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[Form 4] UNITED THERAPEUTICS Corp Insider Trading Activity

Filing Impact
(Very High)
Filing Sentiment
(Very Negative)
Form Type
4

Rhea-AI Filing Summary

United Therapeutics (UTHR) President and COO reported Form 4 transactions on 10/20/2025 under a Rule 10b5-1 plan. The reporting person exercised 14,625 stock options at $135.42 and 7,875 stock options at $146.03, then sold the resulting shares at an average sale price of $427.409, all through trusts described in the filing.

Following these transactions, the filing lists 2,648 shares of common stock as directly owned. Table II shows remaining option holdings of 70,500 options (trust) and 1,750 options (trust) after the reported exercises.

Positive

  • None.

Negative

  • None.

Insights

Pre‑planned option exercises and sales under a 10b5‑1 plan; neutral.

The reporting person, an officer of United Therapeutics, executed option exercises and same‑day sales on 10/20/2025 under a Rule 10b5‑1 trading plan entered on June 3, 2025. Transactions were routed through specified trusts, as disclosed.

The filing details option exercise prices of $135.42 and $146.03, and a sale price of $427.409. After these trades, it lists 2,648 shares directly owned and shows remaining derivative positions of 70,500 and 1,750 options in trusts. These are administrative insider transactions; any impact depends on future disclosures.

Insider BENKOWITZ MICHAEL
Role PRESIDENT AND COO
Sold 22,500 shs ($9.62M)
Type Security Shares Price Value
Exercise Stock Options 14,625 $0.00 --
Exercise Stock Options 7,875 $0.00 --
Exercise Common Stock 14,625 $135.42 $1.98M
Sale Common Stock 14,625 $427.409 $6.25M
Exercise Common Stock 7,875 $146.03 $1.15M
Sale Common Stock 7,875 $427.409 $3.37M
holding Common Stock -- -- --
Holdings After Transaction: Stock Options — 70,500 shares (Indirect, Trust); Common Stock — 14,625 shares (Indirect, by Trust); Common Stock — 2,648 shares (Direct)
Footnotes (1)
  1. This exercise of stock options and subsequent sale of shares was pursuant to a Rule 10b5-1 trading plan entered into by the reporting person on June 3, 2025. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person is a beneficiary, and as to which the Reporting Person and his spouse are co-trustees and have shared investment and voting power. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person's family members are beneficiaries, and as to which the Reporting Person has sole investment and voting power.
Form 4 Insider Transactions: What Each Field Means →
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*
BENKOWITZ MICHAEL
(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)
PRESIDENT AND COO
3. Date of Earliest Transaction (Month/Day/Year)
10/20/2025
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 10/20/2025 M(1) 14,625 A $135.42 14,625 I by Trust(2)
Common Stock 10/20/2025 S(1) 14,625 D $427.409 0.00 I by Trust(2)
Common Stock 10/20/2025 M(1) 7,875 A $146.03 7,875 I by Trust(3)
Common Stock 10/20/2025 S(1) 7,875 D $427.409 0.00 I by Trust(3)
Common Stock 2,648 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 Options $135.42 10/20/2025 M(1) 14,625 03/15/2023 03/15/2026 Common Stock 14,625 $0.00 70,500 I Trust(2)
Stock Options $146.03 10/20/2025 M(1) 7,875 03/08/2018 03/15/2027 Common Stock 7,875 $0.00 1,750 I by Trust(3)
Explanation of Responses:
1. This exercise of stock options and subsequent sale of shares was pursuant to a Rule 10b5-1 trading plan entered into by the reporting person on June 3, 2025.
2. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person is a beneficiary, and as to which the Reporting Person and his spouse are co-trustees and have shared investment and voting power.
3. Reflects the exercise of options, and sale of the resulting shares of common stock, held in a trust beneficially owned by the Reporting Person, of which the Reporting Person's family members are beneficiaries, and as to which the Reporting Person has sole investment and voting power.
Remarks:
/s/ John S. Hess, Jr. under Power of Attorney 10/21/2025
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did UTHR’s President and COO report on Form 4?

He exercised options and sold the resulting shares on 10/20/2025 under a Rule 10b5-1 plan.

How many UTHR shares were exercised and at what prices?

Options for 14,625 shares at $135.42 and 7,875 shares at $146.03 were exercised.

At what price were the UTHR shares sold?

Shares were sold at an average sale price of $427.409.

Was a Rule 10b5-1 trading plan used for these UTHR transactions?

Yes. The plan was entered on June 3, 2025, and covered the 10/20/2025 trades.

How many UTHR shares does the reporting person own after these trades?

The filing lists 2,648 shares of common stock as directly owned.

What derivative UTHR holdings remain after the transactions?

Remaining option holdings shown are 70,500 and 1,750 options held via trusts.

Were the transactions conducted through trusts?

Yes. Exercises and sales were made through trusts as described in the filing.