UTHR COO exercises options; sells shares at $417.4965 via 10b5-1

United Therapeutics (UTHR): The President and COO reported option exercises and related share sales on 10/27/2025 under a Rule 10b5-1 plan dated June 3, 2025.

Accepted by SEC EDGAR 10/28/2025 - 04:30 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

United Therapeutics (UTHR): The President and COO reported option exercises and related share sales on 10/27/2025 under a Rule 10b5-1 plan dated June 3, 2025. The reporting person exercised stock options for 14,625 shares at $135.42 and for 6,125 and 1,750 shares at $146.03 through family trusts, then sold 14,625 shares and 7,875 shares at $417.4965.

Following these transactions, indirect holdings shown include 130 shares by one trust. Derivative securities beneficially owned following the transactions include 55,875 options (Trust (2)) and 18,375 options (Trust (3)), with specified vesting and expiration dates.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 8 txns

Insider BENKOWITZ MICHAEL

Role PRESIDENT AND COO

Sold 22,500 shs ($9.39M)

Approx. gross sale proceeds $9.39M

Approx. exercise cost $3.13M

Type	Security	Shares	Price	Value
Exercise	Stock Options	14,625	$0.00	$0.00
Exercise	Stock Options	6,125	$0.00	$0.00
Exercise	Stock Options	1,750	$0.00	$0.00
Exercise	Common Stock	14,625	$135.42	$1.98M
Sale	Common Stock	14,625	$417.4965	$6.11M
Exercise	Common Stock	6,125	$146.03	$894K
Exercise	Common Stock	1,750	$146.03	$256K
Sale	Common Stock	7,875	$417.4965	$3.29M
Holding	Common Stock	--	--	--

Holdings After Transaction: Stock Options — 55,875 contracts (Indirect, Trust); Stock Options — 18,375 contracts (Indirect, by Trust); Common Stock — 130 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.

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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)
10/27/2025

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	10/27/2025		M(1)		14,625	A	$135.42	14,625	I	by Trust(2)
Common Stock	10/27/2025		S(1)		14,625	D	$417.4965	0.00	I	by Trust(2)
Common Stock	10/27/2025		M(1)		6,125	A	$146.03	6,125	I	by Trust(3)
Common Stock	10/27/2025		M(1)		1,750	A	$146.03	7,875	I	by Trust(3)
Common Stock	10/27/2025		S(1)		7,875	D	$417.4965	130	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 Options	$135.42	10/27/2025		M(1)			14,625	03/15/2023	03/15/2026	Common Stock	14,625	$0.00	55,875	I	Trust(2)
Stock Options	$146.03	10/27/2025		M(1)			6,125	03/15/2023	03/15/2026	Common Stock	6,125	$0.00	18,375	I	by Trust(3)
Stock Options	$146.03	10/27/2025		M(1)			1,750	03/15/2018	03/15/2027	Common Stock	1,750	$0.00	0.00	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	10/28/2025
	** 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.