[Form 4] UNITED THERAPEUTICS Corp Insider Trading Activity

Rhea-AI Filing Summary

United Therapeutics director and CEO Martine A. Rothblatt executed and sold stock under a pre-arranged 10b5-1 trading plan entered 05/02/2025. On 10/07/2025 and 10/08/2025 she exercised a total of 8,000 stock options with an exercise price of $120.26 per share, converting those options into 8,000 common shares. Simultaneously, the reporting person sold a total of 8,000 common shares in multiple transactions at weighted-average prices in the mid-$440s to mid-$450s, with reported weighted averages and price ranges disclosed for the trades. Following these transactions, the reporting person reports 202,000 options remaining exercisable and various indirect holdings: 324,518, 258,117, 45,596, and 15,962 shares held in family trusts and 166 shares held indirectly by spouse. The Form 4 states the 10b5-1 plan will continue until the earlier of exhaustion of a tranche of 294,000 stock options expiring 03/15/2026 or 12/31/2025.

Positive

• Transactions executed under a pre-arranged 10b5-1 plan entered on 05/02/2025
• Exercise of 8,000 options at $120.26 demonstrates conversion of equity compensation to shares
• Detailed weighted-average prices and trade ranges provided for multiple executions, with offers to furnish full trade details upon request

Negative

• Sale of 8,000 shares at prices in the $445-$456 range reduces direct share holdings
• Tranche of 294,000 options remains outstanding and could produce further exercises before 03/15/2026

Insights

Corporate Governance Expert

Insider transactions follow a pre-arranged 10b5-1 plan, reducing timing ambiguity.

The trades were executed under a 10b5-1 plan entered on 05/02/2025, which the reporting person cites as the mechanism for exercising 8,000 options and selling 8,000 shares on 10/07/2025 and 10/08/2025. Using a plan provides an affirmative defense under Rule 10b5-1 when pre-arranged and properly documented.

The plan is set to continue until exhaustion of a tranche of 294,000 options expiring on 03/15/2026 or until 12/31/2025, which creates a predictable schedule of potential future exercises and sales in the near term. Monitor remaining tranche size and expiration through 03/15/2026.

Equity Compensation Analyst

The reporting person exercised options at $120.26 and sold shares at weighted-average prices in the mid-$400s.

The Form 4 shows two option exercises (4,000 each) and corresponding sales totaling 8,000 shares, with exercise price documented as $120.26 and sale prices reported as weighted averages across specified ranges (mid-$440s to mid-$450s). After these entries, reported exercisable options decreased from 206,000 to 202,000 for direct holdings disclosed in the derivative table.

This activity reduces the immediate option overhang by 8,000 shares and clarifies near-term dilution exposure through 03/15/2026. Watch option tranche exhaustion timing and any additional planned exercises before 12/31/2025.

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
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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^*

ROTHBLATT MARTINE 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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairperson & CEO

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

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	10/07/2025		M(1)		4,000	A	$120.26	4,130	D
Common Stock	10/07/2025		S(1)		1,000	D	$450.31	3,130	D
Common Stock	10/07/2025		S(1)		2,000	D	$451.865	1,130	D
Common Stock	10/07/2025		S(1)		1,000	D	$453.28	130	D
Common Stock	10/08/2025		M(1)		4,000	A	$120.26	4,130	D
Common Stock	10/08/2025		S(1)		1,240	D	$445.289(2)	2,890	D
Common Stock	10/08/2025		S(1)		860	D	$448.8895(3)	2,030	D
Common Stock	10/08/2025		S(1)		900	D	$454.14	1,130	D
Common Stock	10/08/2025		S(1)		1,000	D	$456.52	130	D
Common Stock								166	I	by Spouse
Common Stock								324,518	I	by Trust(4)
Common Stock								258,117	I	by Trust(5)
Common Stock								45,596	I	by Trust(6)
Common Stock								15,962	I	by Trust(7)

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	$120.26	10/07/2025		M(1)			4,000	03/15/2016	03/15/2026	Common Stock	4,000	$0.00	206,000	D
Stock Option	$120.26	10/08/2025		M(1)			4,000	03/15/2016	03/15/2026	Common Stock	4,000	$0.00	202,000	D

Explanation of Responses:

1. This exercise and sale of stock options was pursuant to a pre-arranged 10b5-1 trading plan entered into by the reporting person on May 2, 2025. This plan will continue until the earlier of: (a) exhaustion of a tranche of 294,000 stock options that expire March 15, 2026; or (b) December 31, 2025.

2. This transaction was executed in multiple trades at prices ranging from $445.02 to $445.91. 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.

3. This transaction was executed in multiple trades at prices ranging from $448.525 to $449.00. 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. 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.

5. 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.

6. 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.

7. 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.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	10/08/2025
	** 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.

FAQ

What transactions did Martine Rothblatt report on the UTHR Form 4?

The form reports exercises of 8,000 stock options at an exercise price of $120.26 and sales of 8,000 common shares on 10/07/2025 and 10/08/2025 under a 10b5-1 plan.

Was a 10b5-1 trading plan used for the UTHR insider trades?

Yes. The reporting person entered a pre-arranged 10b5-1 plan on 05/02/2025, and the Form 4 states the plan remains in effect until tranche exhaustion or 12/31/2025.

How many options remain exercisable after these transactions?

The derivative table shows exercisable options reduced to 202,000 following the reported transactions.

What price ranges were the shares sold at?

Sales executed across multiple trades with weighted-average prices reported; disclosed trade ranges include approximately $445.02–$449.00 and other trades in the mid-$440s to mid-$450s.

Does the Form 4 disclose indirect holdings?

Yes. The report lists indirect holdings in family trusts totaling 324,518, 258,117, 45,596, and 15,962 shares, and 166 shares held indirectly by the spouse.