Royalty Pharma Plc · NASDAQ:RPRX
Royalty Pharma — Q3 2026 Earnings Presentation
30 slides from Royalty Pharma's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Financial Results
Q3 2026 Financial Results November 4, 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 Portfolio update Marshall Urist EVP, Head of Research & Investments Financial results Terrance Coyne EVP, Chief Financial Officer Conclusion Pablo Legorreta Chief Executive Officer, Chairman of the Board Pablo Leg
Slide 4: Key highlights
Key highlights Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 5: Maintained strong business momentum in Q3 2026
Key highlights Portfolio update Financial results Conclusion 5 Maintained strong business momentum in Q3 2026 1 2 3 4 Financial Capital allocation Portfolio Financial guidance Royalty Receipts and Capital Deployment of FDA approvals of Revolution FY 2026 Portfolio Receipts Portfolio Receipts grew +9
Slide 6: Delivering double-digit growth on average since IPO
Key highlights 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% +12% +13% +9% +17% +12% +11% $887 $883 $856 +14% $811 +15% +12% +14% $788 +11% $768 +9% +10% $732 $729 +6%
Slide 7: Portfolio update
Portfolio update Marshall Urist, MD, PhD Executive Vice President Head of Research & Investments
Slide 8: Acquired royalty on Takeda's Mimrylo for polycythemia vera
Key highlights Portfolio update Financial results Conclusion 8 Acquired royalty on Takeda’s Mimrylo for polycythemia vera Acquired royalty on Takeda’s Mimrylo from Zealand Pharma Mimrylo consensus sales(4) (in billions) Transaction terms $2.6 $100m total, including $50m upfront for a 1% royalty on w
Slide 9: Acquired royalty on Arcutis' Zoryve for immune-mediated skin diseases
Key highlights Portfolio update Financial results Conclusion 9 Acquired royalty on Arcutis’ Zoryve for immune-mediated skin diseases Acquired royalty on Arcutis’ Zoryve from AstraZeneca Zoryve actual and consensus sales(4) (in billions) Transaction terms $1.6 $100m upfront for a 3% royalty on worldw
Slide 10: Positive developments across royalty portfolio in 2026
Key highlights Portfolio update Financial results Conclusion 10 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 syndrome FDA approva
Slide 11: Exciting pipeline of large potential royalties to power growth beyond 2030
Key highlights Portfolio update Financial results Conclusion 11 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 indication Potential p
Slide 12: Financial results
Financial results Terrance Coyne Executive Vice President Chief Financial Officer
Slide 13: Efficient model generates substantial cash flow to reinvest
Key highlights Portfolio update Financial results Conclusion 13 Efficient model generates substantial cash flow to reinvest % Portfolio in millions Q3 2026 Receipts Comments Royalty Receipts(1) $883 +9% YoY Recurring cash inflows of our royalty portfolio Milestones & other contractual receipts(1) $7
Slide 14: Royalty Receipts grew 12% YTD, led by strong business performance
Key highlights Portfolio update Financial results Conclusion 14 Royalty Receipts grew 12% YTD, led by strong business performance YTD 2026 Portfolio Receipts and Royalty Receipts growth ($ in millions) 0 +9% 0 +12% $373 $2,538 $50 $2,588 $2,380 $110 $2,271 ($105) Headwinds: Drivers: - Promacta + Tre
Slide 15: Portfolio continues to generate attractive returns
Key highlights Portfolio update Financial results Conclusion 15 Portfolio continues to generate attractive returns Remarkably stable returns since IPO with conservative leverage enhancing returns to shareholders 2019-2025 (average) Q3 2026 LTM Comments Return on • ROIC and ROIE in 2025 benefited fro
Slide 16: Maintaining financial flexibility while returning capital
