• Acquired Pharmaceutical Royalties: Royalty Pharma purchases existing royalty interests in approved biopharmaceutical products and late-stage product candidates.
• Drug Development Funding: It provides financing to biopharmaceutical companies and research institutions in exchange for future royalties on their drug development programs.

• GSK PLC (Symbol: GSK) - Responsible for royalties on products like Trelegy Ellipta.
• Pfizer Inc. (Symbol: PFE) and Astellas Pharma Inc. (not directly listed on a US exchange, but a major global pharmaceutical company) - Jointly responsible for royalties on Xtandi.
• Biogen Inc. (Symbol: BIIB) - Responsible for royalties on products like Spinraza and Tysabri.
• Novartis AG (Symbol: NVS) - Responsible for royalties on products like Promacta/Revolade.
• F. Hoffmann-La Roche Ltd (a private Swiss multinational healthcare company, often through its US subsidiary Genentech) - Responsible for royalties on products like Evrysdi.
• argenx SE (Symbol: ARGX) - Responsible for royalties on products like Vyvgart.

• Vertex Pharmaceuticals Incorporated (Symbol: VRTX)
• AbbVie Inc. (Symbol: ABBV)
• Johnson & Johnson (Symbol: JNJ)
• Neurocrine Biosciences, Inc. (Symbol: NBIX)
• BioCryst Pharmaceuticals, Inc. (Symbol: BCRX)

Pablo Legorreta Founder & Chief Executive Officer

Pablo Legorreta is the founder, CEO, and Chairman of Royalty Pharma plc, having established the company in 1996 and pioneering the royalty funding of life science innovation. Under his leadership, Royalty Pharma has deployed over $25 billion of capital to advance innovation in the biopharmaceutical industry. Legorreta is also a co-founder of Pharmakon Advisors, a leading provider of debt capital to the life sciences industry, and ProKidney, LLC, a biotech company. Prior to founding Royalty Pharma, he worked as an investment banker at Lazard Frères in Paris and New York. He led Royalty Pharma through a successful IPO in 2020.

Terrance Coyne Chief Financial Officer

Terrance Coyne joined Royalty Pharma in 2010. Before his tenure at Royalty Pharma, he served as a biotechnology analyst at JP Morgan and Rodman & Renshaw. He began his career at Wyeth Pharmaceuticals.

Marshall Urist, MD, PhD Head of Research & Investments

Dr. Marshall Urist joined Royalty Pharma in 2013. Prior to this, he was an executive director and the senior biotechnology analyst at Morgan Stanley. He holds a BA from Johns Hopkins University, and both a PhD and an MD from Columbia University.

George Lloyd Chief Legal Officer & Investments

George Lloyd joined Royalty Pharma in 2011, having previously represented the company on all transactional work since 2006. He is responsible for leading the legal and compliance functions, as well as focusing on transaction structuring and execution. Before joining Royalty Pharma, Lloyd was a partner in Goodwin Procter's Private Equity group and an associate at Davis, Polk & Wardwell. From 2002 to 2003, he served as the chief financial officer and general counsel for the Asian operations of one of his clients. His legal practice encompassed public and private mergers and acquisitions, leveraged buyouts, venture capital financing, and general corporate representation for private equity firms, corporations, entrepreneurs, and investment banks.

Christopher Hite Vice Chairman

Christopher Hite joined Royalty Pharma in 2020. He brings over 25 years of experience in advising biopharmaceutical companies on mergers and acquisitions and capital formation. Before Royalty Pharma, Hite was an investment banker at Citi for nearly 12 years, where he was the Global Head of Healthcare and later a Vice Chairman of Banking, Capital Markets and Advisory. Prior to Citi, he held the position of Global Head of Healthcare Investment Banking at Lehman Brothers. He advised on major healthcare M&A transactions, including the sale of Celgene to Bristol-Myers Squibb for $90 billion and Shire to Takeda Pharmaceuticals for $82 billion. Hite also served on the Board of Directors of Acceleron Pharma Inc. until its $11.5 billion acquisition by Merck.

The key risks to Royalty Pharma's business include the following:

1. Risks related to the sales and pricing of underlying biopharmaceutical products: Royalty Pharma's revenue streams are directly dependent on the sales performance of the biopharmaceutical products from which it receives royalties. This includes risks such as patent expirations, increased competition from generic or biosimilar drugs, adverse regulatory actions affecting product approvals or labeling, and political and regulatory pressures on drug pricing that could lead to reduced revenue.
2. Challenges in acquiring new royalty assets: A core component of Royalty Pharma's growth strategy is the identification and acquisition of new royalty interests. There is a risk that the royalty market may not grow at historical rates, or that the company may face intensified competition for suitable assets, making it difficult to acquire a sufficient number of royalties, or royalties of sufficient scale, to sustain its growth strategy.
3. Risks associated with development-stage product candidates: Royalty Pharma may acquire royalties on development-stage biopharmaceutical product candidates that have not yet received marketing approval or been commercialized. These investments carry additional risks and uncertainties, as there is no guarantee that such candidates will successfully complete clinical trials, receive regulatory approval, or achieve market acceptance, which could adversely affect the projected returns from these assets.

