United Therapeutics (UTHR) EVP exercises options and sells 8,300 shares

Rhea-AI Filing Summary

UNITED THERAPEUTICS Corp executive Paul A. Mahon exercised 8,300 stock options and sold 8,300 common shares in pre-planned trades. On the transactions date, he exercised options at a strike price of $146.03 per share and sold the resulting shares in multiple open-market transactions at weighted average prices generally around the mid-$500s per share. The trades were executed under a pre-arranged Rule 10b5-1 plan entered into on August 11, 2025, indicating they were scheduled in advance. Following these transactions, Mahon directly owns 45,172 shares of UNITED THERAPEUTICS common stock.

Insights

Insider trading and governance analyst

Routine option exercise-and-sell under a pre-planned 10b5-1 trading plan.

EVP & General Counsel Paul A. Mahon exercised 8,300 stock options at a strike price of $146.03 per share and sold the resulting 8,300 common shares in multiple open-market trades around the mid-$500s. This pattern is a classic exercise-and-sell sequence.

The filing states the activity occurred under a pre-arranged Rule 10b5-1 trading plan entered on August 11, 2025, which typically reflects pre-scheduled portfolio management rather than ad hoc timing. After the transactions, Mahon continues to hold 45,172 shares directly, indicating a remaining equity stake.

Because the trades are both plan-based and paired with an option exercise rather than a stand-alone discretionary sale, the informational value for long-term investors is limited. Subsequent company filings may provide additional context if his equity position changes meaningfully over time.

Insider Trade Summary 10b5-1

Net Seller: 8,300 shares ($4,586,275)

Net Sell 11 txns

Insider MAHON PAUL A

Role EVP & GENERAL COUNSEL

Sold 8,300 shs ($4.59M)

Type	Security	Shares	Price	Value
Exercise	Stock Option	8,300	$0.00	--
Exercise	Common Stock	8,300	$146.03	$1.21M
Sale	Common Stock	658	$548.0012	$361K
Sale	Common Stock	258	$548.7314	$142K
Sale	Common Stock	384	$550.0235	$211K
Sale	Common Stock	1,467	$551.2961	$809K
Sale	Common Stock	1,818	$552.6068	$1.00M
Sale	Common Stock	2,201	$553.5167	$1.22M
Sale	Common Stock	299	$554.4454	$166K
Sale	Common Stock	990	$555.8257	$550K
Sale	Common Stock	225	$556.3589	$125K

Holdings After Transaction: Stock Option — 89,040 shares (Direct, null); Common Stock — 53,472 shares (Direct, null)

Footnotes (1)

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 August 11, 2025. This transaction was executed in multiple trades at prices ranging from $556.19 to $556.38. 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 $547.45 to $548.43. 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 $548.47 to $549.27. 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 $549.535 to $550.38. 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 $550.85 to $551.72. 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 $552.12 to $553.11. 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 $553.13 to $554.10. 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 $554.13 to $555.10. 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 $555.16 to $556.10. 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.

Key Figures

Options exercised: 8,300 shares Shares sold: 8,300 shares Option strike price: $146.03/share +4 more

7 metrics

Options exercised 8,300 shares Common stock acquired via option exercise on transaction date

Shares sold 8,300 shares Total common shares sold in multiple open-market trades

Option strike price $146.03/share Exercise price for stock options converted into common shares

Highest reported sale price $556.3589/share Weighted average price for one sale tranche of 225 shares

Lowest reported sale price $548.0012/share Weighted average price for one sale tranche of 658 shares

Shares owned after trades 45,172 shares Direct common stock holdings following all reported transactions

10b5-1 plan date August 11, 2025 Date pre-arranged Rule 10b5-1 trading plan was entered

Key Terms

Rule 10b5-1 plan, stock options, open-market sale, weighted average price, +1 more

5 terms

Rule 10b5-1 plan regulatory

"exercise of stock options and sale of the resulting shares pursuant to a pre-arranged 10b5-1 plan"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

stock options financial

"This is an exercise of stock options and sale of the resulting shares"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

weighted average price financial

"The price reported above reflects the weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:34 PM Accepted by SEC EDGAR 07/02/2026 - 04:32 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^*

MAHON PAUL A

(Last) (First) (Middle)

C/O UNITED THERAPEUTICS CORPORATION

1000 SPRING STREET

(Street)

SILVER SPRING MARYLAND 20910

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	07/02/2026		M(1)		8,300	A	$146.03	53,472	D
Common Stock	07/02/2026		S(1)		658	D	$548.0012(2)	52,814	D
Common Stock	07/02/2026		S(1)		258	D	$548.7314(3)	52,556	D
Common Stock	07/02/2026		S(1)		384	D	$550.0235(4)	52,172	D
Common Stock	07/02/2026		S(1)		1,467	D	$551.2961(5)	50,705	D
Common Stock	07/02/2026		S(1)		1,818	D	$552.6068(6)	48,887	D
Common Stock	07/02/2026		S(1)		2,201	D	$553.5167(7)	46,686	D
Common Stock	07/02/2026		S(1)		299	D	$554.4454(8)	46,387	D
Common Stock	07/02/2026		S(1)		990	D	$555.8257(9)	45,397	D
Common Stock	07/02/2026		S(1)		225	D	$556.3589(10)	45,172	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	$146.03	07/02/2026		M(1)			8,300	03/15/2020	03/15/2027	Common Stock	8,300	$0.00	89,040	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 August 11, 2025.

2. This transaction was executed in multiple trades at prices ranging from $547.45 to $548.43. 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 $548.47 to $549.27. 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 $549.535 to $550.38. 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 $550.85 to $551.72. 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 $552.12 to $553.11. 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 $553.13 to $554.10. 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 $554.13 to $555.10. 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 $555.16 to $556.10. 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 $556.19 to $556.38. 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	07/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did UTHR EVP Paul A. Mahon report on this Form 4?

Paul A. Mahon reported exercising 8,300 stock options and selling 8,300 UNITED THERAPEUTICS common shares. The sales were executed in multiple open-market trades at weighted average prices generally in the mid-$500s per share on the same date as the option exercise.

At what price did the UTHR executive exercise stock options and sell shares?

Mahon exercised 8,300 stock options at a strike price of $146.03 per share. He then sold 8,300 common shares in several open-market trades with reported weighted average sale prices mostly between about $548 and $556 per share, according to the Form 4 disclosure.

Was the UTHR insider trade by Paul A. Mahon made under a Rule 10b5-1 plan?

Yes. The Form 4 footnotes state the option exercise and related share sales were conducted under a pre-arranged Rule 10b5-1 trading plan. This plan was entered into on August 11, 2025, indicating the transactions were scheduled in advance rather than timed opportunistically.

How many UNITED THERAPEUTICS shares does Paul A. Mahon hold after these transactions?

After completing the option exercise and share sales, Mahon directly owns 45,172 shares of UNITED THERAPEUTICS common stock. This post-transaction holding is reported in the Form 4 and reflects his remaining direct equity position in the company following the disclosed trades.

What is the overall direction of Paul A. Mahon’s UTHR Form 4 transactions?

The Form 4 shows a mixed pattern: Mahon acquired 8,300 shares through option exercise and disposed of 8,300 shares through open-market sales. Transaction summaries in the filing characterize this as an exercise of derivative securities paired with net share sales on the same date.