United Therapeutics Insider Sells 3,000 Shares Under 10b5-1 Plan

Rhea-AI Filing Summary

Christopher Causey, a director of United Therapeutics Corporation (UTHR), reported exercising 3,000 stock options and immediately selling the resulting shares on 09/02/2025 under a pre-arranged 10b5-1 plan entered on 12/24/2024. The option exercise had an exercise price of $132.30 per share for options granted 06/28/2018 that expire 06/28/2027. The filing shows three sales of 1,000 shares each at $419.63, $430.00, and $420.00. Following these transactions, Causey’s beneficial ownership of common stock declined from 7,865 shares to 4,865 shares. The Form 4 was executed under power of attorney and the transactions are recorded as being made pursuant to the specified 10b5-1 plan.

Positive

• Sales executed under a pre-arranged 10b5-1 plan, which enhances procedural transparency
• Exercise price ($132.30) well below sale prices ($419.63–$430.00), indicating monetization of long-term gains

Negative

• Director's direct holdings decreased from 7,865 to 4,865 shares, a reduction of approximately 38%
• Insider sale of 3,000 shares may attract investor attention despite being planned

Insights

Corporate Governance Expert

TL;DR: Insider exercised options and sold shares under a 10b5-1 plan, reducing his stake but following a pre-established trading program.

The report documents a standard option exercise and systematic disposition executed under a 10b5-1 plan, which provides procedural protection against allegations of improper insider trading timing. The decline in direct beneficial ownership from 7,865 to 4,865 shares is notable in percentage terms (~38%) but appears to be a planned liquidity event rather than an ad hoc sale. For governance assessment, the presence of a dated 10b5-1 plan increases transparency; however, the reduction in ownership should be tracked alongside other insiders to assess cumulative ownership trends.

Securities Analyst

TL;DR: Transaction shows option monetization at materially higher market prices than the exercise price, with proceeds realized via staged sales.

The filings show an exercise price of $132.30 and sale prices between $419.63 and $430.00, indicating a large per-share spread between exercise and sale prices for the 3,000 underlying shares. This is a routine executive liquidity action that crystallizes gains on long-dated options (granted 06/28/2018). The amounts are small relative to typical public-company float, so market impact is likely immaterial; nonetheless, investors often note insider sales even when conducted under a 10b5-1 plan.

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^*

CAUSEY CHRISTOPHER

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		M(1)		3,000	A	$132.3	7,865	D
Common Stock	09/02/2025		S(1)		1,000	D	$419.63	6,865	D
Common Stock	09/02/2025		S(1)		1,000	D	$430	5,865	D
Common Stock	09/02/2025		S(1)		1,000	D	$420	4,865	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	$132.3	09/02/2025		M(1)			3,000	06/28/2018	06/28/2027	Common Stock	3,000	$0.00	0.00	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 December 24, 2024.

Remarks:

	/s/ John S. Hess, Jr. under Power of Attorney	09/02/2025
	** 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 transactions did UTHR director Christopher Causey report on Form 4?

The Form 4 reports that Christopher Causey exercised 3,000 stock options at an exercise price of $132.30 and sold the resulting shares in three blocks of 1,000 at $419.63, $430.00, and $420.00 on 09/02/2025.

Were the sales by the UTHR insider part of a planned trading program?

Yes. The filing states the transactions were made pursuant to a 10b5-1 plan entered on 12/24/2024.

How did these transactions change Causey’s ownership in UTHR?

Causey’s beneficial ownership declined from 7,865 shares to 4,865 shares following the transactions.

What were the grant and expiration dates for the exercised options?

The exercised options were granted on 06/28/2018 and have an expiration date of 06/28/2027.

Who signed the Form 4 filing for Christopher Causey?

The Form 4 was signed under power of attorney by John S. Hess, Jr. on 09/02/2025.