Royalty Pharma Plc · NASDAQ:RPRX
Royalty Pharma — Investor Presentation (February 2026)
84 slides from Royalty Pharma's investor presentation, February 2026
Slide 1: Corporate Presentation
Corporate Presentation February 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: Powerful business positioned to drive strong value creation
Overview Royalty market Investment approach Competitive advantages Financials 3 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 for Consist
Slide 4: Royalty Pharma: a premier capital allocator in life sciences
Overview Royalty market Investment approach Competitive advantages Financials 4 Royalty Pharma: a premier capital allocator in life sciences (Nasdaq: RPRX) Market leader and pioneer Compounding growth through value creation 30 ~48% 10%+ Mid-teens years of compounding value top-line CAGR expected ove
Slide 5: Royalty Pharma combines the attractive attributes of multiple industries
Overview Royalty market Investment approach Competitive advantages Financials 5 Royalty Pharma combines the attractive attributes of multiple industries Biopharma Capital allocators Average P/E ratio(1) = ~17x Average P/E ratio(2) = ~29x Alternative asset managers Precious metal royalties Average P/
Slide 6: Advancing our partners' core mission with win-win solutions
Overview Royalty market Investment approach Competitive advantages Financials 6 Advancing our partners’ core mission with win-win solutions Structure Existing royalties Synthetic royalties Other funding modalities Overview • The contractual right to a percentage of • Newly-created royalties on appro
Slide 7: Royalties play a critical funding role in the biopharma ecosystem
Overview Royalty Market Investment approach Competitive advantages Financials 7 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 Flexibility Low High Low Operationally r
Slide 8: …and offer advantages versus pharma partnering
Overview Royalty Market Investment approach Competitive advantages Financials 8 …and offer advantages versus pharma partnering Royalties preserve strategic optionality as the product profile matures Royalties Pharma partnering Strategic optionality High Low Retention of economics Very high Low “Fund
Slide 9: Megatrends driving the royalty industry
Overview Royalty Market Investment approach Competitive advantages Financials 9 Megatrends driving the royalty industry Scaled royalty providers expected to disproportionately benefit Global innovation is R&D fragmentation Biopharma capital needs occurring at a rapid pace creating royalties are larg
Slide 10: Life sciences R&D provides substantial funding opportunity
Overview Royalty Market Investment approach Competitive advantages Financials 10 Life sciences R&D provides substantial funding opportunity Entire biopharma ecosystem drives our pipeline Biopharma ecosystem cumulative R&D spend over next decade(1) Global pharma market(2) >$1 trillion Th es ir lti by
Slide 11: Strong royalty growth against volatile capital markets backdrop
Overview Royalty Market Investment approach Competitive advantages Financials 11 Strong royalty growth against volatile capital markets backdrop Biotech capital raising versus royalty funding(1) Uncorrelated royalty growth ($ in billions) • Growth in both strong and more restrictive capital market e
Slide 12: Royalty funding has grown rapidly
Overview Royalty Market Investment approach Competitive advantages Financials 12 Royalty funding has grown rapidly Driven by growing capital needs, industry fragmentation, scientific innovation and increased awareness of royalties 5-year average annual announced value (1997-2025)(1) $10bn $7.1bn $3.
