Royalty Pharma Plc · NASDAQ:RPRX
Royalty Pharma — J.P. Morgan Healthcare Conference 2026
35 slides from Royalty Pharma's conference presentation, Jan 13, 2026
Slide 1: J.P. Morgan Healthcare Conference
J.P. Morgan Healthcare Conference January 13, 2026
Slide 2: Forward Looking Statements
2 Forward Looking Statements This presentation has been prepared by Royalty Pharma plc (the “Company”), is made for informational purposes only and does not 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 o
Slide 3: Goal: premier capital allocator in life sciences
3 Royalty Pharma’s goal is to be the premier capital allocator in life sciences with consistent, compounding growth
Slide 4: 2025 performance highlights strong business momentum
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 4 2025 performance highlights strong business momentum • 2025 Portfolio Receipts guidance midpoint of $3,225m(1), representing ~15% growth Financial • Return on Invested Capital of 15.7% and
Slide 5: Delivering double-digit growth on average since IPO
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 5 Delivering double-digit growth on average since IPO… Royalty Receipts (year/year growth; $ in millions) +8% +15% +12% +8% +13% +11% +12% +11% +15% +12% $811 +14% $788 +10% +11% +9% $732 $7
Slide 6: Exceeding expectations in 15 of the last 22 quarters
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 6 …while exceeding expectations in 15 of the last 22 quarters Royalty Receipts (year/year growth; $ in millions) +8% +15% +12% +8% +13% +11% Top-line Beat Top-line Meet Guidance Raise Q1 Q2
Slide 7: On track to achieve financial goals announced at 2022 Investor Day
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 7 On track to achieve financial goals announced at 2022 Investor Day Portfolio Receipts CAGR of 10% or more 5-year Capital Deployment of $10-12 billion (2020-2030) (2022-2026) >$15bn $4.7 $4
Slide 8: Royalties play a critical funding role in the biopharma ecosystem
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 8 Royalties play a critical funding role in the biopharma ecosystem… Royalties are an innovative and growing asset class Debt Royalties Equity Cost of capital Low Low to medium High Flexibil
Slide 9: Advantages versus pharma partnering
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 9 …and offer advantages versus pharma partnering Royalties preserve strategic optionality as the product profile matures Royalties Pharma partnering Strategic optionality High Low Retention
Slide 10: Record year for royalty funding in 2025
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 10 Record year for royalty funding in 2025 Driven by growing capital needs, industry fragmentation, scientific innovation and increased awareness of royalties 5-year average annual announced
Slide 11: Synthetic royalties expected to be an important growth driver
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 11 Synthetic royalties are expected to be an important growth driver Synthetic royalty market growth has been robust(1) Synthetics are underpenetrated in biopharma funding(2,3) (Announced va
Slide 12: Strongest year ever for RP synthetic royalty transactions
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 12 Strongest year ever for RP synthetic royalty transactions Announced value of RP synthetic transactions(1) RP announced four synthetic deals in 2025 ($ in millions) >5x $2,075 daraxonrasib
Slide 13: Announced $4.7 billion of royalty transactions in 2025
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 13 Announced $4.7 billion of royalty transactions in 2025 2025 Royalty Pharma investment activity >480 initial reviews 155 CDAs signed litifilimab 109 in-depth reviews daraxonrasib obexelima
Slide 14: Capital Deployment in attractive risk/reward opportunities
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 14 Capital Deployment in attractive risk/reward opportunities We invest where industry success rates are highest Strong track record of success 100% Biopharma innovation RP investment focus
Slide 15: Capital at work has doubled since 2019
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 15 Capital at work has doubled since 2019 while maintaining low overall risk Low-risk portfolio driven by Capital Deployment in approved products and successful development-stage investments
Slide 16: Proven ability to identify successful products
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 16 Proven ability to identify successful products… Consensus 5-years post transaction - time of acquisition vs. current(1,2) (% change for approved products since 2020) >100% Transaction siz
Slide 17: Attractive returns under a range of commercial scenarios
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 17 …and generate attractive returns under a range of commercial scenarios >95% of capital deployed on approved products expected to achieve target IRRs or better Consensus 5-years post trans
Slide 18: Positive developments across royalty portfolio in 2025
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 18 Positive developments across royalty portfolio in 2025 Key clinical events in 2025 Key regulatory events in 2025 Therapy Indication Event Therapy Indication Event TEV-‘749 schizophrenia P