Key highlights Portfolio update Financial results Conclusion 16 Maintaining financial flexibility while returning capital Significant financial capacity to execute strategy Balanced capital allocation (first nine months of 2026) Return of capital: $589m Cash & cash equivalents $514m as of September
Slide 17: Full year 2026 guidance
Key highlights Portfolio update Financial results Conclusion 17 Full year 2026 guidance(1,2) November 4, 2026 August 5, 2026 Comments Portfolio Receipts $3,500m - $3,550m $3,400m - $3,500m • Strong portfolio performance excluding transactions announced (Royalty Receipts expected (Royalty Receipts ex
Slide 18: Conclusion
Conclusion Pablo Legorreta Chief Executive Officer, Chairman of the Board
Slide 19: Royalty Pharma upgraded to AAA by MSCI, its highest ESG rating
Key highlights Portfolio update Financial results Conclusion 19 Royalty Pharma upgraded to AAA by MSCI, its highest ESG rating Reflects our industry-leading governance and talent management, and a business model aligned with unmet patient needs ESG rankings Core pillars Corporate governance Responsi
Slide 20: Powerful business positioned to drive strong value creation
Key highlights Portfolio update Financial results Conclusion 20 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, low volatility
Slide 21: Footnotes
21 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 22: Appendix
Appendix
Slide 23: Development-stage pipeline: potential therapies
23 Development-stage pipeline: 16 potential therapies Initial and additional indications for development-stage therapies Phase 2 Phase 3 Registration CK-586 tulmimetostat (CPI-0209) omecamtiv mecarbil trontinemab olpasiran neladalkib Heart failure Blood cancer, solid tumors Heart failure Early sympt
Slide 24: Approved royalty portfolio: significant label expansion opportunities
24 Approved royalty portfolio: significant label expansion opportunities Additional indications for approved products Phase 2 Phase 3 Registration Additional indication Niktimvo (+ Jakafi) Ziihera Trodelvy Adstiladrin (+chemo) Cobenfy 1L cGvHD Early breast cancer ES-SCLC High risk NMIBC Psychosis in
Slide 25: 2026 and 2027 clinical and regulatory events
25 2026 and 2027 clinical and regulatory events Clinical Regulatory 2026 2026 obexelimab litifilimab Rasonque Avlayah Jideytro obexelimab Phase 3 results(1) Phase 2 results(2) Phase 3 results(3) FDA approval(15) FDA approval(16) FDA filing(17) (IgG4-RD) (CLE) (2L metastatic PDAC) (Hunter syndrome) (
Slide 26: Well-balanced portfolio, anchored by approved products
26 Well-balanced portfolio, anchored by approved products Low-risk portfolio driven by capital deployment in approved products and ~89% development-stage success rate(1) Breakdown of total Invested Capital at Work(2) $22bn $22bn Approved at acquisition 5% $20bn 11% Approved since acquisition Develop
Slide 27: GAAP to non-GAAP reconciliation
27 GAAP to non-GAAP reconciliation Adjusted EBITDA and ROIC Adjusted EBITDA 2019 2022 2023 Q3 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 $2,960 (GAAP) Adjustments: Proceeds from availab
Slide 28: GAAP to non-GAAP reconciliation
28 GAAP to non-GAAP reconciliation Portfolio Cash Flow and ROIE Portfolio Cash Flow 2019 2022 2023 Q3 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 $2,960 Adjustments: Proceeds from
Slide 29: Capital Deployment summary
29 Capital Deployment summary 2019 Q3 2026 $ in millions (PF)(1) 2020 2021 2022 2023 2024 2025 LTM Acquisitions of financial royalty assets ($1,721) ($2,182) ($2,192) ($1,742) ($2,116) ($2,506) ($1,698) ($1,716) Development-stage funding payments(2) ($83) ($26) ($200) ($177) ($52) ($2) ($452) ($243)
Slide 30: Invested Capital at Work and Invested Equity at Work summary
30 Invested Capital at Work and Invested Equity at Work summary 2019 Q3 2026 $ in millions (PF)(1) 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 $21,386 Capital Deployment $1,818 $2,240 $2,508 $2,428 $2,192 $2,761 $2,596