Slide 13: Synthetic royalties are an attractive funding modality
Overview Royalty Market Investment approach Competitive advantages Financials 13 Synthetic royalties are an attractive funding modality… Synthetic royalties – a compelling innovation with significant growth potential Benefits to biopharma partner § Royalty Debt Equity Non-dilutive to equity / preser
Slide 14: Synthetic royalties are expected to be an important growth driver
Overview Royalty Market Investment approach Competitive advantages Financials 14 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 value; $ in billions) (>$290bn in
Slide 15: Clear leader in the rapidly growing royalty market
Overview Royalty Market Investment approach Competitive advantages Financials 15 Clear leader in the rapidly growing royalty market Royalty Pharma market share Leading market share in each segment 2020-2025 2020-2025(1) 69% 48% 41% 19% ≤$250m >$250m-<$500m ≥$500m Royalty Pharma #2 royalty buyer Othe
Slide 16: Important funding paradigm emerging for biopharma
Overview Royalty Market Investment approach Competitive advantages Financials 16 Important funding paradigm emerging for biopharma Royalties are a growing part of successful biotech’s diversified capital structure Company % capital raised Total Significant benefits of diversified capital Flexible 38
Slide 17: China emerging as a significant driver for innovation in biopharma
Overview Royalty Market Investment approach Competitive advantages Financials 17 China emerging as a significant driver for innovation in biopharma Increased licensing activity has resulted in important long-term royalty opportunity Number of royalties created from China out-licensing China is a str
Slide 18: Our investment approach optimizes risk/reward
Overview Royalty market Investment approach Competitive advantages Financials 18 Our investment approach optimizes risk/reward Product selection Risk/reward Highly selective Flexible approach Attractive returns Risk mitigation • Focus on best products with • Maximizes opportunity set • Target attrac
Slide 19: Announced $4.7 billion of royalty transactions in 2025
Overview Royalty market Investment approach Competitive advantages Financials 19 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 obexelimab 35 proposals submitted neladal
Slide 20: Investment activity reflects strong momentum for royalty funding
Overview Royalty market Investment approach Competitive advantages Financials 20 Investment activity reflects strong momentum for royalty funding Initial reviews consistently growing In-depth reviews more than doubled +81% +118% >480 >440 >400 >350 109 99 >300 93 >265 70 61 50 2020 2021 2022 2023 20
Slide 21: Growing interest in royalties driving high-quality inbound calls
Overview Royalty market Investment approach Competitive advantages Financials 21 Growing interest in royalties driving high-quality inbound calls Source of in-depth reviews Royalties becoming increasingly established funding modality (outbound vs inbound business development activity) • Growing in-d
Slide 22: Healthy mix of approved and development-stage investments
Overview Royalty market Investment approach Competitive advantages Financials 22 Healthy mix of approved and development-stage investments Royalty Pharma has deployed approximately $27 billion of capital since 2012 Annual Capital Deployment ~$27 billion in cumulative Capital Deployment (2012 – 2025)
Slide 23: We deploy capital in attractive risk/reward opportunities
Overview Royalty market Investment approach Competitive advantages Financials 23 We deploy capital 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 ~65% of capital on app
Slide 24: 87% of current invested capital in approved products
Overview Royalty market Investment approach Competitive advantages Financials 24 87% of current invested capital in approved products Low-risk portfolio driven by capital deployment in approved products and successful development-stage investments Breakdown of total Invested Capital at Work(1) $22bn
Slide 25: Track record of identifying great products that consistently outperform
Overview Royalty market Investment approach Competitive advantages Financials 25 Track record of identifying great products that consistently outperform Consensus peak sales (in bn) Therapy First- or best-in class Therapeutic Area At transaction Actual/Current % Outperformance Year Rituxan Cancer $0
Slide 26: Proven ability to identify successful products…
Overview Royalty market Investment approach Competitive advantages Financials 26 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 size >$250m Transaction size <$250m
Slide 27: …and generate attractive returns under a range of commercial scenarios
Overview Royalty market Investment approach Competitive advantages Financials 27 …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 transaction - time of acquisition vs.
