Form 4: Royalty Pharma EVP Plans Future Share Sale

Royalty Pharma's EVP of Research & Investments, Marshall Urist, has filed a Form 4 disclosing a planned sale of 20,000 Class A Ordinary Shares on December 19, 2025, under a Rule 10b5-1 plan.

Summary

• Marshall Urist, Executive Vice President of Research & Investments at Royalty Pharma plc (RPRX), reported a planned disposition of Class A Ordinary Shares.
• The transaction involves the sale of 20,000 Class A Ordinary Shares scheduled for December 19, 2025.
• The shares are expected to be sold at a weighted average price of $38.3791 per share, with individual transaction prices ranging from $38.22 to $38.57.
• This planned sale is being conducted pursuant to a Rule 10b5-1 trading plan adopted by Mr. Urist on September 16, 2025.
• Following this planned transaction, Mr. Urist's beneficial ownership will include 120,000 Class A Ordinary Shares indirectly through Sandy Lamm LLC, 19,020 Class A Ordinary Shares indirectly through an IRA, and 7,398 Class A Ordinary Shares held directly.
• Additionally, Mr. Urist and family vehicles control limited partnership interests exchangeable into 2,474,120 Class A Ordinary Shares and 1,356,528 Class E Ordinary Shares of Royalty Pharma Holdings Ltd, with the Class E shares subject to vesting conditions.

Sentiment

Score: 5

Explanation: The sentiment is neutral. While it involves an insider selling shares, the transaction is part of a pre-arranged 10b5-1 plan, which mitigates any negative perception of opportunistic selling. The amount is also a relatively small portion of the executive's total potential holdings.

Positives

• The transaction is part of a pre-arranged Rule 10b5-1 trading plan, indicating a structured and pre-determined sale rather than an opportunistic one, which can reduce concerns about insider sentiment.

Negatives

• An insider's planned sale of shares, even under a 10b5-1 plan, could be perceived by some investors as a lack of confidence, although this is mitigated by the pre-planned nature and the executive's substantial remaining holdings.

Future Outlook

This Form 4 filing solely reports a planned insider equity transaction and does not contain forward-looking statements regarding Royalty Pharma plc's operational or financial performance.

Industry Context

This Form 4 is a routine disclosure of an insider's planned equity transaction and does not provide information to analyze broader industry trends or the competitive landscape for Royalty Pharma plc.

Stakeholder Impact

• Shareholders: The planned sale by an EVP could be viewed with slight caution, though the 10b5-1 plan reduces concerns about immediate negative sentiment. The impact is likely minimal given the pre-planned nature and the executive's substantial remaining holdings.

Key Dates

Keywords

Royalty Pharma, RPRX, Form 4, Insider Trading, Share Sale, Marshall Urist, 10b5-1 Plan, Executive Compensation, Equity Disclosure