Major Shareholder Drops Below 5% in CFO Stake Sale.. Royalty Pharma Shareholding Changes Detected

Regarding U.S.-listed pharmaceutical royalty investor Royalty Pharma plc (RPRX), the class A common shares held by the Giuliani Family Trust have declined to approximately 4.8% of total outstanding shares, causing the trust to lose its status as a beneficial owner holding more than 5%. It subsequently filed a final “exit” amendment to its Schedule 13D. Terence P. Cohn, the company’s CFO, disclosed that under a pre-established Rule 10b5-1 trading plan, he sold roughly 60,000 shares of Class A common stock on May 26 at about $53.98 per share, completing a sale totaling approximately $3.47 million (about KRW 4.5 billion), and stated that he continues to maintain a significant economic interest through various accounts and exchangeable securities.

In its Q1 2026 results announced in early May, Royalty Pharma reaffirmed its business momentum by reporting double-digit growth in both portfolio receipts and royalty income, and raising its full-year intake guidance. At the end of May, it further expanded its financial capacity by refinancing its existing credit agreement and establishing a new unsecured revolving credit facility of $1.8 billion (approximately KRW 2.3 trillion) maturing in 2031.

Founded in 1996, Royalty Pharma is a specialized investor in biopharmaceutical royalties. It operates a non-traditional financing model that provides upfront cash in exchange for royalty rights on drugs at both pre- and post-commercialization stages, then captures revenues linked to subsequent sales. The pharmaceutical royalties and intellectual property financing market in which it operates has grown into a key R&D funding source for both pharmaceutical and biotech firms, and is expanding its transactions with a diverse range of partners, including major pharma companies, universities, research hospitals and venture-backed biotech firms.