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ROYALTY PHARMA Corporate Presentation August 2026
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This presentation has been prepared by Royalty Pharma plc (the “Company”), is made for informational purposes only and does n ot constitute an offer to sell or a solicitation of an offer to buy securities. The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and neither the delivery of this presentation at any time, nor any sale of securities, shall under any circumstanc es create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This presentation contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of our strategies, financing plans, growth opportunities and market growth. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the nega tive of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the Company. However, these forward-looking statements are not a guarantee of the Company’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the Company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this presentation are made only as of the date hereof. The Company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such state ments to reflect future events or developments, except as required by law. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its own internal researc h is reliable, such research has not been verified by any independent source. For further information, please see the Company’s reports and documents filed with the U.S. Securities and Exchange Commission (“ SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov. Non-GAAP Financial Information This presentation will include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Additional information regarding non-GAAP financial measures can be found on slide 90 in the Appendix. Any non-U.S. GAAP financial measures presented are not, and should not be vie wed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP and may not be comparable to the calculation of similar measures of other companies. Forward Looking Statements 2
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3 Powerful business positioned to drive strong value creation Expanding market Strong secular trend of growing needs for alternative forms of financing to fund biopharma innovation Unique platform Best-in-class platform for investing in innovative products marketed by premier biopharma companies Attractive returns Consistent unlevered mid- teens IRR and ROIC, >20% return on invested equity Leader in biopharma royalty funding Robust growth Strong, low volatility top- and bottom-line growth expected through 2030 See slide 90 for definitions and factors that may impact the achievement of our growth outlook. Top-line refers to Royalty Pharma’s Portfolio Receipts and bottom -line refers to Portfolio Cash Flow IRR: internal rate of return; ROIC: return on invested capital Royalty market Investment approach Competitive advantages FinancialsOverview
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4 Note: “Top line” refers to Royalty Pharma’s Portfolio Receipts. 1. Royalty Pharma market share from 2020 –2025; internal estimates of biopharma royalty market based on announced transactions. 2. Royalty Pharma top -line CAGR includes future investments. Royalty Pharma’s growth target provided at May 2022 Investor Day. See slide 90 for additional details. 3. Returns reflect a c ombination of actual results and estimated projected returns for investments based on analyst consensus sales projections (where applicable). IRR (or returns) are calculated using total cash outflows and total cash inflows, in each case including royalti es, milestones and other cash flows. See slide 90 for additional details. 4. Based on 2025 end market sales and excludes products tied to recently expired royalties. Royalty Pharma: a premier capital allocator in life sciences 30 years of compounding value (Nasdaq: RPRX) ~13 year portfolio duration with track record of growing through royalty expirations History of identifying most transformative products Mid-teens IRR on transactions since IPO(3) $10bn Cumulative capital deployment from 2022- 2025, an average of $2.5bn annually ~$3.3bn 2025 top line; 91% Adjusted EBITDA margins, providing consistent and growing cash flow to be redeployed Market leader and pioneer Long duration, diversified portfolio Strong track record Compounding growth through value creation Significant funding opportunity Efficient business model Royalty market Investment approach Competitive advantages FinancialsOverview ~48% share of pharmaceutical royalty market(1) 15 blockbusters (>$1bn in annual sales) in portfolio(4) ~13% top-line CAGR achieved between 2020-2025 10%+ top-line CAGR expected over this decade(2) >$1tn capital required for biopharma innovation over next decade ~7-8% cost of capital even with higher rates
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Capital allocators 5 Royalty Pharma combines the attractive attributes of multiple industries Biopharma Alternative asset managers Precious metal royalties Average P/E ratio(1) = ~17x Average P/E ratio(3) = ~14x Average P/E ratio(2) = ~28x Average P/E ratio(4) = ~20x Price to Earnings (P/E) ratios are next twelve months and calculated from the Visible Alpha consensus as of July 28, 2026. 1. Biopharma group includes AbbVie, Amgen, AstraZeneca, Biogen, Bristol Myers Squibb, Eli Lilly, Gilead, GSK, Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron, Roche, Sanofi and Vertex. 2. Capital allocators group includes Constellation Software, Copart, Danaher, Heico, Markel, MSCI, ThermoFisher and TransDigm. 3. Alternative asset manager group includes Apollo, Ares Management, Blackstone, Blue Owl, Carlyle, KKR and TPG. 4. Precious metal royalties group includes Franco-Nevada, Royal Gold Inc. and Wheaton Precious Metals. Royalty market Investment approach Competitive advantages FinancialsOverview
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6 Advancing our partners’ core mission with win-win solutions Existing royalties Synthetic royalties Other funding modalities Structure Potential benefits to partner • Diversification of asset portfolio • Non-dilutive funding for business growth and investment • Upfront capital today in exchange for a long-dated stream of payments • Funding for research and development and commercialization of portfolio • Retain operational control of development programs • Lower cost of capital than issuing equity • Launch and development capital: flexible, patient, long-term capital in exchange for fixed payments • Direct equity investment: enables greater scale of capital Overview • The contractual right to a percentage of sales from a therapy typically arising from a collaboration or licensing deal • Newly-created royalties on approved or late-stage development therapies with strong proof of concept • Other forms of capital as a component within a royalty transaction to increase the scale of capital provided Partner examples Royalty market Investment approach Competitive advantages FinancialsOverview
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7 Royalties play a critical funding role in the biopharma ecosystem… Debt EquityRoyalties Low Low High Post approval Medium No High Low Low All High No Cost of capital Flexibility Operationally restrictive Broad availability Market sensitivity Product specific Low to medium High Low Post proof-of-concept Low Yes Royalties are an innovative and growing asset class Investment approach Competitive advantages FinancialsOverview Royalty Market
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8 …and offer advantages versus pharma partnering Royalties Pharma partnering High Very high None Low to medium Significant Limited Strategic optionality Retention of economics Administrative complexity Cost of capital Scale of capital Operational capabilities Low Low High Very high Significant Extensive “Fundamentally, there is no impact on strategic options [from royalties]… if you sell 50% of your therapy, it might limit potential attractiveness” – Biotech CFO Royalties preserve strategic optionality as the product profile matures CFO: Chief Financial Officer Biotech CFO quote is from the Deloitte report on The Role of Royalties in Funding Biopharma Innovation. Investment approach Competitive advantages FinancialsRoyalty MarketOverview
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9 Megatrends driving the royalty industry Global innovation is occurring at a rapid pace Dramatic increase in technological advances, scientific breakthroughs Record number of FDA approvals United States remains a driver of innovation and seeing strong progress in other geographies (e.g., China) R&D fragmentation creating royalties Diverse, decentralized ecosystem Significant complexity of drug development Numerous collaborations, licensing deals and partnerships drive royalty creation Biopharma capital needs are large and growing Biopharma has expansive and diverse clinical pipelines Capital requirements expected to be >$1 trillion over next decade Scaled royalty providers expected to disproportionately benefit FDA: Food and Drug Administration Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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10 Source: Bloomberg, Visible Alpha and CapIQ 1. Based on estimates from Visible Alpha and Royalty Pharma internal analysis. 2. Based on Evaluate Pharma as of July 2025. Life sciences R&D provides substantial funding opportunity by unprofitable biopharmas (including SG&A) >$1 trillion by profitable biopharmas >$2 trillion by academic, non-profits Synthetic royalties ~$2 trillion Biopharma revenues (2035e) >$1 trillion Biopharma ecosystem cumulative R&D spend over next decade(1) Global pharma market(2) Synthetic royalties Third-partyroyaltiesThird-partyroyalties Third-party royalties Entire biopharma ecosystem drives our pipeline Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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11 RP IPO: Royalty Pharma initial public offering in 2020 1. ~$2 billion Royalty Pharma IPO excluded from biotech capital raises. Royalty funding represents announced value of transac tions. Biotech capital raising versus royalty funding(1) ($ in billions) Strong royalty growth against volatile capital markets backdrop 2016 2025 Biotech capital raises $70 0 $9 0 Royalty funding(1) (3-year rolling average) Follow-on equity Royalty fundingIPOs Converts 2020 • Growth in both strong and more restrictive capital market environments • Benefits becoming more widely recognized • Royalty Pharma 2020 initial public offering raised awareness, accelerating deal activity Uncorrelated royalty growth RP IPO Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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12 Royalty funding has grown rapidly 5-year average annual announced value (1997-2025)(1) Driven by growing capital needs, industry fragmentation, scientific innovation and increased awareness of royalties 1. Royalty Pharma internal data, commencing in 1997. 20251997 $0.08bn $0.6bn $1.5bn $2.4bn $3.6bn $7.1bn $10bn Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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13 Synthetic royalties are an attractive funding modality… § Royalty Debt Equity Non-dilutive to equity / preserves equity upside Customized and tailored funding solutions Independent validation of therapy’s value to patients Share risk of development and/or commercialization No financial covenants Long-term alignment of interests Value add through proprietary analytics Product specific Speed of execution Benefits to biopharma partner Synthetic royalties – a compelling innovation with significant growth potential Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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14 Synthetic royalties are expected to be an important growth driver CAGR: compound annual growth rate Source: Dealogic, Biomedtracker, internal estimates, Evaluate. 1. Royalty Pharma internal analysis. Data reflects announced value of transactions, including milestones and contingent payments . 2. Includes capital raised through initial public offerings (IPOs), follow-on offerings, equity linked issuances, upfronts from licensing deals, existing and synthetic royalties and private credit. 3. Royalty funding reflects announced value of transactions and includes associated equity investments. $4.7 Synthetics are underpenetrated in biopharma funding(2,3) (>$290bn in biopharma funding, 2021-2025) Synthetic royalty market growth has been robust(1) (Announced value; $ in billions) Synthetic royalties (~5%) Follow-on equity offerings IPOs Convertible debt Existing royalties Licensing deals (upfront) Private credit 2016 2017 202420222015 20232018 2019 2020 2021 $0.2 +37% CAGR 2025 Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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15Investment approach Competitive advantagesRoyalty Market FinancialsOverview R&D co-funding agreements are a win-win solution R&D: research and development; ROI: return on investment 1. Represents Visible Alpha estimates for R&D spend for profitable global biopharma from 2026 -2030. >$1trn(1) Global biopharma 5-year cumulative R&D spend Global biopharma benefits Risk sharing at scale Enhances program ROI Contra R&D treatment expands R&D capacity Facilitates portfolio diversification Royalty Pharma benefits Unlocks large new market of opportunities Access to high priority clinical programs Global R&D and commercial capabilities of partner Deep diligence access drives high conviction Large addressable market
