United Therapeutics (UTHR) EVP sells 8,300 shares after option exercise

Rhea-AI Filing Summary

United Therapeutics executive Paul A. Mahon exercised stock options and sold the resulting shares in a pre-planned transaction. He exercised options for 8,300 shares of common stock at an exercise price of $146.03 per share, converting them into common shares.

The same day, he sold a total of 8,300 common shares in multiple open-market trades pursuant to a pre-arranged Rule 10b5-1 plan entered into on August 11, 2025. After these transactions, he directly owns 45,172 shares of United Therapeutics common stock.

Insights

Insider transactions analyst

Routine exercise-and-sell under a 10b5-1 plan with modest net share reduction.

Paul A. Mahon, EVP & General Counsel of United Therapeutics, exercised stock options covering 8,300 shares of common stock at an exercise price of $146.03 per share, then sold the same 8,300 shares in several open-market trades.

The filing characterizes the sale as part of a pre-arranged Rule 10b5-1 trading plan entered on August 11, 2025, indicating the timing was scheduled rather than discretionary. Following these transactions, Mahon holds 45,172 shares directly, suggesting the activity represents portfolio management rather than an exit.

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 MARYLAND 20910

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/19/2026

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

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

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

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	03/19/2026		M(1)		8,300	A	$146.03	53,472	D
Common Stock	03/19/2026		S(1)		753	D	$527.4686(2)	52,719	D
Common Stock	03/19/2026		S(1)		1,439	D	$528.41(3)	51,280	D
Common Stock	03/19/2026		S(1)		2,808	D	$529.8195(4)	48,472	D
Common Stock	03/19/2026		S(1)		1,776	D	$530.6347(5)	46,696	D
Common Stock	03/19/2026		S(1)		794	D	$531.6228(6)	45,902	D
Common Stock	03/19/2026		S(1)		650	D	$532.4981(7)	45,252	D
Common Stock	03/19/2026		S(1)		80	D	$533.4052(8)	45,172	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	$146.03	03/19/2026		M(1)			8,300	03/15/2020	03/15/2027	Common Stock	8,300	$0.00	25,200	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 August 11, 2025.

2. This transaction was executed in multiple trades at prices ranging from $526.99 to $527.92. 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 $528.035 to $529.03. 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.

4. This transaction was executed in multiple trades at prices ranging from $529.10 to $530.09. 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 $530.11 to $531.05. 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 $531.17 to $532.15. 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 $532.19 to $532.90. 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.

8. This transaction was executed in multiple trades at prices ranging from $533.34 to $533.48. 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	03/19/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Paul A. Mahon report for United Therapeutics (UTHR)?

Paul A. Mahon reported exercising stock options for 8,300 shares of United Therapeutics common stock and selling 8,300 common shares in open-market trades. The transactions occurred on March 19, 2026, and were carried out under a pre-arranged Rule 10b5-1 trading plan.

How many United Therapeutics (UTHR) shares did Paul A. Mahon sell?

He sold a total of 8,300 United Therapeutics common shares. These sales were executed in multiple open-market transactions on March 19, 2026, at various prices, and were part of an exercise-and-sell sequence following the exercise of 8,300 stock options.

At what price did Paul A. Mahon exercise his United Therapeutics stock options?

He exercised stock options at an exercise price of $146.03 per share for 8,300 underlying shares of United Therapeutics common stock. The options were originally granted with an expiration date of March 15, 2027, and were exercised on March 19, 2026.

Were Paul A. Mahon’s United Therapeutics share sales under a Rule 10b5-1 plan?

Yes. The filing states the option exercise and resulting share sales were made pursuant to a pre-arranged Rule 10b5-1 trading plan entered into on August 11, 2025. Such plans schedule trades in advance, reducing the significance of trade timing as a discretionary signal.

How many United Therapeutics (UTHR) shares does Paul A. Mahon own after these transactions?

Following the reported option exercise and share sales, Paul A. Mahon directly owns 45,172 shares of United Therapeutics common stock. This post-transaction holding reflects his remaining equity stake after selling 8,300 shares that were obtained through the exercised stock options.

What type of Form 4 activity did United Therapeutics EVP Paul A. Mahon report?

He reported a derivative exercise-and-sell pattern: exercising stock options for 8,300 underlying shares at $146.03 per share, then selling 8,300 common shares in multiple open-market trades on the same date, under a pre-arranged Rule 10b5-1 trading plan.