UTHR insider exercises options, sells shares under Rule 10b5-1

Q: What did UTHR's President and COO report on Form 4?

He exercised options and sold the resulting shares under a Rule 10b5-1 plan on 11/10/2025 .

Q: How many UTHR shares were involved and at what prices?

He exercised 14,625 options at $135.42 and 7,875 at $146.03 , then sold the shares at $452.0937 and $452.0397 .

Q: Were the trades pre-scheduled under Rule 10b5-1?

Yes. The filing states the transactions were under a Rule 10b5-1 plan adopted on June 3, 2025 .

Q: What are the key terms of the exercised options?

Options became exercisable on 03/15/2023 and expire on 03/15/2026 at exercise prices of $135.42 and $146.03 .

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

United Therapeutics (UTHR) reported an insider transaction by its President and COO. On 11/10/2025, the executive exercised stock options at $135.42 for 14,625 shares and at $146.03 for 7,875 shares, then sold the resulting shares at average prices of $452.0937 and $452.0397, respectively.

The trades were executed under a Rule 10b5-1 trading plan adopted on June 3, 2025, and were made through two trusts as disclosed. Following these transactions, the trusts reported 0 shares, and the filing shows 2,648 shares as directly owned. The related options were originally exercisable from 03/15/2023 and expire on 03/15/2026.

Insider Trade Summary

Net Seller: 22,500 shares ($10,171,683)

Net Sell 7 txns

Insider BENKOWITZ MICHAEL

Role PRESIDENT AND COO

Sold 22,500 shs ($10.17M)

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	$452.0937	$6.61M
Exercise	Common Stock	7,875	$146.03	$1.15M
Sale	Common Stock	7,875	$452.0397	$3.56M
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Options — 26,625 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. 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 →

11/12/2025 - 05:14 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)
11/10/2025

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	11/10/2025		M⁽¹⁾		14,625	D	$135.42	14,625	I	by Trust⁽²⁾
Common Stock	11/10/2025		S⁽¹⁾		14,625	D	$452.0937	0.00	I	by Trust⁽²⁾
Common Stock	11/10/2025		M⁽¹⁾		7,875	A	$146.03	7,875	I	by Trust⁽³⁾
Common Stock	11/10/2025		S⁽¹⁾		7,875	D	$452.0397	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)
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	11/10/2025		M⁽¹⁾			14,625	03/15/2023	03/15/2026	Common Stock	14,625	$0.00	26,625	I	by Trust⁽²⁾
Stock Options	$146.03	11/10/2025		M⁽¹⁾			7,875	03/15/2023	03/15/2026	Common Stock	7,875	$0.00	2,625	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	11/12/2025
	** 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 under a Rule 10b5-1 plan on 11/10/2025.

How many UTHR shares were involved and at what prices?

He exercised 14,625 options at $135.42 and 7,875 at $146.03, then sold the shares at $452.0937 and $452.0397.

Were the trades pre-scheduled under Rule 10b5-1?

Yes. The filing states the transactions were under a Rule 10b5-1 plan adopted on June 3, 2025.

How were the securities held for these transactions?

Through two trusts, one co‑trustee with spouse and one where the executive has sole investment and voting power.

What is the insider’s reported UTHR ownership after these trades?

The trusts reported 0 shares following the sales; the filing shows 2,648 shares as directly owned.

What are the key terms of the exercised options?

Options became exercisable on 03/15/2023 and expire on 03/15/2026 at exercise prices of $135.42 and $146.03.