Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-04

Royalty Pharma (RPRX)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,323,000
Marshall Urist total, FY2025
Executive Vice President, Research & Investmentshighest-paid officer; CEO Pablo Legorreta: $937,500
6th
CEO (Pablo Legorreta) pay percentile vs peers
4:1
CEO-to-median pay ratio
97.73%
Say-on-pay support, latest vote
Companies that benchmark against RPRX
No companies currently name RPRX as a compensation peer in their most recent disclosure.

This is the complete answer, not a partial one — the list is never padded.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Marshall Urist$1,323,000$0$0$0$0$0$0$1,323,000
Executive Vice President, Research & Investments
George Lloyd1,323,0000000001,323,000
Senior Advisor; former Executive Vice President, Chief Legal Officer & Investments
Christopher Hite1,323,0000000001,323,000
Executive Vice President & Vice Chairman
Terrance Coyne1,323,0000000001,323,000
Executive Vice President & Chief Financial Officer
Pablo Legorreta937,500000000937,500
Chairman and Chief Executive Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Marshall Urist$1,323,000
George Lloyd1,323,000
Christopher Hite1,323,000
Terrance Coyne1,323,000
Pablo Legorreta937,500

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Pablo LegorretaRSU11,798,458$455,892,417
George LloydRSU1,731,48566,904,580
Terrance CoyneRSU1,610,30062,221,992
Marshall UristRSU1,212,13546,836,896
Christopher HiteRSU1,108,13742,818,414
05

Incentive-plan design — the Compensation Discussion & Analysis

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultant
Clawback policy
Anti-hedging
Anti-pledging
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-04476,044,60211,067,486747,08697.73%Passed
20252025-05-12403,157,46536,842,162750,55791.63%Passed
20242024-06-06448,091,22537,716,521218,81992.24%Passed
20232023-06-22483,910,45828,152,706233,76594.5%Passed
20222022-06-23480,577,83921,850,442140,00195.65%Passed
20212021-06-24455,808,35947,703,0181,558,68990.53%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0497.73%a
20252025-05-1291.63%b
20242024-06-0692.24%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)4 : 1
CEO total compensation
Median employee compensation$349,893
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Vlad Coric, M.DIndependent · Compensation · Newly elected$109,615$352,384$1$462,000
Gregory NordenIndependent · Audit (Chair) · Nominating and Corporate Governance Committee150,000249,89190399,981
Ted Love, M.DIndependent · Nominating and Corporate Governance (Chair)150,000249,89190399,981
Catherine EngelbertIndependent · Audit150,000249,89190399,981
Errol De Souza, Ph.DIndependent · Not standing for re-election150,000249,89190399,981
Bonnie Bassler, Ph.DIndependent · Compensation150,000249,89190399,981
David HodgsonIndependent · Audit · Management Development and Compensation Committee (Chair)150,000249,89190399,981
Elizabeth WeathermanIndependent · Compensation · Newly elected68,071314,934383,005
Carole Ho, M.DIndependent · Nominating and Corporate Governance · Newly elected68,071314,934383,005
Henry FernandezIndependent · Departed during FY92,935249,891342,826
Pablo LegorretaEmployee director · Board Chair0
09

Board fee structure and ownership guideline

Annual cash retainer$150,000
Annual equity retainer$250,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline$750,000
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,238,692
Equity awards (grant-date value)$2,731,489
All other compensation$541
Total cost of the board$3,970,722

