Paul A. Mahon, EVP and General Counsel of United Therapeutics (UTHR), has filed 293 Form 4 transactions, all in that single company. The pattern is one-sided: total sales reached $144.5 million, with zero open-market purchases and zero acquisitions. Every recent trade is a sale or an option exercise paired with a sale, and the 22 most recent sell-side events cluster in September and October 2026.
The recent filings show a consistent cadence. On September 17, 2026, Mahon exercised options valued at $1.21 million and sold shares across seven transactions totaling roughly $4.13 million, with individual sales ranging from $62,600 to $1.43 million. He repeated the structure on October 1, exercising another $1.21 million in options and selling in nine lots worth about $3.86 million, from $91,704 to $829,082. On October 15, he exercised options again at the same $1.21 million value and sold in six transactions totaling about $4.51 million, including a single sale of $1.43 million.
The sales are mechanical in form: each exercise is matched by same-day disposals, and the dollar values are consistent across the three dates. There is no buying bias anywhere in the record. The direction is uniformly toward reducing holdings, with the largest recent sale on October 15 at $1.43 million and the smallest on September 17 at $62,600. The aggregate $144.5 million in sales over the full filing history, against no purchases, leaves no ambiguity about the sell-side posture.
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