#1Royalty PHARMA ROYALTY#2ROYALTY PHARMA Royalty Pharma plc Investor Day Accelerating Innovation, Compounding Growth May 17, 2022#3Forward Looking Statements & Non-GAAP Financial Information 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 or to contain all of the information you may desire. Statements contained herein are made as of the date of this presentation unless stated otherwise, and neither the delivery of this presentation at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This presentation contains statements that constitute "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of our strategies, financing plans, growth opportunities and market growth. In some cases, you can identify such forward-looking statements by terminology such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should," the negative of these terms or similar expressions. Forward-looking statements are based on management's current beliefs and assumptions and on information currently available to the Company. However, these forward-looking statements are not a guarantee of the Company's performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the Company's control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this presentation are made only as of the date hereof. The Company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. Certain information contained in this presentation relates to or is based on studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While the Company believes these third-party sources to be reliable as of the date of this presentation, it has not independently verified, and makes no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. Finally, while the Company believes its own internal research is reliable, such research has not been verified by any independent source. For further information, please see the Company's reports and documents filed with the U.S. Securities and Exchange Commission ("SEC") by visiting EDGAR on the SEC's website at www.sec.gov. Also, this presentation will include certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Additional information regarding non-GAAP financial measures can be found on slide 114 in the Appendix. Any non-U.S. GAAP financial measures presented are not, and should not be viewed as, substitutes for financial measures required by GAAP, have no standardized meaning prescribed by GAAP and may not be comparable to the calculation of similar measures of other companies. ROYALTY PHARMA 3#4Today's agenda 8:30am Opening remarks George Grofik SVP, Head of Investor Relations & Communications Accelerating innovation, compounding growth Pablo Legorreta Founder and Chief Executive Officer Royalty Pharma's opportunity Chris Hite EVP and Vice Chairman 11:05am Case studies Brienne Kugler VP, Research & Investments Vlad Coric, MD Chairman and Chief Executive Officer, Biohaven (video) Sara Klymkowsky VP, Research & Investments A leading compounding growth company Terrance Coyne EVP and Chief Financial Officer Scaling our unique investment capabilities Marshall Urist EVP and Head of Research & Investments 10:15am Q&A session 10:45am Break ROYALTY PHARMA Closing remarks Pablo Legorreta Founder and Chief Executive Officer 12:00pm Q&A session 12:30pm Management Luncheon 4#5Royalty Pharma at a glance (1) Company 1996(2) Founded 66 Rare Disease Cancer (32%) Evrysdi Employees Trikafta Kalydeco Portfolio Orkambi Symdeko ~45 Oxlumo Approved and development-stage products Orladeyo 12 Crysvita $1bn+ blockbuster therapies in portfolio BCX9930 (24%) Trodelvy Xtandi Imbruvica Cabometyx Erleada CPI-0209 pelabresib Hematology (7%) Neurology (18%) Nurtec ODT Tysabri gantenerumab zavegepant seltorexant Cardio- Metabolic (13%) Farxiga Soliqua omecamtiv aficamten (4) Other Financial $2.1bn Adjusted Cash Receipts (3) (FY 2021) "top-line" $1.9bn Adjusted EBITDA (3) (FY 2021) $1.6bn Adjusted Cash Flow (3) (FY 2021) "bottom-line" Immunology (4%) Tremfya otilimab Entyvio 1. As of December 31, 2021, unless otherwise indicated; therapeutic area percentages based on Adjusted Cash Receipts in FY 2021. 2. Our predecessor was founded in 1996 and we were incorporated under the laws of England and Wales on February 6, 2020. We are externally managed by RP Management, LLC (the "Manager") and references to "employees" refer to such persons' role at the Manager. ROYALTY PHARMA 3. See slide 114 for definitions. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 4. Royalty added January 2022 Promacta (2%) 5#6Accelerating innovation, compounding growth Pablo Legorreta Founder and Chief Executive Officer ROYALTY PHARMA#7Our vision ROYALTY Our mission To be the leading partner funding innovation in life sciences PHARMA We accelerate innovation in life sciences and transform patient lives globally ROYALTY PHARMA 7#8Clear strategic plan to drive robust and value-enhancing growth 1 Existing royalties Acquire existing royalties on market- leading or late-stage development therapies with high commercial potential 2 Synthetic royalties / R&D funding Acquire newly-created royalties on approved or late-stage development therapies with strong proof of concept and high commercial potential 3 Launch & development capital(1) Additional funding in exchange for long-term payment streams 4 5 ROYALTY PHARMA 1. Including equity investments. M&A related Acquire royalties by facilitating M&A transactions Adjacencies Leverage team's capabilities in business adjacencies 8#9Accelerating innovation, compounding growth 1 Strong track record Industry pioneer delivering 13% Adjusted Cash Receipts (1) ("top-line") CAGR from 2010-2020 2 3 4 Unique model Exposure to best attributes of biopharma industry without common challenges Large moat 60% share of royalty funding market(2) Model, scale and platform provide durable competitive advantages Significant opportunity >$1 trillion of capital required to fund biopharma innovation over the next decade 5 Compounding growth 11-14% ACR (1) CAGR expected from 2020 to 2025 Expect to achieve ACR(1) CAGR of 10% or more over this decade 1. ROYALTY PHARMA ACR: Adjusted Cash Receipts; CAGR: compound annual growth rate Adjusted Cash Receipts for periods 2020 and earlier are pro forma for current non-controlling interests. See footnote (1) on slide 114 for additional information. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 2. Internal estimates of historical biopharma royalty market size based on announced transactions; encompasses transactions dating from 2012 to present. 9#10Strong track record Unique model Large moat Significant opportunity Compounding growth Deep network across the biopharma ecosystem Leading provider of funding solutions for life sciences innovation Academic institutions Non-profits EMORY UNIVERSITY UCLA NYU Northwestern University CYSTIC FIBROSIS FOUNDATION Memorial Sloan Kettering Cancer Center CH A MASSACHUSETTS MGH 1811 GENERAL HOSPITAL The Children's Hospital of Philadelphia ROYALTY PHARMA biohaven Immunomedics bio pharmaceuticals Cytokinetics cryst gsk sanofi Pfizer AstraZeneca astellas Small / mid-cap biotechnology Global pharmaceuticals * XXX ROYALTY PHARMA 10 10#11Strong track record Unique model Large moat Significant opportunity Compounding growth Track record of delivering exceptional growth Adjusted Cash Receipts (1) Capital deployed (annual average) $1.05bn 2012 ~2x $2.13bn $1.49bn 2021 2012-2016 +41% ROYALTY PHARMA 1. Adjusted Cash Receipts for periods 2020 and earlier are pro forma for current non-controlling interests. See slide 114 for additional information. $2.10bn 2017-2021 11#12Strong track record Unique model Large moat Significant opportunity Compounding growth We are consistently innovating new funding solutions 1990s • Achieved proof of concept • Funded with equity capital Focused on 3rd party royalties 2000s • Converted to ongoing business • Lowered cost of capital with leverage Expanded to M&A related royalties • 2010s-present Invested in development-stage and synthetic royalties Added supplemental funding Grew team and scaled business • Future Significantly scale business • Selectively add adjacencies ~$40m deployed Third-party royalties (approved) Finite life fund ROYALTY PHARMA ~$4bn deployed ~$20bn deployed Synthetic royalties / R&D funding Third-party (development-stage) M&A related Third-party royalties (approved) M&A related Third-party royalties (approved) Ongoing business Increased share of >$1 trillion market opportunity Public listing 12 12#13Strong track record Unique model Large moat Significant opportunity Compounding growth A unique way to invest in biopharma Maximizing • Exposure to transformative therapies • Revenue and profit diversification • Therapeutic area breadth Long weighted average portfolio duration Consistent and sustainable growth • Management team continuity • Shareholder alignment • Opportunity - entire R&D ecosystem is our pipeline ROYALTY PHARMA ROYALTY PHARMA ↓ Minimizing • Early-stage development risk • R&D and SG&A cost base • Therapeutic area bias • Highly competitive business development • Late-stage clinical binary risk 13 33#14Strong track record Unique model Large moat Significant opportunity Strong competitive moat in biopharma royalty funding Business model ROYALTY PHARMA Publicly traded company • Long royalty durations Mid-single digit cost of capital 2.24% cost of debt (1) Other Royalty Buyers . Serial fund structures Often shorter royalty durations High-single to double-digit cost of capital ROYALTY PHARMA 1. Weighted average coupon. • • Scale Compounding growth Platform Portfolio ~45 products Large investment capacity Deep capital markets access Ability to leverage portfolio . • Long-tenured team Singular biopharma focus Long collaboration history • Deep industry relationships . Smaller, concentrated portfolios Funded with significantly more expensive private debt and equity • • Partner of choice Multi-strategy New to industry 14 14#15Strong track record Unique model Large moat Significant opportunity Our competitive position has strengthened since our IPO Compounding growth Pre-IPO Today Increase Private ~$24bn Public market value Equity ownership structure(1) Business model Debt portfolio weighted average maturity 5.5 years Announced deal value (prior 2 years) (2) 12.5 years Depth & Accessibility >2.0x $2.8bn $5.2bn 1.8x Scale Cash flow streams acquired (prior 2 years) (2) 11 20 20 In-depth opportunity reviews (3) 40 40 Platform Full time employees (4) IPO: initial public offering 1. Market data as of May 13, 2022. 35 1.8x 61 1.5x 66 1.9x 2. Total announced value of transactions excluding equity for the pre-IPO period Q3 2018 through Q2 2020. Total announced value of transactions excluding equity for the today period includes Q3 2020 through Q2 2022. ROYALTY PHARMA 3. In-depth opportunity reviews for the pre-IPO period represents 2019. In-depth opportunity reviews for the today period represents 2021. IPO was June 2020. 4. Full-time employees for the pre-IPO period is as of December 31, 2019; full-time employees for the today period is as of December 31, 2021. 15#16Strong track record Unique model Large moat Significant opportunity Compounding growth Royalty Pharma is the leader in royalty transactions Biopharma royalty market size and share by transaction value, 2012-2022 YTD (1) $10bn 21% 26% $8bn 7% $15bn 83% 53% <$250m $250-500m Royalty Pharma #2 royalty buyer Other royalty buyer >$500m Royalty Pharma has maintained ~60% overall share since 2012 and is the go-to partner for larger transactions ROYALTY PHARMA 1. Internal estimates of historical biopharma royalty market size based on announced transactions; size of blocks are relative to total announced value in each deal size range. 