Form 4: Royalty Pharma EVP Sells 20,000 Shares Under 10b5-1 Plan

Royalty Pharma's EVP of Research & Investments, Marshall Urist, reported the sale of 20,000 Class A Ordinary Shares under a pre-arranged trading plan.

Summary

• Marshall Urist, Executive Vice President of Research & Investments at Royalty Pharma plc (RPRX), reported the sale of 20,000 Class A Ordinary Shares.
• The transaction took place on December 16, 2025, at a weighted average price of $38.321 per share.
• The shares were sold in multiple transactions with prices ranging from $38.24 to $38.40 per share.
• The sale was executed pursuant to a Rule 10b5-1 trading plan, which was adopted by Mr. Urist on September 16, 2025.
• Following this transaction, Mr. Urist's beneficial ownership includes 140,000 Class A Ordinary Shares held indirectly by Sandy Lamm LLC, 19,020 Class A Ordinary Shares held indirectly by an IRA, and 7,398 Class A Ordinary Shares held directly.
• Mr. Urist and family vehicles also hold limited partnership interests in RPI US Partners 2019, LP, exchangeable into 2,474,120 Class A Ordinary Shares.
• Additionally, they hold Class E Ordinary Shares of Royalty Pharma Holdings Ltd (RPH) exchangeable into 1,356,528 Class A Ordinary Shares, which are subject to vesting conditions.

Sentiment

Score: 5

Explanation: The sentiment is neutral. This is a routine Form 4 filing reporting an insider sale executed under a pre-arranged 10b5-1 trading plan, which typically does not reflect a change in the insider's view of the company's prospects.

Negatives

• An insider sale, even if pre-planned, can sometimes be perceived negatively by the market, though the 10b5-1 plan mitigates this concern.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This Form 4 filing reports a routine insider transaction under a pre-arranged trading plan, which is a common practice for executives to manage their equity holdings. It does not provide insights into broader industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: The sale represents a minor reduction in direct and indirect holdings by a key executive, but the pre-planned nature under a 10b5-1 plan suggests it is not driven by new negative information. The total remaining beneficial ownership, including exchangeable interests, remains substantial.

Key Dates

Keywords

Royalty Pharma, RPRX, Insider Sale, Form 4, Marshall Urist, 10b5-1 Plan, Class A Ordinary Shares, Equity Transaction