The Inflation Reduction Act (IRA) in the U.S. and its provisions for drug price negotiation represent a clear emerging threat to Royalty Pharma's business model. The IRA empowers Medicare to negotiate drug prices for certain high-cost, long-marketed drugs, with the list of negotiable drugs expanding over time. Since Royalty Pharma's core business involves acquiring royalties based on the sales revenue of approved pharmaceutical products, any government-mandated reduction in drug prices directly impacts the revenue streams from which these royalties are paid. This ongoing regulatory shift reduces the potential value of future royalty acquisitions and could diminish the future income generated from its existing portfolio, fundamentally altering the economics of the pharmaceutical market that underpins Royalty Pharma's assets.

Royalty Pharma (RPRX) holds royalty interests in a diverse portfolio of therapies across several major disease areas. The addressable markets for their main products or services are sized as follows:

• HIV Drugs Market:
  • The global HIV drugs market was valued at approximately USD 34.8 billion in 2024 and is projected to reach USD 53.5 billion by 2034. Other estimates for the global market include USD 36.22 billion in 2024, rising to USD 66.16 billion by 2034, and USD 32.85 billion in 2024, anticipated to reach USD 45.07 billion by 2033. Another forecast estimates the global market at USD 34.75 billion in 2024, growing to USD 52.95 billion by 2034. The global human immunodeficiency virus (HIV) market size was valued at USD 36.87 billion in 2024 and is projected to reach USD 59.66 billion by 2032.
  • In the U.S., the HIV drugs market is estimated at USD 13.27 billion in 2025 and is projected to reach USD 23.23 billion by 2034.
  • North America dominated the HIV drugs market in 2024, holding a significant share of over 45%.
• Cystic Fibrosis (CF) Therapeutics Market:
  • The global cystic fibrosis therapeutics market is estimated at USD 12.05 billion in 2025 and is expected to reach USD 21.11 billion by 2030. Other estimations place the global market size at USD 10.34 billion in 2024, growing to USD 11.81 billion in 2025, and projected to reach USD 39.15 billion by 2034. Another source anticipates the global market to reach $28.1 billion by 2033. The market for cystic fibrosis was estimated at USD 6.84 billion in 2024 and is projected to grow from USD 7.726 billion in 2025 to USD 26.12 billion by 2035. The cystic fibrosis therapeutics market was valued at $12.9 billion in 2024 and is estimated to reach $32.3 billion by 2034.
  • North America dominated the global cystic fibrosis therapeutics market in 2024. It is considered the largest market, accounting for approximately 45% of the global market share.
• Oncology/Cancer Drugs Market:
  • The global oncology/cancer drugs market was valued at $167.0 billion in 2023 and is projected to reach $335.2 billion by 2033. Another report indicates the global oncology market size was calculated at US$ 225.05 billion in 2024, grew to US$ 251.01 billion in 2025, and is projected to reach around US$ 600.97 billion by 2034. The global oncology drugs market size was valued at USD 201.75 billion in 2023 and is projected to grow from USD 220.80 billion in 2024 to USD 518.25 billion by 2032. Global spending on cancer medicine increased to $223 billion in 2023 and is projected to reach $409 billion by 2028.
  • North America held approximately a 43% share in the global oncology market in 2024. It dominated the oncology/cancer drugs market share in 2023.
  • The U.S. oncology market is valued at US$ 81.34 billion in 2025 and is projected to reach US$ 211.78 billion by 2034. The U.S. cancer/oncology drugs market size was estimated at USD 48.66 billion in 2023 and is expected to be worth around USD 161.29 billion by 2034.
• Multiple Sclerosis (MS) Drugs Market:
  • The global multiple sclerosis drugs market accounted for USD 21.26 billion in 2024 and is predicted to increase from USD 22.96 billion in 2025 to approximately USD 45.90 billion by 2034. Other estimates for the global market include USD 25.0 billion in 2024, growing to USD 5.0% from 2025 to 2034, and USD 28.28 billion in 2024, projected to grow to USD 39.39 billion by 2033. The global multiple sclerosis therapeutic market size was estimated at USD 27.39 billion in 2024 and is projected to reach USD 38.62 billion by 2030. The global multiple sclerosis drugs market size was valued at USD 21.33 billion in 2023 and is projected to grow from USD 21.16 billion in 2024 to USD 38.94 billion by 2032.
  • North America dominated the global multiple sclerosis drugs market with the largest share of 49% in 2024. It held the largest market share in 2024. North America dominated the multiple sclerosis drugs market with a market share of 48.2% in 2023.
  • The U.S. multiple sclerosis drugs market size was exhibited at USD 7.81 billion in 2024 and is projected to be worth around USD 17.15 billion by 2034.
• Neuroscience/Neurology Drugs Market:
  • The global neuroscience market (which includes diagnostics and other therapies, not just drugs) was valued at $612 billion in 2022 and is forecast to grow to $721 billion by 2026. Pharmacological interventions for neurological conditions specifically accounted for $60 billion in 2022 globally. The global neuroscience market size was estimated at USD 44.65 billion in 2023 and is projected to reach USD 65.22 billion by 2030. The global neurology drugs market size was valued at USD 82.47 billion in 2024 and is projected to grow from USD 87.26 billion in 2025 to USD 134.15 billion by 2032. The global neurological disorder drugs market size was valued at USD 94.30 billion in 2024 and is projected to reach USD 149.17 billion by 2032. The global Neurology Drug Market size was valued at USD 130 billion in 2024 and is projected to expand to USD 220 billion by 2032.
  • North America accounted for the largest market share of 31.42% in the neuroscience market in 2022. It dominated the neurology drugs market with a market share of 50.96% in 2024. North America dominates the neurological disorder drugs market.