16#17Strong track record Unique model Large moat Significant opportunity Compounding growth Drivers of growth are diversified across the portfolio ROYALTY PHARMA Established growth portfolio Recently launched products Development-stage pipeline Future royalty acquisitions ~$10-12bn opportunity to deploy value-creating capital over next 5 years ~25 approved products of which 12 were blockbusters in 2021 9 recent launches of which 6 are expected to be blockbusters in 2025(1) 10 development-stage therapies Potential for all to launch by end of 2025 Diverse mix of marquee and recently launched products, exciting development-stage therapies and future royalty acquisitions ROYALTY PHARMA 1. Based on Visible Alpha consensus estimates. 17#18Strong track record Unique model Large moat Siginficant opportunity Compounding growth Long duration portfolio consistently replenished Duration of portfolio (At IPO) (by NPV) Duration of royalties acquired 2020-2022 YTD (Today) (by NPV) Duration of portfolio (Today) (by NPV) Beyond 2030 + ~70% Beyond 2030 ~90% ~13 year weighted average royalty portfolio duration ROYALTY PHARMA IPO: initial public offering; NPV: net present value Beyond 2030 ~80% 18#19Strong track record Unique model Large moat Significant opportunity Compounding growth Industry leading exposure to blockbuster products 8 Top 15 biopharma (median) 1.5x 12 TYSABRI PROMACTA farxiga Sales of $1-3bn (1) Tremfya CABOMETYX® Erleada Myozyme Cimzia Xtandi Entyvio Sales >$3bn (1) trikafta imbruvicá ROYALTY PHARMA Portfolio includes premier products and franchises backed by strong support from marketers ROYALTY PHARMA (1) Calculated based on 2021 end market sales and excludes products tied to recently expired royalties. 19#20Strong track record Unique model Large moat Significant opportunity Compounding growth Portfolio agnostic to therapeutic area, modality and drug class Rare Disease Unique ability to invest in multiple products in the same class or TA Anti-TNFS Cardiology XXXIIX Hematology ~35 Approved products (1) Diabetes ® HUMIRA Immunology Neurology Remicade Cimzia Migraine Nurtec™ODT Emgality. Multiple sclerosis TYSABRI Prostate cancer Oncology Erleada ROYALTY PHARMA TA: therapeutic area 1. Royalty Pharma portfolio also includes 10 development-stage therapies. Tecfidera Xtandi. 20#21Strong track record Unique model Large moat Significant opportunity Compounding growth Expanding opportunity set driving accelerated capital deployment 5-year forward capital deployment target Implied average annual cash deployed >$7bn (1) >50% ~$10-12bn (2) (year-to-year variability expected) $2.0-2.5bn (3) ~$1.5bn (1) $4.0-5.0bn Previous New May 17, 2022 Previous New May 17, 2022 Long-term potential Increasing 5-year forward capital deployment target to $10-12bn 1. 2020 to 2025 outlook for capital deployment provided on February 17, 2021. ROYALTY PHARMA 2. See slide 114 for factors that may impact our capital deployment target. 3. Royalty Pharma's 2020 to 2030 growth target assumes $2.0-2.5bn of capital deployed on average per year through 2030. 21#22Strong track record Unique model Large moat Significant opportunity Compounding growth Growth outlook has accelerated with strong business momentum Adjusted Cash Receipts (¹) ("top-line") 2020-2025e CAGR outlook 6-9% At IPO (June 2020) ROYALTY PHARMA 7-10% Corporate update (February 2021) 11-14% Today (May 2022) Increasing long-term CAGR target by ~50% versus midpoint of previous range 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 22 22#23Strong track record Unique model Large moat Significant opportunity Compounding growth Expect faster growth than S&P 500, healthcare & biopharma Top-line growth comparison 2020-2025e (1) 8% S&P 500(1) revenue (~1.5x) 11-14% 9% ~1.5x 11-14% 5% >2x ROYALTY PHARMA Healthcare (1,3) ROYALTY PHARMA Biopharma group (1,4) ACR guidance (2) revenue ACR guidance (2) revenue 11-14% ROYALTY PHARMA ACR guidance (2) Longer term, we expect to achieve ACR CAGR of 10% or more over this decade 1. Based on median growth rates for consensus sales. ROYALTY PHARMA 2. See slide 114 for definitions. Refer to the appendix for a GAAP to non-GAAP reconciliation. 3. Healthcare industry sector of S&P 500 constituents. 4. Biopharma group include AbbVie, Lilly, Bristol-Myers Squibb, Pfizer, Johnson & Johnson, Merck & Co., Regeneron, Vertex, Biogen, Gilead, Amgen, Roche, Novartis, GSK, Sanofi, Novo Nordisk and AstraZeneca. 23#24ESG - driving value for all stakeholders Environmental We are laying the groundwork for a robust environmental program Commitment to carbon neutrality Clear policy for reducing footprint Employee engagement and training Company-wide waste reduction efforts Social We are committed to our people, our stakeholders and the community as a whole Strong human capital, DEI focus Diverse employee base (49% women) Deep bench of expertise, low turnover Social Bond Framework ($600m bond) Commitment to philanthropy Governance Risk management, compliance and high ethical standards are foundational to our culture ESG-informed investment processes Diverse, independent board Board oversight of ESG Robust governance policies and practices ROYALTY PHARMA DEI: Diversity, Equity and Inclusion 24 24#25Passionate about philanthropy and supporting our communities Mount Sinai Select philanthropic donations by Royalty Pharma and management $20m cumulative multi-year commitment to address disparities in medicine and promote health equity LEUKEMIA & LYMPHOMA SOCIETY $7.5m cumulative multi-year commitment to address disparities in blood cancer treatment and care E BROWN PRO BONO The HUMANI Rockefeller University, SCIENT NERIS Mount Sinai COLUMBIA COLLEGE COLUMBIA UNIVERSITY IN THE CITY OF NEW YORK $25m to propel plans for a world-class, nationally designated cancer center(1) $5.3m to support innovative COVID-19 healthcare research and solutions $62m in contributions to non-profit institutions from 2020 to present ROYALTY PHARMA 1. Funded by the Legorreta family, to be named the Legorreta Cancer Center. 25 25#26Combating health disparities in underserved communities Creation of the Mount Sinai-Royalty Pharma Alliance for Health Equity Research ■ Study and address biological, social, financial, neighborhood and other factors that affect health outcomes for racial, ethnic, gender minorities and other underserved communities Mount Sinai Purpose ■ Eliminate disparities in the diagnosis and treatment of diseases in underserved communities ■ Promote health equity ROYALTY PHARMA IHER Royalty Pharma Focus ■ Fund the Institute of Health Equity Research (IHER) ■ Assist by mapping of disparities landscape, clinical trial design and big data research on claims leveraging existing knowledge and data resources ROYALTY PHARMA $20m pledge to Mount Sinai over five years 26#27Engaged, team-oriented culture with owner-operator mindset Key statistics 66 employees 49% women in workforce 7% employee turnover 30% employees are ethnically diverse 50% of new hires are ethnically diverse 34% 16 different nationalities 12 26% year executive team average tenure shares owned by advanced employees degrees & Board ROYALTY PHARMA 27#28Platform High returns on investment Powerful engine for value creation and compounding growth Leading partner in life science innovation Scale ROYALTY PHARMA Value creation Business model Tailored funding solutions human health Improving Compounding Efficient business Attractive shareholder top-line growth model returns ROYALTY PHARMA Consistently replenishing portfolio, powering long-term compounding growth 28#29A simple investment proposition in a highly complex industry Successful biopharma investing is extremely complex Drug pricing Competition, innovation Legal ROYALTY PHARMA offers a simple solution Efficient business of collecting share of top- line revenues on leading products Strong track record of product selection Rigorous diligence processes Commercial assessment Biopharma industry Regulatory uncertainty Highly diversified portfolio Scientific expertise Manufacturing Patent cliffs Significant binary risk ROYALTY PHARMA Minimal binary clinical risk Proven ability to replenish portfolio 29 29#30Royalty Pharma's opportunity Chris Hite Executive Vice President and Vice Chairman ROYALTY PHARMA#31Key messages 1 Expanding opportunity Industry fragmentation and increasing drug development complexity driving royalty creation 2 Significant capital needs >$1 trillion of capital required to fund biopharma innovation over the next decade 3 Innovative funding Synthetic royalties broaden opportunity set to entire universe of late-stage drug development 4 Facilitating M&A Trusted partner enabling M&A through full suite of funding solutions 5 Differentiated sourcing Proprietary sourcing and relationships provide powerful competitive advantage ROYALTY PHARMA 31#32Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Advancing our partners' core mission with win-win solutions Structure Potential benefits to partner . Diversification of asset portfolio Non-dilutive funding for business growth and investment Existing royalties • • Upfront capital today in exchange for a long-dated stream of payments CYSTIC FIBROSIS FOUNDATION Memorial Sloan Kettering Cancer Center UCLA NYU gsk Synthetic royalties • • Launch & development capital M&A Funding for completion of development and commercialization of portfolio Retain operational control of development programs biohaven Lower cost of capital than issuing equity • Launch funding offers flexible, patient, long-term alternative financing • Lower cost of capital than selling equity and less restrictive than debt ☐ pharmaceuticals Immunomedics bio cryst Cytokinetics Pfizer sanofi biohaven pharmaceuticals Cytokinetics Morphosys • Monetize non-strategic passive royalties to reduce net M&A price Capital provided through purchase of royalties and supplemental funding Illorphosys astellas Quest Perrigo Diagnostics™ ROYALTY PHARMA 32#33Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Industry fragmentation and complexity drive royalty creation License Royalties Large Pharma Synthetic royalties (~25 companies) ROYALTY PHARMA ROYALTY PHARMA L&D: launch & development capital Academia / non-profit (>5,000 labs) ROYALTY PHARMA Royalties License Biotechs (>8,000 companies) Royalties License & Partner, M&A Synthetic royalties, L&D capital ROYALTY PHARMA 33#34Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Existing royalties created by academia and non-profits $50 $25 NIH federal funding increasing Royalty Pharma transactions Select academic & non-profit partners (2012-present, committed capital) ~$45bn Academia / non-profit CYSTIC FIBROSIS MGH FOUNDATION 1811 MASSACHUSETTS GENERAL HOSPITAL $0 1995 75% Corporate Present 25% UCLA CH Children's Hospital of Philadelphia NYU Northwestern University EMORY Duke UNIVERSITY UNIVERSITY >$100 billion invested per year globally by government, academia and research institutions (1) ROYALTY PHARMA NIH: National Institutes of Health 1. Investments from the government, academia and research institutions including the NIH, Wellcome Trust, Howard Hughes Medical Institute and others 34#35Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Existing royalties created through licensing and partnering Pharma licenses and partnerships (average per approved drug) ~2x 3.1 Exelixis' Cabometyx: industry collaborations resulted in multiple royalties Exelixis and GSK GSK terminates collaboration, waives rights to compounds gsk GlaxoSmithKline collaborate to discover and develop compounds gsk GlaxoSmithKline Exelixis marketing, R&D agreement with Ipsen outside US, Japan IPSEN Exelixis marketing, R&D agreement with Takeda in Japan Takeda Royalty Pharma acquires GSK's royalty interest ROYALTY PHARMA 1.5 2010 2021 ROYALTY PHARMA Source: CaplQ, Visible Alpha 2002 2008 2016 2017 2021 3% royalty to GSK from Exelixis on net sales of any product incorporating cabozantinib Double-digit royalty to Exelixis from Ipsen on sales outside US, Japan Double-digit royalty to Exelixis from Takeda on Japan sales 3% royalty to Royalty Pharma from GSK 35#36Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Significant opportunity to fund biopharma innovation Biopharma ecosystem cumulative R&D spend over next decade Global pharma market (2) >$1 trillion(1) Third-party royalties by academic, Third-party royalties Synthetic royalties non-profits $1.6 trillion by profitable pharmas $1.1 trillion by unprofitable biotechs (including SG&A) Synthetic royalties, Third-party royalties $2.3 trillion Biopharma revenues (2030e) launch & development capital $1.3 trillion Revenues from currently unapproved therapies ROYALTY PHARMA Entire biopharma ecosystem drives our pipeline Source: Bloomberg, Visible Alpha and CaplQ 1. Based on estimates from Research America and internal Royalty Pharma analysis. 