Form 4: Royalty Pharma EVP Sells 110,000 Shares in Planned Trade

Royalty Pharma's EVP of Investments & CLO, George W. Lloyd, sold 110,000 Class A Ordinary Shares for approximately $39.77 per share as part of a pre-arranged 10b5-1 trading plan.

Summary

• George W. Lloyd, Executive Vice President, Investments & Chief Legal Officer of Royalty Pharma plc, sold 110,000 Class A Ordinary Shares.
• The transaction occurred on December 3, 2025, at a weighted average price of $39.7728 per share.
• The shares were sold in multiple transactions with prices ranging from $39.36 to $40.03 per share.
• This sale was executed pursuant to a Rule 10b5-1 trading plan that the Reporting Person adopted on August 20, 2025.
• Following this transaction, Mr. Lloyd directly holds 110,000 Class A Ordinary Shares.
• Indirect beneficial ownership includes 495,860 Class A Ordinary Shares via GWL 2013 NG, LLC, 273,960 via IRA, 6,084 via GWL 2023 G HoldCo LLC, and 4,011.19 via spouse.
• Additionally, Mr. Lloyd and family vehicles control limited partnership interests in RPI US Partners 2019, LP, exchangeable into 7,527,320 Class A Ordinary Shares.
• Mr. Lloyd also holds 1,944,471 Class E Ordinary Shares of Royalty Pharma Holdings Ltd, some of which are subject to vesting conditions and may convert into an equivalent number of Class A Ordinary Shares upon vesting.

Sentiment

Score: 5

Explanation: Neutral. The sale is a planned insider transaction under a 10b5-1 plan, which mitigates the negative signal typically associated with insider sales, as it is not based on new, non-public information.

Positives

• The sale was conducted under a pre-arranged 10b5-1 plan, indicating a planned liquidity event rather than a reaction to new, non-public negative information about the company.

Negatives

• An insider sale, even if planned, reduces the executive's direct equity stake in the company, which could be perceived as a slight reduction in direct alignment with shareholder interests.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic direction.

Industry Context

This Form 4 filing reports an individual executive's stock transaction and does not provide broader industry context or trends.

Related Party Transactions

• Indirect beneficial ownership of Class A Ordinary Shares through GWL 2013 NG, LLC, GWL 2023 G HoldCo LLC, and by spouse.
• Holdings of limited partnership interests in RPI US Partners 2019, LP, which are exchangeable into Class A Ordinary Shares.
• Holdings of Class E Ordinary Shares of Royalty Pharma Holdings Ltd, certain of which are subject to vesting conditions and may be converted into Class A Ordinary Shares.

Stakeholder Impact

• Shareholders: The sale by a key executive, even if planned, could be perceived as a slight reduction in management's direct alignment with shareholder interests, though the 10b5-1 plan mitigates this concern.

Key Dates

Recommendation

The filing reports a pre-scheduled insider sale under a 10b5-1 plan, which is a routine event for executives managing their personal finances. It does not provide new fundamental information about Royalty Pharma's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Investors should continue to hold based on broader company fundamentals rather than this specific transaction.

Keywords

Royalty Pharma, RPRX, Insider Trading, Form 4, Stock Sale, Executive Compensation, 10b5-1 Plan, Class A Ordinary Shares, George W. Lloyd