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16Investment approach Competitive advantagesRoyalty Market FinancialsOverview Majority of global biopharma have utilized R&D co-funding FASB: Financial Accounting Standards Board; R&D: research and development Information presented above are based on Royalty Pharma internal estimates. 1. Global Biopharma consists of Pfizer, Merck, Bristol Myers Squibb, Lilly, Gilead, Amgen, AbbVie, Johnson & Johnson, Biogen, Regeneron, Alnylam, Vertex, Moderna, Teva, Novo Nordisk, AstraZeneca, GSK, Sanofi, Novartis, Roche, Takeda and Bayer. 2. Reflects global biopharma utilizing R&D co-funding over the 2012-2020 period. 3. Reflects global biopharma utilizing R&D co-funding over the 2012-today period. Growing acceptance of R&D co-funding (% of global biopharma utilizing R&D co-funding)(1) Value of R&D co-funding transactions (Illustrative) 55% Market paused due to accounting uncertainty R&D co-funding proof- of-concept established Growing comfort with accounting Future2016 20222019 FASB formalizes accounting treatment 2025 Increased comfort with accounting treatment and growing recognition of benefits driving adoption Today(3) 23% 2020(2)
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17Investment approach Competitive advantagesRoyalty Market FinancialsOverview Opportunity to scale business by partnering with global biopharma RP: Royalty Pharma; R&D: research and development Royalty Pharma’s Capital Deployment mix (Illustrative) R&D co-funding (global biopharma) Significant RP growth opportunity as market is large and underpenetrated; potential upside to Capital Deployment targets Synthetic royalties (biotech) Expect continued strong growth as successful biotechs increasingly use royalties as part of a diversified capital structure Pre-existing royalties Stable business of existing royalties with potential for long-term upside as RP establishes royalty market in China Funding modality growth outlook 2000's 2010's 2020-2025 Future R&D co-funding could significantly scale RP Capital Deployment R&D co-funding (global biopharma) Other Synthetic royalties (biotech) Pre-existing royalties
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18Investment approach Competitive advantagesRoyalty Market FinancialsOverview Recent R&D co-funding deals highlight breadth and scale of opportunity R&D: research and development 1. In addition, Royalty Pharma announced an R&D co-funding agreement with Cytokinetics for CK-586 in 2024 for up to $200 million. 2. Royalty Pharma to provide $500 million of funding over two years. 3. Royalty Pharma to provide up to $75 million to fund a Phase 2b study in 2026 with option for up to an additional $425 million to co-fund the Phase 3 development program. 4. Royalty Pharma to provide R&D funding of $250 million over six quarters to support Phase 3 development. 5. Royalty Pharma provided $100 million of funding for the Phase 3 development costs. The Phase 3 trial for TEV -’749 read-out was positive and the U.S. Food and Drug Administration accepted Teva’s new drug application in the first quarter of 2026. 6. Royalty Pharma provided $50 million to support Phase 2b development with the option to provide up to an additional $375 mi llion to co-fund the pivotal clinical development program. Following the Phase 2b, Royalty Pharma will not be making any further in vestment. Announcement 2026 2026 2025 2023 2022 Transaction size $500m(2) Up to $500m(3) Up to $250m(4) Up to $125m(5) Up to $425m(6) Therapy JNJ-4804 TEV-‘408 litifilimab TEV-‘749 MK-8189 Indication Autoimmune diseases Vitiligo Lupus Schizophrenia Schizophrenia Co-funding Phase 3 Phase 2b (+ Phase 3 option) Phase 3 Phase 3(5) Phase 2b (+ Phase 3 option) Select Royalty Pharma R&D co-funding agreements, 2022-present(1)
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19 Source: Royalty Pharma internal data; Estimate of Biopharma royalty market based on announced transaction value. 1. Represents market share over the 2020 -2025 period for each segment of value; includes debt -like investments. Clear leader in the rapidly growing royalty market Royalty Pharma market share 2020-2025 Leading market share in each segment 2020-2025(1) ≤$250m >$250m-<$500m ≥$500m 19% 41% 69% Other royalty buyers#2 royalty buyer 48% Royalty Pharma Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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0% 0% 0% 0% 0% 20 Estimates based on publicly available information. Royalty Pharma partnerships assume fully drawn facilities and maximum tran saction value. Pharma partnerships in Other primarily includes upfront payments. 1. Capital raised since Revolution Medicines’ i nitial public offering on February 18, 2020. 2. Capital raised since Biohaven’s May 2017 IPO. 3. Capital raised since Cytokinetics i nitial public offering on April 29, 2004. 4. Capital raised since BioCryst’s initial public offering on March 4, 1994. 5. Capita l raised since Zenas Biopharma’s initial public offering on September 16, 2024. Important funding paradigm emerging for biopharma Royalties are a growing part of successful biotech’s diversified capital structure RP partnership Debt Other / Pharma partnershipEquity Company % capital raised Total ~$5.4bn(3) ~$3.2bn(2) ~$7.5bn(1) ~$1.9bn(4) Flexible Financial flexibility tailored to company’s needs Scale Optionality Insights Partnership Scale of capital needed may only be available through diversified sources Optionality during all market environments Long-term partner that can support company’s needs throughout their growth journey Proprietary insights potentially shared on development program and/or commercial market Significant benefits of diversified capital ~$0.9bn(5) Investment approach Competitive advantagesRoyalty Market FinancialsOverview 35% 17% 21% 26% 27%
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China emerging as a significant driver for innovation in biopharma 21 • Significant increase in licensing deals creating royalties on products marketed by global pharma companies • Royalty market will take time to develop as activity has been focused on therapies in early-stage development • Capital markets less developed in China, creating more acute need for alternative sources of capital • New Head of Asia appointed May 2026 to build royalty platform in the region China is a strategic market for biopharma Increased licensing activity has resulted in important long-term royalty opportunity Number of royalties created from China out-licensing TTM: trailing twelve months Source: Morgan Stanley and public company data 3 2 4 9 25 43 52 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Investment approach Competitive advantagesRoyalty Market FinancialsOverview
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22 IP: Intellectual Property; IPO: Initial public offering; IRR: internal rate of return 1. Based on mid-teens projected IRRs since 2020. Excludes equity investments and ~$2bn of royalty investments where pivotal data has not yet read out. Our investment approach optimizes risk/reward Flexible approach • Maximizes opportunity set • Therapeutic area agnostic; no target for annual investment or stage of development Highly selective • Focus on best products with highest impact on patients • Rigorous due diligence • Conviction in scientific rationale, IP and commercial potential Attractive returns • Target attractive returns above cost of capital across market environments • Long-term investment horizon captures higher cash-on-cash multiples Risk mitigation • Approved products or post- proof-of-concept development-stage therapies • Potential to mitigate risk through deal structure Product selection Risk/reward >90% of deal IRRs exceeding cost of capital(1) ~2% of initial reviews resulted in a transaction Mid-teens IRR on deals since 2020(1) 68 Disease areas invested in since 2020 Competitive advantagesInvestment approachRoyalty market FinancialsOverview
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23 Announced $4.7 billion of royalty transactions in 2025 CDA: confidential disclosure agreement 2025 Royalty Pharma investment activity >480 initial reviews 155 CDAs signed 109 in-depth reviews 35 proposals submitted Executed 8 transactions for $4.7bn litifilimab daraxonrasib obexelimab tividenofusp alfa neladalkib zidesamtinib Competitive advantagesInvestment approachRoyalty market FinancialsOverview
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50 61 70 93 99 109 2020 2021 2022 2023 2024 2025 24 >265 >300 >350 >400 >440 >480 2020 2021 2022 2023 2024 2025 Investment activity reflects strong momentum for royalty funding Initial reviews consistently growing In-depth reviews more than doubled +81% +118% Competitive advantagesInvestment approachRoyalty market FinancialsOverview
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25 Growing interest in royalties driving high-quality inbound calls Source of in-depth reviews (outbound vs inbound business development activity) Royalties becoming increasingly established funding modality 2021 2022 2023 2024 30% 61% 72% 71%61 70 93 99 30% 61% 72% 71% Outbound Inbound • Growing in-depth reviews from inbound calls • Increasing interest from partners with high-quality opportunities • Increasingly institutionalized in biopharma as banking practices establish dedicated royalty advisory groups • Outbound calls continue to drive important proportion of completed RP transactions • Royalty Pharma’s profile as a public company facilitated greater awareness of the benefits of royalties Source: Royalty Pharma internal data. 81% 109 2025 Overview Competitive advantagesInvestment approachRoyalty market Financials
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26 Numbers may not add due to rounding. 1. Capital Deployment reflects cash payments during the period for new and previously announced transactions. 35%, ~$10bn Development-stage therapies Healthy mix of approved and development-stage investments Annual Capital Deployment ~$28 billion in cumulative Capital Deployment (2012 – Q2 2026)(1) 100% 0% 2012 2023202220212020 65%, ~$18bn Approved products Approved Development-stage 2024 2025 Royalty Pharma has deployed approximately $28 billion of capital since 2012 Competitive advantagesInvestment approachRoyalty market FinancialsOverview 2026 YTD
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Significant time, resources on new molecule/modality development and achieving proof-of-concept by biopharma 27 We deploy capital in attractive risk/reward opportunities Phase 1 Phase 2 Phase 3 Registration Approved 100% 0% Industry probability of success(1) Pre-clinical We invest where industry success rates are highest • Deployed ~65% of capital on approved products since 2012 • For development-stage, we generally invest post proof-of-concept (Phase 3 or later) • Industry R&D success rates increase to ~52% in Phase 3 from ~15% in Phase 2(1) • RP development-stage success rate of ~90%, well ahead of industry benchmarks(2) R&D cost(3): ~$900m ~$1.4bn RP investment focus Lowest risk stages of development, highest capital needs Biopharma innovation Strong track record of success 1. BIO: Clinical Development Success Rates and Contributing Factors, 2011 -2020. 2. Development-stage success rate reflects the value of approved development -stage investments divided by the sum of the value of approved and failed development-stage investments. 3. Average R&D cost per approved drug. Congressional Budget Office, Research and Development in the Pharmaceutical Industry, April 2021. 8% 15% 52% 91% 100% n/a Competitive advantagesInvestment approachRoyalty market FinancialsOverview
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28Competitive advantagesInvestment approachRoyalty market FinancialsOverview Well-balanced portfolio, anchored by approved products Low-risk portfolio driven by capital deployment in approved products and ~90% development-stage success rate(1) Breakdown of total Invested Capital at Work(1) 2020 202420232019 20222021 2025 Approved at acquisition Approved since acquisition Development-stage Unsuccessful(3) 65% 19% 12% 4% 84% $16bn $18bn $20bn $22bn $14bn $11bn $10bn Q2 2026 (LTM) $22bn LTM: last twelve months Amounts may not add due to rounding. 1. ~90% success rate since 2012 represents development -stage investments that have been approved since acquisition and excludes therapies that are still in development. 2. Represents average of Invested Capital at Work at the beginning and end of the year. 3. Unsuccessful totals include unsuccessful development-stage investments and products that were Approved at acquisition or Approved since acquisition that are no longer expected to generate royalty receipts.
