United Therapeutics Insiders Cash Out $587 Million — All Four Exit to Zero

Four insiders at United Therapeutics Corporation (UTHR) have filed a combined 24 Form 4 filings documenting the complete liquidation of their positions. Their combined career sales total an extraordinary $587 million — and every single one of them has exited to zero shares.

The $279.5 Million President

President and COO Michael Benkowitz leads the group with $279.5 million in career sales across 721 transactions. His most recent batch of sales, totaling $33.3 million, brought his holdings to exactly zero. For an executive who has been steadily monetizing his position over hundreds of transactions, the complete exit is the final chapter.

The $259 Million General Counsel

EVP and General Counsel Paul A. Mahon isn't far behind, with $259 million in career sales across a staggering 1,802 transactions. His recent sales of $18.6 million cleared out his remaining shares. Mahon's selling history is among the most prolific of any corporate insider in the biotech sector — nearly two thousand separate transactions over his tenure.

Complete Exit Scorecard

Insider	Title	Career Sales	Total Transactions	Shares Remaining
Michael Benkowitz	President & COO	$279.5M	721	0
Paul A. Mahon	EVP & General Counsel	$259.0M	1,802	0
Louis W. Sullivan	Director	$49.1M	428	0
Jan Malcolm	Director	$0.3M	13	0

Board-Level Exodus

Director Louis W. Sullivan has sold $49.1 million across 428 transactions, with his final $8.9 million in recent sales bringing him to zero. Even newer director Jan Malcolm, with a smaller $0.3 million in sales across 13 transactions, has fully exited.

The combined picture is remarkable: the President, the General Counsel, and two board directors have all independently decided to hold exactly zero shares of the company. UTHR stock trades near all-time highs above $350, and the insiders who know the business best have chosen to own none of it.

Context

United Therapeutics is a $16 billion biotech focused on pulmonary arterial hypertension treatments and organ transplantation technology. The company's Tyvaso franchise has driven strong revenue growth, but the insider selling suggests those closest to the business see limited upside from current levels.

Track all United Therapeutics insider activity on the UTHR stock page.