Royalty Pharma Plc · NASDAQ:RPRX
Royalty Pharma — Q1 2026 Earnings Presentation
37 slides from Royalty Pharma's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results May 6, 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: Agenda
3 Agenda Key Highlights Pablo Legorreta Chief Executive Officer, Chairman of the Board R&D Co-Funding Chris Hite Chairman, Partnering & Investments Portfolio Update Marshall Urist EVP, Head of Research & Investments Financial Results Terrance Coyne EVP, Chief Financial Officer Conclusion Pablo Legor
Slide 4: Key Highlights
Key Highlights Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 5: Strong business momentum in Q1 2026
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 5 Strong business momentum in Q1 2026 1 2 3 4 Financial Capital allocation Portfolio Financial guidance Double-digit growth in $1.25bn of announced Positive phase 3 results for FY 2026 Portfolio Receipts Royalty Receipts (+1
Slide 6: Delivering double-digit growth on average since IPO
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 6 Delivering double-digit growth on average since IPO Royalty Receipts (year/year growth; $ in millions) +8% +15% +12% +8% +13% +13% +17% +13% +12% +11% $887 +15% +12% $856 +14% $788 +11% $811 +10% +12% +6% +9% $705 +11% $73
Slide 7: Expanding our global platform and capabilities
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 7 Expanding our global platform and capabilities Strengthening our leadership team, global reach and AI-powered insights to support long-term growth Greg Butz Kenneth Sun Lucas Glass EVP, Partnering & Investments SVP, Head o
Slide 8: R&D Co-Funding
R&D Co-Funding Chris Hite Chairman Partnering & Investments
Slide 9: R&D co-funding agreements are a win-win solution
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 9 R&D co-funding agreements are a win-win solution Global biopharma benefits Royalty Pharma benefits Risk sharing at scale Unlocks large new market of opportunities Large addressable market Enhances program ROI >$1trn(1) Acc
Slide 10: Majority of global biopharma have utilized R&D co-funding
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 10 Majority of global biopharma have utilized R&D co-funding Increased comfort with accounting treatment and growing recognition of benefits driving adoption Value of R&D co-funding transactions Growing acceptance of R&D co-
Slide 11: Opportunity to scale business by partnering with global biopharma
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 11 Opportunity to scale business by partnering with global biopharma Royalty Pharma’s Capital Deployment mix Funding modality growth outlook (Illustrative) R&D co-funding (global biopharma) R&D co-funding Other could signifi
Slide 12: Recent R&D co-funding deals highlight breadth and scale of opportunity
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 12 Recent R&D co-funding deals highlight breadth and scale of opportunity Select Royalty Pharma R&D co-funding agreements, 2022-present(1) Announcement 2026 2026 2025 2023 2022 Transaction size $500m(2) Up to $500m(3) Up to
Slide 13: Royalty Pharma is well positioned to scale R&D co-funding
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 13 Royalty Pharma is well positioned to scale R&D co-funding Competitive Scale and Brand Partnership price focus reputation mentality Deep Long-term Flexibility on Responsiveness relationships horizon structuring R&D: resear
Slide 14: Portfolio Update
Portfolio Update Marshall Urist, MD, PhD Executive Vice President Head of Research & Investments
Slide 15: Royalty funding agreement: Ziihera for HER2+ gastric & biliary tract cancer
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 15 Royalty funding agreement: Ziihera for HER2+ gastric & biliary tract cancer Acquired portion of Zymeworks’ royalties on Jazz and BeOne’s Ziihera Ziihera reported and consensus sales(4) (Non risk-adjusted; $ in billions) $
Slide 16: Revolution Medicines update: daraxonrasib Phase 3 results
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 16 Revolution Medicines update: daraxonrasib Phase 3 results Positive Phase 3 RASolute trial results(1) Unprecedented daraxonrasib OS benefit(1) daraxonrasib consensus sales(2) (Phase 3 RASolute 302 trial – overall populatio
Slide 17: Positive developments across royalty portfolio in 2026
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 17 Positive developments across royalty portfolio in 2026 Key clinical events in 2026 Key regulatory events in 2026 Therapy Indication Event Therapy Indication Event obexelimab IgG4-RD Phase 3 results(1) Avlayah Hunter syndr
Slide 18: Multiple pivotal readouts during 2026-2027
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 18 Multiple pivotal readouts during 2026-2027 Important Phase 3 results to potentially unlock value for development-stage pipeline 2026 events daraxonrasib Myqorzo pelacarsen litifilimab 2L PDAC nHCM Cardiovascular disease L