Slide 28: Strong track record of investing in development-stage therapies
Overview Royalty market Investment approach Competitive advantages Financials 28 Strong track record of investing in development-stage therapies Royalty Pharma development-stage success rate of ~90% excluding therapies still in development Approach drives strong track-record Capital Deployment on de
Slide 29: Rigorous process results in multiple benefits for shareholders
Overview Royalty market Investment approach Competitive advantages Financials 29 Rigorous process results in multiple benefits for shareholders Approach Diligence • Best project team based on expertise • Exhaustive research led by decision makers • Flat structure, no organizational silos • Decades o
Slide 30: Leveraging the best internal and external expertise available
Overview Royalty market Investment approach Competitive advantages Financials 30 Leveraging the best internal and external expertise available Internal team(1) External support (# of employees) (# of experts) 4 86 9 49 Amplifying our team 7 ~18x 87 with the best external advice available to average
Slide 31: Exhaustive due diligence process sharpened over decades
Overview Royalty market Investment approach Competitive advantages Financials 31 Exhaustive due diligence process sharpened over decades Strategy & Analytics S&A expertise and insights leveraged Clinical Commercial Regulatory, IP Contracts, Forecasting Manufacturing Governance Physician Diligence PK
Slide 32: Our unique structure shaped over decades to acquire royalties
Overview Royalty market Investment approach Competitive advantages Financials 32 Our unique structure shaped over decades to acquire royalties Investment fund Ongoing business Expanded scope Publicly traded Internalization Optimized biopharma royalty buyer 100% private capital Diversified portfolio,
Slide 33: Our competitive advantages
Overview Royalty market Investment approach Competitive advantages Financials 33 Our competitive advantages Business Model Investment Platform Unique structure Industrialized process Investment time horizon Human capital Flexibility Life sciences expertise Scale and diversification Relationships Sin
Slide 34: Multiple elements of our business drive competitive moats
Overview Royalty market Investment approach Competitive advantages Financials 34 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, m
Slide 35: Major structural advantages when acquiring royalties
Overview Royalty market Investment approach Competitive advantages Financials 35 Major structural advantages when acquiring royalties Unique structure benefits partners and shareholders 1 Offers lower cost of capital due to scale and diversified portfolio Partner benefits Shareholder benefits 1 Cost
Slide 36: Long investment horizon differentiates us from competition
Overview Royalty market Investment approach Competitive advantages Financials 36 Long investment horizon differentiates us from competition Benefits of longer time horizon Royalty Pharma invests across the product life cycle 0 years 3 years 15 years Structuring Phase 3 Registration Commercialization
Slide 37: Flexibility in our investment approach drives multiple benefits
Overview Royalty market Investment approach Competitive advantages Financials 37 Flexibility in our investment approach drives multiple benefits Our approach to structuring Expands opportunity set Effective risk management Win-win funding solutions Ability to structure around Variety of tools to mit
Slide 38: Our scale and diversification is unique among royalty buyers
Overview Royalty market Investment approach Competitive advantages Financials 38 Our scale and diversification is unique among royalty buyers Royalty Pharma has unique size and scale Impact of ~$1bn royalty investment ~$22bn <5% of capital base Largest royalty acquisitions may add concentration chal
Slide 39: Scaling our team to capture the significant opportunity ahead
Overview Royalty market Investment approach Competitive advantages Financials 39 Scaling our team to capture the significant opportunity ahead Investment team(1) Strategically building our platform >3x ~1.8x Research & Investments Identifies, diligences, negotiates and executes royalty transactions
Slide 40: Volume of opportunities reviewed provides competitive edge
Overview Royalty market Investment approach Competitive advantages Financials 40 Volume of opportunities reviewed provides competitive edge Initial reviews by therapeutic category Depth and breadth of reviews compound knowledge (2022-2025) 454 Oncology Volume 255 Central nervous system ~1,700 initia
Slide 41: Unique ability to invest in multiple products in the same class