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Royalty Pharma names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Royalty Pharma.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Blackstone2025Stephen Schwarzman$350,000$0$0$0$125,641,824
2KKR2025Joseph Bae300,00000084,270,205
3Ares2025Michael Arougheti049,520,0000068,279,532
4Johnson & Johnson2025Joaquin Duato1,600,00015,028,9485,927,9954,298,70032,758,111
5AbbVie2025Robert Michael1,700,00013,268,4563,199,1545,200,00032,530,984
6Incyte2025William Meury647,26027,509,6572,573,9981,300,00032,085,952
7TPG2025Jon Winkelried500,00013,607,7770029,897,761
8Gilead2025Daniel O'Day1,795,19215,238,4024,500,0604,848,12028,437,198
9Pfizer2025Albert Bourla1,800,0009,442,7058,998,1415,400,00027,585,301
10Amgen2025Robert Bradway1,925,40912,599,5895,399,9963,907,00024,693,120
11Biogen2025Christopher Viehbacher1,727,88518,368,87503,190,87523,646,004
12BioMarin2025Alexander Hardy1,130,76916,833,6291,909,3101,644,50021,927,563
13Bristol-Myers Squibb2025Christopher Boerner1,586,34616,061,39903,754,68421,879,919
14Vertex Pharmaceuticals2025Reshma Kewalramani1,600,00015,002,27004,118,64021,144,261
15Merck & Co.2025Robert Davis1,645,30212,102,8383,380,0042,326,50020,797,845
16Regeneron2025Leonard Schleifer1,979,922003,682,6557,280,549
17Carlyle2025Harvey Schwartz1,000,0006,000,0007,149,859
18Royalty Pharma2025Pablo Legorreta937,500000937,500
19Apollo2025Marc Rowan100,000000913,367

