UTHR president exercises 22,500 options, sells matching shares

United Therapeutics (UTHR) reported insider equity activity by its President and COO on 11/24/2025.

Rhea-AI Filing Summary

United Therapeutics (UTHR) reported insider equity activity by its President and COO on 11/24/2025. Through trusts, the reporting person exercised stock options for 2,625, 12,000, and 7,875 shares of common stock at exercise prices of $117.76, $135.42, and $146.03 per share, respectively.

The same numbers of shares were then sold at a price of $473.6569 per share by the relevant trusts under a Rule 10b5-1 trading plan entered into on June 3, 2025. After these trust transactions, the reporting person shows 2,648 shares of United Therapeutics common stock held directly.

Insider Trade Summary

Exercise and Sale: 22,500 shares ($7.57M approx. pre-tax spread)

Exercise and Sale 10 txns

Insider BENKOWITZ MICHAEL

Role PRESIDENT AND COO

Sold 22,500 shs ($10.66M)

Approx. gross sale proceeds $10.66M

Approx. exercise cost $3.08M

Approx. pre-tax spread $7.57M

Type	Security	Shares	Price	Value
Exercise	Stock Option	12,000	$0.00	$0.00
Exercise	Stock Options	2,625	$0.00	$0.00
Exercise	Stock Options	7,875	$0.00	$0.00
Exercise	Common Stock	2,625	$117.76	$309K
Sale	Common Stock	2,625	$473.6569	$1.24M
Exercise	Common Stock	12,000	$135.42	$1.63M
Sale	Common Stock	12,000	$473.6569	$5.68M
Exercise	Common Stock	7,875	$146.03	$1.15M
Sale	Common Stock	7,875	$473.6569	$3.73M
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option — 0 contracts (Indirect, by Trust); Stock Options — 214,690 contracts (Indirect, by Trust); Common Stock — 0 shares (Indirect, by Trust); Common Stock — 2,648 shares (Direct)

Footnotes (3)

1. F1. 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. F2. 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. F3. 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did UTHR disclose in this Form 4?

The President and COO of United Therapeutics (UTHR) exercised stock options for 22,500 shares in total and sold the resulting shares on 11/24/2025 through trusts.

At what prices were the UTHR stock options exercised and shares sold?

Options were exercised at $117.76, $135.42, and $146.03 per share, and the resulting UTHR shares were sold at $473.6569 per share.

How many United Therapeutics shares does the insider hold after these transactions?

Following the reported transactions, the filing shows 2,648 shares of United Therapeutics common stock held directly by the reporting person.

Were the UTHR insider sales conducted under a Rule 10b5-1 trading plan?

Yes. The filing states that the option exercises and subsequent sales were made pursuant to a Rule 10b5-1 trading plan entered into on June 3, 2025.

What role do trusts play in these United Therapeutics insider transactions?

The options and resulting UTHR shares were held in trusts. One trust is beneficially owned by the reporting person and spouse with shared voting and investment power, and another benefits family members with the reporting person holding sole voting and investment power.

What is the position of the reporting person at United Therapeutics?

The reporting person is listed as an officer of United Therapeutics with the title President and COO.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 11/26/2025 - 04:30 PM Learn about SEC filing dates

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)
11/24/2025

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	11/24/2025		M(1)		2,625	A	$117.76	2,625	I	by Trust(2)
Common Stock	11/24/2025		S(1)		2,625	D	$473.6569	0.00	I	by Trust(2)
Common Stock	11/24/2025		M(1)		12,000	A	$135.42	12,000	I	by Trust(2)
Common Stock	11/24/2025		S(1)		12,000	D	$473.6569	0.00	I	by Trust(2)
Common Stock	11/24/2025		M(1)		7,875	A	$146.03	7,875	I	by Trust(3)
Common Stock	11/24/2025		S(1)		7,875	D	$473.6569	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 Option	$135.42	11/24/2025		M(1)			12,000	03/15/2023	03/15/2027	Common Stock	12,000	$0.00	0.00	I	by Trust(2)
Stock Options	$117.76	11/24/2025		M(1)			2,625	03/15/2023	03/15/2027	Common Stock	2,625	$0.00	184,875	I	by Trust(2)
Stock Options	$146.03	11/24/2025		M(1)			7,875	03/15/2020	03/15/2027	Common Stock	7,875	$0.00	29,815	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	11/26/2025
	** 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.