Overview Royalty market Investment approach Competitive advantages Financials 41 Unique ability to invest in multiple products in the same class Lipoprotein(a) Hematology Anti-TNFs olpasiran pelacarsen Cardiology Immunology Spinal Muscular Atrophy Multiple sclerosis Rare Disease Neuroscience frexali
Slide 42: We will track opportunities for years to build our portfolio
Overview Royalty market Investment approach Competitive advantages Financials 42 We will track opportunities for years to build our portfolio Enables strong relationship development and drives investment conviction Select transactions 2012 Present Tracking Negotiations Peak sales(1) Dec July 2013 20
Slide 43: Powerful insights generated from our proprietary data resources
Overview Royalty market Investment approach Competitive advantages Financials 43 Powerful insights generated from our proprietary data resources Adds value to partner development and launch strategy Deep investment in data(1) Proprietary insights Patient-level ~200m Market sizing claims data High re
Slide 44: Strength of platform approach evident in breadth and scope of activity
Overview Royalty market Investment approach Competitive advantages Financials 44 Strength of platform approach evident in breadth and scope of activity ~$15bn of capital deployed to acquire royalties on 52 products spanning 64 unique disease areas Years 2020 2021 2022 2023 2024 2025 Total Capital $2
Slide 45: Deploying substantial capital with repeat partners
Overview Royalty market Investment approach Competitive advantages Financials 45 Deploying substantial capital with repeat partners Capital committed with repeat partners Multiple benefits to long-term partnerships (~$21bn of announced transaction value since 2020) Speed of execution Information edg
Slide 46: Why we win
Overview Royalty market Investment approach Competitive advantages Financials 46 Why we win Competitive Scale and Brand Partnership price focus reputation mentality Deep Long-term Flexibility on Responsiveness relationships horizon structuring
Slide 47: Efficient model generates substantial cash flow to reinvest
Overview Royalty market Investment approach Competitive advantages Financials 47 Efficient model generates substantial cash flow to reinvest % Portfolio % Portfolio in millions FY 2024 Receipts FY 2025 Receipts Royalty Receipts(1,2) $2,771 +13% YoY $3,127 +13% YoY Milestones & other contractual rece
Slide 48: Delivering double-digit growth on average since IPO
Overview Royalty market Investment approach Competitive advantages Financials 48 Delivering double-digit growth on average since IPO Royalty Receipts (year/year growth; $ in millions) +8% +15% +12% +8% +13% +13% +17% +12% +11% $856 +15% +12% $811 +14% $788 +10% +11% +9% $732 $729 +6% $705 +11% +16%
Slide 49: Diversified portfolio fuels sustainable growth
Overview Royalty market Investment approach Competitive advantages Financials 49 Diversified portfolio fuels sustainable growth Portfolio Receipts (“top line”) Components of growth Similar contribution from existing and new investments 1 Existing Portfolio $4.7bn+ • Visible growth driven by a portfo
Slide 50: CF Franchise to remain important contributor over the long term
Overview Royalty market Investment approach Competitive advantages Financials 50 CF Franchise to remain important contributor over the long term 2030 CF Franchise Portfolio Receipts outlook(1) >$200m >$1bn CF Franchise 2030 Portfolio Receipts ~$800m now expected to be ~$600-700m ~$800m under a downs
Slide 51: Exciting pipeline of large potential royalties to power growth beyond 2030
Overview Royalty market Investment approach Competitive advantages Financials 51 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 launch year(1) Therapy Lead indic
Slide 52: 2026 and 2027 clinical and regulatory events
Overview Royalty market Investment approach Competitive advantages Financials 52 2026 and 2027 clinical and regulatory events Clinical Regulatory 2026 2026 obexelimab pelacarsen daraxonrasib TEV-‘749 zidesamtinib Trodelvy Phase 3 results(1) Phase 3 results(4) Phase 3 results(7) FDA approval(12) FDA
Slide 53: Increasingly diversified top-line and profitability
Overview Royalty market Investment approach Competitive advantages Financials 53 Increasingly diversified top-line and profitability Royalty Pharma’s efficient business model drives similar top- and bottom-line diversification 2025 diversification (top 3 products) Illustrative 2030 diversification (
Slide 54: Consistently strong bottom-line growth with path to >$7.50 in 2030
Overview Royalty market Investment approach Competitive advantages Financials 54 Consistently strong bottom-line growth with path to >$7.50 in 2030 Portfolio Cash Flow per share progression Illustrative 2030 non-GAAP outlook CAGR: $4.7bn+ Portfolio Receipts >9% >$7.50 (-) 4% - 5% Operating expenses