2. Based on Evaluate Pharma as of May 2022. 36#37Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Biotech company formation expands our opportunity set Venture capital biotech investments Biotech initial public offerings Public biotech companies $12bn ~3x $36bn 24 21 >3x 74 (>$500m market cap) 97 >3x 308 2016 2021 2016 2021 2016 2021 ROYALTY PHARMA Source: Evaluate, Pitchbook, Dealogic, Bloomberg and FactSet. 37#38Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Synthetic royalty opportunity is underpenetrated >$260bn biopharma industry funding, 2017-2021 (1,2) Synthetic royalties - a recent innovation with significant Convertible Debt growth potential Multiple potential benefits Innovator retains operational control Synthetic royalties Licensing deals (upfront) Capital at scale Program and product specific ■ Lower cost of capital vs. equity ■ Flexible and creative structuring Non-dilutive to equity and preserves equity upside Independent validation of opportunity ☐ Preserves attractiveness to strategic acquirer ROYALTY PHARMA IPOS Synthetic royalties represented only ~2% of biopharma funding over past 5 years Source: Dealogic, Biomedtracker, internal estimates, Evaluate. 1. Includes capital raised through initial public offerings (IPOs), follow-on offerings, equity linked issuances and upfronts from licensing deals. 2. Royalty funding includes upfront investment consideration, including acquisitions of synthetic royalties and associated equity investments. Follow-on equity offerings 38#39Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Synthetic royalty market has room for significant growth Biopharma funding sources (1,2) (2017 to 2021) Synthetic royalty opportunity (Cumulative next 5 years (3)) >$260bn ~$4bn ~2% penetration Total capital Synthetic royalties >$450bn Total capital Opportunity to capture significant share of this growing market ~$18bn 4% ~$36bn 8% Illustrative synthetic royalty penetration rates (Royalty Pharma + others) ROYALTY PHARMA Source: Dealogic, Biomedtracker, internal estimates, Evaluate. 1. Includes capital raised through initial public offerings (IPOs), follow-on offerings, equity linked issuances and upfronts from licensing deals. 2. Royalty funding includes upfront investment consideration, including acquisitions of synthetic royalties and associated equity investments. 3. Estimated capital needs for today's unprofitable biopharmas based on Visible Alpha, Dealogic, internal estimates. 39#40Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Expansion of partnerships validates unique model biohaven ☐ pharmaceuticals bio cryst Cytokinetics ROYALTY PHARMA Capital provided Up to $835m across four transactions Assets acquired Nurtec ODT and zavegepant royalties, commercial launch capital, preferred and common equity Up to $325m across two transactions Orladeyo and BCX9930 royalties and common equity Up to $550m across two transactions Aficamten and omecamtiv mecarbil royalties, common equity and commercial launch capital 40 40#41Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Providing needed capital for M&A transactions Challenge Our solution Mid-cap M&A Cash flow constraints historically have meant equity is the primary funding source Enable delivery of cash through synthetic royalty creation, third-party royalty monetization and/or launch and development capital Large pharma M&A Non-strategic assets at target companies may significantly increase acquisition price Reduce net price of acquisition by monetizing non-strategic royalty assets at target companies acquired by large pharma Divestitures Increasing FTC scrutiny of M&A transactions may reduce attractiveness of target due to regulatory concerns Finance the acquisition of assets that must be divested due to anti-trust concerns Examples orphosys Constellation PHARMACEUTICALS ROYALTY PHARMA FTC: Federal Trade Commission astellas (OSI) pharmaceuticals Emerging opportunity 41#42Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Sourcing is integral to our business and a key focus for growth Sourcing Execution Tracking ROYALTY PHARMA Comprehensive database of royalties and licenses. Landscape mapping and screening Closely follow clinical and commercial progress Collaborate with Strategy & Analytics Relationship development Diligence Engagement Understanding partners' needs Driving earlier engagement ROYALTY PHARMA 22 42#43Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Effectively reaching significant majority of potential partners Meetings in Royalty Pharma network 66% 79% Companies Phase 2 or later >$500m Companies Phase 3 or later >$1bn Market cap Meetings with 79% of companies Phase 3 or later >$1bn market cap Meetings with 66% of companies Phase 2 or later >$500m market cap, cultivating relationships for future potential partnerships Further expand outreach capabilities and calling frequency Strategic plan to develop the market for synthetic royalties through greater awareness and education ROYALTY PHARMA Source: FactSet, Evaluate and Bloomberg. Data set includes 450 public biopharma companies. Analysis done as of May 2022. 43 33#44Expanding opportunity Significant capital needs Innovative funding Facilitating M&A Differentiated sourcing Proprietary sourcing provides competitive advantage Source of deals (1) Network of deep relationships 30% 59% 18% 28% 52% 13% Pharma M&A Bilateral ROYALTY PHARMA Limited process(2) Auction Track record of "win-win" outcomes Scale advantages Strong record of value-enhancing acquisitions ROYALTY PHARMA Majority of Royalty Pharma transactions negotiated on a bilateral basis (1) Includes all Royalty Pharma transactions announced from January 2016 to January 2022; analysis of Schedule 14D-9s for pharma M&A transactions and includes biotech acquisitions greater than $1 billion in value (46 in total). Percentages are based on number of transactions. (2) Limited process is three or fewer parties involved in process. 44#45Key messages 1 Expanding opportunity Industry fragmentation and increasing drug development complexity driving royalty creation 2 Significant capital needs >$1 trillion of capital required to fund biopharma innovation over the next decade 3 Innovative funding Synthetic royalties broaden opportunity set to entire universe of late-stage drug development 4 Facilitating M&A Trusted partner enabling M&A through full suite of funding solutions 5 Differentiated sourcing Proprietary sourcing and relationships provide powerful competitive advantage ROYALTY PHARMA 45 45#46Scaling our unique investment capabilities Marshall Urist, MD, PhD Executive Vice President, Head of Research & Investments ROYALTY PHARMA#47Case studies Partnering with biotechs to support their growth journey Brienne Kugler Vice President, Research & Investments Executing complex transactions with our full suite of funding solutions Sara Klymkowsky Vice President, Research & Investments#48Key messages 1 Top-tier talent Attract and develop the best and brightest is key to our long- term success 2 Differentiated process Exhaustive diligence process institutionalized over 25+ years Add value to our process and partners through Strategy & Analytics, our data platform 3 Scalable platform Built to leverage our unique position and capabilities in life sciences 21 products in ~25 diseases added since beginning of 2020 ROYALTY PHARMA 48 428#49Unique Research & Investments team and process Pioneering the royalty market for 25+ years Innovating new funding solutions, including synthetic royalties One Royalty Pharma team at the center of every transaction Long-tenured expert team with deep scientific experience Open business model: tailored solutions and true partnerships Proud of partnerships that grow over multiple transactions Platform built to scale with the royalty market Team and process growing to address the large opportunity ahead 國 Exhaustive diligence process sharpened over decades Able to integrate and interpret a broad and expanding information set Leveraging big data through Strategy & Analytics Unique platform for clinical trial analysis and market evaluation ROYALTY PHARMA 49 49#50Top-tier talent Differentiated process Our foundation for success starts with our people Scalable platform Sandy Balkin, PHD Senior Vice President, Strategy & Analytics Joined Royalty Pharma in 2021 sanofi Pfizer Sara Klymkowsky Vice President, Research & Investments 10 years at Royalty Pharma Goldman Sachs Vivian Liu, MD Vice President, Research & Investments Joined Royalty Pharma in 2021 Blackstone OrbiMed Healthcare Fund Management Bill Grau, PhD Vice President, Strategy & Analytics Joined Royalty Pharma in 2021 AMGEN STIFEL A Brienne Kugler Vice President, Research & Investments 8 years at Royalty Pharma Morgan Stanley Gaurie Tilak, MD, MBA Senior Associate, Research & Investments 3 years at Royalty Pharma McKinsey & Company Sam Glazer Associate, Research & Investments Joined Royalty Pharma in 2020 PIPER SANDLER Vlad Nikolenko, PhD, MBA Vice President, Research & Investments 5 years at Royalty Pharma EVERCORE Max Yoon Senior Associate, MERCK Research & Investments Joined Royalty Pharma in 2020 Bank of America citi Xico Gracida, PhD Associate, Strategy & Analytics Joined Royalty Pharma in 2021 RTW Investments Matthew Lyons Vice President, Investments& Capital Strategies Joined Royalty Pharma in 2020 Apax citi Turner Kufe, MD Senior Associate, Research & Investments Joined Royalty Pharma in 2021 J.P.Morgan Pioneering Flagship Alberto Sepulveda, PhD Associate, Strategy & Analytics Joined Royalty Pharma in 2021 CANTOR Fitzgerald Oodaye Shukla, MSEE Vice President, Strategy & Analytics Joined Royalty Pharma in 2021 EVERSANA™ Philip Liu Senior Associate, LOCKHEED MARTIN Research & Investments 3 years at Royalty Pharma MIZUHO Henri Fernandez Associate, Investments & Capital Strategies Joined Royalty Pharma in 2021 CREDIT SUISSE Long-tenured team with significant scientific and investing experience is critical to our success ROYALTY PHARMA Depicts Senior Vice Presidents (SVPs) and below across Research & Investments, Investments & Capital Strategies and Strategy & Analytics. 