Royalty Pharma (RPRX) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Continued Strong Performance of Diversified Royalty Portfolio: Royalty Pharma's existing portfolio, including key products like Voranigo, Tremfya, and the Cystic Fibrosis Franchise, continues to demonstrate robust performance and is a significant driver of revenue growth. These products contributed to an 11% increase in portfolio receipts in Q3 2025.
2. Strategic Acquisition of New Royalty Interests: The company actively deploys capital to acquire new royalty interests, a core component of its growth strategy. In the first nine months of 2025, Royalty Pharma deployed $1.7 billion in attractive royalty deals, including recent acquisitions of royalties on Amgen's Imdelltra, a funding agreement for Zenas BioPharma's obexelimab, and Alnylam's Amvuttra.
3. Progression and Commercialization of Development-Stage Pipeline Therapies: Royalty Pharma has expanded its development-stage pipeline to 17 therapies, with multiple pivotal readouts anticipated in the near future. Successful advancement and eventual commercialization of these therapies are expected to contribute to future revenue streams.
4. Overall Growth of the Biopharma Royalty Market: The biopharma royalty market is experiencing rapid expansion, doubling over the past five years since Royalty Pharma's 2020 IPO. This growing market provides a favorable environment for Royalty Pharma to continue funding life sciences innovation and acquiring new royalty assets.

Share Repurchases

• Royalty Pharma's Board of Directors approved a new $3.0 billion share repurchase program in January 2025, replacing the unused portion of a previous program, with the intention to repurchase $2.0 billion of shares in 2025.
• The company repurchased approximately $1.2 billion in shares during the first nine months of 2025.
• In 2023, Royalty Pharma repurchased approximately 10 million shares for $305 million under its then-active $1.0 billion share repurchase program.

Share Issuance

• In January 2025, Royalty Pharma's acquisition of its external manager, RP Management, LLC, involved the issuance of approximately 24.5 million shares of Royalty Pharma equity, vesting over 5 to 9 years, as part of the approximately $1.1 billion total transaction value.
• The company reported no material share-based compensation expense related to equity incentive plans in 2021, 2022, and 2023, indicating minimal share issuance for these purposes.

Outbound Investments

• Royalty Pharma deployed approximately $2.8 billion in royalty transactions during 2024, contributing to a total of roughly $15.5 billion in announced transactions since 2020.
• In 2023, the company invested $2.2 billion in royalties, milestones, and other contractual receipts, with new announced transactions totaling up to $4.0 billion.
• During 2025, Royalty Pharma announced new transactions of up to $3.8 billion, including significant investments such as a royalty interest in Amgen's Imdelltra for up to $950 million, a funding agreement on obexelimab with Zenas BioPharma for up to $300 million, and a royalty interest in Alnylam's Amvuttra for $310 million.

Capital Expenditures

• Royalty Pharma consistently reports a lack of material capital expenditures, attributing this to its business model which contributes to a strong financial profile, high operating leverage, and strong cash flow conversion.
• Financial reports indicate negligible capital expenditures, with $0.00 reported across several annual and quarterly statements within the last 3-5 years.