[Form 4] UNITED THERAPEUTICS Corp Insider Trading Activity

Rhea-AI Filing Summary

United Therapeutics Corp (UTHR) reported an insider stock transaction by its EVP & General Counsel. On 11/26/2025, the executive exercised 11,000 stock options at an exercise price of $135.42 per share, converting them into common stock.

On the same date, the resulting shares were sold in multiple open-market transactions under a pre-arranged Rule 10b5-1 trading plan entered into on December 24, 2024. The sales totaled several small blocks at weighted average prices ranging from about $483.05 to $488.13 per share. After these transactions, the reporting person directly owned 36,781 shares of United Therapeutics common stock.

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)
11/26/2025

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	11/26/2025		M(1)		11,000	A	$135.42	47,781	D
Common Stock	11/26/2025		S(1)		513	D	$483.0467(2)	47,268	D
Common Stock	11/26/2025		S(1)		1,727	D	$484.1965(3)	45,541	D
Common Stock	11/26/2025		S(1)		2,210	D	$485.1501(4)	43,331	D
Common Stock	11/26/2025		S(1)		1,923	D	$486.2296(5)	41,408	D
Common Stock	11/26/2025		S(1)		3,350	D	$487.2076(6)	38,058	D
Common Stock	11/26/2025		S(1)		1,277	D	$488.1317(7)	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	11/26/2025		M(1)			11,000	03/15/2023	03/15/2027	Common Stock	11,000	$0.00	0.00	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 $482.53 to $483.31. 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 $483.71 to $484.69. 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 $484.75 to $485.74. 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 $485.75 to $486.73. 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 $486.76 to $487.74. 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 $487.79 to $488.59. 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	11/26/2025
	** 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 insider transaction did United Therapeutics (UTHR) disclose in this Form 4?

The filing reports that the EVP & General Counsel of United Therapeutics (UTHR) exercised 11,000 stock options and sold the resulting common shares on 11/26/2025.

How many United Therapeutics (UTHR) stock options were exercised and at what price?

The insider exercised 11,000 stock options at an exercise price of $135.42 per share, converting them into United Therapeutics common stock.

At what prices were United Therapeutics (UTHR) shares sold by the insider?

The shares were sold in multiple trades with weighted average prices of $483.0467, $484.1965, $485.1501, $486.2296, $487.2076, and $488.1317 per share, each representing ranges disclosed in the filing.

How many United Therapeutics (UTHR) shares does the insider own after these transactions?

Following the reported transactions, the EVP & General Counsel directly owned 36,781 shares of United Therapeutics common stock.

Was the United Therapeutics (UTHR) insider sale made under a Rule 10b5-1 trading plan?

Yes. The exercise and sale were carried out under a pre-arranged Rule 10b5-1 plan that the reporting person entered into on December 24, 2024.

What happened to the United Therapeutics (UTHR) stock options after the transaction?

The 11,000 stock options with a conversion price of $135.42 were exercised on 11/26/2025, and the filing shows 0 derivative securities remaining beneficially owned from that grant.