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

Royalty Pharma's EVP of Research & Investments, Marshall Urist, sold 20,000 Class A Ordinary Shares for $38.4825 per share under a pre-arranged 10b5-1 plan.

Summary

• Marshall Urist, Executive Vice President of Research & Investments at Royalty Pharma plc, sold 20,000 Class A Ordinary Shares.
• The transaction occurred on January 2, 2026, at a weighted average price of $38.4825 per share.
• The shares were sold in multiple transactions with prices ranging from $38.32 to $38.70 per share.
• This sale was executed pursuant to a Rule 10b5-1 trading plan adopted by Urist on September 16, 2025.
• Following the transaction, Urist beneficially owns 106,418 Class A Ordinary Shares directly and indirectly.
• Urist and family vehicles also 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 Class E shares subject to vesting conditions.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. While an executive sale could be seen negatively, the fact that it was pre-planned under a 10b5-1 plan mitigates concerns, suggesting a routine liquidity event rather than a signal of negative company prospects. The executive also retains significant beneficial ownership.

Positives

• The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned liquidity event rather than a reaction to new, undisclosed negative information.
• Marshall Urist retains significant beneficial ownership in Royalty Pharma plc, including direct and indirect Class A Ordinary Shares, and substantial exchangeable interests in RPI US Partners 2019, LP and Royalty Pharma Holdings Ltd.

Negatives

• An executive selling shares, even under a 10b5-1 plan, can sometimes be perceived by the market as a lack of confidence, although this is mitigated by the pre-planned nature of the transaction.

Future Outlook

No future outlook or guidance is provided in this insider transaction report.

Industry Context

This Form 4 details a routine insider transaction and does not provide information related to broader industry trends or competitive landscape.

Related Party Transactions

• Indirect beneficial ownership of 80,000 Class A Ordinary Shares through Sandy Lamm LLC.
• Indirect beneficial ownership of 19,020 Class A Ordinary Shares through an IRA.
• Holdings by the Reporting Person and family vehicles controlled by the Reporting Person of limited partnership interests in RPI US Partners 2019, LP exchangeable into 2,474,120 Class A Ordinary Shares.
• Holdings by the Reporting Person and family vehicles controlled by the Reporting Person of Class E Ordinary Shares of Royalty Pharma Holdings Ltd ("RPH") exchangeable into 1,356,528 Class A Ordinary Shares, subject to vesting conditions.

Stakeholder Impact

• Shareholders may note the executive's sale, but the pre-planned nature under a 10b5-1 plan typically mitigates concerns about insider sentiment regarding the company's future performance.
• No direct impact on employees, customers, suppliers, or creditors is indicated by this transaction.

Key Dates

Recommendation

The sale by an executive was pre-scheduled under a 10b5-1 plan, indicating it is a routine liquidity event rather than a signal of negative company prospects. The executive retains significant beneficial ownership, suggesting continued alignment with shareholder interests. A single, planned insider transaction typically does not warrant a change in investment recommendation.

Keywords

Royalty Pharma, RPRX, insider trading, Form 4, stock sale, 10b5-1 plan, Marshall Urist, executive compensation