Slide 55: Focused on maximizing shareholder value through attractive returns
Overview Royalty market Investment approach Competitive advantages Financials 55 Focused on maximizing shareholder value through attractive returns Return Metric Track Record Notes IRR / Mid-teens % • Typical investment metrics based on actual and projected cashflows Cash on Cash >2x • Accounts for
Slide 56: IRRs tracking ahead of expectations in current environment
Overview Royalty market Investment approach Competitive advantages Financials 56 IRRs tracking ahead of expectations in current environment Attractive unlevered IRRs above cost of capital Current environment Target for IRRs Low double digit % Approved products (IRRs) Teens % Development-stage Teens
Slide 57: >90% of transactions expected to exceed cost of capital
Overview Royalty market Investment approach Competitive advantages Financials 57 >90% of transactions expected to exceed cost of capital Unlevered IRRs for investments since 2020(1) % of Capital Deployed 57% >90% of Deals exceeding cost of capital 35% 100% of Deals >$500m exceeding or significantly
Slide 58: Remarkably stable returns since IPO
Overview Royalty market Investment approach Competitive advantages Financials 58 Remarkably stable returns since IPO Return on Invested Capital (ROIC) ROIC Adjusted EBITDA(1)(2) Invested Capital at Work Return on Invested Capital in billions in billions 14.9% $3.4 $22 Average annual return $20 (SD +
Slide 59: Product selection, scale and diversification insulates returns
Overview Royalty market Investment approach Competitive advantages Financials 59 Product selection, scale and diversification insulates returns Average annual ROIC (2019-2025) 15.5% 14.9% 0.6% Impact of unsuccessful investments Strong risk management minimizes impact of unsuccessful investments on R
Slide 60: Conservative leverage enhances returns
Overview Royalty market Investment approach Competitive advantages Financials 60 Conservative leverage enhances returns Return on Invested Equity (ROIE) ROIE Portfolio Cash Flow (1)(2) Invested Equity at Work Return on Invested Equity in billions in billions 21.5% Average annual return (SD +/- 1.8%)
Slide 61: Our value driven dynamic capital allocation framework
Overview Royalty market Investment approach Competitive advantages Financials 61 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 royalty opportunities Balanced appro
Slide 62: Significant financial capacity to execute strategy and drive value creation
Overview Royalty market Investment approach Competitive advantages Financials 62 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 average per year $1.8bn authorizat
Slide 63: Clear path to deliver substantial shareholder value
Overview Royalty market Investment approach Competitive advantages Financials 63 Clear path to deliver substantial shareholder value Driver 2025-2030 outlook • $4.7bn+ Portfolio Receipts Top line • Best-in-class pharma diversification • >$7.50 Portfolio Cash Flow per share Bottom line • Represents a
Slide 64: Deloitte market study on biopharma royalty funding
Deloitte market study on biopharma royalty funding
Slide 65: Inaugural Deloitte market study on biopharma royalty funding
65 Inaugural Deloitte market study on biopharma royalty funding Comprehensive market study on biopharma royalty funding Deloitte market study: participants by position • 110+ biopharma executives • Quantitative insights: 90 digital survey participants • Qualitative insights: 20+ one-on-one interview
Slide 66: Royalties viewed as strategic addition to capital structure
66 Royalties viewed as strategic addition to capital structure Differentiated benefits of royalties driving increased executive interest What do you view are the main benefits associated with royalty funding? Over the last 3 years, how has your interest (n=80) (% respondents ranking each benefit in
Slide 67: Companies express strong interest in pursuing royalty funding
67 Companies express strong interest in pursuing royalty funding 87% of biopharma executives would consider royalties as part of their capital raising plans over the next 3 years Corporate capital needs over the next 3 years (n=74) If your company plans to raise capital in the next 3 years, to what
Slide 68: Companies express strong interest in pursuing royalty funding
68 Companies express strong interest in pursuing royalty funding Select quotes from Deloitte Royalty Funding Market Study “[A] royalty is better than equity and “Royalties are attractive as they ensure debt financing because it is non-dilutive, access to non-dilutive capital…helped simpler than debt