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29 Track record of identifying great products that consistently outperform Therapy First- or best-in class Actual/Current Rituxan HIV franchise(2) Neupogen/Neulasta(1) Tecfidera 1997 Humira CF franchise Remicade Imbruvica Evrysdi Nurtec 2024 Consensus peak sales (in bn) $0.8 $7.0 $2.4 $1.0 $5.0 $5.6 $6.1 $0.9 $4.4 $4.0 Therapeutic Area Cancer Cancer Spinal muscular atrophy Cystic fibrosis Multiple sclerosis Immunology Immunology HIV Cancer Year Migraine Voranigo Cancer At transaction $0.5 $7.6 $16.2 $3.1 $2.4 $6.9 $8.8 $21.2 $4.3 $5.9 $4.4 >$1.0(3) % Outperformance +843% +133% +29% +128% +39% +56% +248% +352% +34% +11% >100% Tremfya $5.5Immunology $14.3 +161% Trelegy $3.2Respiratory $4.0 +23% Trodelvy Cancer $0.7 $3.0 +352% CF: cystic fibrosis; HIV: human immunodeficiency virus Consensus data per Visible Alpha as of August 4, 2026. 1. Reflects sum of individual peak sales estimates/actuals for US and International geographies (RP made individual investmen ts in US/International royalty). 2. Figures reflect emtricitabine sales only. 3. Based on Royalty Pharma peak sales estimate at the time of the transaction . Competitive advantagesInvestment approachRoyalty market FinancialsOverview
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30Competitive advantagesInvestment approachRoyalty market Proven ability to identify successful products… -48%-47%-43% -12%-9% 4%7%11%14%17% 22%27%28% 40%44%48% 100% 116% >100% Discontinued development and marketing excluding U.S. & China(8) CF franchise (6) (5) (7) Transaction size >$250m Transaction size <$250m 37% increase (1) (weighted average by capital deployed (2)) Sales performance 5-years post transaction from time of acquisition(1) (% change for approved products since 2020) (3) (4) FinancialsOverview 1. Consensus sales sourced from Visible Alpha as of August 2026 and includes therapies with consensus available at the time o f the transaction and 5-years post transaction; actual sales figures used for products acquired in 2020. 2. Increase in consensus reflects investments in approved products, but excludes launch and development capital and excludes Adstiladrin and IDHIFA given that the marketers do not disclose product sales. 3. Voranigo estimate for 5-years post transaction is based on Royalty Pharma peak sales estimate. 4. Change in Orladeyo consensus sales includes both BioCryst transactions (December 7, 2020 and November 22, 2021) with the percent change weighted by capital deployment. 5. Change in Erleada consensus sales is from date of second Erleada transaction (June 5, 2023). 6. Change in Evrysdi consensus sales includes all PTC transactions (2020, 2023 and 2025) with the percent change weighted by capital deployment. 7. Reflects U.S. sales of Skytrofa. 8. Blueprint Medicines press release, January 8, 2024. Capital Deployment of $10.7bn in approved products out of $15.6bn total
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31Competitive advantagesInvestment approachRoyalty market Proven ability to identify successful products… Sales performance 5-years post transaction from time of acquisition(1) (% change for approved products since 2020) FinancialsOverview 1. Consensus sales sourced from Visible Alpha as of August 2026 and includes therapies with consensus available at the time o f the transaction and 5-years post transaction; actual sales figures used for products acquired in 2020. 2. Increase in consensus reflects investments in approved products, but excludes launch and development capital and excludes Adstiladrin and IDHIFA given that the marketers do not disclose product sales. 3. Voranigo estimate for 5-years post transaction is based on Royalty Pharma peak sales estimate. 4. Change in Orladeyo consensus sales includes both BioCryst transactions (December 7, 2020 and November 22, 2021) with the percent change weighted by capital deployment. 5. Change in Erleada consensus sales is from date of second Erleada transaction (June 5, 2023). 6. Change in Evrysdi consensus sales includes all PTC transactions (2020, 2023 and 2025) with the percent change weighted by capital deployment. 7 . Reflects U.S. sales of Skytrofa. 8. Blueprint Medicines press release, January 8, 2024. Capital Deployment of $10.7bn in approved products out of $15.6bn total Transaction size >$250m Transaction size <$250m IRR expected to achieve target returns or better Discontinued development and marketing excluding U.S. & China(8) CF franchise (6) (4) (5) (7) (3)
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• Invested ~$10bn in development-stage therapies since 2012 • Require strong proof-of-concept data and target unlevered IRRs in the teens % • Lack of therapeutic area constraints drive broad landscape of opportunities • History of identifying therapies with unmet and underserved patient needs • 19 development-stage therapies in portfolio 32 1. Cumulative through August 5, 2026. 2. Not approved includes investments in otilimab, BCX9930, vosaroxin, palbociclib, ApiJect, MK-8189 and Merck KGaA’s anti-IL17 nanobody M1095. 3. Royalty Pharma’s investment in gantenerumab, which was written -off, has been added back to “in-development” as Roche initiated a Phase 3 trial for the follow-on molecule, trontinemab, in 2025. 4. 90% approved at acquisition excludes development-stage therapies that are still in development. Strong track record of investing in development-stage therapies Capital Deployment on development-stage therapies (2012-Q2 2026)(1) approved since acquisition(4) 65% Approved 28% In development(3) 7% Not approved(2) Approach drives strong track-record Royalty Pharma development-stage success rate of ~90% excluding therapies still in development 90% Competitive advantagesInvestment approachRoyalty market Financials Overview
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33Competitive advantagesInvestment approachRoyalty market FinancialsOverview Therapy Jideytro, neladalkib ecopipam Cobenfy Nurtec ODT, Zavzpret Trodelvy Investment year(s) 2025 2024 2023 2018, 2019, 2020 2018 Assets acquired Royalties Royalty Royalty Royalties, equity, Milestones Royalty, Equity Transaction size Up to $315m Up to $94m Up to $500m Up to ~$835m $250m Company GSK Teva Bristol Myers Squibb Pfizer Gilead Acquisition year(1) 2026 2026 2023 2022 2020 Acquisition value ~$11bn ~$1bn ~$14bn ~$12bn ~$21bn Royalty Pharma Ahead of the curve in identifying exciting innovators Select biotech companies acquired by large biopharma after Royalty Pharma funding 1. Represents date of announcement. Acquired by biopharma in 2026 Acquirer
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34 1. Royalty Pharma deal team includes Research & Investments, Investments & Capital Strategies, Strategy & Analytics, Legal, a nd Executive leadership. Rigorous process results in multiple benefits for shareholders Approach • Best project team based on expertise • Flat structure, no organizational silos Diligence • Exhaustive research led by decision makers • Decades of institutional knowledge Shareholder Benefits • High conviction investments • Disciplined capital allocation • Strong, consistent returns • Effective risk management Accountability and Efficiency • One RP team owns entire deal process • Unified rapid decision making Royalty Pharma Deal Team(1) Investment Committee Board of Directors Execute transaction Identify & Develop Diligence Structure & Negotiate Apply dynamic capital allocation framework Royalty market FinancialsOverview Competitive advantagesInvestment approach
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Leveraging the best internal and external expertise available 35 1. Internal team represents Senior Vice Presidents (SVPs) and below in Research & Investments, Legal, Strategy & Analytics an d other departments. 4 86 9 49 7 87 4 77 4 129 Paused project (did not transact) BCX9930 ~18x average multiplier Amplifying our team with the best external advice available to drive high conviction investments Internal team(1) (# of employees) External support (# of experts) Royalty market Financials Overview Competitive advantagesInvestment approach
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Revolution Medicines deal a prime example of new funding paradigm 36Royalty market FinancialsOverview Competitive advantagesInvestment approach Daraxonrasib, a RAS(ON) multi-selective inhibitor for RAS mutant pancreatic and lung cancers 1. Royalty Pharma press release, June 24, 2025. “This gives us committed $2 billion of capital, which allows us to make the multi-year commitments that we need to be making now … [and] from a value retention perspective, we think this is a fantastic deal. ” -Revolution Medicines, Business Update Call, June 24, 2025 $2 billion in total funding(1) Up to $1.25bn synthetic royalty on daraxonrasib for cancer • $250m upfront • Tranched investments upon clinical, regulatory and commercial success • Mid-single digit royalty rate Up to $750m of senior secured debt • Tranched investments upon regulatory and commercial success benefitsTransaction terms Significant quantum of capital enables multi-year R&D investments Funding allows retention of global operational control Significant flexibility for future decisions
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Daraxonrasib – a potentially transformative therapy for cancer 37Royalty market FinancialsOverview Competitive advantagesInvestment approach Multi-blockbuster potential for daraxonrasib (Non risk-adjusted consensus sales; billions)(4) Unique deal structure provides attractive risk/reward Impressive clinical results Daraxonrasib nearly doubled overall survival vs. chemotherapy in pivotal trial of second line metastatic pancreatic cancer patients(1) High unmet patient need Pancreatic cancer is the 3rd leading cause of cancer death and among the worst 5-year survival rates(2); chemotherapy only current treatment option Large market opportunity Consensus sales of ~$12bn by 2035 and potential peak royalties of ~$180m-$340m(3); potential opportunities in lung and colorectal cancer Risk mitigation RP provided $250m upfront, another $250m after positive Phase 3 results and additional funding is available on achievement of milestones ~$12 1. Revolution Medicines press release, April 13, 2026. In the overall study population, daraxonrasib demonstrated a median OS of 13.2 months versus 6.7 months for chemotherapy (hazard ratio 0.40; p<0.0001). 2. Five-year survival rate for pancreatic cancer is 13% according to the American Cancer Society. 3. Peak royalties assume royalty rates under required Revolution Medicines draw and maximum draw scenarios. 4. Visible Alpha consensus as of July 30, 2026. 2026 2035
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38 US: United States; EU: European Union; RoW: Rest of World; TA: therapeutic area; KOL: key opinion leader; FDA: Food & Drug Administration; EMA: European Medicines Agen cy; MSL: medical science liaison; PMDA: Pharmaceuticals and Medical Devices Agency; ESG: environmental, social and governance; IP: intellectual property; PK/PD: pharmacokinetics/pharmacodynamics; IRA: Inflatio n Reduction Act Exhaustive due diligence process sharpened over decades Clinical Physician Diligence • Global (US/EU/Japan/RoW) • KOL mapping • Academic vs. community • State-of-the-art surveys PK/PD • Dose confirmation • Biomarkers • Key drug properties Patient Journey • Diagnosis and treatment path • Duration of therapy, compliance • Sites of care and geography • Time since diagnosis Market Sizing • Patient finding • Detailed population profiling • Validated epidemiology • Scaled market surveys Intellectual Property • Global (US/EU/Japan and other) • Litigation scenarios • Multiple opinions Transactional • Strategic accounting • Tax planning • Expert structuring and drafting Biostatistics • Effect size scenario analysis • Probability of success • Enrollment projections • Statistical Analysis Plans Pre-Clinical & Toxicology • In-silico methods • In-vitro modeling • Toxicology and sub-specialists • Specialized areas – (e.g., ophthalmology) US Pricing • Gross-to-net modeling • Proprietary RP portfolio data • Comparables • Historical net price realization Payors & Access • Formulary analytics • Medicare, Medicaid • 340b impact • IRA and other policy scenarios Manufacturing & Drug Delivery • Modality specific consultant • Regulatory perspectives • Site visits • Capacity planning • Formulation technologies • Auto-injectors and devices Licensing and Contracts • Analysis of contract language • Deep institutional knowledge • Business risk assessment Clinical & Safety • Comparative analytics and meta-analyses • Clinical trial design • Access to clinical study reports • Patient-level data analysis and/or customized data analyses • TA specific consultants – doctors, R&D execs, clinical trial operations Competition • Global landscape analysis • Patent analysis • Product profile comparisons International Markets • Country-by-country pricing • Addressable patients • Country-by-country access • Global surveys Government & Policy • Democrat and Republican aligned policy consultants • Global policy perspective Management & Governance • Experience and strategy • Compensation alignment Patients & Caregivers • Real world perspective on patient priorities • Patient surveys • Social media analytics Commercial Strategy • Go-to-market strategy and brand plan analysis • Consultants: sales and marketing execs, MSLs, and regional managers • Sales infrastructure and promotional spend feasibility • Gap analysis Regulatory • US/FDA correspondence • EU/EMA correspondence • International (PMDA, other) • Specialized Consultants Corporate Responsibility • Board oversight • Responsible investment process Strategy & Analytics S&A expertise and insights leveraged Regulatory, IP Manufacturing Commercial Forecasting Contracts, Governance Royalty market FinancialsOverview Competitive advantagesInvestment approach