50#51Top-tier talent Differentiated process Scalable platform Growing our team for the significant opportunity ahead Research & Investments team (1) 6 >3x 13 21 2012 2020 2021 2025e Investment reviews ~50 >265 >300 Growth Deep experience in Research & Investments (1) 21 professionals ~5 year average tenure at Royalty Pharma (2) ~14 year average biopharma and/or investment experience (2) >60% advanced degrees ~50% scientific and/or medical degrees(3) 1. Includes Research & Investments, Investments & Capital Strategies and Strategy & Analytics. ROYALTY PHARMA 2. Average tenure and average biopharma and/or investment experience is among senior leadership (VPs and above) at Royalty Pharma. 3. Includes Doctor of Philosophy (PhD) in scientific fields and/or Doctor of Medicine (MD). 51#52Top-tier talent Differentiated process Scalable platform Scaling our platform and innovating new funding solutions Royalty Pharma functions Strategy & Analytics Investments & Capital Strategies Investor Relations Investor Relations Legal Legal Legal Accounting Accounting Accounting and Advisory Finance Finance Finance Investment capabilities Commercial Launch Capital Development Capital Synthetic Synthetic Royalties Royalties Equity Investments Equity Investments Mergers and Acquisitions R&D Funding Development- stage Therapies Mergers and Acquisitions R&D Funding Development- stage Therapies Mergers and Acquisitions Pre-Existing Royalties Research & Investments 1990s ROYALTY PHARMA Research & Investments Research & Research & Pre-Existing Pre-Existing Pre-Existing Investments Investments Royalties Royalties Royalties 2000s 2010s 2020s 1990s 2000s 2010s 2020s 52#53Top-tier talent Differentiated process Fundamental drivers of our investment process • Approach Select best project team based on therapeutic area expertise Flat structure with no organizational silos ROYALTY PHARMA . Scalable platform 良 Diligence Exhaustive research led by decision makers Leverage industry experts for best possible advice Accountability One Royalty Pharma team owns entire deal process Executive leadership involved in every step of a transaction Owner-operator mindset 53#54Top-tier talent Differentiated process Scalable platform One Royalty Pharma team at the center of every transaction Traditional business development Royalty Pharma process Business Development R&D Commercial Legal Corporate M&A • Research & Investments (1) Royalty Pharma Deal Team . Legal • Executive leadership Identify & develop Diligence Structure & negotiate Execute Identify & develop Diligence Structure & negotiate Execute Decision maker CEO / CFO or Committee Transaction decision • Siloed due diligence Layered decision making . Reduced accountability ROYALTY PHARMA 1. Includes Research & Investments, Investments & Capital Strategies and Strategy & Analytics. Unified decision making Royalty transaction Market/product knowledge Integrated decision making Ownership and accountability ✓ High conviction investments 54 54#55Top-tier talent Differentiated process Scalable platform Exhaustive due diligence process sharpened over decades • NIN Clinical • • • Commercial Regulatory, IP, Manufacturing Intellectual property US/EU/Japan and other Multiple opinions Manufacturing Modality expertise: small molecule, biologics, gene therapy Claims analysis Patient diagnosis, treatment, compliance • Site of care Other patient metrics US pricing Pricing modeling • Gross-to-net modeling • Litigation scenario analysis • • Regulatory perspectives • Capacity planning Competition Landscape analysis Market sizing • • • Patient finding Claims-driven Epidemiology Scaled market surveys Payors • • Payor/PBM executives Formulary analyses International access Market-by-market pricing 良 Contracts, Governance Transactional Accounting treatment • Tax implications Licensing and contracts Analysis of contract language ⚫ Risk assessment Expert structuring and drafting Management & Physician diligence • US/EU/Japan • KOL/academic Community Surveys Statistics • Probability of success Effect size modeling Enrollment modeling Statistical Analysis Plans Clinical Non-clinical • Pharmacokinetics Pharmacodynamics • Dose modeling Toxicology Animal toxicologists • Specialized areas - (i.e., ophthalmology) • Interview former R&D executives • Patient level data analysis • Immunogenicity and specific safety observations • Clinical trial design and study reports • Comparative analysis • Patients & Caregivers Efficacy, tolerability, convenience perspectives Social media ROYALTY PHARMA Drug delivery • Design and human factors Formulation technologies Regulatory • • US/FDA meeting minutes EU/EMA meeting minutes International (PMDA, other) • Consultants Commercial strategy • Interview sales and marketing executives, MSLs and district managers • Required promotional spend Environmental, Social & Governance • Board oversight ESG-informed investment processes US: United States; EU: European Union; KOL: key opinion leader; FDA: Food & Drug Administration; EMA: European Medicines Agency; PBM: pharmacy benefit managers; MSL: medical science liaison; PMDA: Pharmaceuticals and Medical Devices Agency; ESG: environmental, social and governance; IP: intellectual property • Auto-injectors and devices governance • • Product profile and cost comparisons • Addressable patients • Yearly access caps and other structures • Experience and strategy Compensation alignment 55#56Top-tier talent Differentiated process Scalable platform Leveraging the best internal and external expertise available Internal team (1) External support PTC THERAPEUTICS (# of employees) 4 Evrysdi risdiplam Cytokinetics 9 aficamten (# of experts) 86 19 49 morphosys ~18x 7 87 Tremfya average multiplier bio cryst 4 77 orladeyo BCX9930 Paused project 4 (did not transact) 129 Amplifying our team with the best external advice available to drive high conviction investments ROYALTY PHARMA 1. Internal team represents Senior Vice Presidents (SVPs) and below in Research & Investments, Legal, Strategy & Analytics and other departments. 56#57Top-tier talent Differentiated process Innovating our process through Strategy & Analytics Research & Investments Strategy & Analytics In-house data team tightly integrated with Research & Investments... Data driven with automation to provide scale Increasing efficiency but also breadth ROYALTY PHARMA Scalable platform ...and further strengthens Royalty Pharma as a strategic partner Earlier and more productive partner engagement Medical claims and health records Commercial market sizing and forecasting Competitive intelligence Target company and product identification Landscape mapping and trial analysis 57#58Top-tier talent Differentiated process Our ambitious vision for Strategy & Analytics • Strategic search and evaluation Development landscape scanning a NIN Therapeutic area mapping Monitoring Clinical trial meta- emerging science analysis and design Medical claims analysis Scalable platform Data and analytics !!!!! Real world Sales & marketing Payor & formulary evidence benchmarking landscape Horizon scanning to position Royalty Pharma for the future Identify emerging target companies and products Enhance knowledge of pipelines and mechanisms in development Perform clinical trial analysis and competitive intelligence Stay ahead of faster biopharma innovation cycles Earlier partner engagement benefits business development Unique insight from proprietary integration of data sources Automation to ensure full coverage at scale Best-in-class platform for market evaluation and forecasting Patient mapping - diagnosis, procedures and treatment Long-term ambition to develop for global markets Strategy & Analytics improves Royalty Pharma's investment process and adds value to our partners ROYALTY PHARMA 58#59Top-tier talent Differentiated process Scalable platform Cytokinetics case study: hypertrophic cardiomyopathy (HCM) Background Cytokinetics Biotech focused on muscle biology, cardiology and neuromuscular diseases Drug pipeline in heart failure, HCM, SMA Corporate headquarters in San Francisco, California Royalty Pharma partnership in February 2017 for omecamtiv mecarbil (heart failure) Challenge What is the size of the commercial market for aficamten in HCM? Key considerations Novel disease area No FDA approved therapies Likely second to market Global market development Royalty Pharma solution Conducted detailed market evaluation • Unique Royalty Pharma capability Adds conviction to investment process 100% internal team and proprietary data Enhances engagement, value to partner Analyzed medical claims and electronic health data >150 commercial & gov't payers ~90m patient lives ~20k practices ROYALTY PHARMA SMA: Spinal Muscular Atrophy 59#60Top-tier talent Differentiated process Scalable platform Proprietary data driven insights drive conviction Claims analysis OHCM market independently verified (diagnosed patients in thousands) 88 88 Significant market building opportunity (subsequent MD visits for patients diagnosed in 2018) 80-100 100% >50% with initial HCM diagnosis do not return for HCM care in future years Result Strategy & Analytics provided conviction in the novel HCM commercial opportunity Expanded Cytokinetics partnership with up to $450m in funding Aficamten synthetic royalty for up to $150m Commercial launch capital of up 40% 33% 19% to $300m Royalty Pharma (1) Bristol Myers 2018 2019 2020 2021 OHCM: Obstructive Hypertrophic Cardiomyopathy; MD: medical doctor Bristol Myers company presentation, October 5, 2020. ROYALTY PHARMA 1. 60 60#61Top-tier talent Differentiated process Scalable platform 2021 investment funnel highlights disciplined approach 2021 Royalty Pharma investment activity >300 initial reviews ~85 CDAs signed 61 in-depth reviews 33 proposals submitted Executed 5 transactions for $3.0bn (1) (Acquired royalties on 10 therapies) Maintained strong financial discipline: ~3-4% of initial reviews resulted in an acquired royalty ROYALTY PHARMA CDA: confidential disclosure agreement 1. Data reflects total announced transaction value in 2021 ($2.3bn of total is upfront). 61#62Top-tier talent Differentiated process Scalable platform Maintaining a disciplined investment process Increasing inbounds lead to greater initial reviews Streamlined and efficient review process High quality bar for in-depth reviews Expanding number of synthetic royalty reviews Increasing market awareness of royalty funding Outbound calls still drive majority of transactions Selective on development-stage therapies we pursue Balance between pre-existing and synthetic royalties Approved Pre-approval Pre-existing Synthetics Initial reviews (2021) ~20% ~25% ~80% ~75% Outbound Inbound ~20% ~80% Approved Pre-approval Pre-existing Synthetics Outbound Inbound In-depth reviews (2021) ~30% ~45% ~55% ~40% ~60% ~70% ROYALTY PHARMA 62 62#63Top-tier talent Differentiated process Scalable platform Successful history of investing in development-stage therapies Robust development-stage portfolio Invested $8bn in development-stage therapies since 2012 ☐ Require strong proof of concept data Broad landscape of opportunities Not constrained by therapeutic area Target returns in the teens • 10 development-stage therapies currently in portfolio History of identifying therapies with unmet and underserved patient needs Development-stage investments Royalty Pharma approval success rate (2) (by primary disease area(1)) Hypertrophic cardiomyopathy Multiple sclerosis Solid tumors Myelofibrosis Rheumatoid arthritis Alzheimer's disease Depression Paroxysmal nocturnal hemoglobinuria Spinal muscle atrophy Migraine Leukemia Cystic fibrosis Diabetes Breast cancer Heart failure Asthma Inflammatory disease 95% 79% By number of investments By value of investments 1. ROYALTY PHARMA 2. Split reflects the number of development-stage royalty acquisitions by primary disease area from 2012 through Q1 2022. Approval success rate defined as any development-stage royalty acquisition that has received a regulatory decision on approval. Therapies not approved include investments in vosaroxin, palbociclib and Merck KGaA's anti-IL17 nanobody M1095. 