United Therapeutics (UTHR) CEO 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 Rothblatt exercised 9,500 stock options and sold the resulting 9,500 shares of common stock. The options were exercised at an exercise price of $146.03 per share, and the shares were sold in multiple open-market transactions at prices generally in the mid-$540s per share.
According to the filing, these transactions were carried out under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. The plan continues until the earlier of the exercise of 1,734,410 stock options, all expiring on March 15, 2027, or December 31, 2026. The filing also reports additional indirect holdings in family trusts and by the CEO’s spouse.
Positive
- None.
Negative
- None.
Insights
Pre-planned option exercise-and-sell by CEO, net 9,500-share reduction.
Martine Rothblatt exercised 9,500 stock options at an exercise price of $146.03 and sold the same number of UNITED THERAPEUTICS common shares in open-market transactions around the mid-$540s per share. This is a classic exercise-and-sell pattern.
The filing specifies that these trades occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans automate transactions and generally reduce the informational value of timing, framing this as routine liquidity rather than a discretionary market call.
The plan remains in effect until the earlier of exercising 1,734,410 stock options expiring on March 15, 2027 or December 31, 2026. The document also lists significant indirect holdings through family trusts and a spouse. Overall, the activity appears administrative and pre-planned rather than thesis-changing.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,216,918)
Net Sell
20 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.22M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $146.03 | $1.39M |
| Sale | Common Stock | 75 | $538.8484 | $40K |
| Sale | Common Stock | 205 | $540.4256 | $111K |
| Sale | Common Stock | 200 | $541.61 | $108K |
| Sale | Common Stock | 440 | $543.5109 | $239K |
| Sale | Common Stock | 809 | $545.5071 | $441K |
| Sale | Common Stock | 470 | $546.2246 | $257K |
| Sale | Common Stock | 482 | $547.6272 | $264K |
| Sale | Common Stock | 1,459 | $548.526 | $800K |
| Sale | Common Stock | 732 | $549.557 | $402K |
| Sale | Common Stock | 1,768 | $550.7154 | $974K |
| Sale | Common Stock | 1,180 | $551.5679 | $651K |
| Sale | Common Stock | 760 | $552.5878 | $420K |
| Sale | Common Stock | 920 | $553.474 | $509K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 31,410 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 15, 2027; or (b) December 31, 2026. This transaction was executed in multiple trades at prices ranging from $549.12 to $549.91. 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. This transaction was executed in multiple trades at prices ranging from $550.13 to $551.12. 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. This transaction was executed in multiple trades at prices ranging from $551.13 to $552.12. 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. This transaction was executed in multiple trades at prices ranging from $552.16 to $553.14. 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. This transaction was executed in multiple trades at prices ranging from $553.16 to $554.06. 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 $538.60 to $539.34. 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 $539.92 to $540.74. 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 $541.57 to $541.62. 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 $542.99 to $543.88. 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 $544.94 to $545.88. 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 $545.95 to $546.85. 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 $547.06 to $548.03. 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 $548.09 to $549.08. 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: 9,500 shares
Exercise price: $146.03 per share
Shares sold: 9,500 shares
+3 more
6 metrics
Options exercised
9,500 shares
Stock options converted into common stock on June 15, 2026
Exercise price
$146.03 per share
Exercise price for 9,500 stock options
Shares sold
9,500 shares
Open-market sales of common stock on June 15, 2026
Example sale price range
$538.60–$539.34
One reported intraday price range from footnote F2
Plan option capacity
1,734,410 options
Maximum stock options to be exercised under 10b5-1 plan
Option expiration
March 15, 2027
Expiration date for options covered by trading plan
Key Terms
Rule 10b5-1 trading plan, stock options, weighted average price, family trusts, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"This exercise of stock options and sale ... 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 exercise of stock options and sale of the resulting shares of common stock was pursuant to a pre-arranged 10b5-1 trading plan"
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. 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.
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"
beneficiaries 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"
Beneficiaries are the people or organizations designated to receive benefits, such as money or assets, from a financial arrangement like a trust, insurance policy, or retirement plan. They matter to investors because choosing the right beneficiaries ensures that assets are passed on according to their wishes, providing financial security or support to loved ones when needed. Think of beneficiaries as the intended recipients of a gift or inheritance.
FAQ
What did UNITED THERAPEUTICS (UTHR) CEO Martine Rothblatt report in this Form 4?
The Form 4 shows CEO Martine Rothblatt exercised 9,500 stock options at an exercise price of $146.03 per share and sold 9,500 UNITED THERAPEUTICS common shares in multiple open-market trades at prices generally in the mid-$540s per share.
Was the UNITED THERAPEUTICS CEO’s stock sale under a Rule 10b5-1 plan?
Yes. The filing states the option exercise and resulting share sales were executed under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. This plan automates trades and reduces the significance of transaction timing as a discretionary signal.
How many UNITED THERAPEUTICS (UTHR) stock options are covered by the CEO’s trading plan?
The 10b5-1 trading plan will continue until the earlier of exercising 1,734,410 stock options, all expiring on March 15, 2027, or December 31, 2026. The 9,500 options exercised in this filing represent a small portion of that total plan capacity.