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39 PoC: proof-of-concept See slide 90 for factors that may impact the achievement of our growth outlook. 1. $2.5bn average per year represents Capital Deployment from 2020 -2025. Our unique structure shaped over decades to acquire royalties 1996 Cost of capital 20% 5% 10% 15% 25% 30% 2.0 Capital Deployment ($bn) 0.5 1.5 1.0 2.5 Investment fund Ongoing business Publicly traded 100% private capital limits use of leverage Diversified portfolio, growing cash flows enable use of investment grade debt Deep access to capital markets Optimized biopharma royalty buyer Platform Scaled investment platform with integrated data & analytics function provides unique insights and value to partners Portfolio Diversified portfolio of >50 approved and development-stage products Financial Efficient model generates significant cash flows; low cost of capital Investment approach Refined over ~30 years; long time horizon enables ability & willingness to take risk; flexible approach; continuously innovating Expanded scope Invest in post-PoC development-stage therapies ~$2.5bn/year(1) ~$1.6bn/year ~$0.6bn/year ~$20m/year 20252004 2012 2020 2030 Internalization Further lowers cost of capital ~7% Competitive advantagesRoyalty market Investment approach FinancialsOverview
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40 Investment Platform Our competitive advantages Business Model Industrialized process Human capital Life sciences expertise Relationships Data & analytics Flexibility Scale and diversification Investment time horizon Unique structure Singular focus Competitive advantagesRoyalty market Investment approach FinancialsOverview
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41 Multiple elements of our business drive competitive moats Typical competitor Business model Ongoing business Closed-end fund Investment life Indefinite 7-10 years Strategic focus Life science royalties Multi-industry, multi-strategy Sources of capital Multiple types (cashflow, IG debt, equity) Predominantly investor capital Royalty portfolio >50 therapies Limited Reinvestment capacity $2.7bn Portfolio Cash Flow (2025) None (beginning of fund) Cost of capital ~7% Teens % IG: investment-grade See slide 90 for definitions. Refer to Appendix for a GAAP to non -GAAP reconciliation. Competitive advantagesRoyalty market Investment approach FinancialsOverview
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42 Major structural advantages when acquiring royalties Unique structure benefits partners and shareholders Low teens blended % Royalty PharmaTypical competitors Cost to partner advantage 1 2 Partner benefits Shareholder benefits Unlevered returns High teens to low 20s % Low teens blended % Levered returns Benefit of leverage Investor returns3 Royalty Pharma Low-cost IG debt Offers lower cost of capital due to scale and diversified portfolio Cost of capital advantage results in winning more transactions Investors see enhanced equity returns from use of conservative leverage 1 2 3 IG: investment-grade Competitive advantagesRoyalty market Investment approach FinancialsOverview
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43 Competitors with shorter time horizon • Less ability to provide value for life cycle management • Less structuring flexibility • Capital provider, not a true partner • Only compete in limited market segments Benefits of longer time horizon Structuring Greater flexibility in structuring transactions over the life of the product Opportunities Differentiated ability to acquire development-stage royalties where pivotal studies may not complete for several years Economics Returns optimized as life cycle management benefits (including label expansion) are realized Alignment Aligns with partner time horizon, deepening relationships and likelihood of repeat business Long investment horizon differentiates us from competition 0 years 3 years CommercializationPhase 3 15 years Patent expiry Royalty Pharma Registration Pension funds Structured royalty or debt Royalty competitors Royalty Pharma invests across the product life cycle Competitive advantagesRoyalty market Investment approach FinancialsOverview
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44 Flexibility in our investment approach drives multiple benefits Win-win funding solutionsExpands opportunity set Effective risk management Ability to structure around multiple development and commercial scenarios Variety of tools to mitigate risk (milestones, royalty tiering, option periods, etc.) Partner-centric approach builds strong relationships; positions RP to achieve attractive returns Our approach to structuring Competitive advantagesRoyalty market Investment approach FinancialsOverview
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45 1. Average Invested Capital at Work as of 2025. 2. Competitor A and B are illustrative to represent smaller fund sizes of competitors in the royalty market. Our scale and diversification is unique among royalty buyers Largest royalty acquisitions may add concentration challenges for other royalty buyers Royalty Pharma Competitor A Competitor B (Invested capital)(1) ~$22bn (Fund size)(2) ~$6bn ~$3bn (Fund size)(2) Royalty Pharma has unique size and scale Impact of ~$1bn royalty investment <5% of capital base ~17% of capital base Competitive advantagesRoyalty market Investment approach FinancialsOverview
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6 13 21 38 2012 2020 2021 2025 46 R&I: Research & Investments; S&A: Strategy & Analytics; I&C: Investments & Capital Strategies; S&E: Search & Evaluation 1. Investment team as of September 2025 consists of Research & Investments, Strategy & Analytics, Investments & Capital Strat egies and Search & Evaluation. Scaling our team to capture the significant opportunity ahead Investment team(1) Provided at 2022 Investor Day 2025 Investor Day R&I S&A I&C S&E >3x ~1.8x Strategically building our platform Research & Investments Identifies, diligences, negotiates and executes royalty transactions Strategy & Analytics Generates unique insights through real world evidence and data science that are core to diligence process; provides value-add to partners Search & Evaluation Monitors the most exciting early-stage, innovative science occurring in academia and biopharma; establishes early relationships Investments & Capital Strategies Manages and grows relationships in the biopharma industry to deeply understand partner capital needs Competitive advantagesRoyalty market Investment approach FinancialsOverview
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47 Volume of opportunities reviewed provides competitive edge Initial reviews by therapeutic category (2022-2025) 263 49 50 62 84 91 165 190 255 454 Oncology Central nervous system Cardio-metabolic Rare disease Infectious disease Inflammation & Immunology Dermatology Ophthalmology Respiratory Other ~1,700 Volume ~1,700 initial reviews processed in past 4 years across all TAs provides comprehensive view of entire drug development landscape Knowledge Volume and breadth of reviews expand institutional knowledge base, improving probability of success and returns Value-add Greater value-add to partners from depth of knowledge and comprehensive monitoring of royalty landscape Capabilities Review process scaled with efficiencies from Strategy & Analytics; opportunity to sharpen diligence process Depth and breadth of reviews compound knowledge TA: therapeutic areas Competitive advantagesRoyalty market Investment approach FinancialsOverview
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48Competitive advantagesRoyalty market Investment approach FinancialsOverview Significant therapeutic area expertise built over decades RP transacted RP evaluated Category Spinal muscular atrophy Humira Remicade Immunology Multiple sclerosis Prostate cancer Announced value ~$2.5bn >$4.5bn ~$1.3bn ~$4.0bn Tecfidera 1 Tecfidera 2 2000-2009 2010-2019 2020-2026 Tremfya litifilimab Cimzia Tysabri Xtandi Erleada 1 Spinraza Evrysdi 1 Spinraza Evrysdi 2 & 3 Zolgensma frexalimab Erleada 2 Other(1) TTR amyloidosis Amvuttra cliramitug ~$0.7bn Vyndamax Onpattro Attruby JNJ-4804 TTR amyloidosis: transthyretin amyloidosis 1. Other includes investments in Entyvio, obexelimab and TEV-408.
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49 We will track opportunities for years to build our portfolio 2018 2021 2017 2014 2019 Select transactions 2012 Present Tracking Negotiations Peak sales(1) ~9 years ~1.5 years ~$4 billion ~5 years ~2 months >$1 billion ~8 years ~1 year >$14 billion ~4 years ~4 months ~$3 billion ~4 years ~9 months >$5 billion ~4 years ~8 months ~$5.5 billion 2013 frexalimab RP started tracking Dec 2020 July 2022 April 2024 May 2024 June 2020 June 2021 April 2020 July 2020 Sept 2023 May 2024 June 2021 Jan 2022 RP deal negotiations commence Transaction executed Enables strong relationship development and drives investment conviction 1. Peak sales for Trelegy, Tremfya, Evrysdi and Myqorzo based on Visible Alpha estimates. Peak sales for Voranigo based on Ro yalty Pharma internal estimate. Peak sales for frexalimab based on Sanofi guidance. Competitive advantagesRoyalty market Investment approach FinancialsOverview
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50 HCP: health care practitioner 1. Royalty Pharma internal data. Powerful insights generated from our proprietary data resources Strategy & Analytics Patient-level claims data Patient electronic medical records Provider-level prescribing data ~200m people ~44m people ~6m HCPs Market sizing High resolution epidemiology, treatment rate estimates and identification of patient need Patient journey / real world use Quantify duration of treatment, compliance, and therapeutic sequencing Physician behavior Analyze prescribing at individual physician level to segment patterns across geographies and practice settings Launch dynamics Compare launch performance across precedent products Deep investment in data(1) Proprietary insights Adds value to partner development and launch strategy Real world evidence Data science Competitive intelligence Artificial intelligence Longitudinal patient- level data ~9 years Competitive advantagesRoyalty market Investment approach FinancialsOverview
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51 Strength of platform approach evident in breadth and scope of activity Years Capital deployed Products Diseases 2020 $2.2bn 13 11 Select examples 2021 $2.5bn 8 13 2023 $2.2bn 7 7 2024 $2.8bn 9 13 2025 $2.6bn 8 10 2022 $2.4bn 7 10 trontinemab olpasiran aficamten pelacarsen Total 56 68 ~$16bn of capital deployed to acquire royalties on 56 products spanning 68 unique disease areas daraxonrasib ~$16bn Competitive advantagesRoyalty market Investment approach FinancialsOverview 2026 $1.1bn 4 4 JNJ-4804 TEV-‘408
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52 Source: Royalty Pharma internal data; by announced transaction value. Repeat partners include Abbvie, Agios, Biocryst, Biohaven, the Cystic Fibrosys Foundation, Cytokinetics, Fumapharm, PTC, and Teva. Deploying substantial capital with repeat partners Multiple benefits to long-term partnershipsCapital committed with repeat partners (~$22bn of announced transaction value since 2020) Growth with partner Increases Royalty Pharma success rate and potential for future transactions with partner Speed of execution Ability to transact quickly given strong base of existing knowledge Information edge Potentially in-depth access to product information, strategy, management Probability of transacting Strong existing relationships and already established roadmap for success Repeat partners ~$7bn (31%) New partners ~$15bn (69%) Competitive advantagesRoyalty market Investment approach FinancialsOverview
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Competitive price 53 Why we win Deep relationships Brand reputation Scale and focus Responsiveness Flexibility on structuring Long-term horizon Partnership mentality Competitive advantagesRoyalty market Investment approach FinancialsOverview
