[Form 4] UNITED THERAPEUTICS Corp Insider Trading Activity

Rhea-AI Filing Summary

United Therapeutics insider transaction: Paul A. Mahon, Executive Vice President & General Counsel, exercised 11,000 stock options with an exercise price of $135.42 on 09/18/2025 under a plan established 12/24/2024. Immediately following the exercise, the reporting person sold the 11,000 resulting shares in multiple block trades executed the same day at weighted average prices ranging from about $403.76 to $408.43, with the individual reported weighted prices shown between $402.50 and $408.1142.

After these transactions the reporting person beneficially owns 36,781 shares of common stock and retains derivative exposure to 55,000 shares underlying options. The filing states the exercise and sales were made pursuant to a pre-arranged 10b5-1 plan entered into on December 24, 2024, and includes price ranges and weighted-average reporting for the multiple trades.

Positive

• Transaction executed under a pre-arranged 10b5-1 plan, which supports regulatory compliance and transparency
• Detailed disclosure of weighted-average sale prices and trade tranches, enabling precise auditability
• Reporting person retains significant holdings: 36,781 common shares and derivative exposure to 55,000 underlying shares

Negative

• None.

Insights

Securities Analyst

TL;DR Insider exercised 11,000 options at $135.42 and sold the resulting shares the same day at ~ $404–$408 per share under a 10b5-1 plan.

The transaction reflects a routine option exercise and disposition by a senior officer using a pre-arranged trading plan, converting deep in-the-money options into cash while retaining substantial option holdings. The large spread between exercise price and sale prices indicates material realized proceeds per share relative to exercise cost. The filing documents execution in multiple trades with weighted-average sale prices and confirms continued beneficial ownership of both common shares and options, allowing stakeholders to track insider liquidity while noting ongoing exposure.

Corporate Governance Expert

TL;DR Transaction appears compliant and pre-planned; insider retained significant option and share holdings after sales.

The Form 4 discloses that the exercise and subsequent sales were done pursuant to a 10b5-1 plan, which is a common governance mechanism to mitigate concerns about insider trading timing. The report provides granular weighted-average pricing for multiple trade tranches and shows the reporting person still holds 36,781 common shares plus derivative exposure to 55,000 underlying shares. From a governance perspective, disclosure is thorough and consistent with regulatory expectations.

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
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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).

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)
09/18/2025

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	09/18/2025		M(1)		11,000	A	$135.42	47,781	D
Common Stock	09/18/2025		S(1)		400	D	$402.5	47,381	D
Common Stock	09/18/2025		S(1)		1,100	D	$404.3275(2)	46,281	D
Common Stock	09/18/2025		S(1)		2,973	D	$405.4502(3)	43,308	D
Common Stock	09/18/2025		S(1)		3,222	D	$406.3918(4)	40,086	D
Common Stock	09/18/2025		S(1)		2,105	D	$407.4171(5)	37,981	D
Common Stock	09/18/2025		S(1)		1,200	D	$408.1142(6)	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	09/18/2025		M(1)			11,000	03/15/2023	03/15/2027	Common Stock	11,000	$0.00	55,000	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 $403.76 to $404.70. 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.

3. This transaction was executed in multiple trades at prices ranging from $404.90 to $405.88. 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.

4. This transaction was executed in multiple trades at prices ranging from $405.90 to $406.885. 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 $406.91 to $407.895. 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 $407.985 to $408.43. 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	09/18/2025
	** 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 did UTHR insider Paul A. Mahon do on 09/18/2025?

He exercised 11,000 stock options at $135.42 and sold the 11,000 resulting shares the same day in multiple trades at weighted-average prices roughly between $403.76 and $408.43.

Were these trades part of a 10b5-1 trading plan for UTHR insider activity?

Yes. The Form 4 states the exercise and sales were made pursuant to a pre-arranged 10b5-1 plan entered into on December 24, 2024.

How many UTHR shares does the reporting person own after the transactions?

After the reported transactions the reporting person beneficially owns 36,781 shares of common stock.

Does the reporting person still have option exposure after these transactions?

Yes. The filing shows derivative securities beneficially owned following the transactions totaling underlying rights to 55,000 shares.

What was the exercise price and what sale prices were reported on the Form 4?

The exercise price was $135.42. Sales were reported in multiple tranches with weighted-average prices reported in ranges from $402.50 up to $408.1142 depending on the tranche.