United Therapeutics insider exercises options, sells shares under 10b5‑1

Q: 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.

Q: 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 .

Q: 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 .

Q: 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.

Q: What is the reporting person’s role at UTHR?

The reporting person is listed as President and COO .

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

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.

Insider Trade Summary

Net Seller: 22,500 shares ($9,658,073)

Net Sell 16 txns

Insider BENKOWITZ MICHAEL

Role PRESIDENT AND COO

Sold 22,500 shs ($9.66M)

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	964	$432.5476	$417K
Sale	Common Stock	2,687	$433.5198	$1.16M
Sale	Common Stock	2,918	$434.6837	$1.27M
Sale	Common Stock	3,204	$435.5152	$1.40M
Sale	Common Stock	2,121	$436.4486	$926K
Sale	Common Stock	890	$437.6974	$390K
Sale	Common Stock	585	$438.3364	$256K
Sale	Common Stock	575	$439.352	$253K
Sale	Common Stock	511	$440.7126	$225K
Sale	Common Stock	170	$441.9446	$75K
Exercise	Common Stock	7,875	$146.03	$1.15M
Sale	Common Stock	7,875	$417.4965	$3.29M
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Options — 41,250 shares (Indirect, by Trust); Common Stock — 14,625 shares (Indirect, by Trust); Common Stock — 2,648 shares (Direct)

Footnotes (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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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.

Form 4 Insider Transactions: What Each Field Means →

11/04/2025 - 04:30 PM

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).

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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.

Source: View Original Filing on SEC EDGAR

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.