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Efficient model generates substantial cash flow to reinvest 54FinancialsRoyalty market Investment approach Competitive advantages Portfolio Receipts(2) Payments for operating and professional costs(3) Interest paid, net Portfolio Cash Flow (non-GAAP) % Portfolio Receipts Adjusted EBITDA (non-GAAP) Capital Deployment in millions % Portfolio ReceiptsH1 2026 Royalty Receipts(1,2) Milestones & other contractual receipts(1) Share count(4) YoY: year over year; nm: not meaningful Amounts may not add due to rounding. 1. Reported net of legacy non-controlling interests to facilitate increased transparency of individual royalty economics and mil estones. 2. Royalty Receipts and Portfolio Receipts in 2025 do not include the $511 million of proceeds from the Q1 2025 sale of the M orphoSys Development Funding Bonds. 3. Payments for operating and professional costs in 2025 include one -time payments amounting to approximately $70 million (>2% o f 2025 Portfolio Receipts), comprised of transaction costs for the Internalization and other one -time items. 4. Reflects weighted-average diluted Class A ordinary shares outstanding. Overview 85.9% 4.3% $1,698 $1,458 ($73) $1,625 95.7% ($877) $1,655 $43 +8% YoY +13% YoY (60%) YoY 557 ($167) 83.7% 8.9% 91.1% ($2,596) FY 2025 564 $3,254 $2,724 ($288) $2,966 ($242) $3,127 $128 +16% YoY +13% YoY nm
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Delivering double-digit growth on average since IPO 55Royalty market Investment approach Competitive advantages FinancialsOverview $371 $445 $472 $482 $500 $462 $537 $530 $581 $511 $584 $593 $616 $545 $637 $651 $705 $605 $732 $729 $788 $672 $811 $856 $887 $768 1. Growth rates are presented on a pro forma basis. See slide 90 for definition and additional information. 2. Royalty Receipts in the second quarter are typically lower than the first quarter as royalties for certain products or fra nchises are tiered and typically reset at the beginning of the year. Thus, second quarter Royalty Receipts (reflecting first qua rter sales) often include royalties on sales at the lowest royalty tier. 3. The 2022 and 2023 results are calculated on a pro forma basis to exclude Accelerated Receipts (as defined in the Credit Ag reement) as if Amendment No. 5 of the Credit Agreement had taken effect on January 1, 2019. 2020(1) Q3 Q4 2021 2022 2023 2024 Q1 +19% +12% +11% +35% +4% +14% +10% +16% +11% +9% +12% +6% +7% +9% +10% +14% +11% -7% +15% +11% Royalty Receipts (year/year growth; $ in millions) +12% +8% +12% Portfolio Receipts $608$717$686(3)$637$656(3) $545$606(3)$597$524$605$543$587$475$524$484$472$462$382 $735 $742 $839 $727 +11% $814 +17% $874 2025 +15% +12% +8% +13% +13% 2026 +13% $925 +14% Q2(2) Q3 Q4Q1 Q2(2) Q3 Q4Q1 Q2(2) Q3 Q4Q1 Q2(2) Q3 Q4Q1 Q2(2) Q3 Q4Q1 Q2(2) Q1 Q2(2) $773 +13%
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CF Franchise to remain important contributor over the long term 56 CF: cystic fibrosis See slide 90 for definitions and factors that may impact the achievement of our growth outlook. 1. In the second quarter of 2025, we did not receive from Vertex the full amount of Royalty Receipts on Alyftrek net sales to which we are contractually entitled. We believe we are entitled to a royalty of approximately 8% on net sales of Alyftrk and Vertex only paid us a royalty rate of approximately 4%. As a result, we have commenced the dispute resolution procedures contemplated by the agreem ents relating to our royalties on Vertex’s cystic fibrosis products. Portfolio receipts figures shown are net of estimated distr ibutions to legacy non-controlling interests (NCI). There are no NCI distributions related to the additional royalty interest that we acquired from the CF Foundation in 2020. Prior downside view New downside view Contractual royalty rate ~$600-700m ~$800m >$1bn CF Franchise 2030 Portfolio Receipts now expected to be ~$800m under a downside royalty rate with potential for >$1bn Current View 2030 CF Franchise Portfolio Receipts outlook(1) >$200m Consensus at similar level reflects downside royalty scenario Royalty market Investment approach Competitive advantages FinancialsOverview
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Exciting pipeline of large potential royalties to power growth beyond 2030 57 ALK-positive: Anaplastic Lymphoma Kinase Positive; NSCLC: non-small cell lung cancer; IgG4: Immunoglobulin G4 related disease ; ATTR: transthyretin amyloidosis 1. Expected launch year based on marketer guidance except for olpasiran and seltorexant, which are based on clinicaltrials.gov, and daraxonrasib which is based on analyst research estimates. Revolution Medicines was granted a voucher under the Commissioner’s National Priority Voucher program that could speed time to market. 2. Potential peak sales for frexalimab, pelacarsen, seltorexant, cliramitug and trontinemab based on marketer guidance (the midpoint is used when ranges are provided); potential peak sales for olpasiran, litifilimab, deucrictibant, daraxonrasib, and TEV-’749 based on analyst research estimates as of August 2026. Ecopipam and obexelimab (just IGg4) peak sales based on RP estimates. Due to the acquisition by GSK, the neladalkib peak sales are based on the Nuvalent consensus as of May 2026. 3. Peak royalties assume royalty rates under required Revolution Medicines draw (Tranche 1 and Tranche 2) and maximum draw sc enarios (Tranches 1 through 5). Tranche 1 was funded in June 2025 and Tranche 2 was funded in May 2026. 4. JNJ-4804 is transitioning to phase 3 clinical studies. The royalty rate on JNJ -4804 has not been disclosed. All late-stage development assets have first-in-class or best-in-class potential Expected launch year(1) Therapy Lead indication Potential peak sales (non risk adjusted)(2) Potential peak royalties 2026 TEV-’749 schizophrenia >$1bn >$40m neladalkib ALK-positive NSCLC >$3.5bn >$50m daraxonrasib pancreatic cancer ~$12bn ~$180-340m 2027 ecopipam Tourette syndrome ~$1bn ~$80m pelacarsen cardiovascular disease >$3bn >$150m obexelimab IgG4-related disease >$1bn >$55m deucrictibant hereditary angioedema >$1.5bn ~$80m 2028 frexalimab multiple sclerosis >$5bn >$400m seltorexant depression >$3bn >$150m litifilimab lupus ~$1.5bn ~$95m 2029 trontinemab Alzheimer’s disease >$3bn >$130m cliramitug ATTR cardiomyopathy ~$4bn ~$150m olpasiran cardiovascular disease >$4bn >$375m Total late-stage development: >$40bn ~$2.0bn (3) Royalty market Investment approach Competitive advantages FinancialsOverview Excludes JNJ-4804 (4)
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58Royalty market Investment approach Competitive advantages FinancialsOverview 2026 and 2027 clinical and regulatory events Avlayah FDA approval(15) (Hunter syndrome) 2026 2027 frexalimab Phase 3 results(13) (multiple sclerosis) seltorexant Phase 3 results(14) (MDD) litifilimab Phase 3 results(9) (CLE) Imdelltra Phase 3 results(14) (1L SCLC) daraxonrasib Phase 3 results(14) (2L NSCLC) pelacarsen FDA approval (cardiovascular disease) deucrictibant (IR) FDA approval(20) (HAE attacks) 2026 2027 obexelimab FDA approval (IgG4-RD) Clinical Regulatory pelabresib EMA approval (myelofibrosis) litifilimab FDA filing (SLE, CLE) Regulatory events in 2027 are estimated based on the timing of Phase 3 results and expected filing timelines. 1L: first-line; 2L: second-line; IgG4-RD: immunoglobulin G4 related disease; HAE: hereditary angioedema; PDAC: pancreatic ductal adenocarcinoma; C LE: cutaneous lupus erythematosus; nOH: neurogenic orthostatic hypotension; MSA: multiple system atrophy; nHCM: non-obstructive hypertrophic cardiomyopathy; mNSCLC: metastatic non small cell lung cancer; ADP: Alzheimer’s Disease Psychosis; SLE: systemic lupus erythematosus; IPF: idiopathic pulmonary fibrosis; ALK+: anaplastic lymphoma kinase -positive; MDD: major depressive disorder; SCLC: small cell lung cancer; NSCLC: non small cell lung cancer; ROS1: ROS proto -oncogene 1; mTNBC: metastatic triple negative breast cancer; FDA: Food and Drug Administration; EMA: European Medicines Agency; XR: extended release; IR: immediat e release. 1. Zenas BioPharma press release, January 5, 2026. 2. Biogen press release, March 28, 2026. 3. Revolution Medicines p ress release, April 13, 2026. 4. Cytokinetics press release, May 5, 2026. 5. Theravance press release, March 3, 2026. 6. Gilead press release, June 8, 2026. 7. Pharvaris Q1 2026 earnings release, May 12, 2026. 8. Novartis Q2 earnings presentation, July 21, 2026. 9. Biogen press release, July 29, 2026. 10. Zenas BioPharma press release, May 13, 2026. 11. Syndax press release, July 14, 2026. 12. ADP and bipolar 1 disorders are separate trials. Bristol Myers Squibb Q2 earnings presentat ion, July 30, 2026. 13. Sanofi Q1 2026 presentation, April 23, 2026. 14. clinicaltrials.gov. 15. Denali Therapeutics press release, March 25, 2026. 16. GSK Press Release, July 22 , 2026. 17. Zenas BioPharma press release, May 28, 2026. 18. Teva press release, June 18, 2026. 19. Gilead Press Release, June 2 4, 2026. 20.Pharvaris Press Release, July 6, 2026. 21. Revolution Medicines press release, July 22, 2026 and research analyst estimate s which forecast a daraxonrasib launch in 2026. 22. Jazz Q2 press release, August 3, 2026. 23. Teva press release, July 29, 2026. neladalkib FDA approval(16) (ALK+ NSCLC) obexelimab Phase 3 results(1) (IgG4-RD) pelacarsen Phase 3 results(8) (cardiovascular disease) daraxonrasib Phase 3 results(3) (2L metastatic PDAC) litifilimab Phase 3 results(9) (SLE) Cobenfy Phase 3 results(12) (ADP; bipolar 1 disorder) Myqorzo Phase 3 results(4) (nHCM) deucrictibant (XR) Phase 3 results(7) (HAE attacks prophylaxis) TEV-’749 FDA approval(23) (schizophrenia) deucrictibant (IR) FDA filing(20) (HAE attacks) Trodelvy FDA approval(19) (1L mTNBC) Jideytro FDA approval(16) (ROS1+ NSCLC) pelabresib EMA filing(8) (myelofibrosis) obexelimab FDA filing(17) (IgG4-RD) Trodelvy Phase 3 results(6) (1L mNSCLC) Niktimvo Phase 2 results(11) (IPF) obexelimab Phase 2 results(10) (SLE) litifilimab Phase 2 results(2) (CLE) ampreloxetine Phase 3 results(5) (nOH due to MSA) daraxonrasib FDA filing(21) (2L metastatic PDAC) ecopipam FDA filing(18) (Tourette’s syndrome) frexalimab FDA, EMA filings(13) (multiple sclerosis) daraxonrasib FDA approval(21) (2L metastatic PDAC) Ziihera FDA approval(22) (HER2+ 1L GEA)
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Increasingly diversified top-line and profitability 59 See slide 90 for definitions and factors that may impact the achievement of our growth outlook. Large Biopharma and Mid -Cap Biopharma data per Evaluate Pharma and Visible Alpha as of August 2025. Figures rounded to the nearest 5%. 1. Actual data for Royalty Pharma as of February 2026. 2. Large Biopharma group reflects average of AbbVie, Amgen, AstraZeneca, Biogen, Bristol Myers Squibb, Eli Lilly, Gilead, GSK , Johnson & Johnson, Merck, Novartis, Novo Nordisk, Pfizer, Regeneron, Roche, Sanofi and Vertex. 3. Mid-Cap Biopharma group reflects average of Alnylam, argenx, Astellas, BioMarin, Exelixis, Genmab, Incyte, Insmed, Ipsen, Jazz, Neurocrine, SOBI, UCB and United Therapeutics. 4. Represents average 2030 operating income contribution of top 3 products for large and mid -cap biopharma peers assuming illustrative 75% contribution margin of top products based on analyst research estimates. ~30% ~80% >100% Large Biopharma(2) Mid-Cap Biopharma(3) ~30% ~50% ~75% Large Biopharma(2) Mid-Cap Biopharma(3) 46% ~55% ~80% Large Biopharma(2) Mid-Cap Biopharma(3) 2025 diversification (top 3 products) Illustrative 2030 diversification (top 3 products) Top line (% of 2025) Top line (% of 2030) Operating income (% of 2030)(4) Royalty Pharma’s efficient business model drives similar top- and bottom-line diversification Royalty market Investment approach Competitive advantages (1) FinancialsOverview
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Consistently strong bottom-line growth with path to >$7.50 in 2030 60 $4.7bn+ Portfolio Receipts ~$4.0bn Portfolio Cash Flow (-) 4% - 5% Operating expenses (-) $0.4 - 0.5bn Interest paid Buyback Authorization(1) >$7.50 PCF / Share $2.45 $4.83 2020 (actuals) 2025 (actuals) 2030 (RP outlook) >$7.50 Portfolio Cash Flow per share progression CAGR: +15% CAGR: >9% Illustrative 2030 non-GAAP outlook CAGR: compound annual growth rate; PCF: Portfolio Cash Flow See slide 90 for definitions and factors that may impact the achievement of our growth outlook. Refer to the Appendix for a G AAP to non-GAAP reconciliation. 1. As of the end of Q2 2026, up to $1.7bn of potential share repurchases remain available under share repurchase plan announced in January 2025. Royalty market Investment approach Competitive advantages FinancialsOverview
