Coyne Terrance P. 4

What Happened
Terrance P. Coyne, EVP & CFO of Royalty Pharma (RPRX), sold a total of 69,582 Class A ordinary shares in open-market transactions on January 20, 2026. The sales were reported at a weighted average price of $39.35 per share: 65,832 shares for $2,590,384 and 3,750 shares for $147,557, totaling $2,737,941. These were sales (not purchases) and therefore are generally viewed as routine dispositions rather than an explicit bullish signal.

Key Details

• Transaction date: January 20, 2026. Form 4 filed January 23, 2026 (see timing note below).
• Reported price: weighted average $39.35; actual sale prices ranged from $38.86 to $39.66 per share (the filer can provide the breakdown on request).
• Total shares sold: 69,582; total proceeds reported: $2,737,941.
• Plan: All reported sales were made pursuant to a 10b5-1 trading plan adopted by Coyne on August 8, 2025.
• Holdings after transaction (per filing remarks): Coyne and family vehicles hold exchangeable limited partnership interests equal to 6,448,180 Class A shares and Class E shares of RPH exchangeable into 1,807,277 Class A shares (Class E subject to vesting).
• Filing timing: The Form 4 was filed three days after the transactions (filed Jan 23 for trades on Jan 20). Form 4s are normally required within two business days of the trade; this filing appears to have been submitted after that window.

Context
Because the sales were executed under a pre-established 10b5-1 plan, they are commonly routine, pre-arranged dispositions rather than ad hoc insider sales tied to current company developments. For retail investors, purchases by insiders tend to carry more signal than sales; here the filing documents routine liquidity under a plan rather than an opportunistic buy.