Investor Presentaiton

Strong 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

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