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61 Focused on maximizing shareholder value through attractive returns Return on Invested Equity Return Metric • Typical investment metrics based on actual and projected cashflows • Accounts for timing and magnitude of cashflows over investment life • Predominantly utilized to calculate returns on individual transactions • Reflect cash generated by the business relative to active capital invested • Provide easily calculable snapshot of cash return over a specific period • Focus on cash returns given GAAP accounting complexities • Aggregate business measures that complement individual deal returns Return on Invested Capital IRR / Cash on Cash NotesTrack Record Mid-teens % >2x on transactions since 2020 ~15% from 2019-2025 ~21% from 2019-2025 NEW See slide 90 for definitions and factors that may impact the achievement of our growth outlook. Royalty market Investment approach Competitive advantages FinancialsOverview
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62 IRRs tracking ahead of expectations in current environment 5% 10% 15% 20%+ Current environment ~7% Target for IRRs Royalty Pharma cost of capital Approved products (IRRs) Development-stage (IRRs) Low double digit % Teens % Attractive unlevered IRRs above cost of capital Teens % Royalty market Investment approach Competitive advantages FinancialsOverview
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>90% of transactions expected to exceed cost of capital 63 1. Excludes equity investments and ~$2bn of royalty investments where pivotal data has not yet read out. As of our September 11, 2025, Investor Day. Unlevered IRRs for investments since 2020(1) % of Capital Deployed Blended unlevered IRR tracking to mid-teens and a >2x cash-on-cash multiple 100% of Deals >$500m exceeding or significantly exceeding cost of capital >90% of Deals exceeding cost of capital 35% 8% 35% 57% Below Cost of Capital (<6% IRR) Meeting Cost of Capital (6-8% IRR) Exceeding Cost of Capital (8-12% IRR) Significantly Exceeding Cost of Capital (>12% IRR) 0% ~$1bn -- ~$4bn ~$7bnCapital Deployed(1): Royalty market Investment approach Competitive advantages FinancialsOverview
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Remarkably stable returns since IPO 64 SD: Standard deviation; See slide 90 for definitions and factors that may impact the achievement of our growth outlook. Retur n on Invested Capital (“ROIC”) is calculated as Adjusted EBITDA plus accelerated receipts, less nominal equity performance award s (EPAs) earned (“ROIC Adjusted EBITDA”) divided by the average of Invested Capital at Work at the beginning and end of the year. Inve sted Capital at Work is calculated as total cumulative Capital Deployment less cumulative Capital Deployment on expired products . Invested Capital at Work represents capital deployed for all active investments. Refer to slide 89 for the detailed buildup of Investe d Capital at Work. Refer to the Appendix for GAAP to non -GAAP reconciliations. 1. The 2019 results are calculated on a pro forma basis, which adjusts certain cash flow line items as if our Reorganization Transactions (as described in our final prospectus filed with the SEC on June 17, 2020) and our initial public offering had take n place on January 1, 2019. The most significant difference between the pro forma and reported figures is the non -controlling interest attributable to legacy investors that resulted from the Reorganization Transactions. Additionally, the 2019 results were also adjusted to exc lude the legacy non-controlling interest portion of interest paid and operating expenses. 2. The 2022 and 2023 results are calculated on a pro f orma basis to exclude Accelerated Receipts (as defined in the Credit Agreement) as if Amendment No. 5 of the Credit Agreement had taken effect on January 1, 2019. Accelerated Receipts were $458m in 2022, $525m in 2023 and $511m in 2025. 14.5% 14.1% 14.2% 16.4% 16.0% 13.0% 2019 2020 2021 2022 2023 2024 2025 15.8% ROIC Adjusted EBITDA(1)(2) in billions Return on Invested Capital = 14.9% Average annual return (SD +/- 1.2%) $1.5 $1.6 $1.9 $2.6 $2.8 $2.6 $3.4 2019 2020 2021 2022 2023 2024 2025 Invested Capital at Work in billions ÷ Return on Invested Capital (ROIC) $10 $11 $14 $16 $18 $20 $22 2019 2020 2021 2022 2023 2024 2025 Royalty market Investment approach Competitive advantages FinancialsOverview
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15.5% 14.9% Product selection, scale and diversification insulates returns 65 See slide 90 for definitions and factors that may impact the achievement of our growth outlook. 1. ROIC excludes unsuccessful investments from invested capital at work. Unsuccessful investments include otilimab, BCX9930, vosaroxin, palbociclib, ApiJect, MK-8189, Gavreto, and Merck KGaA’s anti-IL17 nanobody M1095. ROIC 0.6% ROIC Excludes unsuccessful investments(1) Average annual ROIC (2019-2025) Strong risk management minimizes impact of unsuccessful investments on ROIC Impact of unsuccessful investments Includes unsuccessful investments Royalty market Investment approach Competitive advantages FinancialsOverview
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Conservative leverage enhances returns 66 SD: Standard deviation; See slide 90 for definitions and factors that may impact the achievement of our growth outlook. Retur n on Invested Equity (“ROIE”) is calculated as Portfolio Cash Flow plus accelerated receipts, less nominal equity performance aw ards earned (“ROIE Portfolio Cash Flow”) divided by the average of Invested Equity at Work at year-end and prior year-end. Invested Equity at Work is calculated as Invested Capital at Work less net debt. Refer to slide 89 for the detailed buildup of Invested Equity at Work. Refer to the Appendix for GAAP to non-GAAP reconciliations. 1. The 2019 results are calculated on a pro forma basis, which adjusts certain cash flow line items as if our Reorganization Transactions (as described in our final prospectus filed with the SEC on June 17, 2020) and our initial public offering had take n place on January 1, 2019. The most significant difference between the pro forma and reported figures is the non -controlling interest attributable to legacy investors that resulted from the Reorganization Transactions. Additionally, the 2019 results were also adjusted to exc lude the legacy non-controlling interest portion of interest paid and operating expenses. 2. The 2022 and 2023 results are calculated on a pro f orma basis to exclude Accelerated Receipts (as defined in the Credit Agreement) as if Amendment No. 5 of the Credit Agreement had taken effect on January 1, 2019. Accelerated Receipts were $458m in 2022, $525m in 2023 and $511m in 2025. 21.6% 21.2% 19.8% 23.5% 22.9% 18.4% 2019 2020 2021 2022 2023 2024 2025 22.8% $6 $7 $9 $10 $12 $13 $14 2019 2020 2021 2022 2023 2024 2025 $1.3 $1.5 $1.8 $2.4 $2.7 $2.5 $3.2 2019 2020 2021 2022 2023 2024 2025 ROIE Portfolio Cash Flow (1)(2) in billions Return on Invested EquityInvested Equity at Work in billions =÷ 21.5% Average annual return (SD +/- 1.8%) Return on Invested Equity (ROIE) Royalty market Investment approach Competitive advantages FinancialsOverview
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67 Our value driven dynamic capital allocation framework More attractive royalty opportunities Less attractive royalty opportunities Favor share repurchases Build cash on balance sheet, pay down debt or increase dividend Favor capital deployed on royaltiesBalanced approach between royalties and share repurchases Discount to intrinsic value (share price) Premium to intrinsic value (share price) Intend to allocate capital as effectively and efficiently as possible, creating long-term value for shareholders Royalty market Investment approach Competitive advantages FinancialsOverview
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Significant financial capacity to execute strategy and drive value creation 68 See slide 90 for definitions and factors that may impact the achievement of our growth outlook. 1. Currently rated Baa2 / BBB / BBB (Moody’s / S&P / Fitch). 2. Dividend yield as of 8/3/2026 Royalty acquisitions At least $2.0-2.5bn average per year • Potential for upside & per year volatility • Largely self-funded over time via cash flow Additional Capacity $1.7bn authorization remaining (at 6/30/26) • Up to $3bn share repurchase plan announced January 2025 • Potential for additional share repurchases through 2030 Share repurchases ~1.6% annual yield (currently $0.94/year) (2) • Commitment to mid-single digit % growth annually Dividends $30bn ~$30 billion of projected capacity (H2 2025-2030) >$10bn+ of incremental firepower • Assumes use of conservative leverage • Committed to investment grade rating(1) Royalty market Investment approach Competitive advantages FinancialsOverview
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69 Clear path to deliver substantial shareholder value CAGR: compound annual growth rate; IRR: internal rate of return; ROIC: Return on Invested Capital See slide 90 for definitions and factors that may impact the achievement of our growth outlook. • >$7.50 Portfolio Cash Flow per share • Represents a 55% increase from 2025 2025-2030 outlook • Consistent mid-teens ROIC • Continue to deliver attractive IRRs well above cost of capital • $4.7bn+ Portfolio Receipts • Best-in-class pharma diversification • At least mid-teens annual total shareholder return • Clear path for significant upside to reflect platform value Bottom line Returns Top line Value creation Driver Royalty market Investment approach Competitive advantages FinancialsOverview
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Deloitte market study on biopharma royalty funding
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71 Inaugural Deloitte market study on biopharma royalty funding Comprehensive market study on biopharma royalty funding • 110+ biopharma executives • Quantitative insights: 90 digital survey participants • Qualitative insights: 20+ one-on-one interviews Primarily CFOs, CEOs and other key decision makers Provided deeper insights into perceptions towards royalty funding Deloitte market study: participants by position 44% (CFOs) 22% (CEOs) 34% (BD, Board, etc.) CEO: Chief Executive Officer; CFO: Chief Financial Officer; BD: business development
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72 Royalties viewed as strategic addition to capital structure Over the last 3 years, how has your interest in royalty funding changed? (n=78) (decreased) What do you view are the main benefits associated with royalty funding? (n=80) (% respondents ranking each benefit in top 3 choices) 25% 31% 33% 36% 38% 46% 68% Share risk Ability to customize deal terms Scale of capital Single product financing Operational control No covenants Spares equity dilution 40% (unchanged) 6% 54% (increased) Differentiated benefits of royalties driving increased executive interest
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73 Companies express strong interest in pursuing royalty funding If your company plans to raise capital in the next 3 years, to what extent would royalty funding be considered? (n=67) Corporate capital needs over the next 3 years (n=74) 54%Majority of the capital needs Will not consider All Some of the capital needs 13% 76% 6% 4% 87% 26% (up to $250m) 31% ($250m - $500m) 34% (>$500m) 9% ($0) 87% of biopharma executives would consider royalties as part of their capital raising plans over the next 3 years 65% of companies likely need >$250m in capital Numbers may not add due to rounding
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Companies express strong interest in pursuing royalty funding Select quotes from Deloitte Royalty Funding Market Study 74 “Royalties are attractive as they ensure access to non-dilutive capital…helped us overcome setbacks when equity capital markets were closed for us” – Biotech executive “[A] royalty is better than equity and debt financing because it is non-dilutive, simpler than debt and positively received by investors. ” – Biotech executive “One of the important advantages of royalty funding is that it offers risk sharing on the concerned product” – Biotech executive “With royalties, you can operate how you want, do M&A [or other strategic activities]” – Biotech executive
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75 Royalty funding market is poised for significant growth Opportunity 87% of executives would consider using royalty funding to raise capital over the next 3 years 67% of executives would pursue royalty funding instead of or in addition to equity financing 77% of executives would pursue royalty funding instead of or in addition to debt financing