89 63#64Top-tier talent Differentiated process Scalable platform Positive market backdrop supports strong pipeline trends Strong growth in initial reviews Initial reviews >200 +50% >300 >265 Opportunity set increasing Robust royalty acquisition activity 40 In-depth reviews +53% 50 61 Announced transaction value (+37% $3.0bn $2.4bn $2.2bn 2019 2020 2021 2019 2020 2021 2019 2020 2021 Pre-IPO Post-IPO ROYALTY PHARMA IPO: initial public offering 64 62#65Top-tier talent Differentiated process Scalable platform Our framework focuses on key product success factors Strong scientific rationale Significant impact on patients and/or caregivers Conviction in probability of clinical and regulatory success for pre-approval programs Mission and execution-oriented management team Strong marketer and global commercial opportunity Clear commercial positioning t Potential for multiple indications or label expansion First-in-class or best-in-class میرا Long duration of patent protection or exclusivity Compelling value proposition for government and commercial payors ROYALTY PHARMA 65 55#66Top-tier talent Differentiated process Scalable platform TA agnostic investment approach follows best opportunities Selected investment themes of interest looking forward Under-innovated large markets New modalities for new diseases e.g. migraine e.g. cell and gene therapy, gene editing ROYALTY PHARMA TA: therapeutic area; HCM: hypertrophic cardiomyopathy Brain disease Targeted therapy beyond oncology e.g. mood disorders, neurodegeneration e.g. cardiology (HCM), immunology 66 99#67Top-tier talent Differentiated process Scalable platform Adding unmatched portfolio breadth over the last two years 21 products - 25 diseases (1) Inflammatory bowel disease Entyvio Takeda Approved Infectious disease PREVYMIS MERCK Hereditary angioedema orladeyo (3) bio cryst AML, MDS Migraine Cystic fibrosis IDHIFA Bristol Myers Squibb™ Nurtec'ODT biohaven trikafta ☐ pharmaceuticals VERTEX Pre-approval Roche Evrysdi 2020 biohaven ☐ pharmaceuticals SMA zavegepant Type 1 hyperoxaluria OXLUMO Solid tumors 2 Alnylam PsO, PsA, IBD CABOMETYX® EXELIXIS Takeda IPSEN Johnson & Johnson seltorexant Depression Tremfya Johnson & Johnson 2021 Roche gsk otilimab RA Hereditary angioedema orladeyo (3) bio cryst Constellati n PHARMACEUTICALS bio cryst (3) BCX9930 PNH, others Migraine bio cryst (3) BCX9930 PNH, others gantenerumab Alzheimer's CPI-0209 Liquid tumors AML: acute myeloid leukemia; MDS: myelodysplastic syndromes; PSO: plaque psoriasis; PSA; psoriatic arthritis; IBD: inflammatory bowel disease; SMA: spinal muscular atrophy; PNH: paroxysmal nocturnal hemoglobinuria; RA: rheumatoid arthritis pelabresib Myelofibrosis ROYALTY PHARMA 1. Includes January 2022 aficamten royalty acquisition, which is not shown here. 2. Other products included in cystic fibrosis deal not shown include Symdeko, Orkambi and Kalydeco. 3. Purchase of incremental royalties on Orladeyo and BCX9930 in November 2021 is not included in product/disease total. 40 67#68Top-tier talent Differentiated process Scalable platform Benefits of Royalty Pharma platform and scale will grow Number of transactions (by transaction type) >2x 28 Synthetics 12 Synthetics M&A related Third-party M&A related Third-party 2012-2016 2017-2021 ROYALTY PHARMA 1. Includes subsequent transactions where Royalty Pharma acquired multiple royalty interests on the same therapy. Royalties acquired (1) (by approval phase) >2x 35 Approved 15 Approved Development- stage Development- stage 2012-2016 2017-2021 68#69Partnering with biotech to support their growth journey Brienne Kugler Vice President, Research & Investments ROYALTY PHARMA#70Royalty Pharma begins long-term partnership with Biohaven Nurtec ODT an attractive opportunity Significant unmet need in migraine Nurtec ODT, an oral CGRP inhibitor, developed by Biohaven for the treatment of migraine Clear efficacy data from two positive Phase 3 trials (1) Rapid onset of pain relief with one dose Sustained benefit through 48 hours (2) Extensive diligence enabled Royalty Pharma comfort on long-term safety profile and market potential Migraines are characterized by disabling headaches and reduced functionality Estimated to affect ~15% of the US population costing $27bn annually (3) Major limitations to generic migraine therapies Triptans: inadequate relief, many patients are contraindicated NSAIDs: potential GI/CV side effects ☐ Opioids: risk of abuse/misuse Partnership begins with $150m investment in 2018 to acquire royalties on Nurtec, zavegepant and Biohaven equity CGRP: calcitonin gene-related peptide; NSAID: non-steroidal anti-inflammatory drug; Gl: gastrointestinal; CV: cardiovascular ROYALTY PHARMA 1. Biohaven press release, March 26, 2018. 2. Biohaven Research & Development Day presentation, November 2018. 3. Biohaven company presentation, May 2021. 70#71Biohaven partnership blossoms with additional transactions Date June 2018(1) December 2018 March 2019(2) August 2020(3) Funding type Royalty and common equity Common equity Purpose Support Nurtec ODT Phase 3 development Details Total investment Preferred equity Royalty and Launch capital Support Nurtec ODT development and FDA filing Priority review voucher to accelerate Nurtec ODT launch Pipeline funding and commercialization support $100m royalty (2.1% royalty on Nurtec ODT and zavegepant sales up to $1.5bn and 1.5% for sales >$1.5bn) $50m equity investment $37m equity investment (at $37 per share) $125m preferred equity (upfront) Up to $75m preferred equity (on Nurtec ODT FDA approval - optional, not drawn) $250m royalty R&D funding (0.4% royalty on Nurtec ODT, up to 3% zavegepant royalty, and potential zavegepant milestones) $200m launch capital (at $45 per share) $150m $37m Up to $200m Up to $450m Up to ~$835m in total funding across multiple deals to accelerate Biohaven's innovative migraine therapies to patients ROYALTY PHARMA 1. Biohaven press release, June 18, 2018. 2. Biohaven press release, March 18, 2019. 3. Biohaven press release, August 7, 2020. 71#72Nurtec ODT - one of the strongest recent launches in biopharma March 2018 Positive pivotal Nurtec ODT efficacy studies(1) December 2018 February 2020 March 2020 Positive Nurtec ODT long- term safety study (2) FDA approval of Nurtec ODT for acute migraine (3) Positive Phase 3 Nurtec ODT migraine prevention study (4) May 2021 FDA approval of Nurtec ODT for migraine prevention (5) November 2021 May 2022 Biohaven Ex-U.S. collaboration with Pfizer (6) Pfizer to acquire Biohaven (7) Encouraging oral CGRP (8) volumes Total prescriptions (TRX)(9) Successful Nurtec ODT launch in US(10) Nurtec ODT global net revenue ($ in millions) Pfizer expects significant peak sales(7) 80,000 April 2020 64 463 1,668 1,302 912 2,177 Present 2020 2021 2022e 2023e 2024e 2025e CGRP: calcitonin gene-related peptide >$6bn 1. Biohaven press release, March 26, 2018. 2. Biohaven press release, December 10, 2018. 3. Biohaven press release, February 27, 2020. 4. Biohaven press release, March 30, 2020. 5. Biohaven press release, May 10. Visible Alpha consensus as of May 2022. ROYALTY PHARMA 27, 2021. 6. Biohaven press release, November 9, 2021. 7. Pfizer press release and presentation, May 10, 2022. 8. Oral CGRPs include Ubrelvy, Quilipta and Nurtec ODT. 9. IQVIA SMART: TRX volume to April 2022. 72#73• Biohaven acquisition accelerates Royalty Pharma returns • . Pfizer, a strong global marketer, is positioned to maximize the potential of Nurtec ODT and zavegepant ◉ Doubling number of sales representatives detailing Nurtec Acquisition (2) expected to accelerate Royalty Pharma's returns on common and preferred equity No impact on Royalty Pharma's royalty terms, which will provide long-duration cash flows Entitled to milestones of up to 1.9 to 2.95x funded Strong returns for Royalty Pharma shareholders (¹) ~1.8x potential cash return by H1 2023 $910m ($760m) $475m >$6bn peak sales 2-3% blended royalty $1,385m amount of $250m related to zavegepant (3) Pre-payment option may accelerate returns Total investment Payments through Accelerated H1 2023(4) milestone (if zavegepant approved) Total potential payments by H1 2023 Outflows Inflows Future royalties / milestones (through 2034-2036) Potential ~1.8x cash return by H1 2023 with further upside from continuing royalties and additional milestones ROYALTY PHARMA 1. Royalty Pharma Form 8-K, May 11, 2022. 2. Announced acquisition of Biohaven by Pfizer expected to close 1Q 2023. 3. If zavegepant's first regulatory approval in migraine is achieved, Royalty Pharma will receive total success-based milestone payments of $475m, or 1.9x the funded amount, related to this specific approval. Incremental payments of up to 1.05x the funded amount could be triggered by certain additional regulatory approvals. 4. Total inflows consist of common equity, preferred equity and estimated royalties received from Nurtec ODT through H1 2023 based on consensus estimates. 73#74Royalty Pharma capital critical to enabling biotech growth Biohaven raised ~$3.2bn in capital (¹) Cytokinetics raised ~$2.0bn in capital(2) BioCryst raised ~$1.3bn in capital(3) (May 2017 - YTD 2022) Pfizer partnership Royalty Pharma Partnership Debt 23% 16% Other 26% (June 2013 YTD 2022) Royalty Pharma Partnership Debt 33% 27% 6% 35% 34% Debt Equity Equity (December 2012 - YTD 2022) Other Royalty Pharma Partnership 25% 12% 25% 38% Equity Royalty funding expected to be an increasingly important mix of total capital raised by biotech companies ROYALTY PHARMA (1) Capital raised since Biohaven's May, 2017 IPO. Only includes upfront payment from Pfizer partnership. (2) Capital raised since Cytokinetics expanded license agreement with Amgen, June 12, 2013. (3) Since BioCryst's December 2012 corporate restructuring to focus strategy on advancing hereditary angioedema program. 