Urist Marshall 4

What Happened
Urist Marshall, Executive Vice President, Research & Investments at Royalty Pharma (RPRX), sold 13,684 Class A ordinary shares in an open‑market disposition on May 20, 2026. The shares were sold at a weighted average price of $52.75 per share for total proceeds of approximately $721,838. This sale was executed under a pre‑arranged 10b5‑1 trading plan.

Key Details

• Transaction type: Sale (S) — open market or private sale reported on Form 4.
• Date: May 20, 2026.
• Price: Weighted average $52.75; reported price range $52.62–$52.96 (shares sold in multiple transactions). F2 notes the filer will provide per‑price breakdown on request.
• Total value: ~$721,838.
• Plan: All transactions were effected pursuant to a 10b5‑1 plan adopted Feb 12, 2026 (F1).
• Holdings after transaction: The filing’s remarks note the reporting person and family vehicles hold limited partnership interests exchangeable into 2,474,120 Class A ordinary shares and Class E shares exchangeable into 1,356,528 Class A shares of RPH (Class E shares are subject to vesting). The Form 4 does not state a separate count of directly held Class A shares after this sale.
• Timeliness: Reported on May 21, 2026 for a May 20, 2026 transaction — appears timely.

Context
Sales executed under 10b5‑1 plans are typically pre‑scheduled and do not necessarily indicate a change in the insider’s view of the company. The noted exchangeable limited‑partnership and Class E interests could convert into a substantial number of Class A shares (some subject to vesting), but the filing only discloses those exchangeable interests rather than additional immediate direct holdings.