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Royalty Pharmanot disclosednot disclosednot disclosednot disclosed
AbbVienot disclosedPSU 40 · RSU 40 · Options 20Yes — Relative TSRSemler Brossy
Amgen136.0%PSU 50 · Options 30 · RSU 20Yes — relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Apollo94%RSU 100not disclosedSemler Brossy Consulting Group, LLC
Aresnot disclosedRSU 100not disclosedKorn Ferry
Biogen127%PSU 60 · RSU 40YesPay Governance
BioMarin130%PSU 66 · RSU 21 · Options 13Yes — Relative TSRAon Human Capital Solutions
Blackstonenot disclosednot disclosednot disclosednot disclosed
Bristol-Myers Squibb157.66%PSU 60 · MSU 40Yes — 3-Year Relative TSR CAGRFarient Advisors LLC
Carlyle200%not disclosedNoPay Governance
Gilead180%PSU 50 · Options 25 · RSU 25Yes — Relative TSRFW Cook
Incyte138.6%PSU 60 · Options 20 · RSU 20Yes — relative total shareholder return (TSR)Aon
Johnson & Johnsonnot disclosednot disclosednot disclosedSemler Brossy Consulting Group
KKRnot disclosednot disclosednot disclosednot disclosed
Merck & Co.94%PSU 60 · RSU 20 · Options 20Yes — Relative Total Shareholder Return (R-TSR)FW Cook
Pfizer150%PSU 50 · MSU 50Yes — relative TSR as compared to the NYSE Arca Pharmaceutical Index (DRG Index or DRG)Meridian Compensation Partners, LLC
Regeneron155%Options 60 · RSA 40not disclosedPay Governance LLC
TPGnot disclosednot disclosedNoSemler Brossy
Vertex Pharmaceuticalsnot disclosedPSU 55 · RSU 45Nonot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Marshall UristDEF 14A2026-04-100001140361-26-014239Section “Summary Compensation Table” · page 59. As printed: 1,323,000. Filing ↗machine: r14 · c19 · span 1460013–1460022
2Section 01, George LloydDEF 14A2026-04-100001140361-26-014239Section “Summary Compensation Table” · page 59. As printed: 1,323,000. Filing ↗machine: r11 · c19 · span 1449155–1449164
3Section 01, Christopher HiteDEF 14A2026-04-100001140361-26-014239Section “Summary Compensation Table” · page 59. As printed: 1,323,000. Filing ↗machine: r8 · c19 · span 1439390–1439399
4Section 01, Terrance CoyneDEF 14A2026-04-100001140361-26-014239Section “Summary Compensation Table” · page 59. As printed: 1,323,000. Filing ↗machine: r5 · c19 · span 1428569–1428578
5Section 01, Pablo LegorretaDEF 14A2026-04-100001140361-26-014239Section “Summary Compensation Table” · page 59. As printed: 937,500. Filing ↗machine: r2 · c19 · span 1425057–1425064
6Section 07, pay ratioDEF 14A2026-04-100001140361-26-014239Section “CEO Pay Ratio”. As printed: 4 : 1. Filing ↗
7Section 08, Vlad Coric, M.DDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 462,000. Filing ↗machine: span 946363–946370
8Section 08, Gregory NordenDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 399,981. Filing ↗machine: span 960479–960486
9Section 08, Ted Love, M.DDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 399,981. Filing ↗machine: span 958598–958605
10Section 08, Catherine EngelbertDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 399,981. Filing ↗machine: span 950421–950428
11Section 08, Errol De Souza, Ph.DDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 399,981. Filing ↗machine: span 948265–948272
12Section 08, Bonnie Bassler, Ph.DDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 399,981. Filing ↗machine: span 944196–944203
13Section 08, David HodgsonDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 399,981. Filing ↗machine: span 956447–956454
14Section 08, Elizabeth WeathermanDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 383,005. Filing ↗machine: span 962596–962603
15Section 08, Carole Ho, M.DDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 383,005. Filing ↗machine: span 954567–954574
16Section 08, Henry FernandezDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 342,826. Filing ↗machine: span 952359–952366
17Section 08, Pablo LegorretaDEF 14A2026-04-100001140361-26-014239Section “Director Compensation”. As printed: 0. Filing ↗
18Section 06, 2026 voteForm 8-K2026-06-040001193125-26-257432Item 5.07 · say-on-pay result. As reported: 97.73% (votes for as printed: 476,044,602). Filing ↗
19Section 06, 2025 voteForm 8-K2025-05-120001193125-25-117771Item 5.07 · say-on-pay result. As reported: 91.63% (votes for as printed: 403,157,465). Filing ↗
20Section 06, 2024 voteForm 8-K2024-06-060001193125-24-156183Item 5.07 · say-on-pay result. As reported: 92.24% (votes for as printed: 448,091,225). Filing ↗
21Section 09b board cost (computed)ComputedcomputedCash 1,238,692 + equity 2,731,489 + all other 541 = 3,970,722, summed across the director compensation table rows.machine: formula: Σ = 3,970,722
22Blackstone, Section 10b CEO total10-K2026-02-270001193125-26-082531CEO total compensation as printed in Blackstone's own proxy. As printed: 125,641,824. Filing ↗machine: span 8525664–8525675
23KKR, Section 10b CEO total10-K2026-02-270001404912-26-000007CEO total compensation as printed in KKR's own proxy. As printed: 84,270,205. Filing ↗machine: t246 · r10 · c12 · span 18528931–18528941
