Investor Presentaiton

Flexible 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

View entire presentation