Slide 1: Full Year and Q4 2025 Financial Results
Full Year and Q4 2025 Financial Results February 11, 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 Transaction Pipeline Chris Hite EVP, Vice Chairman Portfolio Update Marshall Urist EVP, Head of Research & Investments Financial Results Terrance Coyne EVP, Chief Financial Officer Conclusion Pablo Legorreta Chief
Slide 4: Key Highlights
Key Highlights Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 5: Key achievements position business for sustained momentum
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 5 Key achievements position business for sustained momentum • Double-digit growth in 2025 Royalty Receipts (+13%) and Portfolio Receipts (+16%)(1) Financial • Return on Invested Capital of 15.8% and Return on Invested
Slide 6: Delivering double-digit growth on average since IPO
Key Highlights Transaction Pipeline 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% +12% +11% $856 +15% +12% $811 +14% $788 +10% +11% +9% $732 $729 +6% $705 +11% +1
Slide 7: Record year for royalty funding in 2025
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 7 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 value (1997-2025)(1) $10bn $
Slide 8: Successfully executing against our financial targets
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 8 Successfully executing against our financial targets Portfolio Receipts guidance and Capital Deployment target provided at Investor Day in May 2022 Portfolio Receipts guidance: 11% to 14% CAGR ($3.0-$3.5bn) Capital D
Slide 9: Transaction pipeline
Transaction pipeline Chris Hite Executive Vice President Vice Chairman
Slide 10: Announced $4.7 billion of royalty transactions in 2025
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 10 Announced $4.7 billion of royalty transactions in 2025 2025 Royalty Pharma investment activity >480 initial reviews 155 CDAs signed litifilimab 109 in-depth reviews daraxonrasib obexelimab 35 proposals submitted nel
Slide 11: Investment activity reflects strong momentum for royalty funding
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 11 Investment activity reflects strong momentum for royalty funding Initial reviews consistently growing In-depth reviews more than doubled +81% +118% >480 >440 >400 >350 109 99 >300 93 >265 70 61 50 2020 2021 2022 202
Slide 12: Strongest year ever for Royalty Pharma synthetic royalty transactions
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 12 Strongest year ever for Royalty Pharma synthetic royalty transactions Announced value of RP synthetic royalty transactions(1) RP announced four synthetic transactions in 2025 ($ in millions) >5x $2,075 daraxonrasib
Slide 13: Synthetic royalties are expected to be an important growth driver
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 13 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) (>$290 b
Slide 14: Portfolio Update
Portfolio Update Marshall Urist, MD, PhD Executive Vice President Head of Research & Investments
Slide 15: Strong execution in 2025 against Capital Deployment strategy
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 15 Strong execution in 2025 against Capital Deployment strategy $2.6 billion of Capital Deployment in 2025 Capital Deployment mix in 2025 $4.7 billion of announced value in 2025 (Approved vs. development-stage) (Type o
Slide 16: Deploying capital on attractive therapies over the last 3 months
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 16 Deploying capital on attractive therapies over the last 3 months Development-stage Approved 2026 deal Transaction size Up to $500m(1) Up to $315m(2) Up to $275m(3) Up to $300m(4) Transaction type Synthetic Existing
Slide 17: Positive developments across royalty portfolio in 2025
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 17 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 Phase 3 safety(1) Tremfya Cro
Slide 18: Multiple pivotal readouts over next months
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 18 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, 2L NSCLC Cardiovascular dis
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 Transaction Pipeline Portfolio Update Financial Results Conclusion 20 Efficient model generates substantial cash flow to reinvest % Portfolio % Portfolio in millions Q4 2025 Receipts FY 2025 Receipts Royalty Receipts(1,2) $856 +17% YoY $3,127 +13% YoY Milestones & other contractual re
Slide 21: Portfolio Receipts growth reflects strength of portfolio
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 21 Portfolio Receipts growth reflects strength of portfolio 2025 Portfolio Receipts growth ($ in millions) 0 +16% 0 +13% 3,049 $128 $3,254 $386 $10 $3,127 $2,801 $2,771 $31 ($40) Drivers: + Voranigo + Trelegy + Tremfya
Slide 22: Portfolio continues to generate attractive returns
Key Highlights Transaction Pipeline 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 FY 2025 Comments (Average) Return on • Reflects cash gene
Slide 23: Maintaining financial flexibility while returning capital
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 23 Maintaining financial flexibility while returning capital Significant financial capacity to execute strategy Balanced capital allocation (2025) Return of capital: ~$1.7bn Cash & cash equivalents $619m as of December
Slide 24: Full year 2026 guidance
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 24 Full year 2026 guidance(1,2) February 11, 2026 Comments • Strong portfolio performance Portfolio Receipts $3,275m - $3,425m • Milestones and other contractual receipts expected to decrease from excluding transaction
Slide 25: Strong expected growth in 2026 despite losses of exclusivity
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 25 Strong expected growth in 2026 despite losses of exclusivity 0 +1-5% 0 +3-8% $3,275-$3,425 $3,254 $128 $3,215-$3,365 $3,127 ~$60 LOEs: Drivers: - Promacta + Voranigo - Tysabri(1) + Imdelltra + Evrysdi + Tremfya + Tr
Slide 26: Conclusion
Conclusion Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 27: Powerful business positioned to drive strong value creation
Key Highlights Transaction Pipeline Portfolio Update Financial Results Conclusion 27 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 Co
Slide 28: Footnotes
28 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 29: Appendix
Appendix
Slide 30: 2026 and 2027 clinical and regulatory events
30 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 approval(14) FDA approval(15) (IgG4-RD) (cardiovascular disease) (2L metastati
Slide 31: Development-stage pipeline: potential therapies
31 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 32: Approved royalty portfolio: significant label expansion opportunities
32 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 33: Expanding Teva partnership with R&D funding on TEV-'408
33 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 partnership
Slide 34: Acquired remaining royalty on Roche's Evrysdi from PTC Therapeutics
34 Acquired remaining royalty on Roche’s Evrysdi from PTC Therapeutics Evrysdi – leading product in the ~$5 billion SMA market(1) Acquired entire Evrysdi royalty across 3 transactions Transaction terms December 2025: $240m upfront, up to $60m in sales-based milestones(2); RP now owns 100% of the tie
Slide 35: Acquired royalties on Nuvalent's neladalkib and zidesamtinib for NSCLC
35 Acquired royalties on Nuvalent’s neladalkib and zidesamtinib for NSCLC Two premier oncology therapies Neladalkib (ALK+) consensus sales(1) Zidesamtinib (ROS1) consensus sales(1) ($ in billions) ($ in billions) Transaction terms Up to $315m to acquire a 1.5% royalty on each $3.9 therapy(2); expect
Slide 36: Tividenofusp alfa synthetic royalty funding
36 Tividenofusp alfa synthetic royalty funding Tividenofusp alfa for Hunter syndrome Tividenofusp alfa consensus sales(4) ($ in millions) Transaction terms $575 $200m payment to Denali on FDA accelerated approval (PDUFA date of April 5, 2026) and $75m on EMA approval(1,2); entitled to 9.25% royalty
Slide 37: 87% of current invested capital in approved products
37 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 3% Approved at acquisition $20bn 10% Approved since acquisition $18bn Develop
Slide 38: GAAP to non-GAAP reconciliation
38 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 39: GAAP to non-GAAP reconciliation
39 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 40: Capital Deployment summary
40 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 41: Invested Capital at Work and Invested Equity at Work summary
41 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)