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76 60% (somewhat interested) 20% (not interested) 20% (highly interested) 80% 60% (somewhat interested) 20% (not interested) 20% (highly interested) Synthetic opportunity strongly highlighted in Deloitte study What is your company’s interest level in creating a synthetic royalty to help meet its capital needs over the next 3 years? (n=75) “The [synthetic] royalty market is here to stay. It’s the only way I can see to sell equity in one of our products without encumbering the rest of the portfolio” - Biotech executive “The beauty of [a synthetic] royalty lies in the fact that it is almost like a licensing deal, without the loss of operational control” - Biotech executive “ …Most of the evolution in the industry is happening within synthetic royalties” - Investment banker Survey data and quotes from Deloitte Royalty Funding Market Study
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77 Royalty Pharma’s reputation provides competitive edge “RP is extremely creative, They win deals based on reputation.” – Investment banker “Being able to structure the deal cleverly where we did not have to seek approval of a partner was very important to us… and RP really distinguished itself in this regard.” – Biotech executive “I have had executives leave 200-300 basis points on the table for RP… quoting a biotech CEO ‘I’ll sleep better having RP as a partner going into a launch.” – Investment banker “RP is the most sophisticated when it comes to forecasting.” – Investment banker “RP is extremely flexible; they were open to more creative solutions to meet our specific needs and it’s always good to have such a partner.” – Biotech executive “RP has always been willing to make bold investments. They have a first- class research team that understands the market opportunities – which is their true differentiator.” – Big Pharma executive Select quotes from Deloitte Royalty Funding Market Study
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Appendix
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79 Robust oversight and risk management practices Sustainability considerations integrated into investment decisions Initiatives that expand treatment availability An engaging workplace Operational impact management Responsible business practices and transparency for stakeholders ESG Rankings Environmental stewardship Corporate governance Access to healthcare Responsible investing Human capital development Corporate responsibility highlights
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80 Development-stage pipeline: 19 potential therapies Initial and additional indications for development-stage therapies 1L: first-line; 2L: second-line; 3L: third-line; NSCLC: non small cell lung cancer; FSGS: focal segmental glomerulosclerosis; MCD: minimal change disease; ATTR -CM: transthyretin amyloid cardiomyopathy; AD: Alzheimer’s disease; HAE: hereditary angioedema; XR: extended release; AAE-C1INH: acquired angioedema due to C1 -inhibitor deficiency; CV: cardiovascular; ALK: Anaplastic Lymphoma Kinase; MDD: major depressive disorder; IR: immediate release; IgG4-RD: immunoglobulin G4-related disease 1. Teva plans to initiate a Phase 2b study in vitiligo in Q4 2026. 2. Roche plans to initiate a Phase 3 in pre-clinical Alzheimer’s disease. litifilimab Systemic lupus erythematosus daraxonrasib 2L metastatic pancreatic cancer frexalimab Relapsing multiple sclerosis ecopipam Tourette syndrome pelabresib Myelofibrosis trontinemab Early symptomatic AD seltorexant MDD w/insomnia symptoms Phase 2 olpasiran CV disease (secondary prevention) Phase 3 tulmimetostat (CPI-0209) Blood cancer, solid tumors Registration Initial indicationAdditional indication Rare disease Immunology OncologyNeuroscience Cardio-Metabolic pelacarsen CV disease (secondary prevention) frexalimab Type 1 diabetes omecamtiv mecarbil Heart failure CK-586 Heart failure frexalimab FSGS or MCD deucrictibant (IR) HAE deucrictibant (XR) HAE attacks prophylaxis daraxonrasib 2L/3L metastatic NSCLC obexelimab IgG4-RD obexelimab Relapsing multiple sclerosis obexelimab Systemic lupus erythematosus trontinemab(2) Preclinical AD litifilimab Cutaneous lupus erythematosus olpasiran CV disease (primary prevention) daraxonrasib 1L metastatic pancreatic cancer daraxonrasib Resectable pancreatic cancer deucrictibant AAE-C1INH frexalimab Secondary progressive multiple sclerosis daraxonrasib (+ pembrolizumab) 1L NSCLC neladalkib 1L ALK-positive NSCLC TEV-‘408(1) Vitiligo TEV-‘408 Celiac disease JNJ-4804 co-antibody therapy Autoimmune conditions neladalkib 2L+ ALK-positive NSCLC TEV-’749 Schizophrenia frexalimab Kidney transplant rejection cliramitug ATTR-CM
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Approved royalty portfolio: significant label expansion opportunities 81 Additional indications for approved products Adstiladrin Intermediate risk NMIBC 1L: first-line; 2L: second-line; mUC: metastatic urothelial carcinoma; NSCLC: non -small-cell lung carcinoma; UTUC: upper tract urothelial carcinoma; cGvHD: chronic graft versus host disease; TNBC: triple negative breast cancer; HER2 -: human epidermal growth factor receptor 2-negative; SCLC: small cell lung cancer; R/R: relapsed/refractory; mEC: metastatic endometrial cancer; NMIBC: non-muscle invasive bladder cancer; nHCM: non-obstructive hypertrophic cardiomyopathy; ES: extensive-stage; NECs: neuroendocrine carcinomas; mGEA: metastatic gastroesophageal adenocarcinoma; BTC: biliary tract cancer. 1. ARROS-1 Phase 1/2 Clinical Trial is designed with registrational intent. 2. High risk localized advanced prostate cancer prio r to radical prostatectomy. 3. High risk localized advanced prostate cancer receiving primary radiation therapy. 4. Basket tr ial for several established growth-hormone indications including Idiopathic Short Stature (ISS), short stature homeobox -containing gene deficiency (SHOX deficiency), Turner syndrome, and Small for Gestational Age (SGA). 5. In post -trastuzumab deruxtecan settings. salanersen (once-yearly) Spinal Muscular Atrophy Niktimvo Idiopathic pulmonary fibrosis Erleada Localized prostate cancer(3) Cobenfy Psychosis in Alzheimer’s disease Trodelvy (+ combinations) 1L mUC Trodelvy (+ pembrolizumab) High risk adjuvant TNBC Erleada High risk prostate cancer(2) Trodelvy 2L+ mEC Niktimvo (+ steroids) 1L cGvHD Niktimvo (+ Jakafi) 1L cGvHD Cobenfy Agitation in Alzheimer’s disease Cobenfy Bipolar I Disorder Rytelo R/R myelofibrosis Cobenfy Alzheimer’s disease cognition Adstiladrin (+chemo) High risk NMIBC Adstiladrin Low-grade UTUC Imdelltra 1L Limited-Stage SCLC Phase 2 Phase 3 Registration Additional indication Skytrofa Growth hormone indications(4) Rare disease Immunology OncologyNeuroscience Cardio-Metabolic Imdelltra (+ Imfinzi) 1L Induction ES SCLC Imdelltra (+ Imfinzi) 1L Maintenance ES SCLC Imdelltra Advanced NECs Trodelvy Extensive-stage SCLC Cobenfy Adjunctive bipolar mania Myqorzo nHCM Ziihera (+ chemo, tislelizumab) 1L HER2+ mGEA Ziihera (+ chemo) 1L HER2+ BTC Ziihera (+ chemo)(5) HER2+ metastatic breast cancer Ziihera HER2+ solid tumors Ziihera Early breast cancer Jideytro(1) 1L ROS1-positive NSCLC Trodelvy NSCLC
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82 Strengthening alignment with shareholders 1. For this analysis Equity Performance Awards are treated as equity. A portion of equity performance awards will be paid in cash to enable recipients to pay taxes, with the after-tax amount settled in equity. Estimated compensation mix as of January 2025. 2. Represents other named executive officers of Royalty Pharma. Cash Equity Cash Equity Cash Equity Cash Equity Equity received from internalization vests over 5 years Vast majority of equity received from internalization vests over 9 years Post-internalizationPre-internalization (external manager structure) Other executives(2) 2026 estimated compensation mix(1) CEO Internalization transaction results in significantly greater portion of management compensation in equity
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83 CF to remain important contributor regardless of triple scenario RP: Royalty Pharma; CF: Cystic fibrosis; PR: Portfolio Receipts. 1. Vanzacaftor royalty rates based on statements by Vertex. 2. PR figures shown are net of estimated distributions to legacy non-controlling interests (NCI). There are no NCI distributions related to the additional royalty interest that we acquired from the CF Foundation in 2020 3. Indicates date applicable product when generic competition is expected to enter the market. RP is entitled to royalties on CF products that arose out of the collaboration between Vertex and the Cystic Fibrosis Foundation. Royalties are not tied to patents. Triple combination blended royalty(1)Scenario Components Duration(3) Royalty bearing components ~9% 2037elexacaftor ivacaftor tezacaftor Deuterated ivacaftor is royalty bearing ~8%vanzacaftor deuterated ivacaftor tezacaftor 2039 Deuterated ivacaftor not royalty bearing ~4%vanzacaftor deuterated ivacaftor tezacaftor RP position 2030 CF Franchise Portfolio Receipts outlook(2) >$1bn ~$800m --
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84 What does $1bn of investment mean for future cash receipts? 1. See slide 90 for definitions and factors that may impact the achievement of our growth outlook. 2. Representative cash receipts based on blended average of actual and projected returns for approved and development -stage transactions over the last five years under a range of scenarios. $200m $100m $0m $300m 50 2 141 3 4 6 127 8 139 10 11 15 $160-200m Often significant residual “tail” beyond 10 years 20 $160-180m Period of accelerated growth during product launch Period of reduced growth in latter-half of decade post product launch Representative annual Portfolio Receipts(1,2) (“top-line”) from $1bn of investment - based on blend of historical acquisitions Years Post Acquisition
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85 Royalty Pharma’s differentiated investment profile 1. Comparisons of Royalty Pharma royalties versus selected Pharma M&A transactions of products on which we own royalties; bas ed on Schedule 14-9 forecasts for AbbVie/Pharmacyclics (Imbruvica), Bristol Myers/Karuna (Cobenfy), Gilead/Immunomedics (Trodelvy),and Pfizer/Biohaven (Nurtec Differentiated biopharma characteristics Compelling investment profile • Strong growth/returns, highly diversified • Attractive valuation Deal valuation arbitrage • No strategic acquisition premium paid for royalties • ~70% lower outlay vs. traditional M&A(1) Macro resilience • Royalties insulated from tariffs • Strong return spreads across rate cycles • Continuous investments reflect latest Rx pricing Unique advantages as an investor Proprietary insights • Proprietary access to company data • Deep internal and external diligence • Advanced in-house data analytics Access to innovation • Access to private company opportunities • Ability to invest in single products in large biopharma Risk management • Transaction structuring to mitigate risk
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86 GAAP to non-GAAP reconciliation Adjusted EBITDA and ROIC Adjusted EBITDA $ in millions 2019 (PF)(1) 2020 2021 2022 (PF)(2) 2023 (PF)(2) 2024 2025 Q2 2026 LTM Net cash provided by operating activities (GAAP) $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,490 $2,976 Adjustments: Proceeds from available for sale debt securities $150 $3 $63 $542 $1 $20 $21 $14 Distributions from equity method investees - $15 $1 - $44 $24 $105 $35 Interest paid, net $206 $131 $143 $145 $98 $113 $242 $290 Derivative collateral received, net - ($45) - - - - - - Development-stage funding payments $83 $26 $200 $177 $52 $2 $452 $224 Payments for Employee EPAs - - - - - - $11 $25 Distributions to legacy NCI - Portfolio Receipts ($525) ($544) ($480) ($442) ($377) ($362) ($355) ($345) Accelerated Receipts - - - ($458) ($525) - - - Adjusted EBITDA (non-GAAP) $1,656 $1,621 $1,944 $2,109 $2,281 $2,565 $2,966 $3,220 Accelerated Receipts - - - $458 $525 - $511 - Equity performance awards(3) ($153) - - - - - ($81) ($88) ROIC Adjusted EBITDA (non-GAAP) $1,503 $1,621 $1,944 $2,566 $2,806 $2,565 $3,396 $3,133 Amounts may not add due to rounding. NCI: non-controlling interests. PF: Proforma. EPAs: Equity performance awards. LTM: last tw elve months 1. The 2019 results are calculated on a pro forma basis, which adjusts certain cash flow line items as if our Reorganization Transactions (as described in our final prospectus filed with the SEC on June 17, 2020) and our initial public offering had take n place on January 1, 2019. The most significant difference between the pro forma and reported figures is the non -controlling interest attributable to legacy investors that resulted from the Reorganization Transactions. Additionally, the 2019 results were also adjusted to exc lude the legacy non-controlling interest portion of interest paid and operating expenses. 2. The 2022 and 2023 results are calculated on a pro forma basis to exclude Accelerated Receipts (as defined in the Credit Ag reement) as if Amendment No. 5 of the Credit Agreement had taken effect on January 1, 2019. 3. Amount in 2019 reflects the portion of carry distributed adjusted on a pro forma basis as if our Reorganization Transactio n and our initial public offering had taken place on January 1, 2019.
