.
AI-generated analysis. How Rhea-AI works. Not financial advice.
