Urist Marshall 4

What Happened

• Urist Marshall, Executive Vice President, Research & Investments at Royalty Pharma (RPRX), sold 20,000 Class A ordinary shares in an open-market disposition on January 23, 2026. The reported weighted-average sale price was $40.26, for aggregate proceeds of approximately $805,110. This was a sale (S) executed pursuant to a pre-established 10b5-1 plan.

Key Details

• Transaction date: 2026-01-23; Form filed: 2026-01-26 (not filed late).
• Price: weighted average $40.26 per share; sales occurred in multiple trades at $40.00–$40.56 (see footnote F2).
• Total shares sold: 20,000; total proceeds: ~$805,110.
• Plan: All reported trades were made under a 10b5-1 trading plan adopted Sept 16, 2025 (footnote F1).
• Ownership after transaction: the Form 4 excerpt provided does not list Marshall’s direct share count after this sale. The filing’s remarks note Marshall (and family vehicles) hold exchangeable limited‑partnership interests equal to 2,474,120 Class A shares and Class E shares exchangeable into 1,356,528 Class A shares of the holding company; Class E shares are subject to vesting.
• Additional note: the seller can provide a breakdown of the number of shares sold at each price within the $40.00–$40.56 range upon written request (per F2).

Context

• The sale was made under a 10b5-1 plan, which typically indicates trades were pre-planned and not necessarily a real-time signal about the insider’s view of the company. Sales are common for liquidity or diversification and, by themselves, do not necessarily indicate negative information about the company.