Slide 19: Multiple pivotal readouts over next 24 months
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 19 Multiple pivotal readouts over next 24 months Important Phase 3 results to potentially unlock value for development-stage pipeline daraxonrasib pelacarsen litifilimab 2026 events 2L PDAC,
Slide 20: Pipeline of large potential royalties to power growth beyond 2030
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 20 Exciting pipeline of large potential royalties to power growth beyond 2030 All late-stage development assets have first-in-class or best-in-class potential Potential peak sales Expected l
Slide 21: Portfolio generating attractive returns
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 21 Portfolio generating attractive returns Remarkably stable returns since IPO with conservative leverage enhancing returns to shareholders Return on Invested Capital (ROIC)(1) Return on Inv
Slide 22: Value driven dynamic capital allocation framework
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 22 Our value driven dynamic capital allocation framework Intend to allocate capital as effectively and efficiently as possible, creating long-term value for shareholders More attractive roya
Slide 23: Significant financial capacity to execute strategy
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 23 Significant financial capacity to execute strategy and drive value creation ~$30 billion of projected capacity (H2 2025-2030) Royalty acquisitions Share repurchases At least $2.0-2.5bn av
Slide 24: Combines attractive attributes of multiple industries
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 24 Royalty Pharma combines the attractive attributes of multiple industries Biopharma Capital allocators Average P/E ratio(1) = ~14x Average P/E ratio(2) = ~36x Alternative asset managers Pr
Slide 25: Clear path to deliver substantial shareholder value
Strong execution Rapid industry growth Capital Deployment Development-stage pipeline Optimized business model 25 Clear path to deliver substantial shareholder value Driver 2025-2030 outlook • $4.7bn+ Portfolio Receipts (9%+ CAGR) Top-line • Best-in-class pharma diversification • >$7.50 Portfolio Cas
Slide 26: Footnotes
26 Footnotes 1) To aid in comparability, 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
Slide 27: Appendix
Appendix
Slide 28: On track to meet or exceed 5-year capital deployment target
28 On track to meet or exceed 5-year capital deployment target Investing in approved and development-stage royalties 5-year Capital Deployment of $10-12 billion(4) (2022-2025) (2022-2026) >$15bn $15 Approved $12 $10-12bn ~$10bn $9 $ in billions 2022 2023 2024 2025 $6 Development-stage aficamten(1) o
Slide 29: 2025 and 2026 expected clinical and regulatory events
29 2025 and 2026 expected clinical and regulatory events Clinical Regulatory 2025 2025 TEV-’749 ecopipam trontinemab Tremfya Cabometyx Tremfya Phase 3 safety results(1) Phase 3 results(4) Phase 3 initiation(7) FDA approval(14) FDA approval(16) EC approval(14) (schizophrenia) (Tourette's syndrome) (A
Slide 30: Development-stage pipeline: potential therapies
30 Development-stage pipeline: 20 potential therapies Initial and additional indications for development-stage therapies Phase 2 Phase 3 Registration CK-586 tulmimetostat (CPI-0209) omecamtiv mecarbil pelacarsen olpasiran TEV-‘749 Heart failure Blood cancer, solid tumors Heart failure CV disease (se
Slide 31: Approved royalty portfolio: significant label expansion opportunities
31 Approved royalty portfolio: significant label expansion opportunities Additional indications for approved products Phase 2 Phase 3 Registration Additional indication Trodelvy (+ combinations) Niktimvo (+ Jakafi) Trodelvy (+pembrolizumab)(3) Trodelvy (+ pembrolizumab) Cobenfy Spinraza (higher dose
Slide 32: GAAP to non-GAAP reconciliation
32 GAAP to non-GAAP reconciliation Adjusted EBITDA and ROIC Adjusted EBITDA 2019 2022 2023 Q3 2025 $ in millions (PF)(1) 2020 2021 (PF)(2) (PF)(2) 2024 LTM Net cash provided by operating activities (GAAP) $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,405 Adjustments: Proceeds from available for sale
Slide 33: GAAP to non-GAAP reconciliation
33 GAAP to non-GAAP reconciliation Portfolio Cash Flow and ROIE Portfolio Cash Flow 2019 2022 2023 Q3 2025 $ in millions (PF)(1) 2020 2021 (PF)(2) (PF)(2) 2024 LTM Net cash provided by operating activities (GAAP) $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,405 Adjustments: Proceeds from available f
Slide 34: Capital Deployment summary
34 Capital Deployment summary 2019 Q3 2025 $ in millions (PF)(1) 2020 2021 2022 2023 2024 LTM Acquisitions of financial royalty assets ($1,721) ($2,182) ($2,192) ($1,742) ($2,116) ($2,506) ($1,460) Development-stage funding payments ($83) ($26) ($200) ($177) ($52) ($2) ($404) Purchases of available
Slide 35: Invested Capital at Work and Invested Equity at Work summary
35 Invested Capital at Work and Invested Equity at Work summary Q3 2025 $ in millions 2019 (PF) 2020 2021 2022 2023 2024 LTM Beginning Invested Capital at Work $10,312 $10,424 $12,504 $14,837 $16,535 $18,496 $20,350 Capital Deployment(1) $1,818 $2,240 $2,508 $2,428 $2,192 $2,761 $2,231 Expiries(2) (
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