74#75Executing complex transactions with our full suite of funding solutions Sara Klymkowsky Vice President, Research & Investments ROYALTY PHARMA es#76Transformational transaction enabled by Royalty Pharma . morphosys Antibody research capabilities Expertise in biologics Marketed product MONJUVÍ. + Constellation PHARMACEUTICALS Epigenetics and small molecule discovery platforms 2 attractive heme candidates Accelerates growth strategy with "Pipeline-in-a-product" candidates Bolster position in hematology-oncology and entry into solid tumors Complementary capabilities strengthen research & technology organization Royalty Pharma provided up to ~$2 billion to fund the acquisition of Constellation by MorphoSys in June 2021 ROYALTY PHARMA 76#77Providing a complete funding solution to MorphoSys Upfront cash payment Milestone payments Launch & Development Capital Equity purchase ~$1.4bn paid to MorphoSys on close(1) of Constellation Up to $150m of clinical, regulatory and commercial milestones Up to $350m with flexibility to draw over a one-year period with a minimum draw of $150m Up to ~$2 billion in funding ROYALTY PHARMA 1. Transaction closed on July 15, 2021; 1,337,552 ordinary shares of MorphoSys were acquired at a price of €63.35 per share on July 22, 2021. $100m Purchased at transaction close(1) 77#78Core strategic pillars brought to bear in MorphoSys transaction 1 2 Existing royalties Tremfya gantenerumab otilimab Synthetic royalties / R&D funding pelabresib CPI-0209 3 Launch & development capital (¹) Development funding bonds Acquire existing royalties on market-leading or late-stage development therapies with high commercial potential Acquire newly-created royalties on approved or late-stage development therapies with strong proof of concept and high commercial potential Additional funding in exchange for long- term payment streams 4 ROYALTY PHARMA 1. Including equity investments. M&A related Illorphosys Constellation PHARMACEUTICALS Acquire royalties by facilitating M&A transactions 78#79• • Comprehensive Royalty Pharma approach and process Developed deep understanding of MorphoSys' capital needs Deployed full breadth of solutions; completed process in under 60 days Access to MorphoSys data/forecasts Execution • Sourcing • MorphoSys relationship built over 10+ years. Prior in-depth discussions with Constellation • Deep history in target TAS Tracking • Followed IL-23 class of medicines for years Diligence Engagement • Multiple Royalty Pharma teams. conducted diligence on each medicine ROYALTY PHARMA TA: therapeutic areas Increased frequency and depth of discussions as deal gained momentum 79#80Flexible approach and structuring creates attractive risk/return Acquired 6 cash flow streams with a diversified risk profile anchored by Tremfya royalty and Development funding bonds Attractive base return Upside return potential gantenerumab • Existing royalty on MorphoSys partnered-therapy in the hands of premier company • Higher clinical and commercial risk but with multi-blockbuster potential • pelabresib, CPI-0209 Created two synthetic royalties on Constellation therapies • Promising clinical results with upside potential otilimab Launch & development capital . ROYALTY PHARMA Tremfya Existing royalty on MorphoSys partnered-therapy in the hands of premier company Strong proof of concept data; large market with entrenched competition Stable long duration cash flow stream, lowering transaction risk profile (1) Flexible funding solution to address MorphoSys' capital needs Leading immunology therapy with significant label expansion opportunity Expected to be a top royalty within our current portfolio 1. The Development funding bonds are structured as 36 quarterly payments to Royalty Pharma commencing in the ninth quarter following the quarter of the applicable funding date, in exchange for an upfront notional amount. Assuming the minimum draw of $150m, the first 4 quarterly payments would be approximately $4.85m each and the remaining 32 quarterly payments would be approximately $9.71m each (scaled pro rata if more than $150m is drawn, up to a maximum of $350m). 80#81Key messages 1 Top-tier talent Attract and develop the best and brightest is key to our long- term success 2 Differentiated process Exhaustive diligence process institutionalized over 25+ years Add value to our process and partners through Strategy & Analytics, our data platform 3 Scalable platform Built to leverage our unique position and capabilities in life sciences 21 products in ~25 diseases added since beginning of 2020 ROYALTY PHARMA 81#82A leading compounding growth company Terrance Coyne Executive Vice President and Chief Financial Officer ROYALTY PHARMA#83Key messages 1 Strong business momentum Increasing outlook for growth and deployment 11-14% ACR (1) CAGR expected from 2020 to 2025 ~$10-12bn royalty acquisition opportunity over next 5-years 2 Diversified portfolio growth ~35 commercial therapies including 12 blockbusters and 9 newly launched therapies with significant growth ahead 10 exciting development- stage therapies 3 Efficient compounding engine Highly efficient business model generating significant cash flow for future royalty acquisitions Consistent low teens % historical unlevered returns 4 Sustainable long- term growth Expect to achieve ACR(1) CAGR of 10% or more over this decade ROYALTY PHARMA 1. ACR: Adjusted Cash Receipts; CAGR: Compound annual growth rate See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage therapy gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 83#84Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Simple and efficient business model focused on cash flow Biopharma Sales of leading therapies Funding to partners New royalty acquisitions Return of capital (Dividends and potential share repurchases) Adjusted Cash(¹) Cash generated % of sales Receipts ("top-line") ROYALTY PHARMA for deployment Diversified portfolio of royalties Operating expenses ("G&A”) Adjusted EBITDA (1) Interest expense (Investment grade debt) Large diversified royalty portfolio generates significant cash to redeploy in new royalties ROYALTY PHARMA 1. See slide 114 for definitions. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 84#85Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Proven track record and increased growth outlook Adjusted Cash Receipts (1) (2) ("top-line") 2010-2025e $0.5bn 2010 ROYALTY PHARMA CAGR: 13% $1.8bn CAGR: 11-14% $3.0-3.5bn 1 IPO 2020 2025e Powerful business model driving double-digit top-line growth $2.3-2.7bn estimated at June 2020 IPO IPO: initial public offering 1. Adjusted Cash Receipts for periods 2020 and earlier are pro forma for current non-controlling interests. See footnote (1) on slide 114 for additional information. 2. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 85#86Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Growth outlook has accelerated with strong business momentum Adjusted Cash Receipts (1) ("top-line") 2020-2025e CAGR outlook Total growth 6-9% Future royalty investments 7-10% 11-14% High-single digits Existing portfolio Half of total growth Mid-single digits At IPO (June 2020) Corporate Update (February 2021) Key drivers of increase since IPO ROYALTY PHARMA Today (May 2022) + Tailwinds: Strong commercial performance of Trikafta, Nurtec ODT, Promacta and Tysabri; additions of Evrysdi, Orladeyo, Tremfya and Cabometyx, all of which are performing well - Headwinds: Commercial performance of Imbruvica and Tazverik and mixed clinical data for omecamtiv Increasing long-term growth outlook by ~50% at midpoint versus previous range ACR: Adjusted Cash Receipts; IPO: initial public offering 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 86#87Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth New royalties have diversified and enhanced portfolio growth Robust transaction activity since the beginning of 2020 $5.9bn total announced value 21 unique therapies 6 areas of therapeutic focus 9 development-stage at acquisition 10 potential blockbusters (1) >$750m 2025e ACR "top-line" (2) contribution Contribution to 2020-2025e CAGR by product today (3) Other Xtandi Erleada Imbruvica Crysvita High- single digit CAGR Orladeyo Trodelvy Cabometyx Evrysdi Nurtec ODT(4) New royalties acquired since IPO Royalties acquired prior to IPO Cystic fibrosis franchise (4) Tremfya Add-on royalties acquired since IPO Capital deployment activity has far exceeded initial expectations in quality, scale and diversity of royalties acquired ROYALTY PHARMA IPO: initial public offering 1. Based on Visible Alpha consensus as of May 9, 2022. 2. Adjusted Cash Receipts estimates based on Visible Alpha consensus sales forecasts as of May 9, 2022; primarily includes contribution from approved therapies and other fixed payments. 3. Reflects split of royalties with growing Adjusted Cash Receipts from 2020 to 2025e. Excludes future royalty acquisitions and development-stage pipeline candidate gantenerumab for Alzheimer's disease. 4. CF includes incremental royalty investment in the CF franchise. Nurtec ODT also includes contribution from zavegepant. 87#88Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Expanding opportunity set driving accelerated capital deployment 5-year forward capital deployment target Implied average annual cash deployed (year-to-year variability expected) >$7bn (1) >50% ~$10-12bn (2) $2.0-2.5bn (3) ~$1.5bn (1) $4.0-5.0bn Previous New May 17, 2022 Previous New May 17, 2022 Long-term potential Increasing 5-year forward capital deployment target to $10-12bn 1. 2020 to 2025 outlook for capital deployment provided on February 17, 2021. ROYALTY PHARMA 2. See slide 114 for factors that may impact our capital deployment target. 3. Royalty Pharma's 2020 to 2030 growth target assumes $2.0-2.5bn of capital deployed on average per year through 2030. 88#89Existing portfolio 1 Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Growth diversified across multiple components of the portfolio Portfolio components 2 3 4 Future royalty acquisitions Development- stage pipeline Recently launched products (2) Established growth portfolio (3) ~$10-12bn 5-year opportunity High-single to low-double digit % returns on approved and teens % on development-stage 10 potential pipeline therapy candidates gantenerumab excluded from outlook 9 newly-launched growth therapies with significant long-term runway ~25 commercial therapies including 12 that were blockbusters in 2021 ROYALTY PHARMA 2. Recently launched products includes products approved in 2018 or later. 3. Established growth portfolio includes products approved before 2018. Adjusted Cash Receipts (1) ("top-line") Cumulative CAGR (excl. gantenerumab)(1): $3.0-3.5bn 11-14% 4 3 ~8% 2 ~7% 1 ~3% $1.8bn 2020 2025e 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 89#90Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Established growth portfolio provides a strong foundation Adjusted Cash Receipts (1) ("top-line") ~$1,800m Key therapies Therapy Marketer(s) 2021 market position (3) 2025e sales(4) Cystic fibrosis franchise(2) Vertex #1 for cystic fibrosis ~$10bn CAGR: ~3% ~$2,000-2,200m imbruvică AbbVie J&J #1 for chronic lymphocytic leukemia ~$7bn Xtandi Astellas Pfizer #1 for prostate cancer ~$5bn Key expiries: - HIV franchise - Januvia/Janumet Lexiscan Key drivers: + CF franchise (1) + Tremfya + Cabometyx + Tysabri 2020 Expiries Growth 2025e Tremfya J&J #5 for psoriasis ~$5bn CABOMETYX Exelixis Ipsen Takeda #1 tyrosine kinase inhibitor for renal cell carcinoma ~$3bn TYSABRI Biogen #2 high efficacy therapy for multiple sclerosis ~$2bn ROYALTY PHARMA 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. 2. Cystic fibrosis franchise includes Trikafta, Symdeko, Orkambi, and Kalydeco. 3. Based on 2021 actual sales. 4. Based on Visible Alpha consensus as of May 9, 2022. 90 90#91Strong business momentum Diversified portfolio growth 2 Efficient compounding engine Sustainable long-term growth Recently launched products amplify and diversify growth Adjusted Cash Receipts (1) ("top-line") Key growth drivers Therapy Marketer(s) 2025e market position (2) 2025e sales(2) Erleada J&J #2 for prostate cancer ~$3bn Evrysdi Roche #1 for SMA ~$2bn CAGR: ~70% $350-450m Nurtec™ODT Biohaven /Pfizer #1 for migraine ~$2bn Gilead TRODELVY #1 for 2nd line+ triple negative breast cancer ~$2bn Emgality. Lilly #5 for migraine ~$1bn CRYSVITA Kyowa Kirin Ultragenyx #1 for X-linked (3) hypophosphatemia ~$1bn #1 oral therapy orladeyo BioCryst for HAE <$1bn ~$30m #1 for primary hyperoxaluria OXLUMO Alnylam type 1 <$1bn 2020 2025e SMA: Spinal muscular atrophy; HAE: Hereditary angioedema ROYALTY PHARMA 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. 2. Market positions based on Evaluate Pharma sales data as of May 9, 2022. Consensus sales estimates from Visible Alpha as of May 9, 2022. 3. Represents worldwide sales. Royalty Pharma only receives royalties on sales from Europe, the Middle East, and Africa. 