UNITED THERAPEUTICS (UTHR) CEO trades 9,500 shares under 10b5‑1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
UNITED THERAPEUTICS Corp Chairperson & CEO Martine Rothblatt reported exercising stock options for 9,500 shares of common stock at an exercise price of $146.03 per share on May 11, 2026, then selling 9,500 shares in multiple open‑market transactions.
The sales occurred at weighted average prices generally between about $568.89 and $580.45 per share, with individual trades reported around the high‑$560s to low‑$580s. According to a footnote, this exercise and sale sequence was carried out under a pre‑arranged Rule 10b5‑1 trading plan adopted on November 7, 2025, which is scheduled to continue until up to 1,734,410 stock options expiring on March 17, 2027 are exercised or until December 31, 2026, whichever comes first.
Rothblatt also reports significant indirect holdings of UNITED THERAPEUTICS common stock through various family trusts and through a spouse, reflecting additional long‑term exposure separate from the directly held shares involved in these transactions.
Positive
- None.
Negative
- None.
Insights
CEO exercised 9,500 options and sold 9,500 shares under a pre‑planned 10b5‑1 trading program.
The filing shows Martine Rothblatt exercising stock options for 9,500 shares of UNITED THERAPEUTICS common stock at an exercise price of $146.03 per share, then selling 9,500 shares in open‑market trades around the high‑$560s to low‑$580s. This is a classic exercise‑and‑sell pattern, converting an existing option position into cash.
A key detail is that the exercise and sales were executed pursuant to a pre‑arranged Rule 10b5‑1 trading plan adopted on November 7, 2025. Such plans schedule transactions in advance, reducing the informational value of trade timing for outside investors. The plan contemplates potential exercise of up to 1,734,410 options expiring on March 17, 2027, or runs until December 31, 2026, whichever occurs first.
The filing also reports sizeable indirect holdings in family trusts and by a spouse, indicating ongoing equity exposure beyond the directly traded shares. With no remaining derivative positions from this specific option grant (derivativeSummary is empty) and no percentage of company shares disclosed, these transactions appear to be routine liquidity management rather than a thesis‑changing move.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,444,417)
Net Sell
19 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.44M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 1,165 | $569.501 | $663K |
| Sale | Common Stock | 2,019 | $570.2082 | $1.15M |
| Sale | Common Stock | 1,356 | $571.4255 | $775K |
| Sale | Common Stock | 1,292 | $572.3861 | $740K |
| Sale | Common Stock | 397 | $573.1755 | $228K |
| Sale | Common Stock | 578 | $574.3757 | $332K |
| Sale | Common Stock | 658 | $575.3262 | $379K |
| Sale | Common Stock | 210 | $576.9254 | $121K |
| Sale | Common Stock | 964 | $577.7985 | $557K |
| Sale | Common Stock | 227 | $578.7307 | $131K |
| Sale | Common Stock | 514 | $579.8461 | $298K |
| Sale | Common Stock | 120 | $580.4433 | $70K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 15,288 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. This transaction was executed in multiple trades at prices ranging from $577.32 to $578.31. 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 $578.35 to $579.29. 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. This transaction was executed in multiple trades at prices ranging from $579.41 to $580.25. 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 $580.44 to $580.45. 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 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 $568.89 to $569.88. 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 $569.89 to $570.82. 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 $570.89 to $571.86. 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 $571.90 to $572.85. 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. This transaction was executed in multiple trades at prices ranging from $572.92 to $573.90. 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 $573.92 to $574.90. 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 $574.95 to $575.94. 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 $576.32 to $577.30. 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
Sale price range: $568.89–$580.45 per share
Options exercised: 9,500 shares
+5 more
8 metrics
Shares sold
9,500 shares
Open-market sales of common stock on May 11, 2026
Sale price range
$568.89–$580.45 per share
Price ranges from multiple executed trades reported in footnotes
Options exercised
9,500 shares
Stock options exercised into common stock on May 11, 2026
Option exercise price
$146.03 per share
Exercise price for stock options converted into common stock
Plan option capacity
1,734,410 stock options
Maximum options referenced in 10b5‑1 plan, expiring March 17, 2027
Family trust holding example
324,443 shares
Common stock held indirectly in a family trust by trustee/beneficiary structure
Additional trust holding
258,117 shares
Common stock reported as indirectly owned through another family trust
Spousal holding
166 shares
Common stock held indirectly by spouse
Key Terms
Rule 10b5-1 trading plan, stock options, family trusts, weighted average price, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"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"
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 plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options, all of which expire on March 17, 2027"
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.
family trusts financial
"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"
weighted average price financial
"The price reported above reflects the weighted average price. The reporting person hereby undertakes to provide upon request"
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.
exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
FAQ
What insider transactions did UNITED THERAPEUTICS (UTHR) CEO Martine Rothblatt report?
Martine Rothblatt reported exercising stock options for 9,500 UNITED THERAPEUTICS shares at an exercise price of $146.03, then selling 9,500 common shares in multiple open‑market trades at prices generally in the high‑$560s to low‑$580s per share on May 11, 2026.
Was the UNITED THERAPEUTICS (UTHR) CEO’s stock sale under a Rule 10b5‑1 trading plan?
Yes. A footnote explains the option exercise and resulting share sales were executed under a pre‑arranged Rule 10b5‑1 trading plan adopted on November 7, 2025. The plan specifies ongoing trades until certain option exercises are completed or until December 31, 2026.
How many stock options could still be exercised under the CEO’s 10b5‑1 plan at UNITED THERAPEUTICS (UTHR)?
The Form 4 states the Rule 10b5‑1 plan will continue until the earlier of exercising 1,734,410 stock options, all expiring on March 17, 2027, or reaching December 31, 2026. This figure describes the potential option exercises contemplated by the trading plan.
What type of insider activity pattern does this UNITED THERAPEUTICS (UTHR) Form 4 reflect?
The filing reflects an exercise‑and‑sell pattern: the CEO exercised stock options for 9,500 shares at $146.03 and sold 9,500 shares in open‑market trades. Because transactions occurred under a pre‑planned Rule 10b5‑1 program, they appear as scheduled liquidity rather than discretionary timing.