United Therapeutics (UTHR) CEO trades 9,500 shares in pre-planned option exercise and sale
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 common stock on July 9, 2026. She exercised 9,500 stock options at $135.42 per share and sold the resulting 9,500 shares in multiple open-market trades at weighted average prices around $548–$556, all pursuant to a pre-arranged Rule 10b5-1 trading plan. After these trades, she held 50,013 shares directly, along with additional indirect holdings through family trusts and stock options on 349,192 shares held in a family trust, as well as a plan that may cover the exercise of up to 1,734,410 stock options expiring on March 15, 2027.
Positive
- None.
Negative
- None.
Insights
CEO executed a pre-planned option exercise-and-sale, retaining sizable equity exposure.
Martine A. Rothblatt, Chairperson & CEO of UNITED THERAPEUTICS, exercised 9,500 stock options at $135.42 and sold the same number of shares in open-market transactions around $548–$556 on July 9, 2026.
The filing states these trades were made under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025. Such plans are designed to systematize selling and reduce the significance of trade timing as an information signal.
Following the transactions, Rothblatt held 50,013 shares directly plus indirect trust holdings and stock options on 349,192 shares held in a family trust. The plan may continue until the earlier of exercising 1,734,410 stock options or December 31, 2026, indicating potential ongoing, scheduled exercise-and-sell activity rather than discretionary one-off trades.
Insider Trade Summary 10b5-1
Net Seller: 9,500 shares ($5,235,756)
Net Sell
16 txns
Insider
ROTHBLATT MARTINE A
Role
Chairperson & CEO
Sold
9,500 shs ($5.24M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Option | 9,500 | $0.00 | -- |
| Exercise | Common Stock | 9,500 | $135.42 | $1.29M |
| Sale | Common Stock | 440 | $548.157 | $241K |
| Sale | Common Stock | 1,536 | $549.0056 | $843K |
| Sale | Common Stock | 1,452 | $550.1238 | $799K |
| Sale | Common Stock | 2,863 | $551.0341 | $1.58M |
| Sale | Common Stock | 1,648 | $552.3806 | $910K |
| Sale | Common Stock | 801 | $553.2897 | $443K |
| Sale | Common Stock | 640 | $554.2252 | $355K |
| Sale | Common Stock | 120 | $555.7633 | $67K |
| holding | Stock Option | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Option — 30,218 shares (Direct, null);
Common Stock — 50,013 shares (Direct, null);
Stock Option — 349,192 shares (Indirect, By Trust);
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 $547.61 to $548.50. 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 $548.66 to $549.64. 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 $549.69 to $550.67. 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 $550.70 to $551.67. 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 $551.81 to $552.77. 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 $552.84 to $553.82. 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 $553.84 to $554.565. 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 $555.75 to $555.77. 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. Stock options held in a family trust as to which the Reporting Person shares investment power and the Reporting Person and immediate family members are beneficiaries.
Key Figures
Shares sold: 9,500 shares
Option exercise price: $135.42 per share
Sale price range: $547.61–$555.77 per share
+3 more
6 metrics
Shares sold
9,500 shares
Common stock sold in open-market transactions on July 9, 2026
Option exercise price
$135.42 per share
Exercise price for 9,500 stock options converted to common stock
Sale price range
$547.61–$555.77 per share
Weighted average sale prices across multiple trade ranges on July 9, 2026
Direct holdings after transactions
50,013 shares
Directly owned UNITED THERAPEUTICS common stock following July 9, 2026 trades
Family trust stock options
349,192 underlying shares
Stock options held in a family trust, exercise price $135.42, expiring March 15, 2027
Plan-covered options
1,734,410 stock options
Maximum options to be exercised under 10b5-1 plan expiring March 15, 2027
Key Terms
Rule 10b5-1 trading plan, weighted average price, stock options, derivative security, +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"
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.
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.
stock options financial
"This plan will continue until the earlier of: (a) the exercise of 1,734,410 stock options"
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.
derivative security financial
"transaction_code_description: 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.
beneficiaries regulatory
"Shares held in family trusts as to which 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?
She reported exercising 9,500 stock options at $135.42 per share and selling 9,500 common shares in multiple open-market trades around $548–$556 on July 9, 2026, under a pre-arranged Rule 10b5-1 plan.
Was the UNITED THERAPEUTICS (UTHR) CEO’s July 2026 trading under a Rule 10b5-1 plan?
Yes. A footnote states the option exercise and related share sales occurred under a pre-arranged Rule 10b5-1 trading plan adopted on November 7, 2025, which continues until specified option exercises or December 31, 2026.
What stock options in UNITED THERAPEUTICS (UTHR) are covered by the CEO’s trading plan?
The plan covers up to the exercise of 1,734,410 stock options, all expiring on March 15, 2027. The July 9, 2026 Form 4 reports an exercise of 9,500 of these options and associated share sales.
What indirect UNITED THERAPEUTICS (UTHR) holdings does the CEO report in family trusts?
She reports various blocks of common stock held in family trusts and by her spouse, plus stock options in a family trust over 349,192 underlying shares. Footnotes describe shared or sole investment power and beneficiary status for these trust-held positions.