UTHR EVP exercises 11,000 options at $135.42, sells shares

United Therapeutics (UTHR) reported an insider transaction by its EVP & General Counsel.

Rhea-AI Filing Summary

United Therapeutics (UTHR) reported an insider transaction by its EVP & General Counsel. On 11/13/2025, the officer exercised 11,000 stock options at an exercise price of $135.42 and sold the resulting shares in multiple trades pursuant to a pre‑arranged Rule 10b5-1 plan entered on December 24, 2024. The sales were executed in several tranches at reported weighted average prices, with disclosed trade ranges from $457.83 to $469.09. Following these transactions, the officer beneficially owns 36,781 shares directly.

Insider Trade Summary

Exercise and Sale: 11,000 shares ($3.62M approx. pre-tax spread)

Exercise and Sale 12 txns

Insider MAHON PAUL A

Role EVP & GENERAL COUNSEL

Sold 11,000 shs ($5.11M)

Approx. gross sale proceeds $5.11M

Approx. exercise cost $1.49M

Approx. pre-tax spread $3.62M

Type	Security	Shares	Price	Value
Exercise	Stock Option	11,000	$0.00	$0.00
Exercise	Common Stock	11,000	$135.42	$1.49M
Sale	Common Stock	200	$456.39	$91K
Sale	Common Stock	1,063	$458.1597	$487K
Sale	Common Stock	1,040	$461.3643	$480K
Sale	Common Stock	979	$463.3198	$454K
Sale	Common Stock	1,979	$464.1925	$919K
Sale	Common Stock	776	$465.3653	$361K
Sale	Common Stock	884	$466.2368	$412K
Sale	Common Stock	1,992	$467.3654	$931K
Sale	Common Stock	2,070	$468.4755	$970K
Sale	Common Stock	17	$469.09	$8K

Holdings After Transaction: Stock Option — 11,000 contracts (Direct); Common Stock — 36,781 shares (Direct)

Footnotes (9)

1. F1. This is an exercise of stock options and sale of the resulting shares pursuant to a pre-arranged 10b5-1 plan entered into by the reporting person on December 24, 2024.
2. F2. This transaction was executed in multiple trades at prices ranging from $457.83 to $458.6475. 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.
3. F3. This transaction was executed in multiple trades at prices ranging from $460.84 to $461.7675. 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.
4. F4. This transaction was executed in multiple trades at prices ranging from $462.75 to $463.70. 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.
5. F5. This transaction was executed in multiple trades at prices ranging from $463.76 to $464.71. 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.
6. F6. This transaction was executed in multiple trades at prices ranging from $464.85 to $465.84. 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.
7. F7. This transaction was executed in multiple trades at prices ranging from $465.85 to $466.54. 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.
8. F8. This transaction was executed in multiple trades at prices ranging from $466.88 to $467.81. 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.
9. F9. This transaction was executed in multiple trades at prices ranging from $468.015 to $469.01. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider activity did UTHR disclose?

The EVP & General Counsel exercised 11,000 options at $135.42 and sold the resulting shares in multiple trades on 11/13/2025.

Was the UTHR insider sale under a 10b5-1 plan?

Yes. The sales were made under a pre‑arranged Rule 10b5-1 plan entered on December 24, 2024.

What prices were reported for the UTHR share sales?

Weighted average prices were reported, with disclosed trade ranges from $457.83 to $469.09.

How many UTHR shares does the insider own after the transactions?

After the transactions, the officer beneficially owns 36,781 shares directly.

What were the option terms exercised in the UTHR filing?

The stock option covered 11,000 shares at an exercise price of $135.42, with an expiration date of 03/15/2027.

Who is the reporting person in the UTHR Form 4?

An Officer of United Therapeutics, titled EVP & General Counsel.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 11/13/2025 - 04:33 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MAHON PAUL A

(Last) (First) (Middle)

C/O UNITED THERAPEUTICS CORPORATION

1000 SPRING STREET

(Street)

SILVER SPRING MD 20910

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNITED THERAPEUTICS Corp [ UTHR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & GENERAL COUNSEL

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/13/2025		M		11,000	A	$135.42	47,781	D
Common Stock	11/13/2025		S(1)		200	D	$456.39	47,581	D
Common Stock	11/13/2025		S(1)		1,063	D	$458.1597(2)	46,518	D
Common Stock	11/13/2025		S(1)		1,040	D	$461.3643(3)	45,478	D
Common Stock	11/13/2025		S(1)		979	D	$463.3198(4)	44,499	D
Common Stock	11/13/2025		S(1)		1,979	D	$464.1925(5)	42,520	D
Common Stock	11/13/2025		S(1)		776	D	$465.3653(6)	41,744	D
Common Stock	11/13/2025		S(1)		884	D	$466.2368(7)	40,860	D
Common Stock	11/13/2025		S(1)		1,992	D	$467.3654(8)	38,868	D
Common Stock	11/13/2025		S(1)		2,070	D	$468.4755(9)	36,798	D
Common Stock	11/13/2025		S		17	D	$469.09	36,781	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$135.42	11/13/2025		M(1)			11,000	03/15/2023	03/15/2027	Common Stock	11,000	$0.00	11,000	D

Explanation of Responses:

1. This is an exercise of stock options and sale of the resulting shares pursuant to a pre-arranged 10b5-1 plan entered into by the reporting person on December 24, 2024.

2. This transaction was executed in multiple trades at prices ranging from $457.83 to $458.6475. 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.

3. This transaction was executed in multiple trades at prices ranging from $460.84 to $461.7675. 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.

4. This transaction was executed in multiple trades at prices ranging from $462.75 to $463.70. 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.

5. This transaction was executed in multiple trades at prices ranging from $463.76 to $464.71. 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.

6. This transaction was executed in multiple trades at prices ranging from $464.85 to $465.84. 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.

7. This transaction was executed in multiple trades at prices ranging from $465.85 to $466.54. 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.

8. This transaction was executed in multiple trades at prices ranging from $466.88 to $467.81. 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.

9. This transaction was executed in multiple trades at prices ranging from $468.015 to $469.01. 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.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	11/13/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.