Slide 19: Financial Results
Financial Results Terrance Coyne Executive Vice President Chief Financial Officer
Slide 20: Efficient model generates substantial cash flow to reinvest
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 20 Efficient model generates substantial cash flow to reinvest % Portfolio in millions Q1 2026 Receipts Comments Royalty Receipts(1) $887 +13% YoY Recurring cash inflows of our royalty portfolio Milestones & other contractua
Slide 21: Portfolio Receipts growth reflects strength of portfolio
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 21 Portfolio Receipts growth reflects strength of portfolio Q1 2026 Portfolio Receipts growth ($ in millions) 0 +10% 0 +13% $925 $132 $887 $38 $839 $51 $788 ($33) Drivers: + Tremfya Headwinds: + Voranigo - Promacta + Evrysdi
Slide 22: Portfolio continues to generate attractive returns
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 22 Portfolio continues to generate attractive returns Remarkably stable returns since IPO with conservative leverage enhancing returns to shareholders 2019-2025 Q1 2026 LTM Comments (Average) Return on • ROIC and ROIE in 202
Slide 23: Maintaining financial flexibility while returning capital
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 23 Maintaining financial flexibility while returning capital Significant financial capacity to execute strategy Balanced capital allocation (Q1 2026) Return of capital: ~$186m Cash & cash equivalents $586m as of March 31, 20
Slide 24: Full year 2026 guidance
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 24 Full year 2026 guidance(1,2) February 11, 2026 May 6, 2026 Comments • Strong portfolio performance Portfolio Receipts $3,275m - $3,425m $3,325m - $3,450m • Milestones and other contractual receipts expected to excluding t
Slide 25: Conclusion
Conclusion Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 26: Powerful business positioned to drive strong value creation
Key Highlights R&D Co-Funding Portfolio Update Financial Results Conclusion 26 Powerful business positioned to drive strong value creation Leader in biopharma royalty funding Expanding market Unique platform Robust growth Attractive returns Strong secular trend of Best-in-class platform for Strong,
Slide 27: Footnotes
27 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 28: Appendix
Appendix
Slide 29: 2026 and 2027 clinical and regulatory events
29 2026 and 2027 clinical and regulatory events Clinical Regulatory 2026 2026 obexelimab daraxonrasib litifilimab Avlayah neladalkib daraxonrasib Phase 3 results(1) Phase 3 results(2) Phase 2 results(3) FDA approval(14) FDA filing(15) FDA filing(2) (IgG4-RD) (2L metastatic PDAC) (CLE) (Hunter syndro
Slide 30: Development-stage pipeline: potential therapies
30 Development-stage pipeline: 19 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) Ziihera Trodelvy (+ pembrolizumab)(1) Trodelvy (+ pembrolizumab) Cobenfy Tremfya 1L mUC Early breast canc
Slide 32: Expanding Teva partnership with R&D funding on TEV-'408
32 Expanding Teva partnership with R&D funding on TEV-‘408 Deal structure drives attractive risk/reward RP option to scale investment following Phase 2b results Teva provides TEV-‘408 Phase Royalty Pharma and Transaction terms 2b vitiligo results, decision Teva may co-fund Risk-mitigated structure;
Slide 33: 85% of current invested capital in approved products
33 85% 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 $22bn Approved at acquisition 5% $20bn Approved since acquisition 10% Develop
Slide 34: GAAP to non-GAAP reconciliation
34 GAAP to non-GAAP reconciliation Adjusted EBITDA and ROIC Adjusted EBITDA 2019 2022 2023 Q1 2026 $ in millions (PF)(1) 2020 2021 (PF)(2) (PF)(2) 2024 2025 LTM Net cash provided by operating activities $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,490 $2,612 (GAAP) Adjustments: Proceeds from availab
Slide 35: GAAP to non-GAAP reconciliation
35 GAAP to non-GAAP reconciliation Portfolio Cash Flow and ROIE Portfolio Cash Flow 2019 2022 2023 Q1 2026 $ in millions (PF)(1) 2020 2021 (PF)(2) (PF)(2) 2024 2025 LTM Net cash provided by operating activities (GAAP) $1,742 $2,035 $2,018 $2,144 $2,988 $2,769 $2,490 $2,612 Adjustments: Proceeds from
Slide 36: Capital Deployment summary
36 Capital Deployment summary 2019 $ in millions (PF)(1) 2020 2021 2022 2023 2024 2025 Q1 2026 Acquisitions of financial royalty assets ($1,721) ($2,182) ($2,192) ($1,742) ($2,116) ($2,506) ($1,698) ($452) Development-stage funding payments ($83) ($26) ($200) ($177) ($52) ($2) ($452) ($26) Purchases
Slide 37: Invested Capital at Work and Invested Equity at Work summary
37 Invested Capital at Work and Invested Equity at Work summary 2019 Q1 2026 $ in millions (PF) 2020 2021 2022 2023 2024 2025 LTM Beginning Invested Capital at Work $10,312 $10,424 $12,504 $14,837 $16,535 $18,496 $20,848 $20,633 Capital Deployment(1) $1,818 $2,240 $2,508 $2,428 $2,192 $2,761 $2,596