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87 GAAP to non-GAAP reconciliation Portfolio Cash Flow and ROIE Portfolio Cash Flow Amounts may not add due to rounding. NCI: non-controlling interests. PF: Proforma. EPAs: Equity performance awards; LTM: last tw elve months 1. The 2019 results are calculated on a pro forma basis, which adjusts certain cash flow line items as if our Reorganization Transactions (as described in our final prospectus filed with the SEC on June 17, 2020) and our initial public offering had take n place on January 1, 2019. The most significant difference between the pro forma and reported figures is the non -controlling interest attributable to legacy investors that resulted from the Reorganization Transactions. Additionally, the 2019 results were also adjusted to exc lude the legacy non-controlling interest portion of interest paid and operating expenses. 2. The 2022 and 2023 results are calculated on a pro forma basis to exclude Accelerated Receipts (as defined in the Credit Ag reement) as if Amendment No. 5 of the Credit Agreement had taken effect on January 1, 2019. 3. Amount in 2019 reflects the portion of carry distributed adjusted on a pro forma basis as if our Reorganization Transactio n and our initial public offering had taken place on January 1, 2019. $ in millions 2019 (PF)(1) 2020 2021 2022 (PF)(2) 2023 (PF)(2) 2024 2025 Q2 2026 LTM Net cash provided by operating activities (GAAP) $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,490 $2,976 Adjustments: Proceeds from available for sale debt securities $150 $3 $63 $542 $1 $20 $21 $14 Distributions from equity method investees - $15 $1 - $44 $24 $105 $35 Interest paid, net $206 $131 $143 $145 $98 $113 $242 $290 Derivative collateral received, net - ($45) - - - - - - Development-stage funding payments $83 $26 $200 $177 $52 $2 $452 $224 Payments for Employee EPAs - - - - - - $11 $25 Distributions to legacy NCI - Portfolio Receipts ($525) ($544) ($480) ($442) ($377) ($362) ($355) ($345) Accelerated Receipts - - - ($458) ($525) - - - Adjusted EBITDA (non-GAAP) $1,656 $1,621 $1,944 $2,109 $2,281 $2,565 $2,966 $3,220 Interest paid, net ($206) ($131) ($143) ($145) ($98) ($113) ($242) ($290) Portfolio Cash Flow (non-GAAP) $1,450 $1,490 $1,801 $1,964 $2,183 $2,452 $2,724 $2,930 Accelerated Receipts - - - $458 $525 - $511 - Equity performance awards(3) ($153) - - - - - ($81) ($88) ROIE Portfolio Cash Flow (non-GAAP) $1,297 $1,490 $1,801 $2,421 $2,708 $2,452 $3,154 $2,842
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88 Capital Deployment summary Amounts may not add due to rounding. NCI: non-controlling interests. PF: Proforma; LTM: last twelve months 1. The 2019 results are calculated on a pro forma basis, which adjusts certain cash flow line items as if our Reorganization Transactions (as described in our final prospectus filed with the SEC on June 17, 2020) and our initial public offering had take n place on January 1, 2019. The most significant difference between the pro forma and reported figures is the non -controlling interest attributable to legacy investors that resulted from the Reorganization Transactions. Additionally, the 2019 results were also adjusted to exc lude the legacy non-controlling interest portion of interest paid and operating expenses. $ in millions 2019 (PF)(1) 2020 2021 2022 2023 2024 2025 Q2 2026 LTM Acquisitions of financial royalty assets ($1,721) ($2,182) ($2,192) ($1,742) ($2,116) ($2,506) ($1,698) ($2,399) Development-stage funding payments ($83) ($26) ($200) ($177) ($52) ($2) ($452) ($224) Purchases of available for sale debt securities ($125) - ($70) ($480) - ($150) ($175) ($100) Milestone payments ($250) - ($19) - ($12) ($75) ($271) ($53) Investments in equity method investees ($27) ($40) ($35) ($10) ($13) ($11) - - Acquisitions of other financial assets - - - ($21) - ($18) - - Contributions from legacy NCI – R&D $19 $8 $7 $1 $1 $1 $0 ($0) Capital Deployment ($2,187) ($2,240) ($2,508) ($2,428) ($2,192) ($2,761) ($2,596) ($2,776)
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89 Invested Capital at Work and Invested Equity at Work summary $ in millions 2019 (PF) 2020 2021 2022 2023 2024 2025 Q2 2026 LTM Beginning Invested Capital at Work $10,312 $10,424 $12,504 $14,837 $16,535 $18,496 $20,848 $21,225 Capital Deployment(1) $1,818 $2,240 $2,508 $2,428 $2,192 $2,761 $2,596 $2,776 Expiries(2) ($1,707) ($159) ($176) ($730) ($231) ($409) ($1,172) ($985) Ending Invested Capital at Work $10,424 $12,504 $14,837 $16,535 $18,496 $20,848 $22,272 $23,016 Net debt(3) ($4,890) ($4,008) ($5,177) ($5,565) ($5,823) ($6,871) ($8,561) ($8,368) Ending Invested Equity at Work $5,534 $8,496 $9,660 $10,970 $12,673 $13,977 $13,710 $14,648 Average Invested Capital at Work $10,368 $11,464 $13,671 $15,686 $17,516 $19,672 $21,560 $22,121 Average Invested Equity at Work $6,010 $7,015 $9,078 $10,315 $11,822 $13,325 $13,844 $14,162 Amounts may not add due to rounding. PF: Proforma; LTM: last twelve months 1. The 2019 results are calculated on a pro forma basis, which adjusts certain cash flow line items as if our Reorganization Transactions (as described in our final prospectus filed with the SEC on June 17, 2020) and our initial public offering had take n place on January 1, 2019. The most significant difference between the pro forma and reported figures is the non -controlling interest attributable to legacy investors that resulted from the Reorganization Transactions. Further, it was adjusted to include contributions from n on-controlling interests on non-R&D assets. 2. Reflects capital deployment associated with expired or partially expired royalty investments. 3. Net debt is calculated as principal value of debt, less the sum of cash and cash equivalents and marketable securities as of each period end.
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90 To aid in comparability, quarter-over-quarter growth in 2020 is calculated based on pro forma 2019 results , which adjusts certain cash flow line items as if Royalty Pharma’s Reorganization Transactions (as described in the Company’ s final prospectus filed with the SEC on June 17, 2020 (“Prospectus”)) and its initial public offering (“IPO”) had taken place on January 1, 2019. The most sig nificant difference between the pro forma and reported figures is the non -controlling interest attributable to legacy investors tha t resulted from the Reorganization Transactions. Portfolio Receipts is a key performance metric that represents Royalty Pharma’s ability to generate cash from its portfolio i nvestments, the primary source of capital available to deploy to make new portfolio investments. Portfolio Receipts is defined a s the sum of Royalty Receipts and milestones and other contractual receipts. Royalty Receipts include variable payments based on sales of products, net of contractual payments to the legacy non-controlling interests, that are attributed to Royalty Pharma (“Royalty Receipts”). Milestones and other contractual receipts include sales -based or regulatory milestone payments and other fixed contr actual receipts, net of contractual payments to the legacy non -controlling interests, that are attributed to Royalty Pharma. Por tfolio Receipts does not include royalty receipts and milestones and other contractual receipts that were received on an accelerated basis under the terms of the agreement governing the receipt or payment. Portfolio Receipts also does not include proceeds from equity securities or marketable securities, both of which are not central to Royalty Pharma’s fundamental business strategy. Portfolio Receipts is calculated as the sum of the following line items from Royalty Pharma’s GAAP condensed consolidated sta tements of cash flows: Cash collections from financial royalty assets, Cash collections from intangible royalty assets, Other royalty cash collections, Proceeds from available for sale debt securities and Distributions from equity method investees less Distributions to legacy non-controlling interests - Portfolio Receipts, which represent contractual distributions of Royalty Receipts and milestones and other contractual receipts to the Legacy Investors Partnerships. Adjusted EBITDA is defined under the revolving credit agreement as Portfolio Receipts minus payments for operating and profes sional costs. Operating and professional costs reflect Payments for operating and professional costs from the statements of cash flows. Refer to the Appendix for a GAAP to non-GAAP reconciliation. See the Company’s Annual Report on Form 10 -K filed with SEC on February 11, 2026 for additional discussion on defined term. Portfolio Cash Flow is defined under the revolving credit agreement as Adjusted EBITDA minus interest paid or received, net. Refer to the Appendix for a GAAP to non-GAAP reconciliation. See the Company’s Annual Report on Form 10 -K filed with SEC on February 11, 2026 for additional discussion on defined term. Capital Deployment represents the total outflows that will drive future Portfolio Receipts and reflects cash paid at the acqu isition date and any subsequent associated contractual payments reflected in the period in which cash was paid. Capital Deployment is calculated as the summation of the following line items from Royalty Pharma’s GAAP condensed consolidat ed statements of cash flows: Investments in equity method investees, Purchases of available for sale debt securities, Acquisitions of financial royalty assets, Acquisitions of other financial assets, Milestone payments, Development -stage funding payments, less Contributions from legacy non -controlling interests - R&D. Return on Invested Capital (“ROIC”) is calculated as Adjusted EBITDA plus accelerated receipts, less nominal equity performan ce awards earned (“ROIC Adjusted EBITDA”) divided by the average of Invested Capital at Work at the beginning and end of the yea r. Invested Capital at Work is calculated as total cumulative Capital Deployment less cumulative Capital Deployment on expired p roducts. Invested Capital at Work represents capital deployed for all active investments. Refer to the Appendix for a GAAP to non-GAAP reconciliation. Return on Invested Equity (“ROIE”) is calculated as Portfolio Cash Flow plus accelerated receipts, less nominal equity perfor mance awards earned (“ROIE Portfolio Cash Flow”) divided by the average of Invested Equity at Work at year -end and prior year-end. Invested Equity at Work is calculated as Invested Capital at Work less net debt. Net debt is calculated as principal value of debt, less the sum of cash and cash equivalents and marketable securities as of each period end. Refer to the Appendix for a GAAP to non- GAAP reconciliation. Illustrative returns reflect a combination of actual results and estimated projected returns for investments based on analyst consensus sales projections (where applicable). IRR (or returns) are calculated using total cash outflows and total cash inflow s, in each case including royalties, milestones and other cash flows. Royalty Pharma has not reconciled certain non -GAAP targets to the most directly comparable GAAP measure, net cash provided by op erating activities, at this time due to the inherent difficulty in accurately forecasting and quantifying certain amounts tha t are necessary for such reconciliation, including, primarily, payments for operating and professional costs, distributions from equity method investees, and interest received. The Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to project net cash provided by operating activities on a GAAP basis at this time. Royalty Pharma’s long-term outlook is based on its most up-to-date view on its prospects as of September 11, 2025. This long-term outlook assumes no major unforeseen adverse events subsequent to the date of this presentation. Growth outlook includes future royalty acquisiti ons. Furthermore, Royalty Pharma may amend its long -term outlook in the event it engages in new royalty transactions. See the information on slide 2 “Forward Looking Statements & Non -GAAP Financial Information,” for factors that may impact the long -term outlook. Financial Targets and Long-Term Outlook 1) 2) 3) 4) 5) Footnotes 6) 7) 8)