91#92Strong business momentum Diversified portfolio growth 3 Efficient compounding engine Sustainable long-term growth Development-stage pipeline includes many potential launches... Adjusted Cash Receipts (1) ("top-line") Development-stage therapy candidates Therapy Omecamtiv Marketer(s) Cytokinetics Indication(s) Potential launch(2) Heart failure 2022 Incl. gantenerumab Zavegepant Biohaven/Pfizer Migraine 2023 PT027 AstraZeneca Asthma 2023 Otilimab GlaxoSmithKline Rheumatoid arthritis 2023 Seltorexant J&J MDD w/ insomnia symptoms 2023 Aficamten Cytokinetics OHCM 2024 BCX9930 BioCryst PNH 2025 $50 - 100m Pelabresib MorphoSys Myelofibrosis 2025 CPI-0209 MorphoSys Blood cancer and solid tumors 2025+ excl. gantenerumab Gantenerumab (incl. brain shuttle) Roche Alzheimer's disease 2023 / 2024 10 potential launches through '25 (gantenerumab excluded from guidance) $0 2020 2025e ROYALTY PHARMA MDD: Major depressive disorder; oHCM: Obstructive hypertrophic cardiomyopathy; PNH: Paroxysmal nocturnal hemoglobinuria. 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. 2. All products are in Phase 3 development except: PT027 (ready to file), zavegepant (ready to file) and omecamtiv (filed); based on company disclosures and consensus sales estimates from Visible Alpha as of May 9, 2022. 42 92#93Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth ...expected to power growth through 2030 and beyond 2030e sales ($ in billions)(2) Illustrative 2030e Adjusted Cash Receipts (1) ("top-line") Therapy Risk adj. Potential '30 Non-risk adj. blockbuster Royalty rate (%) Omecamtiv $0.5 $1.8 Mid-single digits Incl. gantenerumab Zavegepant $1.1 $1.5 Low-single digits PT027 $1.0 $1.8 Low-single digits Otilimab $0.5 $1.2 Double digits (3) Seltorexant $0.4 $0.5 Mid-single digits Aficamten $1.9 $4.2 Mid-single digits Incl. gantenerumab BCX9930 $0.3 $0.6 Mid-single digits Pelabresib $0.4 $0.6 3% $400-800m CPI-0209 $0.0 $0.2 3% Total ~$6.0 ~$12.0 ~Mid-single digits $200-400m Gantenerumab $3.6 $8.1 3.3-4.2% (3) excl. gantenerumab (incl. brain shuttle) Risk adjusted (2030e) excl. gantenerumab Non-risk adjusted (2030e) ROYALTY PHARMA 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. 2. Consensus sales estimates from Visible Alpha as of May 9, 2022; manual broker consensus sales for therapies without available Visible Alpha estimates. 3. Royalty Pharma is entitled to 80% of tiered double-digit royalties for otilimab and 60% of tiered 5.5% to 7.0% royalties for gantenerumab. 93#94Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Highly efficient business model generates significant cash flow Overview of 2021 non-GAAP metrics (1) $ in millions (except per share amount) Royalty receipts Distributions to non-controlling interests FY 2021 YoY growth (%) % ACR(1) Commentary 2,609 -480 2,129 18% 9% 1,944 20% 91% Adjusted Cash Receipts (non-GAAP) Payments for operating and professional costs -185 Adjusted EBITDA (non-GAAP) Interest paid and other expenses Development-stage funding payments - ongoing Development-stage funding payments - upfront & milestones Adjusted Cash Flow (non-GAAP) -193 1,573 -171 -7 $2.59/share(3) 1. See slide 114 for definitions. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 2. There is no non-controlling interest related to post-IPO investments ROYALTY PHARMA 3. Based on fully diluted shares outstanding of 607 million as of December 31, 2021. 7% 74% Payments to legacy investors related to pre- IPO investments; declining % over time (2) "top-line" "G&A" expected to remain relatively constant as % of ACR (1) Adjusted EBITDA less interest paid $1.8bn to deploy = Reflects payments classified as R&D to align with new industry non-GAAP modification "bottom-line" 94 54#95Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth We expect to deliver leading top-line growth through 2025 FY 2025e Commentary Adjusted Cash Receipts (non-GAAP) (¹) including future royalty acquisitions • "Top-line" $3.0 to $3.5 billion • 11-14% CAGR from 2020 to 2025e Payments for operating & professional costs ~($0.3) billion Adjusted EBITDA (non-GAAP) (1) Interest paid ACR: Adjusted Cash Receipts "G&A" Estimated to be between 8-10% of ACR $2.7 to $3.2 billion • Estimated to be between 90-92% of ACR ~($0.2) to ~($0.3) billion Modest potential increase from current levels ROYALTY PHARMA 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 95#96Strong business momentum Diversified portfolio growth Efficient compounding engine Significant firepower to drive growth and create value Sustainable long-term growth Capacity for capital deployment over 5 years Cumulative 5-Year capacity: Capital allocation priorities Cash generated by future acquisitions (1) Incremental debt capacity to 4.0x >$20bn >$15bn >$13bn • Cash generated by existing portfolio (1) Balance sheet cash at March 31, 2022 2022e 2023e 2024e 2025e 2026e Royalty acquisitions (primary focus) Majority self-funded over time via retained cash flow Incremental debt at conservative leverage levels Strong commitment to investment grade ratings Return of capital • Current quarterly dividend of $0.19 per share • Share repurchases are an additional tool over time (2) >$2bn Primary focus of our business is creating value by acquiring royalties on innovative products ROYALTY PHARMA 1. Cash generated reflects Adjusted EBITDA less interest paid and excludes development-stage funding payments (ongoing and upfront & milestones), other previously committed funding, payments for future royalty acquisitions and return of capital. 2. Pending shareholder authorization at 2022 Annual General Meeting and subject to Board approval. 96#97Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Consistent attractive returns amplified with conservative leverage Estimated unlevered returns Rolling 5-year investment periods (%) (1) Leverage benefit to return profile Based on investment periods since 2012 (%) (1) 25 High Teens to Low 20s % 25 Investment Targets: 20 High-single to low-double digit % for approved therapies Teens % for development-stage therapies 20 Low Teens Blended % 15 15 Low Teens % Average Returns 10 5 10 5 Benefit of conservative leverage Roughly 1/3 of royalty acquisitions funded with low-cost debt 0 0 '12-'16 '13-'17 '14-'18 '15-'19 '16-'20 '17-'21 Royalty Pharma Unlevered Returns Royalty Pharma Levered Returns Proven track record of consistent returns, amplified with conservative leverage, creating value in excess of cost of capital ROYALTY PHARMA 1. Illustrative returns reflect a combination of actual results and estimated projected returns based on analyst consensus sales projections (where applicable). 97#98Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth We are well positioned for the emerging macro environment 1 Inflation and recessionary risks Significant magnitude, duration and diversity of non-cyclical growth 2 . • 3 Biotech market pressure Expands universe of potential counterparties and royalty opportunities Strong historical financial performance in prior periods of dislocation · Increases attractiveness of royalties versus financing alternatives Benefit of efficient cost base without significant fixed expenses Potential consolidation could result in new M&A royalty opportunities Impact of higher rates on cost of funding 4 2.24% fixed-rate WAC; <1% increase expected through 2025 • Limited near-term refinancing needs with ~60% of debt due 2030+ • Commit to investment grade ratings enables depth of access & low cost Ability to maintain attractive returns Flexible investment process enables us to react quickly Asset prices adjust in rising rate environment, providing a natural hedge Aim to deliver consistent unlevered returns, enhanced with leverage ROYALTY PHARMA WAC: Weighted average coupon 98#99Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Participating in most important waves of biopharma innovation Rituxan - blood cancer/immunology Neupogen/Neulasta - supportive cancer care Thalomid - blood cancer Truvada - HIV Humira - immunology Remicade - immunology Lyrica - nerve pain Januvia - diabetes Tecfidera/Tysabri - MS Imbruvica - blood cancer Kalydeco - cystic fibrosis Xtandi - prostate cancer Next exciting waves of biopharma innovation Trikafta - cystic fibrosis Tremfya - immunology Cabometyx - kidney cancer Entyvio - gastrointestinal Evrysdi - spinal muscular atrophy Nurtec/Emgality - migraine ROYALTY PHARMA MS: Multiple sclerosis 99 99#100Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth What does $1bn of investment mean for future cash receipts? Representative annual Adjusted Cash Receipts (1,2) ("top-line") from $1bn of investment - based on blend of historical acquisitions $300m Period of accelerated growth during product launch Period of reduced growth in latter- half of decade post product launch $200m $100m $160-180m Often significant residual "tail" beyond 10 years $160-200m $0m 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 20 Years Post Acquisition 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. ROYALTY PHARMA 100 2. Representative cash receipts based on blended average of actual and projected returns for approved and development-stage transactions over the last five years under a range of scenarios#101Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Layering of future royalty acquisitions has compounding effect Illustrative projected annual Adjusted Cash Receipts (1,2) ("top-line") Assumes $2.0-2.5bn annual deployment through 2030 2022-2024 royalty acquisitions 2021 2022e 2023e 2025-2027 royalty acquisitions 2024e 2025e 2026e 2028-2030 royalty acquisitions 2027e 2028e 2029e 2030e >$2.5bn (+/-$500m) $0.4bn (+/- $100m) $1.0bn (+/- $200m) $1.2bn (+/- $200m) $2.0-2.5bn of average annual royalty acquisitions estimated to add >$2.5bn to Adjusted Cash Receipts in 2030 ROYALTY PHARMA 1. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. 2. Illustrative analysis calculated using representative cash receipts based on blended average of actual and projected returns for approved and development-stage transactions over the last five years under a range of scenarios. Assumes $2.0-$2.5bn of capital deployed on average per year through 2030. 101#102Strong business momentum Diversified portfolio growth Efficient compounding engine Sustainable long-term growth Long-term growth powered by consistent portfolio replenishment Adjusted Cash Receipts (1) (2) ("top-line") 13% CAGR Unusual period with 4 large royalty expirations: Tecfidera, Remicade, Humira, and Lyrica totaling >$1bn in adjusted cash receipts 11-14% CAGR 10%+ CAGR 2010 2018 2020 2025e Pre-2010 2010-2012 2013-2015 2016-2018 2019-2021 2022-2024 2025-2027 2028-2030 Current portfolio Future royalty acquisitions(3) ROYALTY PHARMA 1. Adjusted Cash Receipts for periods 2020 and earlier are pro forma for current non-controlling interests. See footnote (1) on slide 114 for additional information. 2. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 3. Illustrative analysis calculated using representative cash receipts based on blended average of actual and projected returns for approved and development-stage transactions over the last five years under a range of scenarios. Assumes $2.0-2.5bn of capital deployed on average per year through 2030. 2030e 102#103Key messages 1 Strong business momentum Increasing outlook for growth and deployment 11-14% ACR (1) CAGR expected from 2020 to 2025 ~$10-12bn royalty acquisition opportunity over next 5-years 2 Diversified portfolio growth ~35 commercial therapies including 12 blockbusters and 9 newly launched therapies with significant growth ahead 10 exciting development- stage therapies 3 Efficient compounding engine Highly efficient business model generating significant cash flow for future royalty acquisitions Consistent low teens % historical unlevered returns 4 Sustainable long- term growth Expect to achieve ACR(1) CAGR of 10% or more over this decade ROYALTY PHARMA 1. ACR: Adjusted Cash Receipts; CAGR: Compound annual growth rate See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage therapy gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. 