24Ares, Section 10b CEO totalDEF 14A2026-04-210001628280-26-026286CEO total compensation as printed in Ares's own proxy. As printed: 68,279,532. Filing ↗machine: t10 · r3 · c16 · span 335528–335538
25Johnson & Johnson, Section 10b CEO totalDEF 14A2026-03-110000200406-26-000063CEO total compensation as printed in Johnson & Johnson's own proxy. As printed: 32,758,111. Filing ↗machine: r3 · c27 · span 1621235–1621246
26AbbVie, Section 10b CEO totalDEF 14A2026-03-230001104659-26-033387CEO total compensation as printed in AbbVie's own proxy. As printed: 32,530,984. Filing ↗machine: t210 · r9 · c26 · span 1414083–1414093
27Incyte, Section 10b CEO totalDEF 14A2026-04-280000879169-26-000031CEO total compensation as printed in Incyte's own proxy. As printed: 32,085,952. Filing ↗machine: t91 · r2 · c16 · span 637817–637827
28TPG, Section 10b CEO totalDEF 14A2026-04-210001193125-26-166834CEO total compensation as printed in TPG's own proxy. As printed: 29,897,761. Filing ↗machine: r5 · c23 · span 437878–437888
29Gilead, Section 10b CEO totalDEF 14A2026-03-200001308179-26-000106CEO total compensation as printed in Gilead's own proxy. As printed: 28,437,198. Filing ↗machine: t414 · r1 · c29 · span 989582–989592
30Pfizer, Section 10b CEO totalDEF 14A2026-03-120000078003-26-000033CEO total compensation as printed in Pfizer's own proxy. As printed: 27,585,301. Filing ↗machine: t242 · r3 · c12 · span 1506825–1506835
31Amgen, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145588CEO total compensation as printed in Amgen's own proxy. As printed: 24,693,120. Filing ↗machine: span 1591156–1591166
32Biogen, Section 10b CEO totalDEF 14A2026-04-280001193125-26-187303CEO total compensation as printed in Biogen's own proxy. As printed: 23,646,004. Filing ↗machine: r2 · c16 · span 1174380–1174391
33BioMarin, Section 10b CEO totalDEF 14A2026-04-210001628280-26-026290CEO total compensation as printed in BioMarin's own proxy. As printed: 21,927,563. Filing ↗machine: span 1384905–1384915
34Bristol-Myers Squibb, Section 10b CEO totalDEF 14A2026-03-250000014272-26-000006CEO total compensation as printed in Bristol-Myers Squibb's own proxy. As printed: 21,879,919. Filing ↗machine: t168 · r3 · c15 · span 1302160–1302170
35Vertex Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-020000875320-26-000153CEO total compensation as printed in Vertex Pharmaceuticals's own proxy. As printed: 21,144,261. Filing ↗machine: r2 · c13 · span 2942799–2942809
36Merck & Co., Section 10b CEO totalDEF 14A2026-04-080001193125-26-147704CEO total compensation as printed in Merck & Co.'s own proxy. As printed: 20,797,845. Filing ↗machine: span 1371012–1371022
37Regeneron, Section 10b CEO totalDEF 14A2026-04-240001308179-26-000340CEO total compensation as printed in Regeneron's own proxy. As printed: 7,280,549. Filing ↗machine: r3 · c10 · span 3335980–3335989
38Carlyle, Section 10b CEO totalDEF 14A2026-04-230001527166-26-000017CEO total compensation as printed in Carlyle's own proxy. As printed: 7,149,859. Filing ↗machine: span 1925524–1925533
39Royalty Pharma (subject), Section 10b CEO totalDEF 14A2026-04-100001140361-26-014239CEO total compensation as printed in Royalty Pharma's own proxy. As printed: 937,500. Filing ↗machine: r2 · c19 · span 1425057–1425064
40Apollo, Section 10b CEO totalDEF 14A2026-04-240001193125-26-177321CEO total compensation as printed in Apollo's own proxy. As printed: 913,367. Filing ↗machine: r2 · c21 · span 538543–538550
41Section 10a, Vertex Pharmaceuticals reciprocityDEF 14A0000875320-26-000153Vertex Pharmaceuticals's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
42Section 10a, Carlyle reciprocityDEF 14A0001527166-26-000017Carlyle's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
43Section 10a, Pfizer reciprocityDEF 14A0000078003-26-000033Pfizer's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
44Section 10a, Merck & Co. reciprocityDEF 14A0001193125-26-147704Merck & Co.'s most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
45Section 10a, Regeneron reciprocityDEF 14A0001308179-26-000340Regeneron's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
46Section 10a, BioMarin reciprocityDEF 14A0001628280-26-026290BioMarin's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
47Section 10a, Gilead reciprocityDEF 14A0001308179-26-000106Gilead's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
48Section 10a, Johnson & Johnson reciprocityDEF 14A0000200406-26-000063Johnson & Johnson's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
49Section 10a, AbbVie reciprocityDEF 14A0001104659-26-033387AbbVie's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
50Section 10a, Amgen reciprocityDEF 14A0001193125-26-145588Amgen's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
51Section 10a, Bristol-Myers Squibb reciprocityDEF 14A0000014272-26-000006Bristol-Myers Squibb's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗
52Section 10a, Apollo reciprocityDEF 14A0001193125-26-177321Apollo's most recent proxy was read; its disclosed peer group does not include Royalty Pharma. Filing ↗