[Form 4] UNITED THERAPEUTICS Corp Insider Trading Activity

Rhea-AI Filing Summary

United Therapeutics (UTHR) reported insider activity by its President and COO. On 11/03/2025, the reporting person exercised 14,625 stock options at $135.42 and 7,875 options at $146.03, then sold the resulting shares in multiple tranches. The sales were effected at weighted average prices that included $417.4965, $432.5476, and up to $441.9446, with individual trade ranges disclosed between $432.02 and $442.31.

The filing states these transactions were executed under a Rule 10b5‑1 trading plan entered on June 3, 2025. The options were exercised and shares sold through trusts for which the reporting person has investment and voting power as described, including a family trust. Following the transactions, the form shows 41,250 and 10,500 derivative securities (options) beneficially owned, as applicable to the noted trusts.

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)
11/03/2025

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	11/03/2025		M(1)		14,625	A	$135.42	14,625	I	by Trust(2)
Common Stock	11/03/2025		S(1)		964	D	$432.5476(3)	13,661	I	by Trust(2)
Common Stock	11/03/2025		S(1)		2,687	D	$433.5198(4)	10,974	I	by Trust(2)
Common Stock	11/03/2025		S(1)		2,918	D	$434.6837(5)	8,056	I	by Trust(2)
Common Stock	11/03/2025		S(1)		3,204	D	$435.5152(6)	4,852	I	by Trust(2)
Common Stock	11/03/2025		S(1)		2,121	D	$436.4486(7)	2,731	I	by Trust(2)
Common Stock	11/03/2025		S(1)		890	D	$437.6974(8)	1,841	I	by Trust(2)
Common Stock	11/03/2025		S(1)		585	D	$438.3364(9)	1,256	I	by Trust(2)
Common Stock	11/03/2025		S(1)		575	D	$439.352(10)	681	I	by Trust(2)
Common Stock	11/03/2025		S(1)		511	D	$440.7126(11)	170	I	by Trust(2)
Common Stock	11/03/2025		S(1)		170	D	$441.9446(12)	0.00	I	by Trust(2)
Common Stock	11/03/2025		M(1)		7,875	A	$146.03	7,875	I	by Trust(13)
Common Stock	11/03/2025		S(1)		7,875	D	$417.4965	0.00	I	by Trust(13)
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	11/03/2025		M(1)			14,625	03/15/2023	03/15/2026	Common Stock	14,625	$0.00	41,250	I	by Trust(2)
Stock Options	$146.03	11/03/2025		M(1)			7,875	03/15/2023	03/15/2026	Common Stock	10,500	$0.00	10,500	I	by Trust(13)

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. This transaction was executed in multiple trades at prices ranging from $432.02 to $433.01. 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 $433.02 to $434.00. 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.

5. This transaction was executed in multiple trades at prices ranging from $434.07 to $435.06. 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 $435.07 to $436.05. 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.

7. This transaction was executed in multiple trades at prices ranging from $436.09 to $437.02. 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 $437.11 to $438.07. 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.

9. This transaction was executed in multiple trades at prices ranging from $438.14 to $439.01. 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.

10. This transaction was executed in multiple trades at prices ranging from $439.17 to $440.00. 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.

11. This transaction was executed in multiple trades at prices ranging from $440.27 to $441.24. 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.

12. This transaction was executed in multiple trades at prices ranging from $441.33 to $442.31. 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.

13. 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	11/04/2025
	** 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 transactions did UTHR report on this Form 4?

The President and COO exercised options and sold the resulting common shares on 11/03/2025 in multiple tranches.

How many UTHR options were exercised and at what strike prices?

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

At what prices were UTHR shares sold in these transactions?

Weighted average sale prices included $417.4965, $432.5476, and up to $441.9446, with trade ranges from $432.02 to $442.31.

Was the UTHR insider trading under a 10b5-1 plan?

Yes. The filing states the exercise and sales were under a Rule 10b5-1 plan entered on June 3, 2025.

Were the transactions conducted through trusts?

Yes. The filing notes shares were exercised and sold by trusts for which the reporting person has investment and voting power.

What derivative holdings remain after the reported transactions?

The form shows 41,250 and 10,500 derivative securities (stock options) beneficially owned, as applicable to the trusts listed.

What is the reporting person’s role at UTHR?

The reporting person is listed as President and COO.