103#104Closing remarks Pablo Legorreta Founder & Chief Executive Officer ROYALTY PHARMA#105Accelerating innovation, compounding growth 1 Strong track record Industry pioneer delivering 13% Adjusted Cash Receipts (1) ("top-line") CAGR from 2010-2020 2 3 4 Unique model Exposure to best attributes of biopharma industry without common challenges Large moat 60% share of royalty funding market(2) Model, scale and platform provide durable competitive advantages Significant opportunity >$1 trillion of capital required to fund biopharma innovation over the next decade 5 Compounding growth 11-14% ACR (1) CAGR expected from 2020 to 2025 Expect to achieve ACR(1) CAGR of 10% or more over this decade ACR: Adjusted Cash Receipts; CAGR: compound annual growth rate 1. 2. Adjusted Cash Receipts for periods 2020 and earlier are pro forma for current non-controlling interests. See footnote (1) on slide 114 for additional information. See slide 114 for definitions and factors that may impact the achievement of our growth outlook. Growth outlook includes future royalty acquisitions and excludes development-stage pipeline candidate gantenerumab for Alzheimer's disease. Refer to the Appendix for a GAAP to non-GAAP reconciliation. Internal estimates of historical biopharma royalty market size based on announced transactions; encompasses transactions dating from 2012 to present.#106Appendix Slides#107Acquire approved and development-stage royalties • Approved Products (2) Predictable and de-risked cash flows • Growth from increased penetration Additional upside from new indications/geographies Development-Stage Products Broad landscape of opportunities . Require strong proof-of- concept data Significant upside potential ROYALTY PHARMA Status at Acquisition (1) Total - ~$24bn Development- Stage Products ~$11bn, 45% Approved Products ~$13bn, 55% Current Status(1) Development-Stage Products $3bn, 13% Not Approved $1bn, 4% (2) $6.7bn or 63% of Development-Stage Product Acquisitions Are Now Approved Approved Products $20bn, 83% 1. Reflects cash deployed for royalty acquisitions from 2012 through Q4 2022. Also include the January 2023 lonis transaction. 2. Not approved includes investments in gantenerumab, otilimab, BCX9930, vosaroxin, palbociclib and Merck KgaA's anti-IL17 nanobody M1095. Approved Since Acquisition Bosulif Evrysdi Prisdiplam 60mg pride forel imbruvică NurtecMODT TAZVERIK Tecfidera. trikafta TRODELVY™ 107#108Compounding tailwinds are driving new royalty opportunities Drug development complexity and industry collaborations Increasing industry participants with capital needs Increasing drug approvals and applications New modalities (cell/gene therapy, etc.) Biologic understanding of disease 1 ROYALTY PHARMA 4 3 2 5 New royalty opportunities 108#109Update to presentation of non-GAAP financial measures (1) Royalty acquisition Update to Adjusted Cash Flow ($ in millions) GAAP Third-party royalty (approved / development-stage) Synthetic royalty (approved) No change Non-GAAP No change 2020 Royalty Amount BCX9930 ($6) ACF (prior) $1,483 ACF (modified) $1,477 Synthetic royalty (development-stage)(2) Change (%) -0.4% 2021 No change No change Royalty BCX9930 Amount ($103) pelabresib No change Updating financials to include certain R&D funding payments ($90) CPI-0209 ACF (prior) $1,767 BCX9930, pelabresib, CPI-0209, aficamten ACF (modified) $1,573 Change (%) -11.0% Examples Approved: Cabometyx, Tremfya Development-stage: otilimab, gantenerumab Orladeyo, Nurtec incremental royalty Amounts may not add due to rounding 1. ROYALTY PHARMA 2. General treatment of development-stage funding payments - upfront and milestones in non-GAAP financials is subject to specifics of transaction; for development-stage therapies, treatment may depend on probability of success, among other factors. Ongoing R&D funding arrangements paid over time as our counterparty incurs R&D costs and already included in non-GAAP financials; upfront and milestone development-stage funding payments related to R&D funding arrangements are now included in Adjusted Cash Flow. 109#110Royalty Pharma non-GAAP financial measures $ in millions Royalty receipts Distributions to non-controlling interests FY 2021 FY 2020 2,609 2,344 (480) (544) Adjusted Cash Receipts (non-GAAP) (1) 2,129 1,800 Payments for operating and professional costs (185) (180) Adjusted EBITDA (non-GAAP)(1) 1,944 1,621 Development-stage funding payments - ongoing (7) (20) Development-stage funding payments - upfront & milestones (193) (6) Interest paid, net (127) (95) Investments in equity method investees (35) (40) Other (16) 10 10 Contributions from non-controlling interests - R&D 7 8 Adjusted Cash Flow (non-GAAP)(1) 1,573 1,477 Amounts may not add due to rounding ROYALTY PHARMA 110 (1) Refer to slide 114 for definitions. Refer to Royalty Pharma's Current Reports on Form 8-K filed with the SEC on February 15, 2022 and May 5, 2022 for additional discussion.#111GAAP to non-GAAP reconciliation - Adjusted Cash Receipts $ in millions FY 2021 Net cash provided by operating activities (GAAP) 2,018 FY 2020 2,035 Adjustments: Proceeds from available for sales debt securities 63 3 Distributions from equity method investees – investing 1 15 Interest paid, net 127 95 Development-stage funding payments - ongoing 7 20 Development-stage funding payments - upfront and milestones 193 6 Payments for operating and professional costs Termination payments on derivative instruments Distributions to non-controlling interests Derivative collateral received, net Adjusted Cash Receipts (non-GAAP)(1) 185 180 16 35 (480) (544) (45) 2,129 1,800 Amounts may not add due to rounding ROYALTY PHARMA (1) Refer to slide 114 for definitions. Refer to Royalty Pharma's Current Reports on Form 8-K filed with the SEC on February 15, 2022 and May 5, 2022 for additional discussion. 111#112GAAP to non-GAAP reconciliation - Adjusted EBITDA $ in millions Net cash provided by operating activities (GAAP) Adjustments: FY 2021 2,018 FY 2020 2,035 Proceeds from available for sales debt securities 63 3 Distributions from equity method investees - investing 1 15 Interest paid, net 127 95 Development-stage funding payments - ongoing 7 20 20 Development-stage funding payments - upfront and milestones 193 6 Termination payments on derivative instruments 16 35 Distributions to non-controlling interests (480) (544) Derivative collateral received, net Adjusted EBITDA (non-GAAP)(1) (45) 1,944 1,621 Amounts may not add due to rounding 112 ROYALTY PHARMA (1) Refer to slide 114 for definitions. Refer to Royalty Pharma's Current Reports on Form 8-K filed with the SEC on February 15, 2022 and May 5, 2022 for additional discussion.#113GAAP to non-GAAP reconciliation - Adjusted Cash Flow $ in millions Net cash provided by operating activities (GAAP) Adjustments: Proceeds from available for sales debt securities Distributions from equity method investees - investing Distributions to non-controlling interests Investments in equity method investees Contributions from non-controlling interests - R&D Adjusted Cash Flow (non-GAAP)(1) FY 2021 2,018 FY 2020 2,035 63 3 1 15 (480) (544) (35) (40) 7 8 1,573 1,477 Amounts may not add due to rounding 113 ROYALTY PHARMA (1) Refer to slide 114 for definitions. Refer to Royalty Pharma's Current Reports on Form 8-K filed with the SEC on February 15, 2022 and May 5, 2022 for additional discussion.#114Footnotes (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 its initial public offering ("IPO") had taken place on January 1, 2019. The most significant difference between the pro forma and reported figures is the new non-controlling interests that resulted from the Reorganization Transactions. The new contractual non-controlling interests arose in the Reorganization Transactions that results in a higher distribution to non-controlling interests on a pro forma basis as compared to prior historical periods. Less material differences also arise in Royalty receipts for other products as well as Payments for operating and professional costs, Interest paid, net and in the payments associated with our former interest rate swap contracts. (2) Adjusted Cash Receipts is a measure calculated with inputs directly from the statements of cash flows and includes (1) royalty receipts by product: (i) Cash collections from royalty assets (financial assets and intangible assets), (ii) Other royalty cash collections, (iii) Distributions from equity method investees, plus (2) Proceeds from available for sale debt securities, less (1) Distributions to non-controlling interests, which represents contractual distributions of royalty receipts and proceeds from available for sale debt securities to our historical non- controlling interests related to the Legacy Investors Partnerships and Royalty Pharma Select Finance Trust (RPSFT). See the Company's Annual Report on Form 10-K filed with the SEC on February 15, 2022 and refer to Royalty Pharma's Current Reports on Form 8-K filed with the SEC on February 15, 2022 and May 5, 2022 for additional discussion. See GAAP to Non-GAAP reconciliation on slide 109 through 112 of the Appendix. (3) Adjusted EBITDA is important to lenders and is defined under the credit agreement as Adjusted Cash Receipts less payments for operating and professional costs. Operating and professional costs are comprised of Payments for operating and professional costs from the statements of cash flows. See GAAP to Non-GAAP reconciliation on slide 109 through 112 of the Appendix. (4) Adjusted Cash Flow is defined as Adjusted EBITDA less (1) Development-stage funding payments - ongoing, (2) Development-stage funding payments - upfront and milestones, (3) Interest paid, net of Interest received, (4) Investments in equity method investees and (5) Other (including Derivative collateral posted, net of Derivative collateral received and Termination payments on derivative instruments) plus (1) Contributions from non-controlling interests- R&D, all directly reconcilable to the statements of cash flows. See GAAP to Non-GAAP reconciliation on slide 109 through 112 of the Appendix. Financial Guidance footnote (5) Royalty Pharma has not reconciled its non-GAAP 2022 guidance to the most directly comparable GAAP measure, cash flow from operations, at this time due to the inherent difficulty in accurately forecasting and quantifying certain amounts that are necessary for such reconciliation, including, primarily, payments for operating and professional costs, distributions from equity method investees, and interest received. The Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to project cash flow from operations on a GAAP basis at this time. Long-term Outlook footnote (6) Royalty Pharma's long-term outlook is based on its most up-to-date view on its prospects as of May 17, 2022. This long-term outlook assumes no major unforeseen adverse events subsequent to the date of this presentation. Growth outlook includes future royalty acquisitions and excludes development-stage therapy gantenerumab for Alzheimer's disease. Furthermore, Royalty Pharma may amend its long-term outlook in the event it engages in new royalty transactions. See the information on slide 3 "Forward Looking Statements & Non- GAAP Financial Information," for factors that may impact the long-term outlook. ROYALTY PHARMA 114