联合治疗 2024年度报告

FORM10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934.For the fiscal year endedDecember31, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934.For the transition period fromtoCommission file number0-26301 United Therapeutics Corporation (301)608-9292Registrant’s Telephone Number, Including Area CodeSecurities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act:None(Title of Class) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☒No☐ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)hasbeen subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant wasrequired to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness ofits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the Common Stock held by non-affiliates of the registrant, based on the closing price on June30, 2024, asreported by the Nasdaq Global Select Market was approximately $12,155,535,434. The number of shares outstanding of the issuer’s common stock, par value $0.01 per share, as of February19, 2025, was44,912,177.DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for the registrant’s 2025 annual meeting of shareholders scheduled to be held onJune26, 2025, are incorporated by reference in PartIII of this Form10-K. TABLE OF CONTENTS PART IItem1.Item1A.Item1B.Item1C.Item2.Item3.Item 4. BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures PART IIItem5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities[Reserved]Management's Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RiskFinancial Statements and Supplementary DataChanges in and Disagreements with Accountants on Accounting and Financial DisclosureControls and ProceduresOther InformationDisclosure Regarding Foreign Jurisdictions that Prevent Inspections Item6.Item7.Item7A.Item8.Item9.Item9A.Item9B.Item 9C. PART IIIItem10.Directors, Executive Officers, and Corporate GovernanceItem11.Executive CompensationItem12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMattersItem13.Certain Relationships and Related Transactions, and Director IndependenceItem14.Principal Accountant Fees and Services Exhibits and Financial Statement SchedulesForm 10-K Summary SIGNATURES 2United Therapeutics, a public benefit corporation PART I Item 1. Business Overview We build on the strength of our research and development expertise and a distinctive, entrepreneurial culture that encouragesinnovation, creativity, inclusion, sustainability, and, simply, fun. Since inception, our mission has been to find a cure for pulmonaryarterial hypertension (PAH) and other life-threa