Investor Presentaiton

Accelerating 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

View entire presentation