Slide 69: Royalty funding market is poised for significant growth
69 Royalty funding market is poised for significant growth Opportunity 87% 67% 77% of executives would consider of executives would pursue of executives would pursue using royalty funding to raise royalty funding instead of or in royalty funding instead of or in capital over the next 3 years additio
Slide 70: Synthetic opportunity strongly highlighted in Deloitte study
70 Synthetic opportunity strongly highlighted in Deloitte study Survey data and quotes from Deloitte Royalty Funding Market Study What is your company’s interest level in creating a synthetic “The [synthetic] royalty market is here to stay. It’s the only royalty to help meet its capital needs over t
Slide 71: Royalty Pharma's reputation provides competitive edge
71 Royalty Pharma’s reputation provides competitive edge Select quotes from Deloitte Royalty Funding Market Study “I have had executives leave 200-300 “RP is extremely creative, They win “Being able to structure the deal cleverly basis points on the table for RP… deals based on reputation.” where we
Slide 72: Appendix
Appendix
Slide 73: Development-stage pipeline: potential therapies
73 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 74: Approved royalty portfolio: significant label expansion opportunities
74 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 75: Strengthening alignment with shareholders
75 Strengthening alignment with shareholders Internalization transaction results in significantly greater portion of management compensation in equity Pre-internalization (external manager structure) Post-internalization Equity received from internalization vests over 5 years Cash 2026 estimated com
Slide 76: CF to remain important contributor regardless of triple scenario
76 CF to remain important contributor regardless of triple scenario Triple combination 2030 CF Franchise Scenario Components Duration(3) blended royalty(1) Portfolio Receipts outlook(2) elexacaftor ivacaftor tezacaftor ~9% -- 2037 Deuterated ivacaftor deuterated is royalty bearing vanzacaftor ivacaf
Slide 77: What does $1bn of investment mean for future cash receipts?
77 What does $1bn of investment mean for future cash receipts? Representative annual Portfolio Receipts(1,2) (“top-line”) from $1bn of investment - based on blend of historical acquisitions $300m Period of accelerated Period of reduced growth growth during product launch in latter-half of decade pos
Slide 78: Environmental, social and governance
78 Environmental, social and governance Environmental Social Governance ESG Rankings Systematic approach to Senior Leadership and Responsible Investment evaluating potential climate- Employee Engagement Policy ensures that ESG- related risks and Committees foster related risks and opportunities coll
Slide 79: Royalty Pharma's differentiated investment profile
79 Royalty Pharma’s differentiated investment profile Unique advantages as an investor Differentiated biopharma characteristics Proprietary insights Compelling investment profile • Proprietary access to company data • Strong growth/returns, highly diversified • Deep internal and external diligence •
Slide 80: GAAP to non-GAAP reconciliation
80 GAAP to non-GAAP reconciliation Adjusted EBITDA and ROIC Adjusted EBITDA 2019 2022 2023 $ in millions (PF)(1) 2020 2021 (PF)(2) (PF)(2) 2024 2025 Net cash provided by operating activities (GAAP) $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,490 Adjustments: Proceeds from available for sale debt se
Slide 81: GAAP to non-GAAP reconciliation
81 GAAP to non-GAAP reconciliation Portfolio Cash Flow and ROIE Portfolio Cash Flow 2019 2022 2023 $ in millions (PF)(1) 2020 2021 (PF)(2) (PF)(2) 2024 2025 Net cash provided by operating activities (GAAP) $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,490 Adjustments: Proceeds from available for sale
Slide 82: Capital Deployment summary
82 Capital Deployment summary 2019 $ in millions (PF)(1) 2020 2021 2022 2023 2024 2025 Acquisitions of financial royalty assets ($1,721) ($2,182) ($2,192) ($1,742) ($2,116) ($2,506) ($1,698) Development-stage funding payments ($83) ($26) ($200) ($177) ($52) ($2) ($452) Purchases of available for sal
Slide 83: Invested Capital at Work and Invested Equity at Work summary
83 Invested Capital at Work and Invested Equity at Work summary $ in millions 2019 (PF) 2020 2021 2022 2023 2024 2025 Beginning Invested Capital at Work $10,312 $10,424 $12,504 $14,837 $16,535 $18,496 $20,848 Capital Deployment(1) $1,818 $2,240 $2,508 $2,428 $2,192 $2,761 $2,596 Expiries(2) ($1,707)
Slide 84: Footnotes
84 Footnotes 1) 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, 202
Royalty Pharma — Investor Presentation (February 2026) on 6ix