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

Royalty Pharma's EVP of Research & Investments, Marshall Urist, sold over 41,000 Class A Ordinary Shares for approximately $39.15 per share under a pre-arranged 10b5-1 plan.

Summary

• Marshall Urist, Executive Vice President of Research & Investments at Royalty Pharma plc, reported the sale of Class A Ordinary Shares.
• A total of 41,576 Class A Ordinary Shares were disposed of on December 5, 2025.
• The shares were sold at weighted average prices of $39.1528 and $39.1527 per share, with the overall transaction prices ranging from $38.98 to $39.32 per share.
• These transactions were executed pursuant to a Rule 10b5-1 plan adopted by Mr. Urist on August 29, 2025.
• Following these sales, Mr. Urist beneficially owns 7,398 Class A Ordinary Shares directly, 160,000 Class A Ordinary Shares indirectly through Sandy Lamm LLC, and 19,020 Class A Ordinary Shares indirectly through an IRA, totaling 186,418 Class A Ordinary Shares.
• Additionally, Mr. Urist and family vehicles controlled by him hold limited partnership interests in RPI US Partners 2019, LP that are exchangeable into 2,474,120 Class A Ordinary Shares.
• Mr. Urist also holds 1,356,528 Class E Ordinary Shares of Royalty Pharma Holdings Ltd, certain of which are subject to vesting conditions and may convert into an equivalent number of Class A Ordinary Shares.

Sentiment

Score: 5

Explanation: The sale of shares by an executive, while a reduction in direct holdings, was conducted under a pre-arranged 10b5-1 plan. This typically signifies a planned liquidity event rather than a discretionary sale based on new negative information, making the event neutral in terms of immediate sentiment.

Positives

• The sale was conducted under a pre-arranged 10b5-1 plan, indicating a planned liquidity event rather than a discretionary sale based on new negative information.

Negatives

• An executive selling a significant number of shares (41,576 Class A Ordinary Shares) could be perceived as a slight negative signal, even if pre-planned.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The sale by an executive could be viewed with slight caution, but the 10b5-1 plan mitigates concerns about a lack of confidence in the company. The executive still retains significant holdings.

Key Dates

Recommendation

The executive's sale of shares was executed under a pre-arranged 10b5-1 plan, which is a common practice for executives to manage personal finances and diversify holdings without implying a negative outlook on the company. This type of transaction is generally considered a neutral event and does not provide a strong signal to alter an investment position in Royalty Pharma plc. The executive retains substantial direct and indirect beneficial ownership, including significant exchangeable interests.

Keywords

Royalty Pharma, RPRX, Marshall Urist, insider trading, Form 4, share sale, 10b5-1 plan, executive compensation, Class A Ordinary Shares