Royalty Pharma Plc · NASDAQ:RPRX
Royalty Pharma — Q3 2025 Earnings Presentation
32 slides from Royalty Pharma's earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Financial Results
Q3 2025 Financial Results November 5, 2025
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: Agenda
3 Agenda Key Highlights Pablo Legorreta Chief Executive Officer, Chairman of the Board Portfolio Update Marshall Urist EVP, Head of Research & Investments Development-stage pipeline Chris Hite EVP, Vice Chairman Financial Results Terrance Coyne EVP, Chief Financial Officer Conclusion Pablo Legorreta
Slide 4: Key Highlights
Key Highlights Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 5: Key messages
5 Key messages 1 2 3 4 Financial Capital allocation Portfolio Financial guidance Double-digit growth in Capital Deployment of Acquired royalty on Amgen’s FY 2025 Portfolio Receipts Royalty Receipts (+11%) $1bn in Q3 2025 ($1.7bn Imdelltra expected to be $3,200m and Portfolio Receipts in the first 9
Slide 6: Delivering double-digit growth on average since IPO
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 6 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 $729 +6% $705 +11% +16% +
Slide 7: Portfolio Update
Portfolio Update Marshall Urist, MD, PhD Executive Vice President Head of Research & Investments
Slide 8: Acquired royalty on Amgen's Imdelltra for small cell lung cancer
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 8 Acquired royalty on Amgen’s Imdelltra for small cell lung cancer – transforming the SCLC treatment paradigm Consensus sales of ~$2.7bn by 2035(4) (Imdelltra sales; $ in billions) High unmet patient need Approve
Slide 9: Acquired royalty on Alnylam's Amvuttra for ATTR amyloidosis
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 9 Acquired royalty on Alnylam’s Amvuttra for ATTR amyloidosis – expanding the ATTR amyloidosis market Amvuttra reported and consensus sales(4) ($ in billions) Approved for ATTR-CM and hATTR-PN ATTR amyloidosis is
Slide 10: Zenas Biopharma's obexelimab – an exciting opportunity for IgG4-RD
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 10 Zenas Biopharma’s obexelimab – an exciting opportunity for IgG4-RD Funding supports obexelimab development and potential IgG4-RD launch in H1 2027 Obexelimab – potential new therapy for IgG4-RD Funding agreeme
Slide 11: Development-stage pipeline
Development-stage pipeline Chris Hite Executive Vice President Vice Chairman
Slide 12: Deploying capital on attractive therapies
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 12 Deploying capital on attractive therapies Development-stage pipeline has grown to 17 therapies after adding 3 therapies in 2025 Development-stage Approved Transaction size Up to $250m Up to $2.0bn(1) Up to $30
Slide 13: Expanding development-stage pipeline while managing portfolio risk
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 13 Expanding development-stage pipeline while managing portfolio risk Low-risk portfolio driven by Capital Deployment in approved products and successful development-stage investments Annual Capital Deployed at t
Slide 14: Capital Deployment in attractive risk/reward opportunities
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 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 • Deployed ~66% of cap
Slide 15: Multiple pivotal readouts over next 24 months
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 15 Multiple pivotal readouts over next 24 months Important Phase 3 results to potentially unlock value for development-stage pipeline Phase 3 results expected in Q4 2025 / 2026(1, 3) Phase 3 results expected in 2
Slide 16: Financial Results
Financial Results Terrance Coyne Executive Vice President Chief Financial Officer
Slide 17: Efficient model generates substantial cash flow to reinvest
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 17 Efficient model generates substantial cash flow to reinvest % Portfolio Q3 2025 $ in millions Receipts Comments Royalty Receipts(1) $811 +11% YoY Recurring cash inflows of our royalty portfolio Milestones & ot
Slide 18: Portfolio continues to generate attractive returns
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 18 Portfolio continues to generate attractive returns Remarkably stable returns since IPO with conservative leverage enhancing returns to shareholders 2019-2024 Q3 2025 (Average) (LTM) Comments Return on Invested
Slide 19: Maintaining financial flexibility while returning capital
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 19 Maintaining financial flexibility while returning capital Significant financial capacity to execute strategy Balanced capital allocation (first nine months of 2025) Cash & cash equivalents Return of capital: ~
Slide 20: Full year 2025 guidance
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 20 Full year 2025 guidance(1,2) August 6, 2025 November 5, 2025 Comments • Strong portfolio performance Portfolio Receipts(3) $3,050m - $3,150m $3,200m - $3,250m • Milestones and other contractual receipts exclud
Slide 21: Conclusion
Conclusion Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 22: Powerful business positioned to drive strong value creation
Key Highlights Portfolio Update Development-Stage Pipeline Financial Results Conclusion 22 Powerful business positioned to drive strong value creation Leader in biopharma royalty funding Expanding market Unique platform Attractive returns Robust growth Strong secular trend of Best-in-class platform
Slide 23: Footnotes
23 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 24: Appendix
Appendix
Slide 25: On track to meet or exceed 5-year capital deployment target
25 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-current) (2022-2026) $15 ~$14bn Approved $12 $10-12bn ~$9bn $9 $ in billions 2022 2023 2024 2025 $6 Development-stage aficamten(1)
Slide 26: 2025 and 2026 clinical and regulatory events
26 2025 and 2026 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) (Alzheimer’
Slide 27: Development-stage pipeline: potential therapies
27 Development-stage pipeline: 17 potential therapies Initial and additional indications for development-stage therapies Phase 2 Phase 3 Registration CK-586 tulmimetostat (CPI-0209) omecamtiv mecarbil pelacarsen olpasiran aficamten Heart failure Blood cancer, solid tumors Heart failure CV disease (s
Slide 28: Approved royalty portfolio: significant label expansion opportunities
28 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 29: GAAP to non-GAAP reconciliation
29 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 30: GAAP to non-GAAP reconciliation
30 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 31: Capital Deployment summary
31 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 32: Invested Capital at Work and Invested Equity at Work summary
32 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) (