[Form 4] ResMed Inc. Insider Trading Activity

Rhea-AI Filing Summary

Morgan Stanley and Morgan Stanley Investment Management Inc. (MSIM) filed Amendment No. 6 to Schedule 13G on Royalty Pharma plc (RPRX) for the event date 30 Jun 2025.

The filing shows combined beneficial ownership of 38,907,011 Class A ordinary shares, representing 9.2 % of the outstanding class. All voting (34,289,848 shares) and dispositive (38,907,011 shares) authority is reported as shared; neither entity holds sole power.

Within the total, MSIM alone reports ownership of 35,864,664 shares (8.5 %), also fully under shared authority. Morgan Stanley is classified as a parent holding company/control person (HC); MSIM is an investment adviser (IA). The Schedule is filed pursuant to Rule 13d-1(b), confirming the position is passive and acquired in the ordinary course of business.

Both entities certify they have no intent to influence control of the issuer. The document is executed by Christopher O’Hara and Deidre A. Downes on 5 Aug 2025.

Positive

• Morgan Stanley group discloses ownership of 38.9 M RPRX shares, equating to a sizeable 9.2 % stake
• Filing under Rule 13d-1(b) indicates passive intent, reducing risk of disruptive activism while confirming institutional confidence

Negative

• None.

Insights

Securities Analyst

TL;DR – Large but passive 9.2 % stake confirms solid institutional backing; limited immediate valuation impact.

Morgan Stanley’s 38.9 M-share position makes it one of Royalty Pharma’s largest shareholders, signalling confidence from a tier-one financial institution. However, the filing is under Rule 13d-1(b), indicating a passive investment; there is no intention to influence strategy or governance. Because the stake size has not crossed new thresholds (e.g., 10 %), the disclosure is informative rather than catalytic. Market impact is likely muted but affirms continued institutional support, which may help trading liquidity and lend credibility with other investors.

Corporate Governance Expert

TL;DR – No control ambitions; shared voting limits governance implications.

The amended 13G highlights that neither Morgan Stanley nor MSIM claim sole voting or dispositive authority. This, along with their HC and IA classifications, reinforces a non-activist stance. From a governance view, the 9.2 % holding is material but unlikely to sway board decisions absent coordination with other investors. The certification language explicitly disclaims any control intent, reducing the probability of governance challenges. Overall, the filing is neutral for control dynamics but provides transparency for shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ghoshal Kaushik

(Last) (First) (Middle)

RESMED INC.

9001 SPECTRUM CENTER BLVD.

(Street)

SAN DIEGO CA 92123

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RESMED INC [ RMD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Commercial Officer, SaaS

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
ResMed Common Stock								9,802(1)	D
ResMed Common Stock								9,628	I	Kaushik Ghoshal and Jayati Ghoshal Family Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Mr. Ghoshal is no longer subject to reporting due to termination as of August 1, 2025.

	Kaushik Ghoshal, Chief Commercial Officer, SaaS business	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Royalty Pharma (RPRX) shares does Morgan Stanley own?

Morgan Stanley reports 38,907,011 Class A shares beneficially owned.

What percentage of Royalty Pharma’s Class A shares is held by Morgan Stanley?

The filing shows a 9.2 % ownership stake.

Is Morgan Stanley’s position in RPRX active or passive?

It is passive; the Schedule 13G is filed under Rule 13d-1(b) with no intent to influence control.

Which subsidiary holds most of the shares?

Morgan Stanley Investment Management Inc. owns 35,864,664 shares (8.5 %).

Does Morgan Stanley have sole voting power over the shares?

No. The firm reports 0 shares with sole voting or dispositive power; all authority is shared.

When was the certification signed?

Signatures were dated 5 Aug 2025 by authorized signatories.